International Money Transfer News Weekly Update 6/19/2015

 

CoinPip Launches New Service with International Direct Payments in 48 Hours or Less

Singapore-based CoinPip is launching its newest service called Direct Payments. It allows businesses to send money to the bank account of partners in variety of countries such as China, Hong Kong, the Philippines, Indonesia and more. All payments will be received by the recipient within 48 hours and there will be a flat fee of 2% charged no matter the currency amount or exchange. The goal is to sidestep many of the hassles currently associated with opening special accounts or trying to pay employees or working partners who don’t have access to Paypal. Read more…

 

Damming Up the Dollars: Government Control of Money Transfers is Creating a Need for Alternative Currencies

When a demand for something increases, there will always be servicers rising to fill that need. Unfortunately, poorly though out government regulation often gets put into place unnecessarily inflating the costs and, at the same time, fostering corruption. Currently one of the hottest new issues is cheaper foreign and domestic money transfers. Back in the days when cash was the main payment source it was hard for governments to track and regulate the flow of money, but the use of checks and credit has changed that.

Traditionally banks moved money from place to place with the use of corresponding relationships tying together a global network which included the Federal Reserve, but a number of Fintech companies have begun to take their place. As the new industry develops it will be disruptive to the current status quo of financial institutions for the benefit of the consumer. Read more…

 

Get More from Your Money Transfer to or from the United States

The USA has been one of the most popular destinations for Irish expats and there is a huge demand for international payments to be sent in both directions. Whether you are sending money to family or repatriating a salary, you want to be sure the majority of it is reaching its destination. The Irish Times has launched its own money transfer service which offers competitive rates and can equal big savings for those looking to send money either way. Read more….

 

MoneyGram (MGI) Relaunches Online Money Transfer Platform

MoneyGram has recently relaunched their online money transfer platform after revamping their approach and user interface. It now enables customers to send money across 200 countries without having to create an account. Their aim is to make digital transactions easier and more convenient. They have also unveiled an app for the Apple store and the Andriod Playstore. The new platform includes a host of new features such as the “Track a Transfer” tool to keep track of on and offline transfers. Read more…

 

Money Transfer Service Azimo Secures $20m for Global Growth

The London-based money transfer service Azimo has secured $20m in funding for global growth. They plan on using the money to build out their operations across Europe and develop a deeper roots into the migrant communities which accounts for a large portion of their current business. Azimo is similar to other remittance services like WorldRemit and Transferwise, just larger in scope and more heavily funded. Their focus on the migrant community, which is often underserved by many of the other Fintech companies, is what sets them apart from competitors. Azimo was founded in 2012 and conservative estimates already place their value near $100m. Read more…

 

Ria Money Transfer Celebrates Inaugural International Day of Family Remittances

June 16th, 2015 marks the first International Day of Family Remittances and Ria, a low-cost money transfer firm publically thanked and acknowledged their customers. Ria’s President and CEO Juan Bianchi was quoted as saying “Ria exists thanks to the more than 240 million people that had the courage to leave their home countries and their families to seek opportunities that would give all of them a better future.” The day is being officially celebrated at the launch of the Global Forum on Remittances and Development (GFRD) in Milan. Read more…

 

Remittances at the Click of a Smartphone Button

There is a growing shift in how people send money to each other around the world. Companies such as Western Union and traditional banks have been offering international money transfers for decades, but the new Fintech startups and traditional telecom operators are taking advantage of new smartphone technology. The technologies are allowing emerging economies to reduce the barriers and costs of sending money abroad. There is a lot of chatter by analysts who say they are shaking up the global remittance market and pushing out the older, more expensive traditional options. The new technology has cut the average price for sending $100 overseas in half. Read more…

Travel Agency and Tourism Industry International Payment Solutions

Most companies involved in the travel and tourism industry have a need for the convenient and cost effective solutions offered by international money transfer firms. Incoming payments may come in the form of a foreign currency from international clients and outgoing payments often need to be converted to other currencies for the booking of hotel accommodations and tours.

