MONEY
TRANSFERRING ONLINE
Banks and Wires elizabeth machuca
ENTERING A CROWDED BANK, filling out a lengthy form, and waiting for four working days before the money reaches its destination; it is a frustratingly familiar process.
International money transfers continue to be an inconvenience for many people around the globe and, with a nomadic lifestyle; they are almost impossible to avoid. Large banks around the globe like HSBC and Citibank do
have their own internal wiring services but they have some very apparent failings.
According to HSBC customer Dana Sklack:“ I had to transfer money from HSBC in the USA to my account in Britain and it did not go through. I called them and I had to stay on the line for 30 minutes. I was even charged for the call.” Fortunately, the Internet provides a solution for those who need to wire money. There are now over 50 online companies around the world that offer wiring services for the cost-effective, fast and easy transfer of money.
TransferWise is one of the competitors in the online wiring market. The procedure for online transferring is simple: specify the amount, choose the currency and enter the details of both the sender and recipient.
There are two downsides however. It charges £ 1 for transactions of less than £ 200 and 0.5 percent for larger amounts. Also, the online wiring service only handles eight currencies.
Plenty of other options exist in the Internet’ s wiring market such as Western Union’ s online service. However, it has its shortcomings. One being the fluctuation of the currency exchange rate, and the other, its varied fees( determined by the country of destination). For instance: transferring £ 250 from the UK to Algeria will incur an extra cost of £ 20.
Xoom Corporation represents an alternative option, especially for those in the need of transferring remittances, a common practice in USA. Transactions within USA and the UK take under an hour and the operation is conducted through Barclays Bank, with a cost of $ 5 for up to $ 2,999. A further advantage of this system is that the customer is able to track the operation.
Options are at hand, making it possible for the individual to pick according to their needs and requirements. With so many convenient choices available, there is no longer any need to wait in line to send or receive money.
// Elizabeth Machuca
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THE COST OF LIVING IN CITIES
Weekly expenses
RENT
FOOD
TRANSPORT
BUENOS AIRES
£ 81
£ 50
£ 3
£ 134
STOCKHOLM
£ 210
£ 120
£ 50
£ 380
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KARACHI
£ 120 £ 40 £ 3
£ 163
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KUALA LUMPUR
£ 62
£ 131
£ 32
£ 225
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From Buenos Aires to Kiev, the amount of money required to live in different cities in the world varies wildly. When living and travelling abroad, having an idea of these costs is essential.
In London, for example, many would agree that it is possible to live on approximately £ 250 per week, around US $ 388.90. Each week the average Londoner will spend roughly £ 180 on rent, £ 50 on food, and £ 20 on transport.
It is often difficult to estimate the exact costs of living in a city without knowing its residents, so we asked nomads around the world to share their lists of expenses with us.
// Elizabeth Machuca
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