Category: Money Exchange

Tips for Starting a Business in Currency Exchange

Sending money nationally or internationally, exchanging money, trading online, or starting a money transfer business or Bureau de Change, all need the support of a well-known and well-versed company to help you on your way. Trying to figure out what the best way to transfer money  can be like trying to figure your way out of a maze. Even Consumers International, an international watchdog, has stated that: “The current industry standard allows for opaque pricing, which obscures unfavourable currency conversion rates, hides the real cost to the consumer and makes it almost impossible for the consumer to ‘comparison-shop’.”

Dealing with exchange rates while exchanging money can be also be tricky, especially if banks are involved. The Australian consumer watchdog, Choice, says: “There’s no way to know how much might go missing in the course of an international money transfer. Unexpected fees and a laughably bad exchange rate could cost you hundreds of dollars along the way – especially if banks are involved.”

They say it’s easy to open a money transfer or exchange office but running it smoothly and cost-effectively is another thing. Knowledge is power and, in these businesses, knowledge comes from experience and constant exploration into the money market world. If you don’t have the experience and knowledge, you can find it at VinIt Solutions.

VinIt Solutions is here to give you support in your endeavours. We have high quality, innovative products that are based on years of experience to deliver easy to use products and services. Our services are second to none. We work closely with our customers, whether they are a small start-up or a large corporation. Operating in full transparency, VinIt connects with customers on a personal level. This allows for professional relationships to grow, so that VinIt can be your solution.

The Swiss Franc scraps cap on Euro

In a move that is bound to have vast repercussions throughout both the domestic and international economy, the Swiss National Bank has determined that the mandated cap on the national currency’s value is no longer justified. Following this decree, the value of the Swiss franc immediately soared almost 30%, setting off one of the most chaotic days of currency trading in the past few years. In additional to the removal of the currency cap, the Swiss National Bank reduced a key interest rate from -.25% to -.75%, a move which has increased the amount of wealth required by investors to hold on to Swiss deposits.mon

Legarde also expressed her confusion as to why the head of the Swiss National Bank did not provide her with advance notice of this move. It is also important to note that the Swiss National Bank refrained from communicating their intentions to fellow central bank governors across the continent.

Although a strong national currency may bolster sentiment within the country, some financial ex-perts argue that the current strength of the franc will make it difficult for Switzerland to maintain their current level of export activity. The chief executive of Swatch, one of the most iconic Swiss watchmaking companies in the country, also remarked on the relative dangers posed by the removal of the currency cap, claiming that the decision would prove to be a “tsunami” for the domestic economy. The price of Swatch’s shares dipped 15% following the cap removal.

Defending their position, the Swiss National Bank stated that their moves were completely justified, due in large part to the fact that recent divergence among major international economies, including the weakening of the euro dollar, have resulted in an economic climate where the Swiss franc is no longer experiencing overvaluation. These evaluations are reinforced by current data gained from cutting edge money transfer software.

It will be interesting to observe the long-term effects of the SNB’s recent moves. Whether or not the Swiss economy will be able to maintain its current health with a dramatically appreciated currency has yet to be seen.

Can You Make Lots of Money Using Forex With No Experience?

For many investors, the Forex marketplace is a topic of fascination and mystery, due in large part to the fact that this particular world of trading is exponentially larger and more volatile than more traditional exchanges. Individuals who have yet to explore the Forex market often ask themselves, “is this worth my time?” Although there definitely is money to be made here, it’s worth taking the time to learn the basics of the Forex markets before embarking down this path.

One of the most crucial elements of Forex trading is leverage. Essentially, Forex traders earn large profits by temporarily borrowing large sums of money for their trades. In some ways, this is a necessity due to the fact that the amount of money earned per unit of currency traded is typically quite miniscule! Only through these larger trades do Forex brokers reap the rewards they desire. That being said, this type of trading does carry with it an inherent set of risks. Fortunately, recent advancements and development in software technology have allowed investors to gain instant access into a powerful catalogue of information relevant to both their trading pairs as well as the larger Forex climate as a whole. These software packages are an integral element of the successful Forex traders arsenal!

Unlike the more conventional stock exchanges, the Forex markets are unregulated. Typically, deregulation translates into larger growth and potential. It’s interesting to note that, due to the nature of Forex trading, investors can earn profits during periods of both growth and decline! Forex trading provides traders with a new set of “rules” that they can use to build a profitable trading system!

