More People prefer new Money Transfer services than using Banks

Why is it that money transfer has become such a heated topic of discussion for so many? Given the fact that this service is so essential for many individuals living in working in places that are not their native homes, it would seem likely that money transfer and money exchange services would become an ubiquitous element of 21st century living. That being said, it seems quite interesting to observe the strong reactions that money transfer services seem to bring out in those that use them often.

If one were to venture a guess why these service are the target of much criticism and analysis by so many, it would likely be the fact that commission fees between various money transfers differ so widely. For example, many experts in the industry consider high street banks to slightly more expensive that privately owned organisations, while other authorities consider the aforementioned banking organisation to be the only legitimate service by which money transfer should occur.

Analysts are now shedding light on consumer sentiment in this particular arena, revealing insights which may prove to be surprising for many. According to the managing director of FXcompared, Daniel Webber, “This new data from FXcompared shows that since many consumers consider rates of exchange and transfer fees as important factors when transferring money, only a minority now trust in their banks for these services.”

While this doesn’t necessarily mean that banks should be condemned for crippling fees, it does provide us with the information we need to form one significant conclusion, that being individuals are now willing to explore various alternatives to major banking institutions when seeking out a foreign transfer service with whom they would like to engage in a transaction with. In the words of Webber, “A sophisticated, often younger, majority, now undertake their international money transfers with other non-bank providers.”

For those entrepreneurs who are savvy enough to latch onto new trends as they emerge, this information may prove to be inspiring indeed. After all, it seems the time is ripe for a low-cost, highly affordable money transfer service to emerge within this dynamic and exciting marketplace.

Latest Web Design Trends

When it comes to fast-paced, ever evolving industries, digital design remains one of the most dynamic. Given the fact that so many business now rely on digital platforms such as websites to propel their domestic and global presence, professional web design remains one of the most popular and cutting-edge fields in which savvy tech-minded creatives can make a name for themselves. For the casual business, however, staying abreast of the latest web design trends may prove to be challenging, if only for the fact that such an astonishing array of activity happens on a regular basis.

Central to the new era of web design is the concept of mobile optimization. Given the fact that Google has recently announced that websites which feature “mobile-friendly” designs will be given priority within search engine rankings, a number of business owners have begun to actively refresh their pre-existing platforms in order to ensure that they don’t receive unwanted penalties from the world’s largest search engine. So, what does a mobile-optimized website look like? Essentially, the design has been configured in such a way as to ensure that mobile users are not forced to scroll excessively or navigate small menus that thumbs could wreak havoc on due to their small pixel dimensions.

Yet another key trend in modern web design is cohesive branding. Unlike the earlier generations of web design, in which all styles, fonts and colour schemes were “fair game”, web developers have, at last, adopted the same values of standard graphic designers. Professional web platforms have begun to feature a unified, streamlined design scheme which ensures that visitors are left with a strong impression.

It is also quite interesting to note that web designers have begun to research and evaluate the design trends occurring throughout their industry vertical, exploring perceived strengths and weaknesses and using them to their advantage within their own particular platforms. Because of this, even a casual perusal of industry competitors will reveal similar design attributes that are slowly becoming synonymous with the particular type of business being explored.

Content has slowly emerged as the true “king” of web design. Although videos and images remain important tools of marketing professionals, studies continually show that intelligent, thoughtful content remains the primary vehicle through which business owners can propel their visibility forward and receive higher rates of organic search traffic. It will be interesting to observe how these trends evolve over the short term!

PayPal to buy online Money Transfer Company for $890 Million

In the world of modern technology, success often leads to two outcomes: a near-celebrity status among computer geek and digital wizards, as well as a lucrative buy-out offer from one of the world’s tech monoliths who would rather spend a pretty penny acquiring you than compete with you. Such is the case with PayPal, who recently announced that they were going to purchase Xoom Corp for a breathtaking $890 million deal. With the payment being made completely in cash, this is staggering from the online money transfer company.

While some may consider this a shocking move, it is important to remember that PayPal is under pressure to develop and expand their platform quickly after announcing that they would soon be leaving the watchful umbrella of eBay. PayPal’s incoming CEO, Dan Schulman, has made it clear that the company would take an aggressive and dynamic role re-asserting themselves in the marketplace once their autonomy has been finalised.

