“We’ve been able to lay out a set of alternatives for our customers who don’t want to lose money by completing currency transfers through their banks”, he says, adding that the savings achievable by using The Money Cloud over a high street bank can be anything between 3-5%. “There’s nobody who can claim to have relationships with their financial partners that go back 7 or 8 years, as we can the project has been 10 years in the making, and that's something we are both proud of", Emmanuel told me. #Cloud money transfer free#The service is free to use and allows customers to compare the rates of a carefully curated database of payment companies, with FX brokers to the fore. According to the Bank for International Settlements, deliverable foreign exchange is in the region of $177 trillion per annum.Įmmanuel and Huw eventually settled on the name “The Money Cloud”. Foreign Exchange is by volume the largest market in the world. They decided to launch an independent site to help meet new demand brought by clients who were looking to buy or sell houses abroad, pay tuition fees, or move to a different country who wanted to lock in a particular rate by completing a forward transaction, or simply find a cheaper alternative to their bank, who levy a charge for each transaction, without providing rates as favourable as those offered by currency brokers, who tend to buy currencies in bulk and therefore offer better rates. Originally set up as a service to help advise migrant workers on the best and most cost efficient way to send money home to their families, the partners realised that operating within the structure of a government department would ultimately restrict the range of services they would be able to offer. They launched their first money transfer comparison website in conjunction with the UK government a decade ago in 2004, meeting with governments and businesses all over the world to try to provide as effective a service as they could, including the World Bank, Department for International Development, the Commonwealth Secretariat and governments and diplomatic missions from Africa and Asia. Today, Emmanuel tells me, more than $583 billion is sent abroad each year, with over $70 billion being sent to India alone.Įmmanuel and Huw decided that they wanted to take their research further and take advantage of what they saw as a clear gap in the market. They found that although people generally sent smaller sums, the size of the market was huge, with $144 billion being sent by diaspora based all over the world. Thank you for reading.It was how he met business partner Huw Jenkins in 2004 the duo were asked by the UK government to carry out research into the state of the international remittance market, with the aim of encouraging competition amongst service providers in order to reduce costs and to try to gauge how much money was being sent abroad by UK citizens. We hope this short guide was helpful, and please let us know in the comments below if you have questions. If you like the idea of not paying for storage, you can also check out our article on the best free cloud storage. If you’d like to know more about pCloud itself, give it a spin using its free plan. If you want a quick file transfer without the hassle of signing up, it’s definitely the way to go. It’s completely free and fast as greased lightning, while also offering high-level file encryption. PCloud Transfer is a simple and easy-to-use application. #Cloud money transfer password#The recipient receives the files and can download them using the password.Either select “click here to add files” or drag and drop them into the box.For extra security, click “encrypt your files”.If you want, add a message to send to the recipient.Enter your own email address into the “from” box.
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