Best Practice For Making International Money Transfers

Do you want to know how make a money transfer abroad cheap and secure? There are things to be aware of when making an international money transfer. They are:

• Exchange Rates

Every dollar that you send generates a certain amount of foreign currency. That is known as the exchange rate. It varies daily or at times several times a day according to changes in the international money market. That’s because money transfer companies change it to create profits when you are transfer money abroad.

• Fees

Fees are the amount of money that these services that move money abroad charge. They vary it depending on how much money you are sending, how urgent you want it delivered and whether you are using online means or walk in- agents.

• Total Cost

Total cost is the total amount of money that you will spend including the amount to be sent and the service fees.

• Total Currency to Be Delivered

Total money to be delivered is calculated by multiplying the number of dollars that you are sending with the exchange rate.

How To Cut Costs When You Want To Transfer Money Abroad.

• Compare Transaction Costs

You should shop around for better deals even if you are dealing with the same service provider. That because some services charge more fees when you are transferring money online as compared to when you deal with their walk in agents. For example, Viamericas exchange rates. You can read more on saving money on this article here. > Beat The Banks Like Natwest, Lloyds, Barclays, Hsbc, Nationwide

• Time

You should avoid paying extra to have your cash transferred abroad if you can wait. You should also avoid sending small amounts too often as its costly when you accumulate the charges. Send large amounts at once if its possible.

• Automatic Transfers

Another thing you should avoid is monthly or annual transfers. That’s because they may occur when the exchange rates are not favorable.

• Special Offers

Companies such as Wells Fargo have special deals for customers who meet their minimum account rules. You should look out for such offers.
Security of Your Money

You should ensure that your money has safely arrived and in its exact amount. That’s by providing correct sending details and also checking your receipt. If anything goes wrong, get in touch with the money transfer service or the industry regulator.

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The Myths Of Web Services in Business Use

It’s clear that Web services have entered the mainstream. Indeed, many financial services companies have recently made public their enterprise commitment to Web services technology, include Merrill Lynch, JP Morgan, Wells Fargo and VISA International. However, there are still many misunderstandings about how Web services add business value and the state of readiness of the technology for business-critical deployment. There’s clearly a need to clarify what Web services can accomplish and to dispel some misconceptions about the readiness of the technology. This article will try and dispel five common myths about Web services.

Myth One: Web services standards are immature or incomplete

xmlThe power of Web services lies in the standards that underpin the technology, and the unprecedented level of support these standards enjoy. Based on widely-adopted industry protocols such as eXtensible Markup Language (XML), Simple Object Access Protocol (SOAP), Web Services Description Language (WSDL), and Universal Description, Discovery and Integration (UDDI), Web services can easily integrate wildly-different applications, written in different programming languages and running on different operating systems and hardware, while using universally-available Internet protocols like Hypertext Transfer Protocol (HTTP).

SOAP is reminiscent of previous message-passing protocols that didn’t quite deliver – the Common Object Request Broker Architecture (CORBA) is an example. SOAP can be used to build connections between applications, which can then be described using WSDL, which provides all the information necessary to connect to the service. UDDI is where Web services can be registered and subsequently discovered and reused.

Taken together, these three standards define how to build, deploy and discover Web services. All three have been revised and improved under the auspices of well-respected standards bodies such as the World Wide Web Consortium (W3C) and Organization for the Advancement of Structured Information Standards (OASIS). At the last count the Burton Group, an IT research and analysis firm, catalogued over 35 Java implementations of SOAP and WSDL. Few would disagree: these standards are mature and complete. But what about other standards?

Within the past year, several additional standards have emerged that make Web services an even more powerful integration technology for the financial services community. For example, the WS-I (Web Services Interoperability) Basic Profile specification has ensured that all Web services work well together, which allows financial services companies to integrate disparate systems effectively. In addition, Web Services Security (WS-Security), another industry standard, has helped promote message-level security of Web services.

As simple as it is to create Web services today, there is widespread interest in supporting financial business projects that go beyond simple and relatively synchronous applications. To solve more complex integration problems, we need extensions to SOAP messages that guarantee message delivery, eliminate message duplication, and provide for message ordering. We need Web services that converse in a loosely coupled and asynchronous manner.

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