Banks: FlashFX

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Welcome to the FlashFX blog — a must-read for anyone sending money abroad. Find out how to save on international money transfers & manage your money across borders.

Send money and track it like a parcel, what does that mean?

Send money and track it like a parcel, what does that mean?

The world of foreign currency payments for retail clients has not seen much innovation & change in the past years. Most people who wish to send money overseas to their family, friends or for simple investment purpose are still at the mercy of overpriced, opaque and inefficient processes at the banks

Building a Better Banking Customer Experience

Building a Better Banking Customer Experience

Analysts at leading firms agree that customer experience is the new battleground to differentiate and compete. After all, a “delightful” and frictionless customer experience yields increased customer satisfaction, loyalty, advocacy and customer lifetime value. One of the biggest CX trends in financial organisations around the world is digital transformation, which

Do Big Corporations Still Need Banks?

Do Big Corporations Still Need Banks?

The Wall Street Journal recently reported that Ant Financial, an affiliate of Alibaba, is involved in a deal to buy U.S. money-transfer business MoneyGram. This news comes just two days after TechCrunch reported that Airbnb is in talks to acquire Tilt, a payments startup that helps groups of people

The best way to send an international money transfer [per FlashFX]

International Money Transfers

The best way to send an international money transfer [per FlashFX]

Have you ever wondered how to best send money internationally? Two principal options have been available for some time and a third has just arrived. > Your bank. This is the most common and the most expensive way to send your hard-earned cash overseas. It also takes the longest. And while

Aussie banks the world’s most profitable – thanks to you

Aussie banks the world’s most profitable – thanks to you

Reserve Bank of Australia (RBA) confirmed in 2016 that the big four are the most profitable banks in the world. Analysis by the RBA shows that, in terms of return on equity (ROE), the big four banks averaged about 15 per cent by the end of 2015, ahead of Canada’

Why can’t you track your money?

Digital Currency

Why can’t you track your money?

The quality of lives has been tremendously improved by innovation from new technologies and business models. Its normal to check your mobile for the next bus arrival, book a hotel and track the parcel of your latest online acquisition. We enjoy it, we almost demand it for whatever service we

How to send money overseas, without regret and unexpected costs

International Money Transfers

How to send money overseas, without regret and unexpected costs

whether you are an expat sending money home, whether you are a student paying overseas tuition, whether you are paying overseas invoices, if you are using a bank, you are leaving money on the table. A lot of money. It’s not your fault. An antiquated system of banks and

Apple App Store prices expected to rise significantly in India, Turkey and the UK

Apple App Store prices expected to rise significantly in India, Turkey and the UK

Apple is expected to increase its App Store prices for apps and in-app purchases by more than 25% in the UK in the next week as a result of the post-Brexit currency fall in the pound according to 9to5Mac reports [http://stfi.re/dpoxznj] . Apple App Store prices in India

Don’t pick your own bank by default

Don’t pick your own bank by default

In this ever-changing world, Australian retail clients are creatures of habit. While most of us know that banks like to charge a fee at every turn, we still don’t challenge them enough. This is extremely evident when sending money overseas, where bank fees are not only exorbitant (in excess

Foreign Currency Transfers - the great deception - and how to beat it

Foreign Currency Transfers - the great deception - and how to beat it

Big institutions bouncing your money around the world like a pinball to multiple fee-charging banks using a complex and expensive relationship network – a desperate stand-in for an efficient transfer solution – all operating at your expense and hidden from your scrutiny by a global agreement to keep the system totally opaque

Where to find the world's highest-paid expats

Where to find the world's highest-paid expats

"Expats ranked Switzerland highly for both financial and personal well-being criteria," said Dean Blackburn, head of HSBC Expat. "The combination of high salaries and excellent work culture has placed Switzerland at the top of the careers league table." "Expats in Sweden and Germany enjoy benefits outside the financial side of

How to stop banks behaving badly

How to stop banks behaving badly

Stephen Bartholomeusz writes in The Australian "On the eve of Christmas Deutsche Bank and Credit Suisse reached a settlement agreement with the US Department of Justice for their roles in the subprime crisis that triggered the wider financial crisis in 2008. There were sighs of relief all around that their

Skip the bank and take back control

International Money Transfers

Skip the bank and take back control

FlashFX was launched to provide fast, secure and well priced foreign exchange transfer services as an alternative to the existing opaque, siloed and inefficient banking networks. > Front and center is an exceptional user experience and there are no hidden fees. Built on a common global infrastructure and bringing new efficiencies