Most importantly, this new deal leads many witnesses to realise just how important the world of online money transfer has become. Regardless of the currency in question and the intended purpose of the transfer, the fact remains that money transfers occur around the world virtually every second of every day. By developing a powerful software platform on which these transfers can be facilitated, companies such as Xoom are cornering a fabulously lucrative corner of one of the world’s most in-demand marketplaces.

It will be very interesting to see exactly how PayPal continues to deploy their strategy in the upcoming weeks and months. If this recent acquisition is any indication of what observers can expect to see, it is almost guaranteed that PayPal will make headlines more than once. For those who do use PayPal on a regular basis, these services will not be affected by the company’s decision to depart from eBay. Arguably the largest and most successful online money transfer service of all time, PayPal will remain a venerable monolith of the internet and legendary e-commerce success story for years to come. Here’s hoping that this transition plays out smoothly and efficiently in the upcoming months.

Staying Ahead of Money Transfer Scams – What You Need To Know

Although money transfer and foreign exchange services are an absolutely indispensable part of the national economy, the point must also be made that these services have their fair share of problems, most notably the large number of scams and other nefarious activities that have penetrated the industry. According to Financial Fraud Action UK, an advocacy group to identifying and uncovering fraudulent schemes related to money transfer and other finance-related activities in the UK, an estimated 23.6 million pounds sterling were lost in 2014 to savvy fraudsters who preyed upon both local residents and tourists alike.

As part of their research, the FFA UK has identified some of the most common schemes used by those hoping to perpetrate money transfer fraud. The FFA UK has placed particular attention on the “phone scam”, a scheme in which fraudsters call individuals and masquerade as officials from their designated banking institution. Essentially, the fraud works as follows: the scammers often “spoof” the number of the bank in question, making it appear as if the bank is actually calling when caller ID systems are used. At this point, the scammer will tell the individual that fraud has been detected on the account and that they must quickly move their funds into a “safe” account in order to ensure that they are fully protected. This account is, of course, merely a vehicle through which the scammers can then gain access to the available funds, often leaving the victim penniless.

Through their research, the FFA UK discovered that nearly 70% of UK residents had received fraudulent propositions from scammers pretending to represent banking institutions throughout the last year. With this in mind, it is even more important for UK citizens to remain perpetually vigilant and ensure that they do not fall prey to career scammers.

Banks throughout the UK are requesting that individuals who believe they have been in contact with money transferscammers contact their offices immediately in order to report the activity so that they can properly warn the rest of their customers. Only through continued vigilance will such criminal activity be effectively thwarted.

Don’t exchange currency at the airport – they have the worst exchange rates

After disembarking from a lengthy international flight, the chances are quite good that you’re ready to seize the day and jump headfirst into your vacation plans. That being said, industry experts agree that certain items on your pre-entertainment “to-do” list, such as exchanging currency, are best done after you have left the airport.

Recently, the British pound has made unprecedented gains against the Euro, reaching a record 1:1.35 conversion rate. For those traveling into EU countries for vacation, this is likely to produce a variety of joyful responses. That is, of course, unless you are exchanging your currency into the EU dollar at local airports, which have now been reported to be offering as low as 1:1.06, a rate that is too far below international standards to ignore. With exchange rates settling near 1:1.30 online and 1:1.26 at a large number of high street banks, it seems almost impossible to believe that airport exchange services have the audacity to venture as low as they seem to be headed. This would be a scandal, but tourists are, nevertheless, continuing to opt into these predatory banking practices which are dramatically reducing the value of their financial resources during travel.

When asked to discuss the current exchange rates, Simon Phillips, a member of No1 Currency, stated, “The rates offered by money exchanges at the airports are terrible, targeting travellers who have no option. The clear message is to plan ahead and order online.”

Fortunately, tourists have a number of options available to them after they have decided that they are ready to exchange their currency outside of this predatory airline environment. A number of websites are currently available which feature outstanding currency exchange rates for a wide array of currency pairs. For those who would prefer to avoid online exchanges, it is highly recommended that all available exchange options at local banks be explored before visiting an airline shop.

Although the value of today’s in-demand currencies is likely to shift over time, savvy travelers can continue to find the best possible exchange opportunities to maximize the value of their financial resources. As always, a bit of persistence will likely pay off in the long run. Those who are passionate about finding the best possible deals on their exchange rates can do so by spending the time needed to locate the best possible exchange services. With the summer holiday season just around the corner, this information really couldn’t come at a better time!

