London, United Kingdom, November 19, 2015 --(PR.com
)-- In the past, when someone wanted to buy a property abroad, which is usually $200,000 or more, he/she would tend to stick to their own bank and pay all the charges and fees involved without even thinking about how much it is costing them. At the same time, if a worker wanted to transfer his income to his family in his home country, which is normally not more than $1000 - $2000 a month, the only option available was to use bureau de change or a similar money transfer operator, unless the family has a bank account in the home country. Examples are many, but the outcome is the same. They were all losing a lot of their income or money in fees and charges paid to banks or money transfer operators.
In today's world, this is not the case anymore. There are dozens of alternative money transfer companies (peer-to-peer transfer companies, online money transfer companies, mobile payment companies, etc.) that are able to undercut the bank or money transfer operators and help to send money at more affordable rates. At the high-end of the market, new companies, FX brokers, have been emerging to help high net worth individuals, overseas property buyers or SMEs in their international payment processes.
The key question now is which of these newly emerged financial services companies are the best value for money. Moreover, are they all legit? Can they keep up to the promise of making quick payments or what happens if they go bust? These questions create a natural need for analyzing and comparing these companies - assessing their regulatory compliance, annual turnover, dates of establishment, checking how other consumers enjoyed the service through reviews, checking rates they offer and the fees they charge.
This problem seems to have found a solution with money transfer comparison sites, such as themoneycloud.com, which simply compare these alternative money transfer companies from all possible angles and dimensions. According to the company co-founder, Emmanuel Addy, "The Money Cloud's service is unique as it provides dynamic search results with live exchange rates for a huge range of 144 currencies all over the world."
"The Money Cloud selects trustworthy, cost effective, highly regulated and swift money transfer providers and compares them against each other. It is an independent comparison website and all the information is genuine and correct," says Mr Addy.
The company is close to completing a raising of over £500,000 through Fig, a London-based venture capital firm. It has been named as a "Model Fintech Disruptor" by Forbes Commentator. It has featured in BBC Radio 4, won Fintech Circle and are members of Innovate Finance, an industry body for the FinTech community headquartered in Canary Wharf, London.
So next thing for anyone planning to make an overseas transfer, buying foreign property, or paying an overseas mortgage, it is to just pop onto themoneycloud.com site and check the rates and compare.