MoneyGram International Inc., a well-known global leader in cross-border money transfers and Peer-to-peer (P2P) payments in collaboration with Tesco Bank launched a new international online money transfer platform.
This platform allows the customers of Tesco and MoneyGram to set up their transactions online and pay via cash or card at Tesco outlets. Customers will enjoy an easier way to send money abroad, reducing processing time, while also eliminating the need to complete paperwork in-store.
What makes this news even sweeter is that it is being introduced at a time when there is an increasing amount of money being transferred digitally from the United Kingdom (U.K.) to overseas destinations due to the COVID-19 pandemic.
Related Article: The Rise of Contactless Payments Amidst COVID-19
The new international money transfer platform is now available at 129 Tesco Express stores in the U.K. in addition to the 810 stores that already offer the service. It is expected that this new service will be rolled out to around 1,500 Tesco Express stores, over the next 18 months.
The launch of this new capability is a major milestone for the partnership between the two giants in their respective fields which was formed about seven years ago.
Richard Meredith, Head of U.K. Key Partnerships at MoneyGram said that this new service in partnership with Tesco Bank is a key milestone in the effort to bring a seamless, digitized experience to customers. He also added that MoneyGram aims to continually evolve their customer proposition through its superior digital capabilities and customer-centric solutions.
MoneyGram allows customers to send money in more than 200 countries and territories, with over 75 countries now digitally enabled.
Sigga Sigurdardottir, the Chief Customer Officer at Tesco Bank commented that the partnership with MoneyGram will let customers send money overseas more efficiently than before and help Tesco shoppers manage their money better every day.
Tesco Bank established way back in 1997 now has over 5 million customers, helping them manage their money every day.
Key Takeaways from this collaboration between MoneyGram and Tesco Bank
MoneyGram is one of the oldest players in the cross-border industry. Read what verified users are saying about its services. With millions of U.K. citizens sending money overseas to help their loved ones in times of need or during emergencies, this new service is a much-needed enhancement.
In today’s interconnected world of trade and travel, understanding the dynamics of currency exchange rates is a must. As the saying goes, “Exchange rates are the mirrors reflecting the economic health of nations, where fluctuations tell stories of prosperity, challenges, and the shared destiny of our interconnected world”.Finding the best USD to INR rate can have a big impact on your budget and financial gains, whether you're planning a trip abroad, sending remittances, managing investments, or conducting global business transactions. Understanding currency exchange rates is essential for anyone involved in transactions between the US dollar and the Indian rupee. In this guide, we delve into exchange rates, give a brief overview of the USD to INR 2024 forecast, and provide tips and tools on how to find the best exchange rate. This will help you navigate the complexities of the exchange rate market and get the best US dollar to Indian rupee rates.First, let’s begin our journey with the basics!What is an Exchange Rate?An exchange rate is the value of one currency in relation to another currency. It essentially defines how much one unit of a currency is equivalent to in terms of another currency.For instance, if you're planning to transfer money from the United States to India, the exchange rate will play a crucial role. When you send the money, you'll use US dollars (USD), and the recipient will receive the equivalent amount in Indian rupees (INR). This conversion from USD to INR is determined by the current exchange rate.Imagine you're sending $500 to India and the current exchange rate of 1 USD to INR is 82.66. In this case, your recipient should receive approximately Rs 41,330 (excluding any potential transfer fees or additional charges). The exchange rate has a direct impact on the final amount your recipient gets in their local currency. Keep in mind that exchange rates can fluctuate due to various economic factors and market conditions.What is a Marked-up Exchange Rate?A marked-up exchange rate, also known as a "retail exchange rate" or "exchange rate margin" refers to an exchange rate that has been increased by a bank, financial institution, money transfer service, or currency exchange provider to include a profit margin.In other words, it's the rate that is offered to their customers by these companies to convert one currency into another, and it includes an