If you’re ready to start earning money in the Forex market, your first step should be to ensure that you have the resources you need to succeed! Education, experience and technology are the three key ingredients of successful Forex trading. Although experience can only be earned on the front lines of the Forex markets, you can easily find the analytic software you need to deliver the information necessary for responsible and educated trading .

An Opportunity To Rule The Market Regardless of Who You Are

Most people like the idea of making money as easily as possible, who wouldn’t? This is why so many try their hand at trading in the Foreign Exchange Market, also known as FOREX, in order to increase their current investments. The problem with this, though, is that achieving success in currency trading involves practice, patience and knowledge.

Around $2 Trillion are traded each day, the market is fast paced and can also change quickly resulting in heavy financial losses. However, for those within the construction business, basic software can indeed help by importing the cost indexes for jobs to ensure the accurate outcome of predicted costs. This tool will give business owners the advantage of keeping up to date with current market prices, therefore making overall comparisons for the involved costs of any sub-contracted work.

The use of a Construction Guestimating Software Package helps to clearly give current costs for different job areas such as: material costs, the estimated length of time in which to carry out the work, along with the cost of sub-contracting out any of the work and much more. The software simply works by connecting to regional databases which are regularly updated in order to keep business owners up to speed with any market changes.

With so many people unaware of the existence of Construction Guestimating Software Packages they are continuing to lose out on valuable income. The tool can help to save expenditure along with the time in which it takes to calculate the costs of certain jobs rather than simply inputting the information straight into the software. The system has been specifically designed for the user, so by keeping up to speed with the both current and future material costs it makes knowing the right time in which to purchase materials more clear from a financial perspective, enabling you to save money.

The system is therefore highly reliable and will help you to trust in your decisions along with any subsequent profit made. By having the ability to quickly calculate projected costs for an individual client’s needs, the system will make it easy to print off the overall estimated costs for the client’s information. This helps to avoid going down the dangerous path of guessing the costs which could ultimately end up costing considerably more than expected.

Fluctuating exchange rates making it

When it comes to a situation such as moving abroad, individuals will need to move their money between countries. Generally speaking, an international money transfer will commonly involve large sums of money, such as life savings and a sudden dip in exchange rates could have a massive impact on their future.


Not only would this situation be very stressful, there is also a lot of uncertainty when moving large amounts of money overseas. The most important thing anyone in this situation can do is to make sure they fully understand the way in which the exchange rates work. In general, exchange rates fluctuate greatly as a result of the world of politics, rates will indeed drop in times of political uncertainty when a country’s leadership is in question. By being more aware of political events and also economic confidence you will be able to anticipate when rates are likely to suffer of increase and as a result you will be able to avoid losing any substantial amount.

If rates do fall during the process of exchanging your currency then what you end up with is a final sum which is less than the amount you originally began with. Should you be dependent on having a certain amount of money in a designated country for a possible house sale for example, then that difference could potentially cause major upset.

It’s always advisable therefore to stay ahead of the market, increase your understanding and ensure you make an informed decision when making any international money transfers. If you will need the money in the near future but perhaps not straight away then you might want to consider a ‘forward contract’ which allows you to pay a deposit in order to lock your money into a certain rate which will be guaranteed for two years.

If you are still unsure as to whether or not you are making the right decision then a currency exchange specialist is your best port of call to help you through the process. These days, because it’s so easy to make multiple transactions from our mobile devices the process can be done so quickly and simply that we don’t fully consider the potential risks involved.

CIA Gathers Money Transfer Data using the Patriot Act

Recent revelations have brought to light that the CIA are now monitoring and collecting data surrounding money transfers. The United States Counter Intelligence Agency is permitted to gather any relevant information under the Patriot Act which was initiated in the wake of the September 11th attacks back in 2001.

The Act has caused much controversy in the US as it grants authorities the ability to indefinitely detain immigrants suspected of being involved in acts of terrorism with the FBI also being allowed to search telephone, financial and email records without the requirement of a court order.

The CIA are therefore able to gather intelligence from wireless transfer funds through organisations such as MoneyGram and Western Union. This information will only relate to individual suspects who are already being investigated by the Agency in connection to certain acts and they will first have been granted permission prior to obtaining any money transfer records.

