finance
monthly
Personal Finance. Money. Investing.
Contribute
Newsletter
Corporate

In the past it was only banks and legacy money transfer agencies that undertook the international transfer of money. The advent of the digital age has, however, enabled a slew of new age international money transfer companies to offer these services at excellent terms.

Quite a few of these international money transfer companies have earned a reputation formidable enough to place them among the top, as MoneyTransfers.com reveals. Let’s look at some of them and examine what makes them the very best among international money transfer companies.

1.  Remitly

This service works out great for those who are sending money abroad for the first time, what with their convenient way of enabling the money transfer, as well as the attractive rates offered to new customers. They offer an express service that enables an international money transfer in four hours’ time as well as an economy version that takes 3 to 5 business days for a transaction to be complete. The fee charged for each service is, of course, commensurate with the delivery timeline.

2.  TransferWise

TransferWise has earned a creditable reputation for itself as both an economical and efficient enabler of international money transfers. Both their exchange rate and upfront fee are quite attractive, making them a very popular choice for people seeking to transfer money abroad cheaply. Besides, there are no upper or lower limits on the amount of money one can transfer. Their user friendly app and website make an international money transfer a breeze.

3.  OFX

They have been around for two decades and are known to not charge anything for transferring money abroad. Their ability to transfer money within 24 hours in the case of 80% of the world’s currencies. They are quite a popular service in the UK, Australia, Canada, Hong Kong, New Zealand and the US.

4.  XE Money Transfer

They are an extremely popular international money transfer company on account of the excellent terms they offer, as well as their customer service, which is out of the top drawer. Their rates too are quite good, especially when compared to banks.

[ymal]

5.  TORFX

This is another very popular international money transfer agency known as much for their better-than-bank rates, as they are for the many accolades they have gathered over the years for their stellar services. It’s not for nothing that they have been designated UK’s International Money Transfer Provider for the years 2016, 2017 and 2018. You can even transfer amounts greater than $2500 via phone instructions to the personal account manager, as also online.

6.  Currencies Direct

Again,this international money transfer agency is a much awarded one, having been nominated as the Money Age award winners for the years 2016, 2017 and 2018. They don’t charge a transfer fee and enable international money transfers quite conveniently via online, phone and app. Their popularity can be gauged by the fact that they have as many as 325,000 customers.

7.  Moneycorp

This is quite a popular international money transfer service on account of the fact that they are known to be very user friendly, safe and secure. You pay nothing for opening an account with them and they charge nothing for enabling an international money transfer either. What’s more their exchange rates are very competitive, which you can avail of through your personal account manager or via a 24x7 online account. It’s not for nothing that they are the recipients of the Feefo Gold Trusted Award.

Conclusion

The international money transfer service market is truly a buyer’s market where one gets to choose a service provider based on how best they can serve your interest. All you need to do is to take the trouble of finding out which one of the many offers you receive is the right one for you.

For a newbie, the wealth management industry is a lot to take in; but that should not stop you from dabbling in investments and asset management. All you need is a wealth management firm that you can count on to put together a sound financial plan for you!

Take note of these important factors when looking for a wealth management firm:

Expertise and Experience

It’s no secret that the world of investment and financial management is a complicated one. That said, you’ll need a firm with the expertise to handle complexities and deliver the sophistication that unique situations require.

Don't fall too quickly for advisors who claim they've handled plenty of clients like yourself. Keep in mind that people's financial circumstances are rarely alike, and this is probably just a tactic to lure you in. Instead, why don’t you ask the financial advisors about specific clients with financial situations quite similar to yours? How were they able to help them grow and manage their money?

A good and reliable wealth management firm should have advisors who can make you understand their insights and ideas even if you're new to the whole thing.

Continuit

Here, consistency is key. In 10 or 20 years, you'll want to retire and enjoy the fruit of your hard work and investments. However, you definitely do not want your wealth management firm to do the same!

One important thing to consider when selecting asset and investment management firms is longevity. But the number of years in business alone won't suffice -- it is crucial to go for those with a dependable succession plan in place. Think of it as an assurance that they can continue taking care of your wealth management needs well into the foreseeable future.

Access to Resources

For your investment to grow, choose a firm that has access to a wide variety of products, services, and financial management options. While it’s true that most firms offer flexibility in terms of investment opportunities, some may have limited access to certain investment vehicles due to the size of the assets that they manage.

Thus, large scale investment firms may be more capable of leveraging their assets to address certain issues, negotiate fees, and formulate more sophisticated solutions to your investment needs.

