Sep 052014

By Mohammed Waseem

Ireland based CurrencyFair lets users send money to approximately 100 countries. They promise best exchange rate and low fees compared to a typical bank transfer. They allow transfers into bank accounts, but confirm the identity of the sender and the purpose of transfer before approving it. Around 16 currencies are available for exchange. Senders can deposit money in these supported currencies and select the recipient’s preferred currency as well. Apart fro Ireland, they have offices in Australia and the UK.

The process of sending money is simple. All the sender has to do is deposit money into CurrencyFair’s account, exchange it between the supported currencies and then transfer the money. The exchange happens in two ways; senders either instruct the best rate to be chosen from the marketplace or choose the rate themselves at the right time. This way, they have more control over the transfer.

CurrencyFairThe fee applicable is almost 10% of typical bank transfers. In addition, they guarantee a lower exchange rate margin, thus saving the sender a lot of money. The exchange fee could be anywhere between 0.15% and 0.5% of the amount exchanged, depending on the situation. On an average, the fee is 0.35% of the amount exchanged plus a fixed fee of €3. This is compared with more than ten times the fee charged by the banks.

For making the transfer, or for adding the recipient’s account for most countries, CurrencyFair requires IBAN or SWIFT codes. For the US, they require ABA number, New Zealand and Australia a BSB number, Hong Kong and Singapore a clearing code and the UK a sort code.

The transfer times depend on the currency pair and the country where the particular account (or a foreign currency account) is held. For example, the AED account is held in London, so it would require a SWIFT code for transfer and would require 2-4 business days for deposit and a similar time for transfer. If the sender wants to deposit or exchange Polish Zloty, the time taken is not more than 1 business day, or 2 in rare cases.

It is really simple to create an account and use it. So if senders are interested they can begin exchanging and sending money, now.

Aug 212014

By Mohammed Waseem

There are quite a few money transfer operators in the world, but companies that support these money transfer operators are not many. Remit Anywhere is a company that aims to support financial companies in compliance with regulations, processing higher transaction volumes and enhancement of efficiency and controls.

The primary product they offer is a money transfer software system for money transfer businesses. The software is designed to enable businesses to create a powerful system for their enterprise, for company-wide, multi-currency and multi-country money transfer business. They offer three plans for companies, which are: Free, Lite and Pro.

Remit AnywhereThe services they offer include consulting, IT services, IT policies and control, audits and disaster recovery. They believe that their software system is so powerful that it can transform an entire money transfer operations. With this, they guarantee lower operational costs, increased revenues and better customer loyalty through satisfaction.

The Free version is a hosted money transfer system that is ideal for small money transfer companies, to enable them to perform the most basic functions of money transfer. This version also allows the company to manage branches and agents, manage senders, manage receivers and manage transactions among many other features.

The Lite version is available to companies at competitive prices, to small and medium sized companies and it enables them to take advantage of an enterprise class system, helping themselves expand their business. Unlike the Free version, this version has technical support, centralized management and processing, built-in accounts payable and receivable, currency exchange management and so on.

The Pro version is a premium version and supports many features, not available in the Free and Lite versions. It is ideal for larger businesses, though smaller companies can also use it very well; and has round the clock technical support. This version has many extra features, including enhanced reporting, audit trail, dual authorization, etc.

Companies can either choose to use the Free version or consider using the Lite and Pro versions for 30 days as trial. To get the trial and to enquire about prices, the ‘contact us link can be followed.