July 11, 2016: Concerns over access to money overseas are causing many holidaymakers to stockpile far more foreign currency than they need.  The trip to the local post office or bank to ‘stock up’ ahead of departure is a tradition which could be costing many of us money in wasted fees whilst making us serious targets for theft.

According to research undertaken on behalf of global money transfer firm Xpress Money, the average British tourist takes up to 40% more cash with them than they intend to spend.

Many tourists still rely on cash for a large proportion of their transactions when overseas and are concerned about access to money during their trip.  This is despite the growing popularity of money transfer services and mobile banking.

“In the past decade, technology has transformed the way we manage our finances. However, when it comes to holidays, many people take a squirrel like approach, travelling with huge sums.” said Sudhesh Giriyan, COO of Xpress Money. “While carrying cash is often a convenient option, carrying large amounts of money around can make you vulnerable to theft or loss.”

In a separate study, over 82% of travellers admitted to buying items at the airport for the sole purpose of using up foreign currency and 78% claimed to have foreign currency that had been sitting at home for more than 12 months.

“Taking unnecessary cash with you abroad can also leave you short-changed,” Giriyan added. “Travelers pay commission when buying foreign currency at the start of their trip and then end up paying again to convert it back into Sterling when they get home.  By using the technology that’s available and planning ahead, you can get more from your money.”

Xpress Money has developed their top five tips for looking after your money when travelling overseas this summer:

1. Keep your cash and valuables secure – lock your valuables in the safety deposit box in your hotel room and only carry as much cash as you need for that day when leaving the hotel.
2. Carry cash and cards separately – if you are carrying a large amount of cash with you, don’t keep it all in the same place, and keep your cards in a separate pocket to reduce risk of theft or loss.
3. Stay safe at the beach – use a waterproof money pouch with a lanyard strap or money belt to keep your cash safe while swimming at the beach.
4. Use money transfer apps – using money transfer apps such as XOPO to manage your finances can reduce your reliance on cash.
5. Be discreet – if you keep your valuables in a money belt, take care when removing your cash to avoid advertising the fact to everyone around you. Keep small amounts of notes or coins in a secure pocket so you don’t need to access your money belt for every purchase.

The post Rise of holiday cash mule appeared first on International Finance.

June 14, 2016: Blackburn is the money transfer capital of the UK, according to data from global money transfer experts Xpress Money. The company analysed transactions from thousands of UK customers over one month in 2016. Over double the amount of money was transferred from Blackburn as from Birmingham (number 2) in the same period. From an inbound perspective Southall tops the list of receiving destinations.

From sending money to extended family through to scheduled bill payments and pension transfers, the UK is now a huge market in a global industry worth an estimated £400 billion annually.

The busiest transfer corridors were also identified with Pakistan being the most popular destination for outgoing transfers followed by Nigeria and India. The highest volume of inbound transfers comes from the United Arab Emirates which currently homes an estimated250,000 Britons living and working in the country. The main localities where British nationals are based are Dubai, Abu Dhabi and Sharjah.

Sudhesh Giriyan, Chief Operating Officer at Xpress Money said, “The UK has a vibrant and varied population and is arguably, one of the most connected countries on the globe. For this reason, we are seeing a huge growth in this market and our UK customers are the first to adopt new mobile and transfer technologies.”

Data from Xpress Money shows that Mondays are by far the most popular day of the week for transferring funds abroad, dropping down to Sundays, when fewer than 3% of total transactions take place. September is the most popular month for money transfers from the UK, followed by July and June.

Last month, Xpress Money launched a new money transfer service which is currently exclusive to the UK. The XOPO app allows users to send money to a possible 160 destination countries by selecting contacts from popular social networks such as Facebook and Twitter. Those abroad can use this service to send a request for money back to friends and family in the UK. The sender does not need to input the beneficiary’s bank details as these are stored away from social channels in a secure network.

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April 18, 2016: There could be a hidden cost of travel abroad – and it’s not what many of us would expect.  According to research from Xpress Money Services, up to £390million in unchanged foreign currencies remains tucked in jars and drawers around the country, over 12 months after returning home.