The majority of the intelligence obtained by the CIA through this method will relate to transfers between non-US Citizens. However, in cases where an American is involved in a case then the CIA will then need to obtain all relevant personal data through the FBI. It has also recently been confirmed that the CIA is also paying the AT&T (the American Multinational telecommunication corporation) a staggering $10 million a year to access call records. Most logs relate to calls made outside of the US and help to identify individual associates.

Information passed over from AT&T will not contain any personal information or even a phone number, if the CIA requests more information they then have to ask the FBI to subpoena them to hand over further data.

A spokesman for the CIA, Dean Boyd said, ”the CIA protects the nation and upholds the privacy rights of Americans by ensuring that it’s intelligence collection activities are focused on acquiring foreign intelligence and counterintelligence in accordance with US laws”.

In accordance with the Patriot Act, all data gathered must be destroyed within a certain time frame. Suggestions have also been made that CIA currently uses other means to gather data, but as of yet we are unsure as to what this might be. The Agency ultimately aims to acquire all of their intelligence in order to protect its citizens.

African Money Transfer Service wins Court battle against Barclays

TA High Court in the United Kingdom has recently granted an injunction to a remittance provider in Africa over Barclays’ attempt to close the company.


Dahabshiil focuses its remittance work in Africa but mainly in Somalian area. This type of money transfer which enables those who have left their home countries to send money back for their families, accounts for the second largest inflow of money into many developing countries. It is also a very important means of getting aid money into countries like Somalia, with organisations such as the UN, Oxfam and the Mo Farah Foundation all using the money transfer service.

With the country finally trying to get back on its feet after two decades of political unrest, 41% of the natives rely heavily on their remittance income. Somalians use this money for the all important aspects of daily life that developed countries take for granted; such as education, healthcare, clothes and most importantly for putting food on the table in order to feed their families.

Back in May, Barclays made the decision to review their money laundering policy. This resulted in the bank deciding to close a massive 250 companies claiming that they no longer met the relevant criteria. Unfortunately for Dahabshiil they were one of approximately 80 organisations within the remittance sector to be shut down by the bank.

Barclays has come forwarded and stated that they had concerns over money laundering through remittance transfers. The bank also didn’t want to be responsible for unknowingly facilitating any acts of terrorism. Despite this, Dahabshiil do advertise their company as a money transfer service that can be trusted who also clearly state that their customers must comply with their anti-money laundering service in order to combat the financing of terrorism.

This decision, if allowed to happen in the future would massively impact on the country of Somalia. Remittance transfers account for one-third of their GDP totalling $1.2 billion each year. By taking away the means to fund charitable organisations the country would no longer benefit from the help to build new schools, hospitals and wells for clean water – all of which are necessary in Somalia.

Upon hearing of Barclays plans to close down Dahabshiil, many local businesses had concerns. These were then raised with their MPs and has led to the recent battle in a High Court. For now though, Somalia’s remittance transfers will continue as usual despite Barclays’ efforts to put an end to them. They have however said that they will be appealing the Court’s recent decision.

Top Tips For Foreign Exchange Traders

Foreign exchange trading can be a risky and highly rewarding endeavour for individuals who are savvy enough to understand the finer details of this unique world. Unlike more traditional equities and commodities markets, FX trading occurs around the clock during weekdays, from 20:15 GMT on Sunday to 22:00 GMT on Friday. Because of this high-intensity schedule, successful foreign exchange traders have developed a range of tactics that allow them to succeed in this global marketplace.

For beginners interested in FX trading, its highly recommended that individuals practice their strategies in a simulator. Although it may be tempting to jump right into highly leveraged trading, which carries with it opportunities for great financial rewards, FX markets also involve a great deal of investment risk. Practice makes perfect, and foreign exchange software simulators are a great place to develop winning strategies.

Although a great number of people may be interested in FX trading, a significantly smaller proportion engage in this financial activity on a full-time basis. Because of this, we highly recommend that part-time traders focus on a small number of currency pairs, only trading currencies that they have thoroughly researched. This will greatly reduce the risk of financial loss.

The importance of research cannot be emphasised enough. In order to understand the potential behaviors of a currency pair, you must first have an expert knowledge of the currency and the international actions which may affect it. Only through thorough, intensive research can you develop a strategy that has a legitimate chance of earning money.

Take the time needed to properly develop a working knowledge of popular FX trading strategies, such as carry, value and momentum trading. Although you may develop your own unique approach to FX trading using foreign exchange software, observing the successes and failures of these time-tested strategies will not only help you make intelligent trading decisions, but also allow you to converse in a professional manner with other FX traders.

