FinTech
News about Non-Bank FinTech providers who provider International Money Transfers and Currency Exchange.
The OFX Global Currency Account is perfect for sellers who need foreign bank accounts in GBP, EUR, USD, AUD, CAD and HKD.
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.
These Western Union user reviews span a broad range of user experiences, highlighting the Western Union exchange rates & range of international money transfer services they provide compared to other options.
Reviews FinTech Foreign Transfers
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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!
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!
Chinese fintech giant Ant Financial has acquired British payments specialist WorldFirst for an undisclosed amount.
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.
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.
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.
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.
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.
Digital bank Revolut announced this week the introduction of a significant new feature: auto currency exchange based on targeted exchange rates.
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.
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.
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.
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.
TransferWise is now officially offering PayNow as a funding option for users in Singapore, the company has announced.
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.
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.
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.
World Accounts now let your business collect funds and pay local suppliers in HKD or make payments to offshore CNY (CNH) accounts in China.
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.
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.
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.
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.
User reviews of American Express exchange rates & international money transfer services.
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.
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, AUD, CAD, JPY, SGD, NZD, CNH and HKD. With a World Account, businesses can invoice […]
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.
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.
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.
OFX have made paying Australian Tax to the ATO from overseas easy while saving money on bank exchange rates and fees.
BER reviews why CurrencyFair is different to most of the other FX brokers out there.