If your business is involved in multiple global remittances monthly, then finding the right FX service is vital. Increasing the speed at which money is transferred from one location to another can improve positive cash flow and saving just a couple of percent on each transaction adds up quickly.

In the travel industry, the daily fluctuations of currency exchange values can have a huge impact on the bottom line. They also add an element of uncertainty to net profits. Accurately predicting the value of a foreign currency and hedging against sudden drops in exchange rates can often mean the difference between profiting and losing on an individual transaction.

A famous poet once said, “It isn’t the mountain ahead that wears you out — it’s the grain of sand in your shoe.” There is no better way to describe the effect losing a couple of percent on each and every transaction can have on your business. It’s the financial equivalent of dying the death of a thousand cuts.

Don’t let your travel company get bleed dry by the large banks. Instead of sticking with the same outdated money transfer methods your organization has been using for years, consider working with a dedicated currency specialist at an international money transfer firm. They offer payment solutions for incoming and outgoing payments that will save time and money.

 

Benefits of Working with an International Money Transfer Firm

  • Lower fees for transferring money
  • Better currency exchange rates
  • Streamlined money transfer processes
  • Automating the payment and collection of international payments
  • Mitigating the risk of currency fluctuations
  • Ability to initiate payments and transfers to over 130 different currencies
  • Reduce the problem of unpaid commissions by simplifying the payment process
  • Integrated accounting services improving control and visibility

These are just some examples of the benefits a travel company can realize by working with an international money transfer firm. By speaking with a currency specialist, most organizations can find additional custom solutions tailored to their business needs.

 

The Big Picture

Any travel industry professional knows that perception of the overall costs is often different from the reality. Navigating the obstacle course of hidden fees, poor exchange rates and transfer inefficiencies can be crippling with just one or two missteps. Competition is fiercer than ever before and the pressure to cut costs and increase profit margins has never been greater.

It’s time to revamp your approach to international payments and collections. Work with a dedicated FX firm to automate and streamline the process freeing up man hours and increasing the bottom line. It’s time to break from tradition and find innovative international payment solutions that give your company a competitive edge.

 

 

 

Small Business International Money Transfers

Small businesses are especially susceptible to cash flow problems. Sometimes, the delay of just a couple of days can hinder daily business operations. Expanding to work with overseas partners and consumers is hard enough without the money transfer process throwing a curve ball into the mix. The natural fluctuation of currency values against each other adds an element of uncertainty that affects vital cash flow.

There are a number of decisions that must be made when working overseas that can have a big effect on the bottom line. It’s not only about the value of a currency now; one must anticipate what supplies will cost three months after the order is placed based on the expected future exchange rate. If the value of the payment currency rises and a small business hasn’t properly planned for it, they may be left with a bill they don’t have the cash flow to pay. Similar considerations must be made for incoming payments to ensure your business is getting the domestic value it needs for products sold overseas.

While international business operations may have been the territory of large corporations in the past, the internet has made it a core activity in even small mom and pop organizations. The rapid pace of globalization has changed the way business is done and even the tiniest edge can help you outshine your competitors

Let a dedicated and knowledgeable currency specialist help guide you through the mine field that is international business by finding just the right solutions for your small business.

Use an international money transfer firm to:

  1. Manage risk with the proper use of forward currency contracts and currency options to stabilize cash flow.
  2. Initiate international payments with a streamlined process that is less time consuming and less costly.
  3. Receive international payments in a foreign currency and automatically exchange them into a domestic currency before depositing them into your account of choice.

 

Importer and Exporter International Money Transfers

Any importer or exporter knows the value of getting cheap international money transfers. When regularly doing business with companies based overseas, the logistics of payment can be time consuming and costly. Just the difference of one or two percent can mean thousands of dollars saved in a large international money transfer. Getting the best rate is vital to maximizing profits. Our recommended money transfer firms understand this. They will work with you to find the transfer method that offers the best exchange rates with the lowest fees.

