Is there a limit in how fast we will be able to transfer money?

February 23, 2017 no comments Posted in Currency & exchange rates

We will build all this article from a story, the story of Ashley and Bernardo. Ashley is living in the US, close to San Francisco, or what will become San Francisco. Bernado is living in Spain, somewhere next to Madrid and the weather is great.

Bernado needs to send money overseas to Ashley, and he needs her to receive it as fast as possible. If Ashley doesn’t receive the money she might starve.

1000 B.C.

At this time, Bernardo would have had no choice, trying to cross the ocean himself on a boat with the food or something to give to the indians in return. He might have fallen at the end of the world and we can be sure Ashley would never have received it.

1600

Now we know how to go by boat to Ashley, but Bernardo would not need to get on the boat to transfer the money. He would trust someone and in a hawala like movement, give the money to someone that would give it to Ashley. The money would need to be gold as cross currency between national currency at that time didn’t have great rates at all. You could lose up to 50%. The transfer would still needs 2 months minimum.

1800

A revolution was done, the telegram and Western Union was one of the first one to take advantage of it. Western union could wire an IOU within days !

2000

A bit better than telegram, but no revolution out of it, we are still trading IOU, and it still takes time

2009

Here comes the great revolution, thanks to internet of course, but not only. This revolution has a name : Blockchain. The blockchain actually allows people to transfer money online without trading an IOU and this is the real difference. Within 1 hour, the money from an account belongs to another account. The technology is still in it’s infancy but the promises are huge !

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What will be the currency 1000 years from now

February 5, 2017 no comments Posted in Currency & exchange rates

How can someone plan so far ahead? I’m already lost when we are talking about what the future will be like in 30 years. But currency is something that exist since a really long time, didn’t change so much and we can basically predict how it will become.

First thing first, what should look like the best currency, let’s have this ideological view about it before getting into this.

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What could be the best currency

The best currency in my opinion is a currency that is private, auditable, fast, cheap to transfer, light and allows you to pay anyone everywhere.

Private : I don’t want anybody to be able to know what I bought, it’s my privacy.

Auditable : I don’t want to hide what I’m buying from 2 entities. The tax responsible agency and the security agency.

Fast : I want to be able to transfer from anywhere to anywhere instantaneously

Cheap : Sending should be free, you don’t need to pay for a transfer, neither when you exchange the currency against another, or a really small amount.

Light : Gold is a good example of something that is not easy to carry.

Allows you to pay anyone anywhere : If nobody accepts this currency, I don’t want it.

This triggers a new question, can we automatically exchange the currency when you pay? Can you force someone to accept this money? Can we create a wallet where you can store an exchange most currencies?

Cultural currency

This is a new concept I wanted to think about, and I think about it while I’m typing so let’s figure out if this can work. Hum… A cultural currency could be distributed to every citizen for free every week and you can either use it or lose it. It allows you to buy art, visit museum and attends many cultural events.

Time currency

If we work to have be able to afford free time, then a time currency would be that when you work you earn enough money to enjoy. “You just earned 4 hours of free time today sir”; Great, let’s do something fun with it, or exchange it at some great or best exchange rate while transferring through a website that can compare, choose and transfer. Or any idea like this.

 

What is the currency of tomorrow?

January 21, 2017 no comments Posted in Best exchange rates

10 000 years ago, humans used to trade goods, then they started to trade with shells, then gold and in the meantime a lot of different currencies. Our currency is still in it’s infancy and will improve a lot before being perfect. For example cash is something highly unpractical, we can see it in Venezuela or Zimbabwe, but most of all, it’s not easy to trade, it’s easy to fake and it has no intrinsic value, it’s just an IOU from a government. What you have on your bank account is no better, it’s still IOU, it’s expensive to move, it’s not easy to pay with, for example last time I send money to a friend, I spent 20 minutes online asking him his bank account information and entering them into my bank website. Then I had to wait for the bank to validate the account and then make my 10€ transfer. Crazy.

 

Local vs Global currencies

I’m a fervent defender of Global currency, for a simple reason, this is what we miss the most at the moment and this is the hardest thing to create. We already have local currencies in many places of the world, and in Switzerland you can already exchange your swiss franc at great rates against a lot of other local currencies. Though global currencies, there is just the dollar and the gold that we can consider at this moment. And I still can’t pay in 99% of the places in Spain in dollar. But this time is over and we will start seeing worldwide currencies blossom everywhere. It will make money transfer cheaper, safer and faster.

What happens if humans don’t work anymore

If humans don’t work anymore, how will we earn money, and what should be this money? The concept of base revenue is coming from many places those last years and we hear a lot of good. Will it be communist? No this is not the point, but we might have a revenue to use wherever we would like.

 

Time currency

If you never saw this movie called “time out”, go online and watch it asap, this is about a world where people are not buying with a token based on nothing but based on time. And if you don’t have time anymore, you die. I really like this movie and it triggers many questions about exchange rate and money transfer.