CBA and NAB admit impropriety in foreign exchange trading

CBA and NAB admit impropriety in foreign exchange trading

The Age writes "Commonwealth Bank and the National Australia Bank have entered into enforceable undertakings with ASIC after foreign exchange traders were revealed to have front run orders on personal accounts and triggered client stop-loss orders. "The extraordinary behaviour is laid bare in separate enforceable undertakings (EUs) from the two

The Future of Banking: Growth of innovative banking fintech services

The Future of Banking: Growth of innovative banking fintech services

Banking is a rapidly changing industry, and the biggest paradigm shift that has occurred is the move to digital-only banks. Millennials, in particular, are moving more frequently toward digital banking. And as a result, they're walking into their banks' traditional brick-and-mortar branches less often than ever before. This shift to

Can FinTech Outcompete Banks by Betting on User Experience?

Can FinTech Outcompete Banks by Betting on User Experience?

Bill Gates said that banking will always be needed. But banks as we know them could easily disappear. And FinTech is all about winning changes and everyday improvements. In 2015 venture capitalists raised $19.1 billion USD to support FinTech revolution. With the five biggest banks controlling nearly $15 trillion

A cheaper way to pay

A cheaper way to pay

In today's Australian, Richard Gluyas writes [http://www.theaustralian.com.au/business/opinion/richard-gluyas-banking/banks-have-never-learnt-their-lessons/news-story/44d3e25b7045a2e7fd30370cc9dd0e88] - If ever there were a banking niche ripe for disruption, it would be cross-border payments. It almost defies comprehension that Amazon can deliver physical goods faster than a bank can make a

Everything you need to know about foreign currency transfers

Everything you need to know about foreign currency transfers

You set up a foreign currency transfer. The money leaves your account. It disappears for days. And then it turns up (significantly reduced) in the recipient's account. That's just how it works right?# But have you ever wondered what happens to your money in that in-between period? Where it goes?

The Australian writes: A great fintech border invasion

The Australian writes: A great fintech border invasion

Richard Gluyas writes about FlashFX in The Australian [http://www.theaustralian.com.au/business/opinion/richard-gluyas-banking/a-great-fintech-border-invasion/news-story/b9a3972e98b484100a9c97f26a7f5cbe] : If ever there were a banking niche ripe for disruption, it would be cross-border payments. It almost defies comprehension that Amazon can deliver physical goods faster than a bank can make

How traditional banks should invest in and benefit from fintech startups

How traditional banks should invest in and benefit from fintech startups

The proliferating array of fintech startups is putting pressure on financial services incumbents because these disruptors are providing innovative, consumer-oriented solutions. Their solutions “unbundle” the traditional architecture of financial products and services offered by existing institutions, and instead target specific services (e.g., payments, wealth management, personal loans) to the

Banks behaving badly are losing trust

Banks behaving badly are losing trust

Banks behaving badly are back in the headlines. Yesterday, the ACCC filed action against Macquarie and ANZ for attempted cartel behaviour on the foreign exchange market in Singapore. Australia's number one investment bank Macquarie Group and top corporate lender Australia and New Zealand Banking Group (ANZ) said they offered to

What the average bank does not want you to know about foreign exchange

What the average bank does not want you to know about foreign exchange

Welcome to Big Bank FX money transfers. Learn about the ugly truth when sending money overseas... and what you can do about it. Now there is a much better way to send exchange and send international transfers. In the meantime, when it comes to transferring funds internationally, FlashFx is already

Three banks settle Canadian foreign exchange class-action

Three banks settle Canadian foreign exchange class-action

UBS, BNP-Paribas and Bank of America will pay $16 million and provide information to Canadian investors who lost money in the benchmark rigging scandal. The lawsuit against the remaining banks, which is the first “benchmark rigging” case in Canada, seeks $1 billion in compensation. In a case that could affect

Excessive fees cost foreign exchange users over $1.5 trillion annually

Currency Conversion

Excessive fees cost foreign exchange users over $1.5 trillion annually

These days more technology is at your disposal than ever before. Indeed, if needed, most banking can be done from mobile devices, including global wire transfers. However, peel back the curtain on the actual practices used to execute the transactions, and things have not changed much for the banks and

Australian Banks vs Apple

Australian Banks vs Apple

In one corner is the largest company in the world, Apple. In the other sit three of Australia's all-powerful banks, Commonwealth Bank, Westpac, National Australia Bank, and the country's fifth biggest lender Bendigo and Adelaide Bank. The banks want to form a negotiating bloc to apply pressure to change Apple's