With the right money transfer firm, you can streamline the payment process, improve cash flow, and lower the risk of currency fluctuations. Talk with a currency specialist at one our editor’s choice global remittance firms to learn about the different methods available to hedge against any sudden drops in currency value.

 

What the Right Money Transfer Firm Can Do For Your

Simplify Outgoing Payments – Money transfer firms offer a number of ways to improve the efficiency of your outgoing payment process. They can help you integrate your international payments into existing accounting methods to improve and streamline record keeping. Another technique is to schedule regular overseas payments to suppliers so there is never a chance of sending a late payment.

 

Make It Easy to Get Paid – Don’t give your customers one more reason not to pay you on time. Make it easy for them. Work with a money transfer firm to set up a foreign currency draft service that can receive foreign funds and convert them into your domestic currency. You can also process electronic fund transfers through an FX firm at a fraction of the price you would pay to a bank. Speeding up payment processing time lets you improve cash flow by freeing up capital when you need it.

 

Manage Risk – From currency forward contracts to currency options and well-planned market timing, there are a number of methods to reduce the risk of losing money during the transfer process. Mitigate your exposure and hedge against any loss by working with an informed currency specialist who is knowledgeable about current market trends.

 

Improve Money Management – Keep track of all your ingoing and outgoing payments in one place, no matter the currency type. Paying bills in Yuan and receiving payments in Euro? No problem, our editor’s choice money transfer firms provide easy-to-understand records so you can see all of your transfers at once.

 

Get the Money Transfer Solution That’s Right for You

Every company has slightly different needs from their money transfer provider. Here are just a few of the custom solutions that the right FX firm can set up for you.

  • Receive and convert payments from multiple currencies
  • Simplify numerous recurring purchase payments
  • Pay suppliers in their currency of choice
  • Speed up the money transfer process
  • Prepare for an expected drop in currency value
  • Streamline international staff payroll

 

International Money Transfers for Real Estate Purposes

Purchasing property overseas, whether for commercial or residential purposes, brings a lot of opportunities to save, but also an obstacle course of fees to navigate. Working with an international money transfer firm can help ensure you get the most bang for your buck.

Real estate purchases are high dollar transactions that most often run into the hundreds of thousands. Getting a better exchange rate by just a couple of percent on such a large amount can really add up. Saving 2% on a $250,000 property purchase equals $5,000. These savings can be passed on to clients offering them a better value and ensuring they choose your company rather than a competitor.

It’s not just about the financial savings though. Working with an international money transfer firm also offers added convenience and efficiency. Instead of waiting three or four days for the money to clear bank accounts, it can be received and ready for use within 24 hours. Once your organization has an account with an FX company, all it takes is the click of a button and a money transfer can be initiated in less than a minute. No more wasting time at the bank.

 

Common Areas Where Property and Real Estate Companies Can Benefit

While every company has different needs, our experience has highlighted a number of areas where property companies can benefit such as:

  • Handling payroll and operating costs of overseas offices
  • The purchase or sale of an international property
  • Paying or receiving commissions from overseas agents
  • Paying maintenance costs for foreign properties
  • Insurance and tax payments on overseas properties

 

Commercial Real Estate

There is a certain amount of risk involved in any large international purchase because of exchange rate fluctuations. The lengthy time frame involved in real estate dealings though just adds one more level of risk. It could easily take one or two months for a closing, and in that time, if the purchase currency increases in value, it could have a significant impact on the final cost of the property. Working with an international money transfer firm offers a number of ways to hedge against risk by using currency forward contracts or currency options to protect your clients against sudden currency spikes.

If you are unfamiliar with the risk mitigation techniques available for large dollar international currency exchanges, speak with a currency specialist at a firm like Xoom or World First. They can explain the different risk reduction options and help steer you in the right direction. Savvy real estate companies can offer their clients the best value by mitigating the risk involved in currency exchanges and ensuring they get the best rate for their dollar.

 

Residential Real Estate

Though the dollar amount involved in residential real estate purchases aren’t as high, there is still significant value to be added by working with an international money transfer firm. Offering to handle all of the currency transfer and exchange needs for a client, makes the process seem less complicated. If you can get your client the best rate at the same time, it is a double bonus. You’ll be providing your client with full service tailored to their needs all at a lower cost than your competitors.

