Best Multi-Currency Accounts
We compare the features, exchange rates and security of the three best multi-currency accounts available today — the Wise Account, the WorldFirst World Account, and the OFX Global Currency Account.
WorldRemit - User Reviews
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.
OFX ATO Tax Payments - Save on Australian Tax Transfers
OFX have made paying Australian Tax to the ATO from overseas easy while saving money on bank exchange rates and fees.
Instarem Money Transfers - User Reviews
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.
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.
Wise Account
The Wise 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.
OFX Global Currency Account
The OFX Global Currency Account is perfect for sellers who need foreign bank accounts in GBP, EUR, USD, AUD, CAD and HKD.
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.
SWIFT Trials Real-Time Transfers in Europe; GPI Network an Answer to Ripple - 2019-05-28
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.
Revolut Adds Group-Saving Feature - 2019-05-25
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.
Fintechs vs. Banks: Remittance War Rages On as FX Costs Slashed for Millions - 2019-05-19
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.
WorldFirst add Hong Kong Dollar and Chinese Yuan to World Accounts - 2019-05-16
World Accounts now let your business collect funds and pay local suppliers in HKD or make payments to offshore CNY (CNH) accounts in China.
Consumers Throwing Away Billions on FX Fees (TransferWise Study) - 2019-05-03
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.
India Pursues Complete Ban on Digital Currencies - 2019-04-26
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.
Remittances Reach All-Time High - 2019-04-20
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.
TransferWise Announces PayNow Funding Option - 2019-03-29
TransferWise is now officially offering PayNow as a funding option for users in Singapore, the company has announced.
Banking Sector Fights Back Against Fintech Rivals - 2019-03-27
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.