Expat annual forex remittances: $600 billion

Expat annual forex remittances: $600 billion

Foreign exchange transfers is big business. Roughly 250 million expats and migrants sent more than US$600 billion in remittances across the world last year according to the World Bank.

In the United Kingdom alone, the export-earnings of small to medium sized businesses generated an extraordinary AU$6.4 billion in currency exchange fees last year.

With these numbers, it is surprising that retail fees and exchange rates charged by the banks and foreign currency transfer houses are not more competitive.

Even seemingly small exchange-rate differences can add up quickly alongside often steep fees and hidden charges.

Especially hard hit are digital online businesses.

Don't look to the big banks and traditional currency exchange houses to lead the way on providing better rates of fees. After all, this is a critical component of their income.

However, alternatives are emerging. And one the very latest entry in the currency transfer business is Flash Payments, a cutting edge FinTech start up based in Sydney Australia.

Unlike the traditional currency converters and the big banks, Flash Payments is different from the ground up. It delivers exceptional transparency and transaction control to its customers.

Flash Payments enables customers to track their currency transfer like a package from start to finish. Also, customers can look at past exchange rates and choose the conversion rate they'd like. Users can even automate their international money transfer.

Learn more about Flash Payments and register to to benefit from their cutting edge technology, great rates and transparency.