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Local worldwide currencies, is it possible?

January 2, 2017 no comments Posted in Best exchange rates

Did you see what I just did? I am playing with words, local and worldwide are not strictly opposed, or maybe they are in our context, but not in the concept. Local is opposed to global and a local global currency is harder to get. But Local worldwide currencies could be totally justified and let me tell you why. But first, let’s remind you why we need local currencies. A local currency helps a local system to blossom, everything sold in this local ecosystem gives you a token that you can only use in this ecosystem.

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Local currency to a planet

If the human race goes to other planets, or if we start some negoce with other races, then a local currency will be useful. In this definition we are talking about a local worldwide currency. The problem though, would be to prevent this currency to be exchanged too easily with another external currency to force people to spend it where the currency was earned. At the moment, it’s something well known on planet Earth, China or India understood it and will not help you to transfer money out of the country. In China you are limited to a specific amount and if you are a company it’s also really hard to get the money out of there. Blockchain based token and hawala have been a pretty famous way to send money out of the country at this moment.

Local currency to a galaxy

Local currency to a city, local currency to a region, local currency to a country, local currency to a planet, local currency to a solar system, why not do a local currency for an entire galaxy? You could still have a more global system which we can call the universe and maybe higher system we are not sure about at the moment. Still currency exchange, and money transfers would be needed.

Something is sure, it would not be about sending money overseas and more about sending money over space!

How to get the best exchange rates?

December 6, 2016 no comments Posted in Best exchange rates

Hidden fees, commissions, ATM fees, credit card payment extra charges are some of tricky terms uses the different operator to make cash on each international money transfer. But with a bit of knowledge about how this world works, you can quickly find right solutions and enjoy the best exchange rates to transfer your money !

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  1. Check the exchange rate as often as you can

as exchange rate are fluctuating all the time, keeping an eye on it can’t be a bad idea. If you are always transferring money from one currency to another, the best way to keep you update is to instal an app on your smartphone and check the rate from time to time ! Stay informed of the news are also a good way to predict a fluctuation in the exchange rate. For example last year, the National bank in Switzerland decided to stop keeping the euro / swiss franc balance and the reaction on the market when crazy to go from 1€ = 1,20 CHF to 1€ = 1CHF. In a matter of days, people working in Switzerland and living in the borderline in France, Italy and Germany got a 20% salary increase. When something like this happens, trust me you want to be the best inform as you can about exchange rate !!

  1. Use a comparison platform

If you want to get the best exchange rate is probably to send your money abroad at the best condition. Using a comparison tool will allow you to have the best option to send your money abroad (What you need to know about money transfer services).  One is for me the best comparison tool on the market as you can both check exchange rates and make money transfer at the same place. Just google it you will find.

The last piece of advice I can give you is to be curious and try new ways of researching. New online banks, brokers, transfer money start-ups, a lot of entrepreneurs are working to offer you the best service and on the more transparent way so keep updates !

3 things you don’t want to hear about the best currency exchange rates

November 28, 2016 no comments Posted in Best exchange rates

It’s not easy to get the best currency exchange rates when you buy foreign currencies. Here are 3 things you don’t want to hear about the best currency exchange rates because you will fail each time

Your bank is robbing you

Do you think you always get the best currency exchange rates when you send money abroad thanks to your bank? Well, let me tell you you don’t. I’m sorry, but someone has to make you know.

Your bank always apply a slower currency exchange rate than the real one. If you check at the XE exchange rate compared to the one your bank proposed you, you will be very upset. You will realize your bank is robbing you.

For example, is you send $1’000 to France, you will receive €1’089 using your bank. If you check XE, it tells you the exchange is $1 = €1,14.

Your bank applies hidden fees to your money transfers in the exchange rate, so you can’t see them.

You think you can’t escape but you can, using a money transfer comparison service.

You can’t predict the future exchange rate

No one can. So don’t be mad at yourself. Even brokers can’t.

If some people are doing speculation with the exchange rates, according to external factors like economy, politic, etc, the risk to loose money at the end is very high. It’s like playing poker and go all-in with a 2 and a 7.

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You can’t get the best currency exchange rate

Whatever you do, you will never get the best currency exchange rate. Except if you change the way to send money abroad.

Thanks to a 100% transparent money transfer comparison tool, you will learn you can have the best prices.

You will always pay for doing a money transfer, but you can try to get the best conditions according to your own needs : the cheapest, the easiest or the fastest.

Most of the time, people are looking for the cheapest, because as me, you don’t want to give free money to your bank, and you are right. So check the Moneytis website and enjoy your future savings, even if you can’t control the exchange rates.

Who needs the best exchange rates?

November 21, 2016 no comments Posted in Best exchange rates

When it comes to the best exchange rates, life can be a dushbag. Who wants to find the best prices when sending abroad? Easy and hard to tell at the same time, but here is a guide for a better understanding of the exchange rates market.