additional amount beyond the actual market exchange rate (or the mid-market rate).The difference between the mid-market exchange rate and the marked-up exchange rate represents the provider's profit. This markup is often applied to cover the provider's operating costs, and services, and to generate revenue.As a result, the marked-up exchange rate is usually less favorable for the customer compared to the mid-market rate, and the customer ends up receiving fewer units of foreign currency for their money.When sending money abroad or converting currencies, it's important to be aware of the marked-up exchange rates and any associated fees.How to Get the Best Exchange Rate when Sending Money Abroad?Getting the best exchange rate when sending money abroad involves a combination of research, timing, and using the right services.Here are the factors you should consider to get the best rates for overseas money transfers:Compare Different Providers: Don't settle for the first option you come across. Research and compare exchange rates from various banks, money transfer companies, and online platforms. Look for providers that offer competitive rates and low fees. Some providers are more transparent about their fees and exchange rate markups than others, so it's advisable to choose a reputable and transparent provider to ensure you're getting a fair deal.Use Online Comparison Tools: There are several online platforms that allow you to compare exchange rates and fees from different providers. These tools can help you quickly identify the most favorable options.Check Mid-Market Rates: The mid-market exchange rate is the real exchange rate without any markup. Use this rate as a benchmark to compare the rates offered by different providers. Keep in mind that most providers will add a margin to the mid-market rate, which is how they make a profit.Stay Informed About Market Trends: Exchange rates can fluctuate daily based on market conditions. Keep an eye on financial news and currency trends to understand when rates are more favorable. You can use online currency converters to track historical rates.Consider Peer-to-Peer Transfer Services: Peer-to-peer platforms can sometimes offer better rates compared to traditional banks. These platforms connect you directly with individuals looking to exchange currency.Use Specialist Transfer Services: There are companies such as Wise, Remitly, WorldRemit, Instarem to name a few that are specifically focused on international money transfers that often offer better rates and lower fees compared to traditional banks.Beware of Hidden Fees: In addition to the exchange rate, be mindful of any hidden fees or charges associated with the transfer. Some providers may advertise low rates but make up for it with high fees.Avoid Airport and Hotel Currency Exchanges: These places often offer less favorable exchange rates due to higher operating costs. It's best to avoid exchanging money at airports or hotels if possible.Choose the Right Timing: Timing can significantly impact the exchange rate you receive. While it's impossible to predict exchange rate movements perfectly, try to make your transfer when rates are more favorable. Avoid sending money during volatile periods.Consider Forward Contracts: If you have a larger sum to transfer, some providers offer "forward contracts" that allow you to lock in a favorable exchange rate for a future transfer. This can protect you from unfavorable rate movements.Negotiate for Better Rates: If you're dealing with a bank or a larger transfer, you might be able to negotiate for better rates, especially if you're a loyal customer.What's the Best Way to Send Money to India from USA?Sending money from the USA to India can become quite perplexing due to the multitude of options available. Moreover, the exchange rates between United States Dollar and Indian Rupee are in a constant state of flux.CompareRemit's online comparison tool can help you find the best rate for USD to INR transfer amid such market volatility.By simply clicking a button, the exchange rate calculator provided by CompareRemit enables you to instantly compare the exchange rates provided by top money transfer services in the market.You can also evaluate transfer charges, processing speed, the amount you'll receive, and even access authenticated reviews of leading money transfer firms. This approach empowers you to locate the optimal choice that aligns with your transfer needs.How to Use CompareRemit to Find the Best Exchange Rate?You can go to the CompareRemit website and compare the money transfer companies on various parameters we have discussed.As the remittance market characteristics vary in each country owing to factors like transaction volume, level of competition, regulations, and other considerations, CompareRemit provides you the option to customize your