Aug 142014

By Mohammed Waseem

London based money transfer service provider, Speed Fast operates in the UK and Switzerland and allows users to send money to over 80 countries at great rates. They have partnered with banks and agents in each of these countries for smooth processing and timely delivery of money. In addition, they have partnered with Western Union and Ria for sending money to all countries supported by them.

Senders can pay in order to send money, by visiting one of Speed Fast shops – in other words, branches – or they can visit their agents or pay using phone or internet. They strive to provide good customer service in the language that the customer prefers, including English, German, Portuguese, Spanish and Italian. They also claim to offer rates better than other companies.

Speed FastOther than money transfer, Speed Fast also deals in money exchange without charging any commission and offering better rates than others in the market. They buy and sell USD, EUR, BRL and CHF. In addition, they also provide check cashing services. Launched in 2002, they have been striving to build trust among customers and provide better services.

Speed Fast guarantees delivery of payment within 2 business days. Payment has to be made by transferring the money to Speed Fast’s bank account or by paying in cash. The current exchange rates can be confirmed from here. Based on the country (UK or Switzerland), users can select the country from the bottom.

This link can be used to make transfers online by remitting money into Speed Fast’s bank account. But before doing this, they have to register for the service. I found the registration process to be old fashioned, downloading PDF forms, printing them, filling them manually and sending them by email to or to any of their main offices in the UK and Switzerland, by post.

Jul 302014

By Mohammed Waseem

For sending money internationally, Money2Anywhere is a very good option. The service is currently available in 10 countries and money can be sent globally, from any device. It is a service from UAE Exchange, which is well known and frequently used exchange house in the Arabian Gulf and many other countries.

Money2Anywhere offers bank level security to ensure safe, fast and secure movement of funds. For sending money, senders have to follow a simple four step process. The first step is sign up, after which, the beneficiary or the recipient has to be added. Once done, mode of payment has to be selected, which is in cash or bank transfer. The final step is approving the transfer.

Money2AnywhereFor cash pickup, Money2Anywhere has over 100000 agent locations and for bank transfer, they have partnered with over 150 banks in more than 30 countries. Websites for each supported country are different. Rates can be confirmed by selecting the country from the bottom left on this page. Transfers to many countries are free of cost and for others, a nominal fee is applicable.

Money2Anywhere claims to offer exchange rates better than banks and exchange houses.   In addition, they have promotional offers round the year and have multiple payment options. Any mobile device can also be used by accessing

Users can also send mobile top up internationally. This service is presently available in Bahrain only, but maybe introduced in other countries in the near future, in partnership with mobile operators. They boast of personalized customer service and competitive rates. Each customer is provided dedicated support by a Money2Anywhere representative.

They are offering an excellent service, which is safe and secure, with bank level security in place; and are also reliable for the fact that they are affiliated with a company that has over 30 years in experience, dealing with currency exchange, that is UAE Exchange.

Jun 232014

By Mohammed Waseem

In my last article, I had discussed about a money remittance service offered by Shinsei Bank called GoRemit. The bank has another money remittance service for international money transfer, which is called PowerFlex. Like GoRemit, this service also offers remittance is 12 different currencies, but different. Both differ by the way they work and who can use the service.

Unlike GoRemit, PowerFlex can not be used by any Shinsei Bank customer who registers for GoRemit. PowerFlex is available to customers who have a PowerFlex account with the bank, which is a bank account with special features including zero ATM fee, zero fund transfer fee for one transfer per month, handling fees waived for one domestic banks transfers a month to accounts at other banks over the Internet and so on.


PowerFlex Account Welcome Kit

With PowerFlex, the account holder can register only one recipient and can not send money to anyone else with this service. Registration can be done in person by visiting a branch or by phone. Remittances also have to be initiated at the branch or by phone if the recipient is pre-registered. The funds are processed on the next working day after confirmation of availability of sufficient funds.

The fee charged is ¥4000 for every transaction after the first one, which is free of cost. This is unlike GoRemit, which has a ¥2000 fee for every remittance. However, fees charged by intermediary banks and beneficiary banks may still apply. Customers can also get a better exchange rate, depending on their level with the bank.

PowerFlex is best for individuals sending money to their families. They usually send money once every month, which makes this service ideal for them. This is true if they send it to one person only. It is expensive for sending more than once in a month, but for the fact that the first transaction is free, senders can save some money. In order to apply for a PowerFlex account at Shinsei Bank, residents of Japan can use this form.

Jun 012007

SWIFT bank transfer system logo

What are SWIFT money transfers and how do they work?

Who are SWIFT?

