UNB launches campaign to encourage Egyptian expatriates to transfer money to Egypt

Union National Bank Egypt (UNB), in cooperation with its parent group in UAE, launched a campaign called “Transfer your money to your beloved in Egypt”. The service allows the bank’s clients in the UAE to transfer money without any fees. The free bank transfers are in US dollars and Egyptian pounds. This service originated because of the bank’s interest in supporting the Egyptian economy and providing better services for its clients. According...

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Climbing The Cross-Border Mountain

While there may be a trillion dollar cross-border commerce opportunity out there ready for the taking, the move to actually tap into the market is not as easy as it looks. Hikmet Ersek, CEO of Western Union, sat down with MPD CEO Karen Webster to discuss how the cross-border market is evolving and how decades of investment in compliance and risk management is a mountain too tall for most others to easily scale. The...

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Somalia: Son of slain Somali political activist sues Dahabshiil money-transfer over bounty

star tribune-The son of a Somali singer and political activist gunned down by Al-Shabab operatives last year is suing an international money-transfer company with ties to Minnesota for allegedly paying a bounty on her life. The lawsuit comes more than a year after the death of Saado Ali Warsame, 64, a Somali icon who lived in New York and Minneapolis before returning to her homeland in 2012. Her longtime push for social justice included roles...

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Zeepay, Small World FS Launch Mobile Money Wallets Partnership in Ghana

Payments provider Small World FS and Ghanaian mobile financial services aggregator Zeepay have struck a partnership to offer mobile money wallets in Ghana. The deal will effectively give access to remittances from around the world to some six million people in the West African country who rely on them as a source of livelihood. The mobile money wallet service will allow for emigrants around the world to send money directly into Ghanaian bank...

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Growing demand for international money transfer in UK

As the world becomes smaller, many people find that their loved ones are overseas – but the connections between them are as strong as ever. In fact, visits abroad to see friends and family are steadily increasing, and as a result, so is demand for international money transfer The rise of cross-border trips – and money transfer Figures from the ONS show that the number of visits abroad to see friends and family grew by 7.8% last year,...

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Rickshaw Pullers made Director to launder BLACK MONEY through “Bank of Baroda”

Startling facts in the money laundering scam in Bank of Baroda to the tune of Rs  6,172 crore, which was busted by the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED), are coming out as the investigation progresses.  The hoarders have roped in people living in slum areas and doing petty businesses and even rickshaw-pullers to act as directors of fake companies only to be used for transferring huge amounts...

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Mobile Money Transfer Taking Over Banks Services

Internet Banking is changing the banking industry, having the major effects on banking relationships. Banking is now no longer confined to the branches where one has to approach the branch in person, to withdraw cash or deposit a cheque or request a statement of accounts. In true Internet banking, any inquiry or transaction is processed online without any reference to the branch (anywhere banking) at any time. Providing Internet banking...

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Top-10 Remittance Receiving Countries by Country Income Group

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UK banks hardest hit by non-bank money transfer firms

The FXcompared International Money Transfer Index (IMTI) incorporates data for mid-range transactions between £1000-£10,000 from all major banks in the UK, US, Canada and Australia. The top 20 non-bank money transfer providers based in the UK now account for over £40 billion of foreign exchange per year, saving customers over £900 million annually, according to data compiled by FXcompared. The figures show the impact of increased competition...

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Zimbabwe migrants send home nearly $2 billion, easing misery of relatives facing economic ruin

When Nyarai Goredema lost her job as a manager with Harare-based Msasa Steel in June, she sold some of her possessions and put her home on the market. When no one offered to buy it, she turned to her son who works at a bank in neighbouring South Africa for support. “It’s harsh on me and on him,” the 48-year-old widow, who lives on the $500 to $1,000 her son sends her each month, said by phone. “In all my life it has never been this...

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