Manage International Payments with FXcompared
IAM has partnered with FXcompared to help you and your clients process international payments. By working with FXcompared, you can save money when sending or receiving payments in a foreign currency. FXcompared provides a gateway to the leading payments providers from around the world.
FXcompared also offers a full white label solution, allowing you to enhance your offerings to your international relocation clients by providing them with a valuable service, as well as an additional revenue stream for you.
Contact Daniel Webber in the New York Office:
Tel: +1 (212) 600-8553.
Contact Satminder Ramewal in the London Office:
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Or email us at firstname.lastname@example.org.
Big themes and big banks
I've been at Sibos this week alongside the great and good in the banking world. I've put some takeaways below including a discussion with Wells Fargo. We also highlight some new FX data showing things in the UK may not be all that bad and we look at some blockchain blockages.
Something positive for the UK!
UK politics aren't pretty at the moment but if you're in the FX business the Bank of International Settlements new triennial FX numbers may give you something to smile about.
Inside Wells Fargo's payment strategy
I spent some time at Sibos with Judd Holyroyde, SVP and Head of Global Product Management. Wells Fargo operates in 31 markets and Judd focuses on the bank's international products.
We talked about developing the customer experience and shifting big banks away from physical banking to using digital (often FinTech) partnerships to expand geographical reach.
Our conversation below covered many of the major Sibos conference themes:
On Fintech Partnerships
A good example of this is Wells Fargo's partnership with Transfermate on global receivables. Some insight into how Judd thinks about these partnerships:
"There's a lot of power in these partnerships when there's an integrated partnership as a customer, as an operating partner within the bank. A big part of the solution is the actual Wells Fargo products Transfermate uses to help complete this part of process."
Patience and process
We know that the partnership took several years to put together and anyone who is partnering with a bank will understand why. As Judd says:
"We need to make sure, again from an AML perspective, that we can account for every individual transaction. Essentially, as Transfermate brings these transactions into their network, they're re-transacting each transaction into our network.
On Connected Banking / Open Banking:
Open Banking was another major topic, but the complexities run deep and when I talked with other bankers, it is clear that while the end points may be there, there is still a lot of work to do under the hood. Ultimately, as Judd puts it:
"They [the customer] may find something really cool in the market that gives them additive value, but in the end, you're [the bank is] their ultimate protector."
See the Top 100 Cross-Border Payments Institutions (inc. Wells Fargo)
Blockchain was a topic at Sibos but it was by no means front and center. I talked to many bankers (including Wells Fargo who recently launched a DLT initiative) and also some of the blockchain providers such as R3 Corda.
One of the core challenges right now is the differing demands and focuses of the market participants.
We're here to help you make sense of the banking and payment systems, and much more - get in touch, and FXCompared will help you assess the opportunities.
FXcompared is the leading, independent global resource on international money transfers. FXcompared offers a choice of carefully selected, cost aware and efficient ways to transfer money abroad.
As a financial decision maker who regularly sends and/or receive international payments, you already understand the importance of a proactive currency strategy for companies that do international business. No matter how well planned, all currency strategies need to be revisited and reassessed on occasion. Fortunately, FXcompared can provide assistance not only in analyzing currency strategies, but in ensuring that financial decision makers get the fairest international transfer rates possible with a provider that best suits their needs.
Enhance Your Offerings to Your Clients
Stay competitive in the space of international moving by offering your clients our white label comparison tool. Our service will help your clients save money on their international payments and can also help them learn more about mitigating currency risk in the future. To learn more, visit the FXcompared website.
Learn More—Frequently Asked Questions
How much can I typically save?
Those working with a currency provider vetted by FXcompared typically save close to 90% on fees and exchange rates compared to automatically transferring through a bank.
How do I use FXcompared?
Select an amount and a destination, choose a provider from the search results and create an account on their website.
What currencies can I compare?
There’s a full range of currencies, covering 126 countries.
How does FXcompared assess each money transfer provider that it lists?
Providers are carefully vetted. After ensuring that providers are approved by governing entities, we assess their business practices. This includes the amount of currencies offered, speed of transfer and availability of other currency products to clients. After all of these things are taken into account, FXcompared then decides whether or not to include the transfer company on our list of providers.
Can I transfer money online, or do I need a phone?
All the brokers listed have an online service with 24-hour access, where you can track your transfer and view all of your transactions. Some also offer a phone service.
Are these providers properly regulated?
Yes, all the providers listed are regulated by the relevant financial bodies in the countries or other regions where they operate.
Can the international payments provider offer other services?
Yes. Some can help with property purchases or with other specialty business services.
Can I offer this service to my clients?
Absolutely. We can help you set up a white-label service that can be tailored for you and your clients. Get in touch with us to find out more (email@example.com)
Why might it cost less to transfer money via a currency provider than through a bank?
The exchange rate between currencies changes all the time. To combat unexpected movement of different currency pairs, some banks set a higher exchange rate that is fixed for the day. Because currency providers typically move with the market and change their offered exchange rates throughout the day, they usually offer better exchange rates to their customers than banks. Additionally, currency providers can offer better exchange rates and lower fees to their customers simply because they have lower cost bases than banks.