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Mobile Credit vs Money Transfer

Transferring money overseas can be easy and difficult at the same time. Questions arise as to whether the recipient can access the money you send and whether it is actually safe to send. The movement of people around the globe has risen with globalization. People moving to a new country want to be able to keep in touch with and support their family and friends that they left behind. In the UK, many people have come from developing countries and they want to send money to their family but they want to ensure that the money is received properly and in good time. Mobile money transfers have grown incredibly due to the ease of use and the immediacy of the transfer.

Due to a technological revolution in developing nations, mobile phones are no longer a luxury. They are a necessity, in order to keep in touch with and receive money from those who have moved away. There are many remote areas in developing countries that do not have land-lines installed but mobile phones can be used. Mobile transfers mean that they do not have to try and make their way to a larger metropolitan area to receive money or talk to their loved ones.

One way to help your loved ones in a developing country is to top-up their mobile with airtime. This can be done very quickly and small or large amounts can be sent. Sending a top-up to someone’s mobile means that person does not have to worry about having to travel anywhere in order to put money on their mobile themselves. If they were unable to receive top-ups they could find themselves unable to travel to an area where they must first access money from a bank or money-transfer company, proceed to the mobile company to put money on their mobile and all of this might not be very easy. Top-up companies often have promotions for the sender, during a certain period, when the sender can send an amount of money to top-up a mobile and the receiver will receive an additional amount of air time.

Being able to send small amounts helps the senders and their pocketbook. There is no cost, usually, to send these top-ups and a £10 money transfer or top-up costs as much as a £100 transfer. There is no difference dependant on the amount sent. Being able to pay bills for your family in another country is also a big draw for mobile money transfers. You are able to pay a bill directly to the company, avoiding the pitfalls of transferring money to your family so that they, then, must retrieve the money from the transfer and somehow pay their bills in person.  Living in the UK, away from your family and friends, often means wanting to stay connected and mobile transfers are one such way. All with a few swipes on your mobile.

Many people still use one of the many money transfer businesses in the UK to send money home. It is fairly easy to do and it appears to be very safe. The problem with this can be the question of whether the recipient is able to access the money you have sent them. In India, for example, there is very little liquidity of money and the receiving agent might not have the actual cash to give out. You must also keep in mind how the recipient can access the money you sent. Do they have a bank card or debit card? The use of money transfers to India have virtually stopped due to these problems. Using mobile transfers, you can avoid these problems and be assured that your family member or friend received the money.


What is Litecoin? – 2014’s Hottest Digital Currencies Explained

Given the relatively rapid pace of innovation and advancement in the world of technology today, it’s no surprise that ideas and institutions that are “here today” may truly be “gone tomorrow.” One of the more recent examples of this evolution is occurring in the world of digital currency. Following the arrival of bitcoin in the international marketplace, efforts have been made to further develop this currency and the method of exchange in which bitcoin is traded.

Enter Litecoin, a currency that remains a part of the Bitcoin system but provides more rapid transaction confirmation for users around the world. An important element of the Bitcoin universe is the process of “mining,” through which users gain bitcoin by complete transaction confirmations and other tasks relevant to the daily operations of the bitcoin system. With Litecoin, the mining process is made infinitely easier and no longer requires ultra high-end computing system, many of which cannot be obtained by most computer users. Litecoin was first introduced to markets in 2011 in a rather inauspicious manner, first valued at $0.05. Three years later, Litecoin is currently priced at $23.48.

Litecoin is not the only Bitcoin derivative making head waves in the digital economy. Additional digital currencies currently available for purchase and exchange include, Peercoin, Dogecoin, Namecoin and Quark. Each of these products differs markedly in a number of key areas, including security, value and exchange logistics. Peercoin, for example, discourages the process of “mining,” stating that this “for profit” approach to currency contradicts the original democratic ideals of Bitcoin. Dogecoin, named after the dog Shiba Inus, appears more of an eccentric oddity at this point than a relevant international trading standard. Namecoin, in similar fashion to Bitcoin, has capped the overall resource supply at 21 million coins, a standard shared by Bitcoin. Quark, launched in 2013, saw an initial upsurge in value, but has since remained on the fringe of digital currency trading. Although none of these products even comes close to approaching the worth of Bitcoin, only time will tell if they convince users that they remain a valid and, most importantly, trustworthy alternative to traditional currency.

Top Tips For Foreign Exchange Traders

Foreign exchange trading can be a risky and highly rewarding endeavour for individuals who are savvy enough to understand the finer details of this unique world. Unlike more traditional equities and commodities markets, FX trading occurs around the clock during weekdays, from 20:15 GMT on Sunday to 22:00 GMT on Friday. Because of this high-intensity schedule, successful foreign exchange traders have developed a range of tactics that allow them to succeed in this global marketplace.

For beginners interested in FX trading, its highly recommended that individuals practice their strategies in a simulator. Although it may be tempting to jump right into highly leveraged trading, which carries with it opportunities for great financial rewards, FX markets also involve a great deal of investment risk. Practice makes perfect, and foreign exchange software simulators are a great place to develop winning strategies.