As with any trading platform, it’s important to remain as emotionally detached as possible. It’s inevitable that, at some point, you’re going to lose money. An experienced FX trader can see beyond these temporary fluctuations and focus on the bigger picture.

If you deal in large sums of money personally or for your business, then we have the best currency exchange software available on the market. Have a look at our Money Exchanger product today.

Key Currency Exchange Rate Forecast

The Pound Sterling was given a helping hand back in August of this year with a welcomed boost from the UK house price market which has increased by an annual 5.5%. The data was released by a survey undertaken by the company Rightmove, it revealed that the average cost of a property had risen by 0.7% from July.

The exchange rate for the GBP can also be affected by recent Public Sector Borrowing Data. It could see the rate drop if the Country has failed to reduce its national debt which would result in a neutral outlook. In early October, the GBP had increased steadily resulting in a 0.40% gain against the Euro, 0.47% against the USD and 0.51% up on the AUD. However a slight dip is expected this month due to the good rates over last two months.

This month on the 25th October the market will be waiting in anticipation for the release of the GDP figures. The Gross Domestic Product shows a country’s economical growth, with the UK’s figures from Q2 up 0.6% from Q1. It is expected that there will once again be an increase but should there be an unexpected drop instead this could result in the Pound taking a tumble. Anybody looking to make a currency transfer without the possible risk can safely buy your currency before the figures are released later this month.

The Euro is possibly set to see an increase this month but probably won’t hit the much wanted 1.20 just yet. This is expected to be the result of figures being released by Eurozone Trade balance figures to factory orders and the consumer price figures for Germany.

The USD has been very volatile this year, and has been coming up weak against the GBP. This month could however see the USD strengthen with the release of the Federal Reserve minutes. This could result in the GBP taking a slight dive if FED tapering is mentioned. This means that anyone wishing to exchange pounds to dollars after this release could get a worse deal.

Recent rates for the AUD have consistently been between 1.68 to 1.74%, and looks set to stay within this range. The Australian dollar could potentially take a big dip if soon to be released figures come out negatively for the country. Estimated rates for early to mid October are thought to be around 1.69/1.72.

If you deal in large sums of money personally or for your business, then we have the best currency exchange softwareavailable on the market. Have a look at our Money Exchanger product today.

High value dealers and money laundering regulations

Money laundering is a term used to define the action of changing money that has been gained through an illegal act. For example, if an individual was to travel to Spain and win money through a bull fight then this money was gained through illegal means according to UK law. If the person was to spend this money back in the UK they would therefore be money laundering.

In recent times the amount of money being laundered worldwide runs into the billions each year. This has stirred up a lot of concern amongst many Governments and regulations are currently in place to help deter anyone who may be tempted to commit the offence.


The HMRC considers you to be a high value dealer if you accept any of the following:

  • a single cash payment of 15,000 Euros or more
  • several cash payments totalling 15,000 Euros or more, including a series of payments and payments on account
  • cash paid by a customer totalling 15,000 Euros or more in any 90 day period
  • cash payments totalling 15,000 Euros or more which appear to have been broken down into smaller amounts to come below the High Value Payment limit

If you are a High Value Dealer, then your business will need to be registered with the HMRC Revenue and Customs Money Laundering Regulations.


The following are the types of businesses that need to be monitored by a supervisory authority:

  • most UK financial and credit businesses such as currency exchange office, cheque cashers or money transmitters
  • independent legal professionals
  • accountants, tax advisers, auditors and insolvency practitioners
  • estate agents
  • casinos
  • High Value Dealers

Your business does not necessarily need to be monitored by HM Revenue and Customs as there are other supervisory authorities that can carry out the task. There are also designate d professional bodies that act as supervisory authorities. A full list can be obtained from HM Revenue and Customs.

Some businesses will need to register with both the FCA and HMRC. This applies to Money Service Businesses who also do money transmissions. Through the Financial Conduct Authority the business would be required to register under the Payment Services Regulations 2009.

If you think you may be classed as a High Value Dealer then it is extremely important that you complete all the relevant registration prior to accepting any payments otherwise you could find yourself facing a hefty fine for failing to do so.

We work with people and businesses or deal money on a daily basis. We have our state of the art money exchange software called Money Exchanger. Enquire today for details.

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