 

The best exchange rates for expats

Expatriates means that you live and work abroad during a long period (usually at least 2 to 3 years, it can be longer).

Expatriates have to send money back home on a regular basis for several reasons : send money to their family, send money to save each month, or refund any credit.

For these several reasons, they will look for the best exchange rates to get the most out of their money. Yes, you don’ want to send money back home at a bad price, right? Well, me neither.

For that, they will have a lot of choices : bank, classical money transfer service or new online money transfer operator. There are so many actors that they will go to the easiest. It means bank. And they will pay a lot of exchange rate fees.

 

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The best exchange rates for migrants

Migrants have a different experience with the exchange rate. They are not really online, and prefer to use the old fashion way to send money abroad like Western Union or Moneygram services.

The point is that those money transfer services apply a very expensive exchange rate compared to the mid-market one.

The difference can be very important. But migrants does not get informed a lot. They are not well-connected and does not know at all that they pay a lot of fees.

Because those services are used to say that money transfers are free. Maybe they are because you have no flat fees. But the hidden fees are huge. So huge you can not imagine.

The best exchange rates for students abroad

Students abroad are the most connected people. Generation Z, welcome. The thing is most of the time, they don’ wire money themselves. Their parents does. And here is the point : if students are able to find the best exchange rates according to the way they know how to use online services and how they are open-minded, they finally won’t.

At the end, everyone needs and wants to get the best exchange rates when sending money. Of course, who would not want a cheaper money transfer?

But it looks like it is difficult to finally benefit of the best prices. Information & education will help you with that.

 

Why even football players should care about the best exchange rates ?

November 12, 2016 no comments Posted in Best exchange rates

Like most people professional football players, who no need to precise win millions per year, don’t care about the best exchange rates. Well this too bad as it could saved them tens if not hundred of thousand of euros per year !

Why does anyone care about the best exchange rates ?

Rough, sad and true answer: best exchange rates are like a fat and ugly boy or girl, most people don’t care about them ! Why ? Because they are not sexy whereas everything in our society pushes us to only focus on what is sexy and/or short and simple to understand in 2 seconds.

Well best exchange rates are not sexy at all ! First,they move every day. Second, not only should you know what is the historical balance between 2 currencies to understand if you are facing best exchange rates for you or not. You should also be aware if any major political, economical, societal change is going to occur soon which can have a very positive or negative impact on the best exchange rate for you! Well, no wonder why most people and especially footballers who drop out of school very early don’t care about them! It seems to be too complicated even though it could make them save a lot of money!

How make best exchange rates sexy again ?

It seems the only way to make footballers focus on the best exchange rates is to make them sexy and/or easy to understand. I think we ought to go for the sexy part when it comes to footballers 🙂

After some research, I found out a sexy tool called Neomy created by the company Moneytis.

This tool enables you to be alerted by Facebook/Messenger when the best exchange rates occur. Plus, you get alerted by Neomy who might even be sexy enough for football players! If you think about Zlatan Ibrahimovic transferring part of his euros into pounds, imagine how much he could have saved by doing so at the best moments without even having to think about it? I would say at least a couple hundred thousand euros in his case ! Therefore, footballers should care about the best exchange rates to maximize the value of their transfers. The good news is that they now have the perfect free assistant to do so !

 

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Football players should also use XE, but it is not enough!

What if Trump made the euro great again ?

October 25, 2016 no comments Posted in Best exchange rates

As you may know, currencies fluctuate based on many parameters. Well the election of Donald Trump might bring the best euro exchange rates of all time !

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Trump and the best euro exchange rates

He said he would make America strong again. He said he would close the access to America to Muslims and make it even harder for others to immigrate to the country of uncle Sam. Well this might bring the best euro exchange rates of all time.

If not only people but also investments come less and less to America, there is a big chance that they will be redirected to the biggest market in the World: the European Union. As a consequence, euro will face the best euro exchange rates it might have never faced against dollars. Then, we Europeans might come less to America but at least we will come with more purchasing power! I think I will have to buy one of these silly Trump T-shirts or hands people wave all other the place during the elections to thank him for improving our buying power when coming to the US.

What will the best euro exchange rates enable me to do easier in the US?

Last time I went to the US, 1€ was worth 1.10 USD…which is far from the 1€ = 1.50 USD people had in 2008. Therefore, if Trump enables us to reach the best euro exchange rates of all time, this will enable to less worry about the price of a beer or of each tip you have to give! Think about it, 15 to 20% of each of your meal has to be a tip. Well if the euro increase by 20 or 30% against the dollar, this will make a huge difference on all my lunch and dinner bills 🙂

If like me you would like to follow the evolution of the exchange rates to know when is the good moment to come to America, feel free to check out the following tool I use: https://www.moneytis.com/best-exchange-rates.

With this I am sure to systematically make the best out of my euros.