News about Non-Bank FinTech providers who provider International Money Transfers and Currency Exchange.
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.
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.
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.
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.
We review Revolut, a digital bank that allows users to receive, send and spend money at the interbank exchange rate.
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.
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.
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.
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.
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.
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 – 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. […]
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.
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 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 – 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 is now officially offering PayNow as a funding option for users in Singapore, the company has announced.
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.
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’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.
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.
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.
Digital bank Revolut announced this week the introduction of a significant new feature: auto currency exchange based on targeted exchange rates.
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.
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.