A few years ago someone wanted to send me a payment for a subscription website that I was running, and he asked me for my SWIFT code. I had never heard of a SWIFT code, and had no idea how to get one.

So I did some research and I learned that SWIFT ( is an organization co-operatively owned by many financial institutions and basedin Belgium. SWIFT has many functions, in particular supplying secure, standardized interface software to financial institutions around the world.

In 1973, banks still communicated via telex — not very secure, minimum standards and not automated either. Imagine receiving 10,000 telexes a day. So, 239 banks from 15 countries formed a cooperative to “automate the telex”. They called it the Society for Worldwide Interbank Financial Telecommunication (no “s” at the end). S.W.I.F.T.

SWIFT are now one of the prime network providers for movement of cash between banks (the average daily value of SWIFT payment messages today is over $5 trillion!), and for many other types of transactions. SWIFT provide a financial EDI infrastructure, offering Electronic Funds Transfer (EFT) and Electronic Trade Confirmation (ETC), allowing the banks and other parties involved, the message partners, to have Straight Through Processing (STP). The idea is to substantially reduce the time taken to process a transaction from a few days (as is only possible conducting the transaction manually), to within a day.

Bottom line: the reason money can be moved so quickly from one financial institution to another today, is because of SWIFT. They key to all this? A numerical code called a SWIFT or BIC code.

SWIFT Codes or BIC Codes

One of SWIFT’s crucial functions is to allocate SWIFT codes (which have now been renamed BIC codes). The SWIFT or BIC code is a unique alphanumerical identifier that can be used to identify any financial institution worldwide. This includes brokerage firms, clearing houses, investment managers, stock exchanges, securities deposit organizations and banks. Every bank has a different code, and they use it whenever money is wired from one bank to another. So if you need to wire money to any bank, it helps if you know the SWIFT code, which you can get from the receiving bank. Of course you’ll also need the account number that you are sending to.

A SWIFT Code consists of either eight or 11 upper case alphanumeric characters. If it has eight characters it is probably an HQ or primary financial institution. If it has 11, it’s probably a branch.

  • The first four characters are the bank code (usually the first letters of the bank’s name).
  • The next two characters tell you the ISO country code.
  • Then come two characters that identify the bank’s location.
  • The last three characters (which are optional) identify a specific branch office of the bank or other financial institution.

For example, Bank of The Philippine Islands has the SWIFT code BOPIPHMM, the MM is for Metro Manila.

Nowadays, however, they call it a BIC (Banking Identification Code). So if you need to wire money to someone’s bank account, get their BIC code and account number. Keep in mind that o ne financial organisation can have a number of different BICs.

These different BICs may be for different services, and separate BICs are used for test and live, as a precaution against accidentally publishing test feeds into production.

Mar 012007

Speedy Pay header Everything you need to know to send money quickly and easily

Up to date reviews of money transfer services like MoneyGram, Western Union, Paypal, Xoom, SWIFT, IBAN bank transfers, foreign remittance specialists, and more.

In recent posts we have reviewed the money transfer services offered by MoneyGram and Xoom, and we explained the history and use of SWIFT transfers.

Our MoneyGram article is quite extensive. We took a detailed look at MoneyGram services, price (cheaper than Western Union), the breadth of their global money transfer network, ease of use (does not require complicated verification like Paypal), and their involvement in local communities.

If you haven’t heard of Xoom money transfer service, check out our brief review. We used the service for some time and are generally happy with it, with only a few small quirks.

In past issues we have reviewed a number of money transfer services in detail. Those articles are now archived. We are re-organizing the archives, but expect to have those articles available again for viewing soon.

We reviewed Western Union, analyzing their affordability for sending money overseas in particular, and discussing the propensity that international scammers seem to have for Western Union.We have also explored the cost of wiring money from a bank, or doing a bank to bank transfer as a means of sending money to someone else, or transferring money between your own accounts.

And we did a complete issue on Paypal, with particular emphasis on Paypal’s customer service (or lack thereof), and the possibility of using Paypal as the equivalent of an online bank account, keeping the money in the currency of your choice in order to facilitate business in various parts of the world and escape U.S. dollar inflation.

In future issues we’re going to take a good look at solutions for sending or remitting money to particular countries, as our readers want more information on this subject. In particular, we will determine the best money transfer services for remittances to the Philippines, remittances to India, and sending money to China. We may also try to crack some of the really tough nuts, like sending money to Pakistan, which has become much more difficult in recent years.We are also planning a complete issue on money orders: postal money orders, international money orders, etc. So stay tuned, bookmark us, and return often!