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FinTech

News about Non-Bank FinTech providers who provider International Money Transfers and Currency Exchange.

 

Disruptors Challenging Australian Banks in Forex Price and Service: ACCC Report

Key Takeaways from the ACCC inquiry into currency conversion services. BestExchangeRates referenced among comparison sites playing an important role in customer awareness of the excessive currency margins charged by banks.

Last update: 11 Dec, 2019

Facebook’s Libra Is Not the Game Changer That’s Being Promised

Enthusiasts would have us believe that Facebook’s own digital currency, Libra, will instantly revolutionize the remittance industry upon its release in 2020 — except it won’t. A harsher reality awaits, with conversion costs, capital gains taxes and a lack of Libra-priced goods all likely to limit its appeal.

Last update: 7 Jan, 2020

TransferWise Gets Malaysian Remittance Licence

No longer will Malaysians sending money overseas be subjected to grossly inflated exchange rates and unnecessary bank charges following news that TransferWise has been granted a remittance licence by Bank Negara.

Last update: 19 Jun, 2019

Banks Charge Small Customers 25 Times More for FX, Research Shows

New research from the European Central Bank shows that banks charge smaller customers up to 25 times more for FX forward transactions and that those who fail to compare providers pay 14 times more for FX than those that do.

Last update: 17 Jun, 2019

Revolut Card in Australia – Review

We review Revolut, a digital bank that allows users to receive, send and spend money at the interbank exchange rate.

Last update: 9 Dec, 2019

Best Multi-Currency Accounts 2019: WorldFirst vs. TransferWise vs. OFX

We compare the features, exchange rates and security of the three best multi-currency accounts available today — the WorldFirst World Account, the TransferWise Borderless Account and the OFX Global Currency Account.

Last update: 12 Jun, 2019

Fintech Money Transfers Up 2,500% in South Korea Last Year

The number of international money transfers handled by fintech providers in South Korea has grown 2,500 percent in little over a year, the country’s financial regulator has said.

Last update: 5 Jun, 2019

SWIFT Trials Real-Time Transfers in Europe; GPI Network an Answer to Ripple

The operator of the world’s largest financial messaging system, SWIFT, has said it will trial real-time “gpi” cross-border payments using the European Central Bank’s TIPS platform. SWIFT gpi has been developed as an answer to distributed ledger payment technologies, most notably Ripple.

Last update: 29 May, 2019

Revolut Adds Group-Saving Feature

This week saw the addition of a group-saving feature in Revolut. “Group Vaults” are an extension of popular Vault functionally that Revolut introduced last year.

Last update: 25 May, 2019

Fintechs vs. Banks: Remittance War Rages On as FX Costs Slashed for Millions

For many currency routes, FX costs have been slashed in recent years by a number of industry-disrupting fintechs, allowing such firms to slice great chunks from the banking sector’s lucrative remittance markets. Banks are fighting back, though, by developing low-cost, digital offerings of their own.

Last update: 19 May, 2019

WorldFirst add Hong Kong Dollar and Chinese Yuan to World Accounts

WorldFirst add Hong Kong Dollar and Chinese Yuan to World Accounts

World Accounts now let your business collect funds and pay local suppliers in HKD or make payments to offshore CNY (CNH) accounts in China.

Last update: 16 May, 2019

OFX Global Currency Account – BER Review

OFX Global Currency Account – Independent BER Review OFX Global Currency Account: A Summary OFX has a 30-year history and is one of the largest foreign exchange specialists in the world. It offers a “Global Currency Account” that allows online sellers to hold, send and receive funds in GBP, EUR, USD, AUD, CAD and HKD. […]

Last update: 1 Jul, 2019

Consumers Throwing Away Billions on FX Fees (TransferWise Study)

As in the rest of the world, consumers in Singapore are being fleeced when it comes to foreign exchange costs, a study by TransferWise has revealed. Individuals in Singapore are being charged 15 times more on international payments than companies are, with S$2 billion lost in hidden FX fees annually.

Last update: 3 May, 2019

India Pursues Complete Ban on Digital Currencies

Cryptocurrencies and the blockchain technologies that support them are at the forefront of remittance-industry innovations, but these are under attack in India, where a complete crypto ban will be proposed in May.

Last update: 7 May, 2019

Remittances Reach All-Time High

Remittances to low and middle-income countries reached a record high last year, the World Bank has said. Average transaction costs remain high, with an average of 7 percent paid to transfer $200 or equivalent.

Last update: 11 May, 2019

WorldFirst World Account – BER Review

WorldFirst World Account – Independent BER Review World Account: A Summary WorldFirst, a market leader in the international payments space, offers a multi-currency “World Account” that allows businesses to hold, send and receive funds in 10 major currencies: GBP, EUR, USD, AUD, CAD, JPY, SGD, NZD, CNH and HKD. With a World Account, businesses can […]

Last update: 8 Jun, 2019

TransferWise Announces PayNow Funding Option

TransferWise is now officially offering PayNow as a funding option for users in Singapore, the company has announced.