homepage. This customization ensures that your preferred transfer corridors or currencies are displayed.Or you can download the CompareRemit App from either the Google Play Store or the App Store. Alternatively, do an online search for "CompareRemit App".This app is compatible with iPhones, iPads, and Android devices, encompassing all the functionalities and details required for seamless international money transfers at the most favorable exchange rates.To Sign up with CompareRemit:Launch the app on your mobile phone.Enter your email address to register.Complete your profile details.Verify both your phone number and email.Personalize your notification preferences.Select your preferred corridor, for example, USD to INR.The app will display exchange rates, fees, and options from various providers. Pick the best option that meets your needs and provides a favorable exchange rate. You'll be redirected to your selected provider (either website or mobile application) to complete your transfer.Confirm the transaction details and proceed to initiate the transfer. Complete the payment using your preferred method. Once the transfer is done, you'll receive a confirmation.Using the CompareRemit App streamlines the process of sending money overseas by presenting you with multiple options, allowing you to choose the most favorable exchange rate, fees, and transfer method.Make sure to take advantage of various deals CompareRemit has for Dollar to Indian Rupee remittances.Step-by-Step Instructions for Sending Money from USD to INRThe specific instructions for initiating your online money transfer will depend upon the selected provider. However, this is generally how the process goes:Begin by registering an account with a specific provider.Provide your ID and proof of your address for verificationEnter your preferred payment method.Enter recipient details.Choose the desired delivery method.Enter the amount you wish to transferInitiate the transaction.At this point, the service provider will take over the process of transferring your USD to INR. You won't typically need to take any further actions.Be sure to monitor your email inbox, as you can expect progress notifications regarding your transaction.A Brief Overview of USD to INR 2024 ForecastAs indicated by analysts from the Economy Forecast Agency, there's a projection that the Indian rupee could experience a decline from its present value in the upcoming year. According to the USD to INR Forecast on their platform, the exchange rate could reach 83.37 by the end of 2023.Over the next year, the USD to INR Forecast for 2024 suggests that the rupee may continue to depreciate against the dollar, reaching 89.08 by the year's end. This implies an expected increase in the USD to INR exchange rate both in the short term and the long term.The rise in the USD/INR exchange rates in recent years can be attributed to a combination of different factors. These include the strength of the USD, increasing inflation, higher interest rates, along with foreign investors withdrawing from Indian markets. Furthermore, the increased oil prices have contributed to the depreciation of the Indian rupee.Ways to Save Money When Sending USD to INRSaving money when sending USD to INR involves making informed decisions and utilizing cost-effective ways. Here are some of the ways you can adopt:Research and compare exchange rates from different providers to find the most competitive one.Opt for money transfer services with transparent and low transfer fees.Use online transfer platforms like Wise, Xoom, or Remitly, which often offer better rates and lower fees compared to a traditional bank transfer.Sign up for rate alerts from transfer providers to be notified when rates are favorable.Check for special promotions or discounts that will save you money on transfer fees.Avoid last-minute transfers, as urgent transfers often come with higher fees.Prioritize the security and reputation of the service provider to ensure your funds are safe.Use forward contracts that allow you to lock in a current favorable rate for a future transfer.Steer clear of options with high fees, such as using credit cards for international transfers.ConclusionBy following the strategies outlined in this guide, you're better equipped to navigate the complex world of currency exchange and ensure you're getting the most value for your money. Researching multiple providers, understanding how exchange rates work, and being aware of potential hidden fees are essential steps in making an informed decision.Staying up to date on market trends can make a significant difference because the foreign exchange market is dynamic and subject to various economic factors.To find the best dollar-to-rupee rate, use CompareRemit for real-time USD to INR exchange rates from the best remittance providers to send money to India today!
In an ever connected world, online money transfers are naturally the preferred and most convenient method for sending money across international borders, making it easier than ever to support your family, friends, or business partners in the Philippines.Whether you're an OFW (Overseas Filipino Worker) or a person with ties to the Philippines, this blog will walk you through the step-by-step process of sending money through GCash, the Philippines’ leading mobile wallet, to effortlessly and securely send money to your loved ones.Say goodbye to long queues and lengthy paperwork – and say hello to instant and accessible money transfers.What is GCash?Gcash is a mobile wallet and financial services platform based in the Philippines which came into operation in 2004. It was introduced by Mynt, a subsidiary of Globe Telecom, one of the Philippines’ major telecommunications companies.GCash allows users to carry out various financial transactions, mobile payments, and services through their mobile phones, making it a convenient and efficient way to manage money.You can make bank transfers, pay bills with QR codes, take out loans, and top-up airtime on your mobile phone. It is one of the most popular mobile wallets in the Philippines and the most convenient option for Overseas Filipino Workers (OFWs) to send money to their loved ones in the country.With 81 million active users and 2.5 million merchants and sellers as of May 2023, GCash is truly the undisputed mobile wallet king in the Philippines.Why Should You Get GCash?This is especially important for people who want to send money to the Philippines. GCash offers multiple benefits for sending money to the country:Convenience: You only need a mobile app to send money to friends and family in the Philippines making it easily accessible and convenient. You need not go to any money transfer centers to make a money transfer.Mobile Services: Apart from money transfers, it offers a wide range of financial services, such as bill payments, online shopping, and even investments.No Need for Bank Account: Your recipient does not need a bank account to receive money through Gcash.Speed: It is faster to send money to Gcash than traditional methods. Your recipient can receive the money instantly or within a few minutes, depending on the transaction type.Lower Fees: Due to its lower fees, it is a cost-effective method to send money to the Philippines.Extensive Network: Gcash has a vast network of partner merchants, banks, and money transfer companies in the Philippines, making it easy for the recipients to access and withdraw the money.Security: Various security measures such as PIN verifications, fingerprint scanning, and two-factor authentication are put in place to protect users’ accounts and transactions.How Does GCash Work?To use GCash, you need to download the GCash app from the App Store or Google Play and sign up for an account. You will enter your personal details (mobile number, name, address), complete the customer verification process, and create a secure PIN.After creating your account, you will need to fund your GCash Wallet. There are several ways to do this:Link your bank account or credit/debit card to your GCash accountDeposit cash at GCash partner outletsReceive money from other GCash users.Once your GCash is funded, you can start using it for various transactions, such as:Send money to other GCash users or non-GCash users through the “Send Money’ feature. This feature allows you to transfer money to family, friends, or anyone with a mobile number.Pay bills for utilities, credit cards, and other services directly through the appPurchase mobile prepaid loads for your phone or for your loved ones, as well as data packages from various telecom providers in the Philippines.GCash can be used for online shopping on partner merchants’ websites and appsGCash QR payment feature enables you to pay for goods and services in physical stores by scanning QR codes displayed by merchants.Convert your GCash balance to cash by cashing out at partner outlets or through participating banks and ATMs.How to Transfer Money to Philippines Using GCash?The best way to send money to GCash, Philippines is through a digital money transfer platform. Gcash has partnered with several top online money transfer companies including Remitly, Skrill, Wise, WorldRemit, and Western Union among others.These platforms allow you to send Philippine Pesos (PHP) to Gcash in an affordable, quick, and efficient manner.How to Send Money to Gcash Mobile Wallet via an Online Money Transfer App?Here are the steps to follow:Sign up on any of the third-party money transfer apps or platformsEnter your personal detailsGet your account verifiedEnter transfer amountEnter your recipient's countryChoose GCash as your delivery methodEnter the recipient’s GCash-registered name & account numberConfirm your transferPay for the transferPesos will be deposited to the recipient’s GCash AccountMoney Transfer Platforms Offering GCash as a Delivery OptionWiseUsing Wise, you can send PHP to any individual or business bank account in Philippines or mobile money to any of the several mobile wallets such as GCash, PayMaya, GrabPay, Starpay, etc. To send money to mobile wallets, you'll need your recipient's mobile number, starting with the country code +63. The maximum limit for money transfers to bank accounts and mobile wallets is 9 million PHP per transfer and 50,000 PHP per transfer respectively. It may take 1-2 working days to complete the transfer.RemitlyYou can do a Remitly transfer to GCash via Mobile Money in the Philippines. Remitly offers two ways to transfer money to Gcash wallets in Philippines based on how you pay for the transfer. Using a debit card (Express) to pay will take a few minutes for the money transfer while it may take 3-5 business working days if you pay via than bank account (Economy). The GCash wallet limit is PHP 100,000. Make sure you have sufficient funds availability in your account to do the transfer. Remitly is the optimal choice to send GCash from USA if you are looking to make fast and secure mobile payments.WorldRemitWorldRemit facilitates mobile money transfers to several mobile wallets in the Philippines including GCash. The cash is deposited within minutes. You can send up to PHP 50,000 per transfer and a maximum of PHP 100,000 total remittances per month to the mobile wallet. To avoid delay in transfer, make sure your recipient's details are correct. WorldRemit might be your cheapest option as they often charge no fixed fees, but this depends on the sending country. In the case of top-sending countries like the USA, the company does not charge fixed fees.Western UnionWestern Union is a well-known international money transfer service that has partnered with GCash to facilitate remittances to the Philippines. To initiate a transfer, you can simply go to your GCash account and proceed to the Cash-In segment within the GCash App and opt for Western Union as your preferred money transfer option. Or you can either go to a Western Union Branch or their website to make the transfer. You will find that sending money to a mobile wallet, GCash is less expensive than sending cash to a pickup location.MoneyGramMoneyGram, a well-established money transfer company is also a GCash partner, enabling users to receive international remittances directly into their GCash wallets. To send money directly to GCash wallet, either go to the MoneyGram website or any agent location. Provide your recipient's details and select 'Mobile Wallet as your delivery option. Both you and your recipient will receive a notification once the money is sent.XoomBy partnering with GCash, Xoom enables users to effortlessly transfer funds to GCash accounts. To start the transfer process from Xoom to GCash, download the Xoom app, and create an account. Then, enter the transfer amount and choose GCash as the receiving option, provide the details of your recipient's mobile wallet, and pay for your transfer using a PayPal account, bank account, credit card, or debit card.Xoom may be a popular option for transferring funds to GCasg, however, they are a little expensive due to transfer fees and exchange rate margins. Look for cheaper alternatives on our list.PangeaPangea provides global money transfers to regions in Latin America and Asia. Through their mobile app, you can make the payment and use your linked bank account or debit card to pay for the transaction. If you pay using a card to transfer money for pickup, your recipient will receive the funds within minutes, while selecting a bank transfer method will take a little longer.While Pangea does not offer direct transfer to a mobile wallet like GCash, you can still make an international transfer to the Philippines, and then your recipient can transfer that money to their GCash account.SkrillBy leveraging its digital wallet expertise, Skrill offers users a secure and efficient way to send money to GCash, contributing to the financial accessibility of recipients in the Philippines. Skrill offers various ways to transfer money to GCash including bank account transfer, payments via debit card or credit cards, and letting you choose mobile money transfer. Opting for bank transfers is typically the cheapest, allowing you to send funds from your bank account to a GCash wallet at a lower cost compared to other payment methods. However, the transfer will take a little longer.Note: The availability of GCash GCash as a delivery option on the above money transfer platforms can differ due to variables like the sender's location, the platform's offered services, and potential shifts in partnerships. It's recommended to visit the platform's website or app prior to utilizing any money transfer service to verify the current selection of delivery methods and choices for sending money to the Philippines.What is the Cost of Transferring Money to GCash?The cost of transferring money to GCash can vary depending on the service provider, the country you are sending money from, the transfer method you choose (bank transfer, debit/credit card, etc.), the amount being sent, and any applicable fees for currency conversion or processing. Different remittance platforms and financial institutions might have different fee structures.Carefully review the terms and fee information provided by the specific service you plan to use to determine the exact cost of the transfer to GCash. Keep in mind that some providers may offer promotions or fee waivers for certain transactions or during specific timeframes.How to Claim Your Remittance on the GCash App?Open GCash app homepageGo to ‘Cash-In”Under the Global Partners, & RemittanceClick the money transfer company you sent the money withEnter the amount of remittance to be receivedEnter the Reference numberConfirm the TransferThe funds will be loaded into the GCash walletWhere Can You Cash-Out with GCash in the Philippines?You can withdraw funds through several options in the Philippines. If you have a GCash Mastercard, you can visit any BancNet or Mastercard ATM, or any GCash Partner Outlet.Here is the list of the GCash Partner Outlets:Cebuana LhuillierCVM PawnshopDA5ECPayExpressPayHanepBuhayJaro PawnshopPanalo ExpressPeraHUBPosiblePuregoldRobinsonsSM StoreTambunting PawnshopTrueMoneyVillarica PawnshopVIP Payments CenterThe steps for cashing out might be different with each partner outlet. You can look it up in the GCash App.How GCash Exchanges Currency?GCash is primarily not a currency exchange platform. The currency exchange is usually handled by the money transfer provider or financial institution initiating the money transfer to the Philippines from abroad.For example:If you are sending money from abroad to a GCash mobile wallet in the Philippines, your transfer providers will likely handle the currency conversion from the currency you are sending to Philippine Pesos based on the prevailing exchange rates.The converted amount in PHP will be deposited to the recipient’s GCash wallet.However, GCash may display the received amount in both the sender’s currency and PHP within the app for the recipient’s reference.If you want to get the best exchange rates while sending money to the Philippines or abroad, the best way is to compare your options. To compare the best rates to send money to the Philippines using Gcash, use our online comparison tool to check the best providers today!
Sending money internationally is now easier than ever with the right service provider. PassTo is a convenient option for individuals in the UK who want to transfer money from GBP to INR and support their loved ones in India. In this article, we will guide you through the simple and efficient process of using PassTo for your international money transfer needs.Why Should You Choose PassTo?When it comes to international money transfers, PassTo is the clear choice for users in the UK. With their reliable and secure platform, PassTo ensures that your funds are transferred safely and efficiently.Here are some of the reasons why PassTo should be your top choice when sending money abroad:The first transfer is freeSpecial welcome exchange rates for new usersSend money to over 70 countries worldwide from the UKTransfer money in as little as a few minutes or same day/next business dayExcellent customer service via email, phone, or in-App chatSend up to £3,000 per day to most of our countriesSet up an account in just 2 minutesEarn a £50 gift through our rewards program when you invite 3 friends to make their first transfer of at least £200 eachPassTo is authorized and regulated by the FCANow that you understand why PassTo is the preferred option for sending money abroad, let's dive into the straightforward steps involved in initiating your first transfer from the UK to India.How to Send Money from the UK to India with PassToIn just a few simple steps, you'll be well on your way to sending money from the UK to India in no time. Step 1: Create an Account with PassToTo get started, visit the PassTo website (https://passto.co.uk) or download the PassTo mobile application from here and sign up for an account. Provide the necessary details and complete the registration process. Once your account is created, you'll gain access to PassTo's features and services.Step 2: Verify Your IdentityAs with any reputable money transfer service, PassTo requires you to verify your identity to comply with regulatory requirements. This step typically involves submitting valid identification documents, such as your passport or driver's license, and proof of address.Step 3: Choose a Payment MethodOnce you have successfully registered, you can proceed to choose a payment method from the options provided. PassTo allows you to select either your bank account, credit card, or debit card as the source of funds for the transfer.Step 4: Add a RecipientAfter verifying your identity, you can add a recipient to whom you wish to send money. Provide the recipient's details, including their full name, contact information, and bank account details in India and the details will be saved for future transfers . You also have the flexibility to choose how the recipient will receive the money. PassTo offers three options: bank deposit, mobile wallet credit, or cash pickup. You can select the most convenient option for your recipient.Step 5: Choose the Transfer Amount and CurrencySpecify the amount you wish to send in GBP and select the desired currency as INR. PassTo will display the current exchange rate and any applicable fees associated with the transfer. Take note of the exchange rate as it will impact the final amount your recipient will receive in Indian Rupees.Step 6: Review and ConfirmCarefully review all the details of the transfer, including the recipient's information, transfer amount, exchange rate, and fees. Double-check for any errors or discrepancies. If everything is accurate, proceed to confirm the transfer.Step 7: Track the TransferThroughout the process, PassTo keeps you informed and updated on the status of your transaction. You can conveniently track the progress of your transfer within the app itself or receive push notifications, ensuring that you are always aware of where the money is going and how long it is expected to take to reach its destination.Step 8: Money Delivered to the RecipientOnce PassTo processes the transfer, the money will be delivered to the recipient's bank account in India. The time it takes for the funds to reach the recipient may vary, but PassTo strives to offer quick and reliable transfers. It often can be delivered in as little as a few minutes!Sending money from GBP to INR can be a hassle-free experience with PassTo. By following the steps outlined above, you can take advantage of PassTo's user-friendly platform and robust services to securely transfer funds to India. With PassTo, you can ensure that your money reaches your loved ones in India conveniently and efficiently.
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