British Travelers Will Enjoy Affordable EU Trips This Summer Thanks To Currency Swings

Although the ongoing saga of Greece and its harrowing negotiations with EU creditors has caused drama and untold amounts of stress and tension for financiers around the world, one particular group stands to benefit immensely from this turmoil – British tourists who are hoping to vacation in the EU this summer. With the value of the EU dollar plummeting to record lows against the British pound, it is quite likely that holidays abroad this summer will be markedly more affordable for families seeking a fun vacation in any one of the EU member states this holiday season.

When asked to provide a comment on the fortuitous timing of these dramatic currency fluctuations, Andrew Brown, a member of Post Office Travel Money, stated, “This is great news. Holidaymakers can look forward to cashing in on the increased buying power of sterling in most popular destinations this summer.”

That being said, a strong British pound doesn’t necessarily guarantee a more budget-friendly trip. It is also essential that tourists remain savvy when planning their vacations in order to ensure that the destination of their choice remains well within their budget range. When discussing the possible opportunities available for families seeking to cash in on the EU’s declining currency, Paul Stokes, the current head of product at M&S Bank, stated, “The stronger pound against the euro, combined with the warm temperatures over the summer, make European destinations like Portugal and France ideal for families hoping to make the most of their holiday budgets.”

Prior to the bubbling over of tension in the EU, analysts had predicted that British tourists were likely to spend more this summer on their vacations than in previous years. It will be quite interesting to observe how these currency shifts affect the data when the tourism season comes to a close.

No matter how valuable the British pound will be relative to the EU dollar, it is essential that tourists find the right money exchanger or foreign exchange service when exchanging their currency. Given the fact that exorbitant commission fees and meagre exchange rates are fast becoming the norm throughout the UK, it may take patience and research in order to find the perfect foreign exchange service provider.

£650 million stolen from online banks using an illegal money transfer software

In what many experts are now considering to be the most serious and damaging cybercrime of all time, Russian hackers have allegedly stolen nearly £650 million from a series of international banks, including financial institutions in China, the United Kingdom, Japan and the EU at large. The crime was uncovered after it was discovered that cash machines in the Ukraine were releasing large sums of money at seemingly random intervals. In order to determine the source behind this strange behavior, Russian-based cybersecurity firm Kaspersky Lab was called in to investigate.

After their inquiries, these experts uncovered a staggering infrastructure which has been developed over the course of two years. According to Kaspersky Lab, the operation was multi-phase in nature, involving both the installation of malware on internal computer systems within various banking networks, as well as mimicry of banking personnel made possible by illegal surveillance which occurred after the hackers had managed to break into the security systems of the banks they were planning to steal from and use custom designed money transfer software to achieve their desired goals.

Experts believe that the duration of time needed following the installation of the malware until the actual theft was between two to four months per bank. According to Sergey Golovanov, a member of the Kaspersky Lab team tasked within investigating the case, “These bank heists were surprising because it made no difference to the criminals what software the banks were using…It was a very slick and professional cyber robbery.”

Are we entering a new era of cybercrime? The changes are good that security professionals will be required to dramatically improve and refine pre-existing systems throughout the banking world in order that a theft of such magnitude does not happen again. It is also important to note that such trespasses can also occur in virtually any other large industry as well. To effectively counter this increases threat, cybercrime professionals must remain vigilant and do their best to limit the number of opportunities that cyber criminals may be able to exploit for personal gain. In the worlds of Golovanov, “even if the money transfer software is unique, a bank cannot get complacent.”

It will be interesting to observe whether or not these criminals will be brought to justice, and, if so, what authorities can learn from the tactics these hackers used.

Redefining the Power of Money Transfer With Twitter Payment Systems

What do you think of when the words “money transfer” come to mind? For many of us, there will invariably be a host of not-so-wonderful experiences, unfortunately, often due the fact that this particular service, while essential for travels abroad, often results in poor exchange rates and lofty commission rates, not to mention frustrating wait times. Of course, the particular location or organisation a traveller uses to exchange his or her currency will largely influence the experience they have during the process. With that in mind, a recent move by several of the UK’s most popular high street banks to incorporate Twitter into the money transfer process has reinvigorated the enthusiasm and interest of many citizens who had become jaded with these institutions in the past.

According to representatives from key banking institutions, the era of “Twitter banking” is fast approaching. In fact, several organisations around the world have already begun to integrate social media into their payment platforms. For example, the Indian-based ICICI bank has already developed an extensive Twitter payment platform which has become an indispensable element of the local economy. Similar systems have also emerged in France.

Although several tech giants are moving in different directions regarding payment systems, such as the contactless transfer mechanisms being incorporated into the Apple Pay service for iPhone and the Apple watch, many experts agree that mobile money transfer via social media will revolutionise the current infrastructure.

When asked for a statement regarding the future of mobile, social media-driven payment platforms the UK, Deloitte Security Consultant Stephen Nicholls stated, “’Twitter banking is not only coming, it already exists. ‘The opportunities are endless. But how we cope with that in terms of tackling online fraud will be absolutely fascinating.’

As can be seen from these comments, bank security teams will be forced to evolve rapidly to confront the increased threat of fraud now that social media is being used to facilitate payments. That being said, if such a problem can be surmounted, there is virtually no limit to how this amazing technology can and will be utilised. More information about these systems will likely be made available in the coming months. For those who are interested in learning more about social media driven money transfer platforms, a variety of tech-minded publications are carrying the most up-to-date news pieces regarding this fascinating and revolutionary technology.

EU to tighten money transfer rules to prevent online fraud

In an effort to thwart the surge in cybercrime and various other forms of online fraud, the European Banking Authority has announced that internet-based payment service providers will be required to improve their general security procedures by August of 2015. As a follow-up to this statement, the EBA has published a series of ‘minimum security guidelines’ that must be met by payment service providers in each of the EU’s 28 member states.

Examples of these reforms include a new mandate which states that these service providers improve the verification standards present in their systems in order to ensure that customers are properly authenticated before carrying out their payment. Additionally, the EU has announced that they will be revising their Payment Services Directive in order to improve the general consumer experience as well as provide a more secure and competitive environment in which payment service providers will be compelled to enhance their services in order to maintain a positive relationship with their customers. These new guidelines will likely be initiated in 2017.

It seems as if the EU’s efforts to thwart online fraud and misuse of money transfer software could not have come at a better time. In 2014 alone, the losses created by money transfer software was approximately $975 million dollars, a 21% increase over the previous year.

Whether or not these new guidelines will truly make the positive impact outlined by the European Banking Authority has yet to be seen. What is likely, however, is that the topic of cybersecurity and cybercrime prevention will become much more commonplace than it is now which is, in itself, a huge step forward for the European Union. As evidenced by the recent £650 theft allegedly perpetrated by Russian hackers, there is a massive need for online security reform. The damage caused by these crimes is very real and is likely to pose a serious threat to future EU growth unless it is confronted now.

More information concerning the outcomes of this legislation, as well as coverage of the reforms being outlined to the Payment Services Directive, is likely to be offered in the upcoming months.

Woman receives counterfeit money from Shop

If there has ever been any doubt that the world of currency exchange has its own fair share of crooks and conmen, a recent breaking story emerging out of Oldham is likely to encour-age many to reconsider their assumptions. According to Pauline Westall, a currency ex-change shop located in Oldham Town Centre gave her €600 worth of counterfeit notes when she visited to prepare for a holiday adventure to the Mediterranean.

A scenario that is likely to cause as much financial trouble as it does embarrassment, Westall described her experience as shocking and completely unexpected. After visiting a Debenhams, Westall was told that the bills in her possession were forgeries. No legal action was taken against Westall, of course, given the fact that it was impossible for her to counter-feit the money on her own accord. That being said, perhaps the more worrying assumption that can be made following this incident is that a growing number of individuals who aren’t consistently vigilant are being sold counterfeit bills by their local money exchange without their knowledge. In the best of scenarios, the money exchange shop would simply acknowledge their error and reimburse the client for the money they had originally ex-changed. This, however, is not the experience that Westall has had up to this point.

To this day, the money exchanger shop she visited, which is called The Money Shop, has yet to reimburse her for the money she gave them. When asked for a statement regarding the situation, Westall stated, “This is just a nightmare. The money was always to cover my trip to see my brother and now there’s a chance I will be out there with no money. This could now possibly ruin two trips.’

Following the ensuing controversy regarding the situation, The Money Shop issued their own statement on the matter, stating, “‘We are investigating to see whether the notes concerned came in a batch supplied to us by our regular, reputable wholesaler and in turn to the customer. Should they have done so, The Money Shop will of course consider compensating Ms Westall.’

Category: Exchange & Remmitance