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.’

International Money Transfer Trends Revealed

Given the fact that the 21st century continues to become increasingly interconnected thanks to digital and internet-based technologies, it should come as no surprise that the rate of international money transfer has expanded in kind. The international money transfer industry has blossomed as both professional and personal use of these particular services has experienced healthy growth over the last decade.

That being said, very little attention has been devoted to developing a comprehensive survey of international transfer trends until now. Recently, researchers from Azimo, a popular money transfer service, compiled a series of data points and metrics related to the contemporary world of international money transfer for presentation at the upcoming World Money Transfer day. While some of the information presented will most likely be expected, readers may be surprised by particular snippets of data included in this survey.

Take, for example, the current trends amongst individuals between the ages of 18-34 when engaging the help of a money transfer organisation. Although this generation is commonly considered to be the most “plugged-in” in all of history, the majority of those polled stated that they would first approach a bank for their international money transfer needs before using an online service.

It was also discovered that 85% of those polled believed that anything higher than a 2.4% commission fee was “unfair”, sentiments that seem rather curious considering the fact that the vast majority of global corporations engaging in international money transfer currently charge between 8-10% commissions on all exchanges.

Perhaps a more expected observation could be the fact that the number of money transfer transactions requested through mobile devices in 2015 more than doubled over the previous year. This, of course, coincides directly with the rise in e-commerce and mobile web browsing that is fast replacing desktop computers and other bulkier devices.

Ultimately, curious individuals who are eager to learn more about the current state of international money transfer will likely find that this new report is truly comprehensive. Those who make it their business to stay abreast of international money transfer news would do well to peruse a copy at their earliest convenience.

£1.3bn settlement for banks

Justice, it seems, has finally been served regarding the various accusations of foreign ex-change fraud levied against UK banking institutions. US investors have scored a substantial victory in this particular struggle, securing nearly $2 billion dollars in settlements following the outcome of a recent legal battle. The banks included in the court decision include HSBC, Barclays, BNP Paribas, Bank of America, JP Morgan, Citibank, Goldman Sachs, RBS and UBS.

Although this depth of financial restitution is quite significant, the legal team representing the victims of FX fraud are declaring this the beginning of a longer battle. According to Michael Hausfeld, an attorney involved in the case, “”While the recoveries here are tremendous, they are just the beginning…Investors around the world should take note of the significant recov-eries secured in the United States and recognize that these settlements cover a fraction of the world’s largest financial market.”

Unfortunately, the world of foreign exchange market trading has gained infamy in recent years for its ethically dubious dealings. Given the fact that over 5.5 trillion pounds sterling trades hands in this marketplace on a daily basis, it should come as no surprise that many less-than-savoury characters are attempting to gain a foothold here in order to reap lucrative rewards, regardless of the legality of their actions.

As of right now, the individual fines levied against specific banks involved in the court deci-sion have yet to be determined. Suffice to say, it is likely that these penalties will be severe enough to make an example for others who may be so inclined to cheat the system again. More information about the specific outcomes of this trial will likely be made available in up-coming weeks as the district judge finalises bank-specific restitution policies.

Until then, the FX market continues its frenetic, near round-the-clock activity. For those who may be interested in investing in this marketplace, it is important to remember that transparency and regulation has never been, nor likely will they become, as prevalent as can be found in more popular stock exchanges. That being said, the promise of immense wealth is likely to continue to draw new investors into this competitive environment for the foreseeable future.

How to save money on currency transfers

International money transfers are an essential element of daily living for a large number of foreign nationals and migrant workers living outside of their native country. In the United Kingdom, for example, there exists a sizeable population of individuals who have arrived here from a kaleidoscopic array of international destinations, ranging from Africa to Asia. These individuals regularly engage in international money transfers with friends and family abroad. That being said, these services can prove to be quite expensive for those who have yet to discover optimal methods for transferring currency at minimal cost.

Although banks are often considered a “go-to” resource for money transfers, these institutions are often guilty of charging lofty service fees on international currency deliveries. Because of this, individuals who are planning on scheduling international currency transfers on regular basis are strongly advised to seek out alternative opportunities to do so.

One of the more popular international money transfer services available to UK citizens is the Telegraph International Money Transfer Service, offered in collaboration with moneycorp. Thanks to affordable transfer rates and an outstanding reputation for service, the Telegraph International Money Transfer Service has quickly been elevated to start status amongst those who engage in international transfers regularly.

The amount of money spent on transfer fees and service charges related to international money transfer on an annual basis is staggering. The issue has become charged enough for accusations of predatory business practices to be levied against some institutions, particularly those who have been found to prey on otherwise unknowing migrants and foreign nationals.

Ultimately, those who are in the process of seeking out an international money transfer service for their next transaction are highly advised to spend the time needed to research all available options before committing to a specific service provider. The chances are good that,with a small amount of time, a more rewarding and cost-efficient offer can be found which will ensure that international money transfers remain beneficial to both sender and receiver. More information about the Telegraph International Money Transfer Service, as well as other affordable, highly successful international money transfer companies can be found on the websites of the companies in question.

12 Ways how mobile money can go further

As mobile phone coverage continues its inevitable crawl across the world’s continents, experts are largely in agreement that mobile payment platforms will soon become the de facto “bank” for individuals living in areas which are either underserved or have a historical precedent for shaky financial infrastructures.

That being said, mobile payment systems cannot simply be established over night. These programs require extensive development, planning, and, most importantly, strategization in order to ensure that the “next best thing” won’t be replaced when a newly minted payment platform jumps online.

After a series of conversations amongst tech innovators regarding what exactly should be happening in the world of mobile payment systems, 12 strategies emerged which all parties agreed are quite integral on the path towards seamless mobile integration. They are as follows:

Trust must be established, particularly in areas of the world where corruption and crime are rampant.
The need must exist. Not every individual in the world needs the service offered by an international money transfer service.
The real world is just as important. In the event of questions or conflicts, individuals must be able to speak with a real-world representative.
Education is everything. In order for these systems to flourish, individuals must first understand how to use them properly.
Every country is unique, and every country presents its own sets of challenges and opportunities.
Regulations limit progress, particular in situations where oversight is slowing the path of development.
Agents are essential, particularly when spreading the message about new services in less developed regions.
Financial services are only the beginning. Utilities and other resources may soon follow.
The customers needs must clearly be defined in order for a system to truly flourish.
Advertising and marketing remain critically important tools, regardless of where you are currently expanding your services to.
The sign-up process has to be incredibly easy.
Interoperations are a must, particularly in areas of the world that are culturally and ethnically diverse

With these ideas in mind, business owners seeking to expand their money transfer operations into new regions of the world may be able to find success at a faster rate than they would have previously.

Category: Money Transfer Software