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Tag: 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.

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.

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.

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.

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.

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.

Fintech Money Transfers Up 2,500 percent 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.

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.

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.

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.

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.

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. […]

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.

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.

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.

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 […]

TransferWise Announces PayNow Funding Option

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

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.

Revolut Steps Up Brexit Preparations

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.

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.

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.

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.

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.

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.

“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.

Mega Bank Ends Cash Remittances

Revolut Readies Singapore Launch

Japan Allows Fintech Payments Specialists to Compete with Banks

China’s Ant Financial Acquires WorldFirst

OFX 2019 Review – Foreign transfers with OFX compared

Revolut App & Card – Best Exchange Rates Review

Transferwise changes Eurozone fee structure

HiFX Money Transfer Review

Xoom Reviewed

TransferWise Money Transfers – Review

CurrencyFair Foreign Transfers – BER Review

HSBC Exchange Rates Compared

WorldFirst Foreign Transfers – BER Review

InstaReM – BER Review

TorFX promo coupon

XE Money Transfer – BER Review

OFX & BestExchangeRates – Zero fee offer

Transferwise changes UK fee structure

Comparing Australian Bank Exchange Rates

TorFX International Money Transfers – BER Review

WorldRemit – BER Review

Azimo Reviewed

Currencies Direct – BER Review

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American Express

PayPal

CurrencyOnline

Foreign Transfers

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