Amongst those who have travelled abroad, the average UK home contains up to five different forms of currency with the average amount per household sitting at around £47.  High exchange rates and the perceived hassle of getting out to a bank or Post Office are the most common reasons given for holding onto cash.

About 78% of those with foreign currency say that it has been sitting there for longer than 12 months with almost 10% believing that they still had notes and coins from over five years ago.

Over 82% of those polled admit to buying items at the airport for the sole purpose of using up foreign currency.

Sudhesh Giriyan, Chief Operating Officer at Xpress Money said, “In order to use up holiday cash, many people we spoke to tend to spend on products they don’t really want, or they simply leave the foreign currency to sit at home, becoming anything but current. In the past, we’ve been lumbered with large amounts in foreign currencies that we don’t need because we can’t be bothered to go and get it exchanged.  It seems that people will do almost anything to avoid the hassle of dealing with currency exchange.  The fact is, it’s no longer necessary to travel with these huge sums as getting the right amount of cash, when and where you want it is easier than ever.”

This month, Xpress Money launched a new money transfer service which is currently exclusive to the UK.  The XOPO app allows users to send money to a possible 160 destination countries by selecting contacts from popular social networks such as Facebook and Twitter.  Those abroad can use this service to send a request for money back to friends and family in the UK.  The sender does not need to input the benficiary’s bank details as these are stored away from social channels in a secure network.

Sudhesh Giriyan added: “Additionally, any left over currency can be sent using an Xpress Money service which can be collected in Pounds once a traveler is back in the UK. Eg: If a customer is visiting Dubai and has local currency left at the end of his trip, he/she can visit an Xpress Money location and remit that money back to the UK and collect it Pounds once he/she is back. This will definitely reduce the wastage of foreign reserves that tends to lie around somewhere after every vacation”.

According to the Office of National Statistics, UK residents make around 48,337,000 trips abroad a year by air travel alone, spending a total of £30,509,000,000 overseas. The average individual spends around £631 per trip and will stay abroad for ten nights per trip.

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April 6, 2016: A new app has given a fresh meaning to the idea of posting “rich content” online by allowing users to transfer money using social channels.  Where “rich content” once meant images or video, the XOPO app enables users to send money directly to friends and family on popular social networks.

The service is available for Android and iOS devices for use across multiple channels including Twitter, Facebook, WhatsApp and Wechat as well as traditional text messages.

The UK is the first market in the world from which users can send money internationally, across popular social networks.  As a launch offer, currently there is no charge on money transfers of up to £3,000.  From 16^th April, a starting fee of £0.95 will be introduced which will vary depending on the destination, corridor, method and transfer size.

Users can also send digital content – photos, emoticons, videos, messages, along with the money transfer — making it perfect for any transfer type, particularly special occasions.

Social integration of money transfer will enable family and friends to transfer money to anyone from anywhere and at any time of the day, creating a global money transfer service that eclipses the versatility of banks.

Sudhesh Giriyan, Chief Operating Officer at Xpress Money said, “XOPO will transform the global money transfer market, making money transfer as straightforward as a status update or a tweet.  This is particularly valuable in those situations where you may need to send money to a friend or loved one at short notice or on the move.”

The service gives greater flexibility to the users – no longer does the sender need the receiver’s bank account details – they just need to be connected over a social channel of choice to transfer the funds. Additionally, the receiver can also directly send a request for money through the app to the sender.

XOPO does not send money using the Facebook network, it only allows you to pick a contact from Facebook or other social channels of your choice. The money transfer actually happens through Xpress Money’s secure payment channels using a tokenised link.  In short, there is no actual physical money being transferred on XOPO and there is no financial or personal information being shared on the system.

Giriyan added: “We understand that some consumers may have reservations about a financial service linked to social channels.  We’ve designed XOPO keeping in mind the security aspect.”

Within months, the XOPO service will expand to include other forms of value, such as international airtime transfers and domestic money transfers.

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