Category: Money transfer

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.

Improve Your Trading Strategy in Two Minutes or Less

Believe it not, improving your overall trading strategy in both the traditional securities and exchange marketplaces as well as in FX trading doesn’t necessarily take years of practice. Within two minutes or less, you can quickly reinforce particular elements of your overall approach, ensuring that you are more likely to reap the lucrative financial rewards you seek.


In foreign exchange, or FX, trading, one of the most powerful indicators of future market behaviour is the SSI, or Speculative Sentiment Index. Developed by polling the ratio of how many FXCM traders have adopted long and short positions on each major pair, this index can provide a myriad of powerful information for casual traders looking for a heads-up on future market swings.


If the SSI is a positive number, meaning that there are currently more retail buyers than sellers in the marketplace, it’s best to look for trading signals to sell. If the SSI falls into negative territory, it’s best to look for trading signals to buy.


Another effective indicator is the risk:reward ratio. Studies have shown that many traders incur financial loss in the marketplace simply because they sell lucrative positions too early and hold onto losing positions for extended durations when they should be selling. In order to create a positive risk:reward ratio in your own personal FX portfolio, it is advised that individuals set their limits at least twice as far as their stop losses. Although this isn’t a sure-fire guarantee of success, it may help create a more target-rich environment for ambitious FX traders.


Although it’s easy to get swept up in theories and rhetoric, it is advised that all FX traders practice their new strategies in a simulator environment before adopting leveraged positions. Not only will this offer traders the time and information needed to fine tune their strategies, it will ensure that damaging financial losses are not incurred due to simple, careless mistakes. A number of free FX simulators can be found around the internet, many of which are offered by large exchanges and educational providers. Although veteran traders may not require this type of “practice”, those who are new to FX trading are strongly advised to explore a variety of strategies in the simulator environment.

Eurozone Retail Sales Drop – Will The ECB Act?

In a moment of disappointing disclosure, Eurostat has reported that retail sales figures in the Eurozone were much lower than had originally been expected for December, with overall numbers down 1.6 percent month-on-month. This reduction negate the .9 percent growth experienced during the month of November, and, when combined with the fact that analysts had previously only expected a .7 percent reduction, proves particularly devastating. Eurostat stated that trade in food products, beverages and tobacco, as well as non-food industries were all experiencing reduced sales. Adding further gloom to this prediction is Eurostat’s report that average retail trade in 2013 fell .9 percent in the euro area and .2 percent in the EU when compared to 2012 data.

These revelations will obviously spark increased inquiry into the tactics and strategies the European Central Bank will employ in order to ensure that the recent spark-of-life seen in the Eurozone economic recovery is not snuffed out. Many analysts are predicting that the ECB will take additional steps to promote growth and help the EU continue its tentative steps back into prosperity. In contrast to this news, the Eurozone Final Services Business Activity Index rose .6 percent when compared to last month. Although this fragment of optimism may not be enough to allay all fears, it provides proof that a recovery is indeed a tangible possibility.

The economic recovery in the Eurozone has experienced its fair share of frustrations and hangups throughout the last year. While many analysts remain confident that marked recovery in 2014 is a definite possibility, these current numbers remain a telling indication of just how much ground must be gained before substantive changes can begin to be observed across the EU. Were the ECB to step in and bolster the recovery, analysts must then question whether or not growth becomes a “false positive,” an indication of larger oversight as opposed to genuine development and prosperity.

The ECB has made clear that intervention in situations such as these is completely within the realm of possibility, largely mirroring the sentiments of the Federal Reserve in the United States. Although the US recovery is proceeding at a faster pace than that of the EU, the real test of the effectiveness of these policies can only be season when they are terminated, allowing the economy to adjust and calibrate itself as necessary. When this will happen in either region of the world, however, remains 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 .

Make Forex Work For You

The Foreign Exchange Market, also widely known as FOREX, is a very complex system that requires a lot of understanding in order to successfully make money. Many people enter the market believing it will be a quick and easy way of earning money, but this simply isn’t the case.

When opening your very first account with Forex, it’s advisable to start out with just a small practice account. It’s a good idea to enter the market with at least $1000 as a minimum in order to compensate for any small losses in the beginning. The biggest thing to watch out for however, is most certainly your Greed! With the market being extremely fast moving, be aware that by making too many quick moves could result in a financial loss. Try and find a strategy that works for you, firstly make sure you fully understand how to play the market, as risking large amounts of money needs to be done so with a great deal of caution.

Be sure to think very carefully when considering the purchase of a Forex Robot, recent times have shown they give big profits to the developers and little to the purchaser. No Robot is 100% accurate as they work by predicting the trends based on previous results, so be aware that the market can still fluctuate greatly and the bot will make decisions on your behalf.

Try to learn all there is to know about the market. Be sure to have a good depth of understanding about interest rates and trade imbalances along with fiscal and monetary policies to help protect your investments.  Learning to invest wisely is the key to success, sticking with just one strategy is therefore likely to be the safest approach.

Also, in the early days of your trading, try not to enter into too many different markets and be sure to avoid the ‘thin markets’ that don’t draw in much public interest. Begin by sticking with the most popular currency pairs and only stick to a handful of different markets at any one time. Always make moves with a clear head and definitely don’t rush after a loss as you are bound to make more mistakes.  The Forex market is mostly made up of large International Banks and Insurance Companies who succeed by keeping up to date with all new strategies and developments, helping to guarantee their success. So start with an Extensive Foreign Exchange Platform which will help you by sending current alerts to your mobile phone, aim to trade hourly in the beginning and see how it works for you

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.

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