Performance and Reputation

In the end, it all boils down to one thing – results. This is, perhaps, the most crucial box you'll have to tick. Before making your final decision, find out as much as you can and assess if the firm you’re about to choose has consistently delivered commendable results over time.

Spare some time and energy for research and get to know the firm a little beyond the surface level. You can ask your friends and colleagues for opinion or consult the internet for reviews and recommendations. Remember: your money and the future of your finances are at stake here.

Lastly, look for wealth managers you can work closely and comfortably with – someone you won’t hesitate to approach for inquiries or when you want things to be handled differently.

More often than not, people choose a wealth management firm on the basis of price. But you know what? Cheaper isn’t always better. What you need to look for is value.

Data & content management have a visible impact on a business, whether done correctly, in half measures, or not at all, and can have adverse effects on a firm’s reputation, operations, and in the long run, vision. Here Katie Rigby-Brown, VP of global financial services at SDL, discusses the currency of content in a global financial economy.

Arguably in one of the world’s first global industries, financial services organisations are no stranger to the challenges of managing an intercontinental customer base.

However, financial service organisations are now embracing digital revolution in the race to survive against a back-drop of fintech competition, the hangover of reputational damage, and increasing regulatory compliance. Yet this is also presenting new challenges for how firms with a global employee and customer base handle their content.

One thing is certain, whether boutique or behemoth, the need to engage, capture and retain your customers at speed and without compromising data protection, anti-bribery, or corruption law, irrespective of location or language, is now greater than ever before.

Traditionally, financial service organisations have managed their multi-lingual content in one of three ways; using in-house teams, local niche providers or trusted freelancers, or a hybrid of both. A myriad of systems currently exists to create, store and publish content; from managing marketing content and regulatory publications to managing customer information, policy documentation and learning programmes. At best, the sheer volume of options available causes businesses to overspend much needed cash. At worst, irreparable reputational damage is caused and companies receive financial penalties for non-compliance.

Many will know that while this silo model worked historically, it is not a scalable solution for today’s environment. The rate of content production has increased sevenfold and added to increasing regulation, often unique to each country; this model simply isn’t sustainable anymore.

As the industry becomes more digitalised, forward thinking, and interconnected, and at a rate incomprehensible to most, we must ask what this means for business and how to succeed in such an environment.

One way financial service organisations can succeed in this new digital environment is by taking control of their content ecosystem. A piece of content goes on a long, protracted journey, passing through content optimization software many different hands before it reaches its target audience. By having a strong grasp on where all content is and who it is with, from beginning to end, businesses reduce the risk of non-compliance with market or data regulations.

Having a tight grasp on the content ecosystem from end-to-end is critical for organizations who want to avoid fines or reputational damage. When content management is a top priority, the chance of physical or electronic content going missing or falling into the public domain is greatly reduced.

Another crucial way to succeed is to leverage your own existing assets. This is a catch-22 for many companies who may have style guides for some areas but not for others - standardising these can be a challenge, especially when trying to maintain legacy. However, customers today expect companies and brands to communicate to them in a certain tone of voice that still manages to be personable.

The easiest (and cheapest) way to make the most of existing company assets and to take control of brand tone of voice is by maximising the investment that’s already been made. Most companies already have an established tone of voice. But instead of starting from scratch, creating style guides that show how to use that tone of voice in target markets will ensure the hard work already done doesn’t go to waste. This will also help to reduce the chances of being non-market compliant in those territories.

It may sound obvious, but using the right technology for the right use case is essential. A mixture of on premise, saas or hybrid solutions that support your content classification and organisational appetitive for cloud will allow you to respond to the challenges presented by agile fintech competitors, personalising, targeting and protecting your content.

Understanding the challenges that need to be overcome and finding the right technological solution to solve them could be the difference between a successful campaign and a reputational crisis. While financial service organisations are no stranger to dealing with global communities that require different content usually all at the same time, organizations that do not embrace the speed of change will fall foul and ultimately fail. Can your business risk playing fast and loose with data and brand reputation? The likely answer is no – so take action now before it is too late.

About Finance Monthly

Universal Media logo
Finance Monthly is a comprehensive website tailored for individuals seeking insights into the world of consumer finance and money management. It offers news, commentary, and in-depth analysis on topics crucial to personal financial management and decision-making. Whether you're interested in budgeting, investing, or understanding market trends, Finance Monthly provides valuable information to help you navigate the financial aspects of everyday life.
© 2024 Finance Monthly - All Rights Reserved.
News Illustration

Get our free monthly FM email

Subscribe to Finance Monthly and Get the Latest Finance News, Opinion and Insight Direct to you every month.
chevron-right-circle linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram