Making the most of your money through multi-currency cards

The world of international travel and business has changed dramatically in recent years. Whereas, in previous decades, business owners could expect to engage in a few, if any, international money transfer transactions or exchanges throughout the year, this particular service has become an integral element of small, medium and large-sized enterprises across the globe.

In fact, a growing number of businesses are now dealing in multiple currencies simultaneously, largely due to opportunities for outsourcing and global collaboration, all made possible through the touch of a button. A multi-currency card is an excellent resource for those seeking to either hold or distribute a large number of currencies simultaneously without having to first enlist the help of a high street bank or private service.

One of the popular “perks” of the multi-currency card is the fact that individuals can buy the currency of their choice at a fixed exchange rate. Instead of worrying about price increases or reductions, a currency card allows individuals to “hold” money at the value they originally paid for it, thus enabling them to engage in business transactions and money transfer at a more sustained pace.

For travelers, a multi-currency card may be particularly useful, as it reduces the need for international ATM use which often results in substantial financial penalties. Additionally, it helps reduce the likelihood of identity theft and stolen cash while abroad.

A number of services are now beginning to spring up which are directly related to the multi-currency phenomenon taking the world by storm. Caxton FX, for example, is now offering users the ability to hold up to 24 different currencies at any one time. A new prepaid Mastercard is also available which allows for stockpiling of 15 different currencies as well as topping up via your preferred bank account. Moneycorp has also begun to offer a new prepaid card, dubbed the Explore, which allows customers to load up to 14 different currencies before and during use.

As can be seen, there are no shortage of options when it comes to selecting a multi-currency card. Hopefully, these products will become an integral element of international business and travel in upcoming years.

World’s First Wearable Money Transfer Watch

As the idea of the “smart watch” quickly begins to take hold of consumers’ imaginations, a number of entrepreneurial-minded companies and individuals have become to find new and innovative ways in which these products can further facilitate daily professional and personal needs.

International money transfer has long been considered one of the most cumbersome elements of traveling or multinational business, due in large part to the lack of a convenient and powerful transfer system outside of real-world, brick and mortar banking institutions. All of that is about to change, however.

Recently, the global money transfer firm World First announced that they would soon be marketing the a new app which they are billing as “the world’s first international payments app for a wearable device”. According to the developers, this new app will allow for seamless and near-instantaneous transfer of funds for both professional and personal use across multiple currencies.

Featuring a number of flashy voice commands and innovative swiping features, the new app developed by World First allows customers to buy and sell international currency, as well as engage in transfers of all sizes, in less than 60 seconds, all from the comfort of their own wrist.

This, of course, will serve as a welcome addition to the arsenal of on-the-go business professionals around the world, many of whom simply do not have the time to stop in and engage in person-to-person transactions with banking institutions. Given the fact that many of these organisations also levy hefty commission fees against customers, the attractive rates offered by World First will likely be very appealing to those who have not yet been acquainted with them.

This all assumes, of course, that wearable technology will truly become the next “hot” item on the marketplace. The public still appears relatively divided on whether or not these products should be popularized. According to a recent UK survey, more than a third of those polled stated that they would be embarrassed to wear this particular type of technology in public. Opinions are likely to change substantially over time, however, and the new wearables being developed by major software companies around the world should withstand the test of time. For customers of World First, this will definitely be welcome news. More information about World First’s revolutionary new app can be found by visiting their official website. The company has stated they are currently in the process of developing a similar app for the Apple watch.

Facebook’s newest money transfer software could bring benefits to africans

Along with the recent news that Facebook is planning on further developing, refining and extending their money transfer service which has recently found its way into the social network’s messaging platform comes a series of intriguing development opportunities for nations around the world who could use these innovations to further their own economic agendas. In Africa, for example, Facebook’s announcements regarding the future of online payments has been met with extreme enthusiasm, due in large part to the fact that the relatively scarce number of competitors within the African money transfer market has allowed those with a foothold to raise prices and fees without fear of competition.

Internet penetration within the African continent has always been a deterrent to investment from high-tech companies. That being said, an increasing number of individuals within Africa are gaining access to internet connections, making the long-term viability of Facebook’s mobile payment system in this region of the world seem all the more assured.

If Facebook were to solidify their presence within this particular arena, Africans would not only benefit from the new services provided to them, but also by the resulting decrease in fees that Facebook’s competitors would be forced to adopt in order to retain their pre-existing, likely disgruntled customer base. Price wars have always worked in favour of the consumer, and this particular scenario would likely be no different.

Given the fact that the African currencies have long been dramatically undervalued compared to their Western counterparts, the fees charged by pre-existing payment services have often severely hampered the efforts of Africans attempting to send money to one another or relatives abroad. This period of exploitation is, however, directly threatened by the affordable and efficient services now offered by Facebook to all users.

Although there is little way to predict what exactly the future will hold for Africa’s internet infrastructure, many experts believe that Facebook is only one of companies who will likely be attempting to further their agendas within this relatively untapped marketplace. First-mover advantage is very real, which means that Facebook’s money transfer system will likely become a popular tool relatively quickly. Whether it is able to maintain this advantage over time, however, has yet to be seen. More information will likely become available in upcoming months as the system continues to gain exposure and visibility with the general public.

Foreign Currency Kiosks to be launched in Tube Stations

Currency exchange has always been somewhat of a problematic issue, due in large part to the fact that so many complaints and criticisms have been levied against allegedly predatory practices occurring in both independent exchange brokers as well as more reputable high street banks. Central to these complaints have been issues of accessibility and affordability. For some, currency exchange is an absolute must, as money must be transferred to friends and relatives around the world. For business professionals, instant access to currency exchange solutions can shave off hours of commuting to their preferred foreign exchange service.

Recently, it was announced that “Fourex” machines would begin appearing in tube stations across the London Underground. According to information provided by the machines central creators, Jeff Paterson and Oliver du Toit, commuters will be able to instantly convert over 150 different currencies into British sterling. This is likely to be welcome news for the myriad of tourists who visit London throughout the year and are caught without the money they need for shopping and tourism.

Unique to the Fourex machine is the ability to return currencies that are no longer in circulation, including the Peseta and the France. Additionally, the machines will not levy commission fees against users, meaning that some may find this service much more agreeable and attractive than others in the foreign exchange industry today. Although individuals will likely receive relatively low exchange rates for now defunct currency, the ability to return this money for usable financial resources will likely prove to be invaluable for many.

In a statement regarding the future of Fourex, co-founder Jeff Paterson stated, “We have been completely humbled by the interest, excitement and investment we have received so far for Fourex, not only from multi-million pound companies such as TFL and Westfield, but from the 436 people from every corner of the globe who invested through CrowdCube”.

More information about this exciting new foreign exchange service will likely be made available in the upcoming months. These machines will likely begin to appear in various Underground stations, beginning with the heavily trafficked Blackfriars, Canary Wharf and King’s Cross stations. The Westfield Stratford shopping centre will begin to feature one of the new Fourex machines in August of this year.

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!

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.

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.

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.

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!

Category: Money Exchange Software