Last update: 29 Mar, 2019

Banking Sector Fights Back Against Fintech Rivals

Citigroup’s announcement this week of plans to develop its own consumer-payments platform is the latest indication of a fightback by the banking establishment against fintech rivals that threaten its most lucrative markets.

Last update: 11 May, 2019

Revolut Steps Up Brexit Preparations

Revolut CEO Nikolay Storonsky

Fintech hotshot Revolut has written to millions of its customers to warn that new verification documents will be needed in the event of a no-deal Brexit; it has also called on the UK government to get serious about post-Brexit tech visas.

Last update: 25 Mar, 2019

TransferWise Borderless Account – BER Review

TransferWise’s Borderless Account allows users to hold and convert funds in 40 different currencies and send and spend internationally, all at the “real” exchange rate and with exceptionally low service fees. Users can also receive major-currency payments free of charge.

Last update: 16 May, 2019

WorldFirst Owners Target European Expansion

Ant Financial, the Chinese fintech giant that recently acquired WorldFirst, has set its sights on Europe, where it plans to take its share of both cross-border and point-of-sale payments.

Last update: 11 May, 2019

CBOE Ditches Bitcoin Futures Amid Reduced Interest

Amid declining interest, the Chicago Board Options Exchange, or CBOE, has announced it will no longer offer bitcoin futures contracts once current contracts expire in June.

Last update: 19 Mar, 2019

Revolut Introduces Auto Currency Exchange

Digital bank Revolut announced this week the introduction of a significant new feature: auto currency exchange based on targeted exchange rates.

Last update: 8 Mar, 2019

Messaging Apps to Take Slice of Remittance Market Using Their Own Cryptocurrencies

Users of popular messaging apps, including WhatsApp and Line, might soon be able to make cross-border payments effortlessly. In a move that will further disrupt the payments industry, the creators of such apps, including Facebook, are working hard to develop their own digital currencies that can be transferred to anyone in a user’s contact list.

Last update: 19 Mar, 2019

“Witching Hour” Woes: Currency Traders Wary of Flash Crashes During Quietest Part of Day

Currency traders continue to be wary of the potential for flash crashes during the dreaded “witching hour” between the end of New York’s business day and the start of Tokyo’s. Flash crashes can cause massive losses to those on the wrong side of them and without central bank intervention more of these are on their way.

Last update: 19 Mar, 2019

Mega Bank Ends Cash Remittances

Japanese mega bank MUFG has announced it will end all over-the-counter money transfer services in June of this year in an effort to avert money laundering.

Last update: 19 Mar, 2019

Revolut Readies Singapore Launch

Revolut, a digital bank that allows users to receive, send and spend money at the interbank exchange rate, should be ready for its Singapore beta launch in March 2019, the company has said.

Last update: 27 Feb, 2019

Japan Allows Fintech Payments Specialists to Compete with Banks

Japanese Yen JPY Currency News and Forecasts

The Japanese FSA has announced it will finally remove a ¥1 million (US$9,000) cap on cross-border money transfers handled by non-banking entities, paving the way for a major overhaul of Japan’s remittance industry.

Last update: 11 May, 2019

China’s Ant Financial Acquires WorldFirst

Chinese fintech giant Ant Financial has acquired British payments specialist WorldFirst for an undisclosed amount.

Last update: 19 Mar, 2019

OFX 2019 Review – Foreign transfers with OFX compared

OFX is one of the world’s largest and best providers of international money transfers. This highly regulated firm offers a complete foreign exchange solution complete with 24/7 phone support.

Last update: 27 Aug, 2019

Revolut App & Card – Best Exchange Rates Review

We review Revolut, a digital bank that allows users to receive, send and spend money at the interbank exchange rate.

Last update: 19 Jul, 2019

Transferwise changes Eurozone fee structure

In late June 2018, Transferwise introduced a new fee structure for Eurozone foreign transfers (from EUR) … and as always with Transferwise its complicated so we will break it down for you!

Last update: 16 Feb, 2019

HiFX Money Transfer Review

HiFX is a trusted money transfer provider, but how do their foreign transfers compare for rates and service?

Last update: 10 Dec, 2018

Xoom Reviewed

We take a look at the Xoom service and check how good their exchange rates are.

Last update: 2 Jul, 2018

TransferWise Money Transfers – Review

TransferWise has been making waves in the global payments market since it came on the scene back in 2011 and is undoubtedly one of the best services for sending money across borders.

Last update: 29 Nov, 2019

CurrencyFair Foreign Transfers – BER Review

BER reviews why CurrencyFair is different to most of the other FX brokers out there.

