Theme: Money exchange

Theme: Money exchange

Foreign currency

Most banks, currency exchange offices and post offices offer themselves a 0% commission for currency exchange. They are lying

The problem is that they are not so technically. Even if they don’t charge you a flat fee, they will get the wrong exchange rate. This can often be 13% in their favor. This means that if you exchange $ 1,000 for another currency, you will have $ 130 in your pocket.

Anyway, not for long. Leaving london - the unofficial global investment of financial technology startups - weswap aims to make currency exchange cheaper, easier and faster.

There has to be a good way.

There has to be a good way.

Unfortunately, the banks are not so good. Most banks in the UK require around £ 25 (US $ 40) to make international money transfers. Just like in Europe and the US.

One of the companies that eats Western Union dinners is TransferWise, which operates in North America, Europe and India and promises to transfer your money for only 0.5%. TransferWise is regulated by the UK’s Financial Ethics Authority and, like WeSwap, is based in London.

From a consumer perspective, unlike the traditional online websites TransferWise has 7 best online banking services to simplify your life, does money management make you anxious? What if you want to relieve stress? Online banking offers many benefits that can help alleviate the headache of money. Read more. Log in to your account, enter the amount and recipient, and click the send button. But the interesting thing is not the payment sending mechanism, but what actually happens behind the scenes.

From a consumer perspective, unlike the traditional online websites TransferWise has 7 best online banking services to simplify your life, does money management make you anxious? What if you want to relieve stress? Online banking offers many benefits that can help alleviate the headache of money. Read more. Log in to your account, enter the amount and recipient, and click the send button. But the interesting thing is not the payment sending mechanism, but what actually happens behind the scenes.

Instead of sending a direct money transfer and they are making payments, they are waiting and requesting payment to be made by local cash sources they see that it can be done.

Instead of sending a direct money transfer and they are making payments, they are waiting and requesting payment to be made by local cash sources they see that it can be done.

This has several advantages. First, it is more expedient than certain methods of money transfer, but nothing much more Western Union company can make money transfers across borders within a few hours.

Second, it means that the transaction is cheaper because no money crosses the boundaries and they can use an exchange rate that is close to the real market value.

Second, it means that the transaction is cheaper because no money crosses the boundaries and they can use an exchange rate that is close to the real market value.

Because it is a modern, managed system, they have taken steps to protect TransferWise from any fraud. This is huge because currency transfer agents are traditionally used by 419 fraudsters in West Africa to get funds, because our personal Angela Alcorn last year tricked me into thinking about how to transfer money to the Western Union. the last story about "Nigeria" I found the trick. trick, ”which is also very obvious with sincerity and very convincing when you’re on the hook. Read more.

This is a very attractive proposition, especially when compared to banks that pay more and slow down money transfers.