If handling an overseas property purchase where the money won’t be moving through the real estate company, the client can still be referred to SendMoneyCheaper.com to get exchange rate quotes. This will help them get a better understanding of the fees and costs that will be charged for their overseas property money transfer.

Working with a global remittance firm is all about transparency and savings. Anything that makes the transfer process cheaper, more efficient, and more transparent is valuable to clients and helps property companies gain a competitive edge. Become the full service real estate firm your clients deserve by creating a strategic partnership with the right international money transfer company.

 

Benefits of Using a Dedicated International Money Transfer Firm

In addition to the previously mentioned benefits of working with an FX firm, there are numerous other areas where they offer added convenience and efficiency such as:

  • 27/7 online account access
  • Real-time rate quotes
  • Forward contracts and currency options for risk mitigation
  • Segregated accounts for easy accounting and added security
  • Streamlined transfer processes such as regularly scheduled payments and integrating accounting
  • Advice and guidance from dedicated currency specialists

 

Use Send Money Cheaper’s Comparison Tool to find the right international money transfer company for your current needs and then talk with one of their currency specialists today to see how they can help.

International Money Transfers for Law Firms

Whether sending an inheritance to an overseas beneficiary or handling a large commercial business acquisition, choosing the right international money transfer service can equate to thousands of dollars saved. Stop using the big banks and consider the services of a global remittance firm to handle your money transfer needs for:

  • Facilitating a client’s purchase of overseas properties
  • Personal injury claim payouts
  • Sending an inheritance to an overseas beneficiary
  • Managing trust funds of client’s living overseas
  • International business mergers and acquisitions
  • Payments to consultants based overseas
  • Divorce settlements
  • Patent and intellectual property cases
  • International rent and payroll payments

As a law firm acting in your client’s best interests legally and financially, it is important to look at every option to save them money and ensure they are using the smartest processes for handling international transactions. Using a global remittance firm instead of a bank to send or receive money overseas is one of the easiest ways to save.

 

Why Banks are a Poor Choice for Sending Money Overseas

There are a number of aspects that should be considered during an international remittance from the speed at which the funds will be available to the fees and commissions charged for the service, but the exchange rate is generally where the most money is lost. Despite playing such a large role on the value of an international money transfer, it is often overlooked. Many law firms just consider the fees and commissions charged without regard to the exchange rate. They assume that most servicers will offer similar rates, but this couldn’t be further from the truth.

Banks are known for offering the worst exchange rate of any option, usually by 3% to 4%, plus they have the highest fees. Poor exchange rates are how banks make the largest chunk of their money from international transactions. You’ll often see banks offering the same exchange rate as you might find at an airport currency exchange booth, which are also known for giving the worst exchange values.

Here is a quick example of the money that can be saved using a dedicated money transfer firm as opposed to a large bank.

Example

Transferring $10,000 USD into EUR

Wells Fargo currency exchange rate quote

  • $10,000 USD = €8,505 EUR

USForex currency exchange rate quote

  • $10,000 USD = €8,883 EUR

That’s a savings of €378 EUR on a single transaction, not even including the additional fees that Wells Fargo charges.

*Currency values fluctuate daily and the exact amounts displayed might differ*

 

Benefits of Using a Dedicated International Money Transfer Firm

In addition to the obvious financial benefits of working with an FX firm, there are numerous other areas where they offer added convenience and efficiency.

  • 27/7 online account access
  • Real-time rate quotes
  • Forward contracts and currency options for risk mitigation
  • Segregated accounts for easy accounting and added security
  • Streamlined transfer processes such as regularly scheduled payments and integrating accounting
  • Advice and guidance from dedicated currency specialists

If your law firm is involved in any kind of international finance transactions, consult with a dedicated currency specialist at one of our Editor’s Choices and check our Send Money Cheaper Comparison Tool before initiating your next overseas remittance to find out how much money your firm could be saving.