Banks Set Aside Billions of Pounds for Forex-Rigging Fines

If future preparations can serve as any indication of former crimes, Barclays recent fund allocations may provide enough proof for skeptics who have been convinced “from the beginning” that UK’s banks, as well as those in other countries around the world, have been engaging in illegal activities within the Forex markets. Currently, Barclays has allocated nearly £500m in order to ensure that any costs or fines incurred in the ongoing investigation regarding forex riggings are fully covered.

Barclays is no stranger to controversy. In 2012, the bank was fined approximately £290m for manipulating Libor, a scandal that pales in comparison to the penalties which may be sustained in upcoming months. Currently, the Financial Conduct Authority is attempting to reach a settlement with six major banking establishments regarding illegal activities in the Forex marketplace, a trading arena that involves over £3.5tn in transactions each and every day.

It is expected that the Financial Conduct Authority will release information regarding their regulatory actions next month. Experts agree that it is quite likely that the FCA will include an exhaustive collection of e-mails and e-chats, all of which point strongly to interest-rate fixing in forex markets among traders with Barclays.

Unfortunately, Barclays continues to soil its reputation with scandals such as this. Shares in Barclays continue to fall as an ever-increasing series of controversies continue to mount. In the third quarter of this year, Barclays’ profits have fallen by nearly £200m when compared to a year ago this time. Almost 8,000 jobs have also disappeared over the course of the last year. That being said, over the course of the past nine months, overall profits for Barclays have risen by approximately 5%.

Although Barclays is currently suffering heavily from some of the costliest scandals the bank has ever experienced, bank leaders have already stated that the bank will continue to pay its 1p quarterly dividend as promised. Whether or not the bank will be able to salvage its reputation after these issues, however, is another matter entirely. More information about this scandal will be available in the following weeks, following pending announcements from the Financial Conduct Authority and Barclays’ leadership.

Learn how to Save Money and Time on International Currency Transfers

Although international travel is, obviously, one of the most enjoyable and exciting adventures available for many us, current logistical hassles can transform what should otherwise be a carefree and thrilling experience into an annoying and cumbersome series of trials and blunders. International currency transfer remains one of the most important and yet annoying and time-intensive elements of traveling abroad. It’s not uncommon for travelers who have little experience with international money transfer to lose a large part of their initial travel fund on transfer fees and poor exchange rates.

It’s often tempting to approach one of the major high street banks when you first begin pursuing international money exchange services. That being said, these institutions often do not offer customers the best possible exchange rates. A variety of independent money exchange services are available for travelers across the United Kingdom that provide competitive exchange and allow you to spend more of your money on your vacation as opposed to exchange fees.

Due to the fact that foreign currency exchange rates often change on a second-to-second basis, it’s highly important that individuals who may be new to international exchange seek expert advice from those who make foreign exchange their primary business. Fortunately, a growing number of independent services do offer consultation services in addition to standard exchange services. Instead of wasting time and money at the major high street banks, we highly recommend that you explore the numerous advantages offered by independent services in business in virtually every major city in the UK.

For those whose interests fall more in line with long-term international adventures, including buying property in a foreign country, independent currency exchange / transfer services can also be particularly helpful. These businesses can help you establish a regular payment plan which ensures that you won’t miss any important milestones in your payment schedule.

As you can see, there are numerous reasons why an independent exchange service may be helpful for those interested in pursuing cost-effective, budget-friendly money transfers. While the fine details of any transfer or exchange-related endeavour will, obviously, have to be settled between the independent exchange service and the individual seeking to transfer money, it is likely that these issues will not present any long-term difficulties which would impede future plans. Ultimately, using an independent exchange service allows you to invest more of your money into your long-term goals and, simultaneously, prepare for a more exciting future! There’s never been a better time to explore international money transfers and exchange rate services. Contact your nearest independent exchange service today, and learn more about the wide variety of services that may currently be available for you, your friends or your family. Good luck!

Bitcoin Software is the future for money exchange

For many investors who have spent the last six months of their life proclaiming loudly that Bitcoin is the way of the future, the current price fluctuations that have led to the lowest price points for the currency since 2013 may be causing cold sweats, nightmares and vigorous bouts of rage/denial. That being said, taking to the time to breathe deeply and think about the history of Bitcoin may provide a more realistic and, hopefully, optimistic feeling of where this currency may be headed.

When Bitcoin first arrived on the internet, early adopters proclaimed that this currency would rattle the foundations of the current marketplace and, to be honest, it did. With values absolutely skyrocketing prior to the Mt. Gox catastrophe, many investors were swept into thinking that Bitcoin truly had revolutionized currency. That assumption, really, isn’t too far off the mark. Regardless of what the future of Bitcoin as a single cryptocurrency may be, the technology powering it and the ideas it has generated will live on long past this particular payment vehicle.

That being said, for those who are committed to gaining the most clear picture of the coin itself, the news is going to feel demoralizing. For a currency as young and volatile as Bitcoin, “first” impressions are everything. Given the absolute plunge of the currency in recent months, there’s virtually no way that an experienced investor looking to tuck away millions in a promising opportunity will give Bitcoin a second thought. The less transactions that occur, the fewer opportunities that Bitcoin has to reach new segments of the population who may find it a valuable tool. The fewer people who find the currency useful, the less credibility it is able to hold on to. And this, of course, is how the currency could die.

The idea of Bitcoin, however, will likely stay alive for decades to come, due in large part to the revolutionary nature of the blockchain, a system of reinforced anonymity and security which, due to its inherent flexibility, will likely become a ubiquitous element of the online arena.

Therefore, Bitcoin enthusiasts really have two choices when it comes to thinking about their favorite currency. They can acknowledge that the coin itself was bound to face a turbulent period of growth and change that may lead to its demise, or they can think of the bigger picture, i.e. the blockchain, and revel in the fact that Bitcoin truly is just the beginning of something much larger and more revolutionary than they could have ever imagined.

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.

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.

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.’

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.

Category: Money Exchange