Although a great number of people may be interested in FX trading, a significantly smaller proportion engage in this financial activity on a full-time basis. Because of this, we highly recommend that part-time traders focus on a small number of currency pairs, only trading currencies that they have thoroughly researched. This will greatly reduce the risk of financial loss.

The importance of research cannot be emphasised enough. In order to understand the potential behaviors of a currency pair, you must first have an expert knowledge of the currency and the international actions which may affect it. Only through thorough, intensive research can you develop a strategy that has a legitimate chance of earning money.

Take the time needed to properly develop a working knowledge of popular FX trading strategies, such as carry, value and momentum trading. Although you may develop your own unique approach to FX trading using foreign exchange software, observing the successes and failures of these time-tested strategies will not only help you make intelligent trading decisions, but also allow you to converse in a professional manner with other FX traders.

As with any trading platform, it’s important to remain as emotionally detached as possible. It’s inevitable that, at some point, you’re going to lose money. An experienced FX trader can see beyond these temporary fluctuations and focus on the bigger picture.

If you deal in large sums of money personally or for your business, then we have the best currency exchange software available on the market. Have a look at our Money Exchanger product today.

High value dealers and money laundering regulations

Money laundering is a term used to define the action of changing money that has been gained through an illegal act. For example, if an individual was to travel to Spain and win money through a bull fight then this money was gained through illegal means according to UK law. If the person was to spend this money back in the UK they would therefore be money laundering.

In recent times the amount of money being laundered worldwide runs into the billions each year. This has stirred up a lot of concern amongst many Governments and regulations are currently in place to help deter anyone who may be tempted to commit the offence.


The HMRC considers you to be a high value dealer if you accept any of the following:

  • a single cash payment of 15,000 Euros or more
  • several cash payments totalling 15,000 Euros or more, including a series of payments and payments on account
  • cash paid by a customer totalling 15,000 Euros or more in any 90 day period
  • cash payments totalling 15,000 Euros or more which appear to have been broken down into smaller amounts to come below the High Value Payment limit

If you are a High Value Dealer, then your business will need to be registered with the HMRC Revenue and Customs Money Laundering Regulations.


The following are the types of businesses that need to be monitored by a supervisory authority:

  • most UK financial and credit businesses such as currency exchange office, cheque cashers or money transmitters
  • independent legal professionals
  • accountants, tax advisers, auditors and insolvency practitioners
  • estate agents
  • casinos
  • High Value Dealers

Your business does not necessarily need to be monitored by HM Revenue and Customs as there are other supervisory authorities that can carry out the task. There are also designate d professional bodies that act as supervisory authorities. A full list can be obtained from HM Revenue and Customs.

Some businesses will need to register with both the FCA and HMRC. This applies to Money Service Businesses who also do money transmissions. Through the Financial Conduct Authority the business would be required to register under the Payment Services Regulations 2009.

If you think you may be classed as a High Value Dealer then it is extremely important that you complete all the relevant registration prior to accepting any payments otherwise you could find yourself facing a hefty fine for failing to do so.

We work with people and businesses or deal money on a daily basis. We have our state of the art money exchange software called Money Exchanger. Enquire today for details.

What to avoid when buying your foreign currency for your holiday

Travelling abroad inevitably means you will need to exchange your pound sterling into the currency of your chosen destination. Many holiday makers forget to consider all the available options to ensure the best exchange rate for their money.

Many travellers exchange their holiday money at their local foreign exchange bureau, but what this option doesn’t show you is if you could get a better rate elsewhere. In today’s competitive market you can also purchase your chosen currency online, the advantage of this option is the ease at which you can compare all available rates in one place and opt for the best one for you.

Unfortunately many people fall into simple traps that ultimately take advantage of a holiday maker’s poor planning. One such trap is purchasing your currency with the use of a credit card. With the average UK adult owning approximately three such cards it is no wonder that so many people make this mistake. Because purchasing your foreign currency in this way is in fact classed as a cash advance from your provider, you will find yourself slapped with an unexpected cash advance charge. It is worth noting that this service is not free of charge and you could certainly benefit from purchasing through an alternative means.

Travelling to another country inevitably brings about that long list of important things to organise, but one thing you shouldn’t overlook is leaving the exchange of your holiday money until the last minute. Exchange rates at the airport are notoriously known to be the worst on the market. The reason for this is that they are targeting a specific audience, the one that has no option but to purchase at a rate that could be up to 10% lower than at a city centre branch, so always make sure you purchase in advance.

It’s very easy to exchange more money than we will actually need during our time away, and sometimes this might be a safe option. You should always consider the buy back rate which can often be at a lower rate than you originally exchanged your money for. If you are intending to take out more than you are likely to spend then look around for a service that offers to buy back at the original price.

So try to keep up to date with the current exchange rates and no the market’s movements. Shop around for the best deal available, budget your money and always buy in advance of the airport to ensure you get the best deal.

Or you can enquire about our currency exchange software today.

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