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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Banks charges over 7 percent to transfer money internationally

The report by FXCompared.com begins a regular monthly index measuring the effective cost of shifting money through both banks and the money transfer companies that have begun to put pressure on a business previously regarded as a big cash cow for lenders. The index measures the cost - including fees and the spread to the central market rate at which banks trade currencies with each other - for a range of transaction values and currencies....

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Annual remittances for studies abroad near $500m mark

Over $300 million was sent as outward remittance in just five months (April-August 2015) India, the world's largest remittance recipient, is also witnessing a sharp rise in outward flows linked to ‘studies abroad’ at a time the foreign education fad has picked up pace. This is evident from that fact that over $300 million was sent as outward remittance in just five months (April-August 2015) for this purpose compared to $277 million that...

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Foreign money switch: the last word information to shifting cash overseas

Demand for services has exploded in the past few decades as Britons have an increasing number of reasons to exchange large sums of pounds into, mostly, dollars or euros. This is because more people are buying and selling property abroad and need to move the deposit, or the proceeds. There’s also a need for regular sums to be transferred, which could be from a pension or savings moved to help pay bills or an overseas mortgage. Because...

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How social media is reshaping global money transfer

Social media: Great for sharing pictures, messaging friends and following celebrities, plus, according to one fintech start-up, sending cash around the world. Singapore-based Fastacash believes social media is the key to making international money transfers faster and cheaper. The three-year-old start-up has launched a remittance app called XOPO, which allows users to make cross-border payments via social networking websites including Facebook,...

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Western Union Appoints Elizabeth G. Chambers Chief Strategy and Product Officer

The Western Union Company WU, -2.54% a leader in global payment services, today announced the appointment of Elizabeth G. Chambers to the newly-created role of Chief Strategy and Product Officer. Chambers will play an integral role in positioning Western Union to accelerate the realization of its strategic growth plan.  She will facilitate the alignment of investment priorities across the organization and drive cross-functional synergies,...

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