Last update: 12 Mar, 2019

HSBC Exchange Rates Compared

As a leading global bank, HSBC has a wide portfolio of services aimed to cater to their customers and their foreign exchange requirements. If you are a customer looking to send money overseas with HSBC Exchange Rates through an International Money Transfer (IMT) or get travel money, then read on. From this article, you will […]

Last update: 4 May, 2019

WorldFirst Foreign Transfers – BER Review

WorldFirst is a market leader in the international payments space and is consistently ranked among the most reliable and cheapest money transfer handlers for four-figure sums.

Last update: 12 Jun, 2019

InstaReM – BER Review

Instarem provides fast, safe and cost effective cross border money transfer services for Individuals and businesses from Australia, Hong Kong, India, Malaysia and Singapore to more than 25 countries.

Last update: 12 Mar, 2019

TorFX promo coupon

TorFX Low Margin Promo Code If you register with TorFX using the below BestExchangeRates promo code link for you region your account will be allocated to the lowest FX margin group. TorFX Australia TorFX UK Read the TorFX review, compare foreign transfer rates.

Last update: 28 Jun, 2018

XE Money Transfer – BER Review

XE works on razor thin margins for money transfers to more than 100 countries and nearly always guarantees a fantastic deal. Transfers can be booked online and over the phone and most are processed within a single working day.

Last update: 26 Aug, 2019

OFX & BestExchangeRates – Zero fee offer

OFX has partnered with BestExchangeRates to offer you fee free money transfers. If you register with OFX using the below BestExchangeRates FX partner deal promo code link you won’t pay the usual fees* for transfers. OFX – zero fee offer OFX is the new unified brand name for OzForex, USForex, UKForex, NZForex, and CanadianForex It […]

Last update: 3 May, 2019

Transferwise changes UK fee structure

In October 2017, Transferwise introduced a new fee structure for foreign transfers from the UK … its complicated so we will break it down for you!

Last update: 16 Feb, 2019

Comparing Australian Bank Exchange Rates

We take a look at why not using your bank for foreign exchange is generally a good idea to save money. As an example, we compare the 4 big Aussie banks rates for transfers and travel cash to two popular foreign exchange specialists, OFX for transfers and Travelex for travel money.

Last update: 11 Dec, 2019

TorFX International Money Transfers – BER Review

In this guide we take a look at TorFX exchange rates, customer service and user ratings, so you can see how they compare to other providers.

Last update: 12 Jun, 2019

WorldRemit – BER Review

With WorldRemit, send money online 24/7 to 140 destinations at highly competitive exchange rates. Send to bank accounts and mobile money wallets, top up a loved one’s mobile phone or send for cash pick-up.

Last update: 7 Jul, 2019

Azimo Reviewed

Azimo have created a way to send money that suits how people live today – online, mobile and social. Born out of frustration at the money transfer industry. So much waste, cost and poor customer service. Set up by a super hard-working team, who have created a better way to send money overseas. One advantage […]

Last update: 29 Apr, 2019

Qantas Cash – BER Review

Our Review of Qantas Cash coming soon…

Last update: 12 Mar, 2019

Currencies Direct – BER Review

Currencies Direct is one of Europe’s leading non-bank providers of currency exchange and international payment services. Since its formation in 1996 Currencies Direct has maintained its focus on being an innovative service provider of foreign exchange and international transfers for consumers and high net worth individuals with an extensive client base of 200,000. When you […]

Last update: 12 Mar, 2019

Western Union

Not the cheapest currency provider but perhaps the most convenient with locations on practically every street corner especially in developing world. In order to send funds, a sender goes to a Western Union office and presents funds (plus fees) for “Next Day” or “Money in Minutes” service. A sender provides his or her name and […]

Last update: 17 Dec, 2017

UAE Exchange

UAE Exchange offer very competitive currency rates with a network that spreads across five continents spanning 30 countries with 570+ direct offices.

Last update: 17 Dec, 2017

American Express

Enjoy 0% commission on over 50 currencies by ordering your foreign currency and Travellers Cheques from American Express Travel Money Now. Simply order online and collect from selected airports or have it delivered straight to your door. Key points: Lock in your rate and pickup at the Airport Complimentary home delivery for orders over £500 […]

Last update: 17 Dec, 2017

PayPal

The currency rates that PayPal offers is competitive with most multi-currency credit card transactions, in which Visa or MasterCard charge a 1% spread above their wholesale exchange rate, and the card-issuing bank typically charges an additional spread of 1-3%. PayPal seeks to keep its foreign exchange rates competitive with credit card transactions and transferring money […]

Last update: 3 May, 2019

CurrencyOnline

On the 26th January 2019, Currency Online will join forces with XE. By bringing the two companies together, XE is combining their 25 years of authority in currency exchange and Currency Online’s comprehensive range of money transfer services. Read our XE Review.

Last update: 27 Nov, 2018

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