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Sending money overseas – what you need to know

transfer-moneyMany people live in one country but take a job in another country. International money transfers allow these folks to send money to loved ones back home as well as make overseas payments. You can make an international money transfer either through a bank or a wire transfer company.

Like other financial transactions, sending money overseas will cost you a bit extra in fees. Use the financial tools available to help you compare money transfer providers at MoneySupermarket.

  • The International Money Transfer Process

Bank wire transfers are commonly used to electronically move funds from one bank account to another. This process is pretty simple once you have all of the required information.

All wire transfers involve a sending party and a receiving party. The sending party is required to have the recipient’s bank name and address, the receiving party’s bank account number and either an International Bank Account Number (IBAN) or a Bank Identifier Code (BIC) to get the funds to the correct receiving party.

Once you give the sending bank all of this information, it will send a message to the receiving facility using the Society for Worldwide Interbank Financial Telecommunication (SWIFT) telling them to release the transferred funds to the receiving party.

Bear in mind that although international money transfers are fast, the funds typically don’t appear in the recipient’s bank account instantaneously. It can take several hours or several days for the process to be completed.

However, once your overseas payment arrives in the receiving account as “cleared funds,” the receiving party has immediate access to the transferred money. The receiving party has to confirm that they received the bank wire transfer.

  • Online International Money Transfers

Some wire transfer companies offer the convenient option of sending the transfer online. In order to use an online service, you will need to sign up for an account with the company. Once you have established an account, you will be able to send money internationally.

Keep in mind that the receiving party will still have to go into the receiving facility and pick up the money in person. In addition, the amount of money you can transfer online is limited by law to help prevent fraud and money laundering schemes.

  • Fees

Banks and money transfer companies have the legal right to charge a fee for their services. The amount of the service fee varies according to the facility. Banks usually collect payment for the transfer service from both the sending party and the receiving party.

The sending facility usually collects a fee separate from the funds that are being transferred, while the receiving facility deducts their fees from the funds being transferred. This means that the receiving party will receive a lower amount than what the sending party actually transferred.

  • International Wire Transfer Tips

Before calling your bank to start the wire transfer process, be sure that you receive wire transfer instructions from the bank that will be receiving the funds. Contact the receiving bank’s account manager or the person who handles any wire transfers and tell this person how much you plan to transfer and into which account.

Important things to consider before investing in precious metals

investmentWhen you are trading on precious metals for cash, there are many things to keep in mind so that you don’t end up making a big mistake and risk your money. In the recent years, gold investment has been a front-of-mind strategy to protect your wealth from an unstable economic market. You can invest your money on precious metals based on your experience, understanding, and desire for how you want to see your wealth getting diversified. There are many precious metals to be considered like bars, coins, or other assets, such as gold backed by IRA.

  • Methods of Investing – Coins or Bars

If you are thinking of buying precious metals, there is one common question that will always come into your mind : “Do I buy gold bars?”

You can possibly purchase bars, which are called bullion. You can also purchase precious metals in the form of national coins, presenting a better means of conveyance. It is very easy to distribute coins among different family members. This not offers security to the family but also to the precious coins. Moreover, national coins can be exchanged globally. It is easily recognized at any precious metal outlet around the world. Trading with bars is not that easy as they will be first valued for their content. Trading with gold bar is a lot time consuming and it is almost like an “all or nothing” proposition.

Furthermore, coins can be easily put in a house or in bank lockers. People investing in precious metals are most of the time worried about its storage before holding the commodity in hand. Not to forget, you are also concerned about how to conceal it. You don’t want to disclose about your holdings to anyone when you are thinking of keeping it in your home. It is wise to avoid the temptation in challenging times.

  • Rolling over the 401K

One preferred way when you are investing in gold is to rollover the 401K plan to a gold backed IRA. This gives a chance of what to do with the funds after you have left from job. It will give more control over choice of investment while still deferring taxes. When you are rolling over from one trustee to the other trustee, it will avoid any of the taxes and penalties that may apply.

When you invest gold through IRA, it is more secure. Only approved gold bullion may be purchased. It is a good idea to consult with an investment advisor and have all questions answered upfront.

More about investing:  http://investor.gov/

Financial advice for students in UK

A large number of students in UK get into huge amount of debt after their graduation. According to the latest research done by Natwest Bank, students get into debt of almost £15,000 by the time they complete their graduation. Many students get overwhelmed due to this and are forced to declare bankruptcy.

According to the government statistics, when a student gets a degree, he adds £400,000 to his income during his working career. So it is worth borrowing this substantial amount during the time a student is completing his education.

Experts recommend the following tips and advice to students on how to save money when they are going through those first few difficult years and debt problems spiral out of their control.

Shopping around : There are many universities that offer courses with student tuition fees at less than £3000 annual rate. Shop around with different universities and see which one is offering a better deal. Few will offer discounted tuition fees or cash back refunds if the tuition fees are paid in advance.

Study locally : Many students undergo their studies in their local area and live with their parents in order to save money. Though it has its own set of advantages, but the problem is that a student misses out his infamous student life. Its been noticed that students living with their parents often do not participate in the social activities. Think carefully before you make this decision.

Doing a part time job : Many students do part time jobs while pursuing their education so that they can finance it. On an average, a student works for 14 hours in a week and they feel that it helps them a lot with their future career. Avoid those jobs in which you are required to work late or irregular hours.

Borrow as per your requirements : When you are at university, it is important that you do not spend recklessly. Student debts cannot be included in bankruptcy because of government legislation. Banks are offering student loans like never before for their own benefit. If you spend sensibly, you can top up your Student Loan Company money with a discount overdraft or bank loan.

Getting free financial advice : If things go out of control, you should always speak with a counselor at the Citizens Advice for free debt advice. Your local NUS branch can also be a good help.

Keep in mind that missing a payment on your student loans will not affect your credit scores, but if you fail to pay back your loan to the bank or credit card company, it will seriously affect your credit history and your ability to borrow money in the future.

24Option trading platform

Trading becomes much easier on the 24Option trading platform. Experienced and novice investors are able to trade quite easily on this platform. Those who are not familiar with the terms used in trading binary options can go through the glossary. It has the meanings of all the terms used in the Trading industry.

You will find a lot of educational material on the website. It is easy to open an account and the pricing structure is also very transparent. It also offers free bonuses and as a result many traders are depositing their funds here.

24Option has a robust customer service. You can easily communicate with the representatives on the phone, email or live chat. Account holders also get a dedicated account officer who is available at any point of time.

24option has three types of binary options trading instruments. They are as follows :

High/Low binary options : These binary options are written with target rates based on prevailing market rates. Their result depends where the underlying rate is relative to the target rate at the time of the expiration.

Touch and No Touch : They are characterized by a price or touch rate. The outcome is dependent on the price in the market whether it reaches or fails the touch rate before the option’s expiration.

In and Out : Binary options have an upper and lower target price that form a boundary range. The outcome is dependent on whether the market price is at the option’s expiration compared to the boundary range.

Secrets of online forex bonuses

The popularity of online forex trading is increasing day by day as more and more people have starting working from the comforts of their home. Forex brokers are always looking for new forex traders and attracting them with amazing offers and rewards. On the other other hand, forex traders are searching for a broker who is worth trying and which bonuses sounds the best.

Once you have found a forex broker, you should now check out for broker promotions. There are many brokers who offer “First Deposit Bonus” or a welcome bonus. They come in the form of percentage matches on deposits. You get free bonus once you fund your online account. You earn more bonus when you deposit more money into your account. For example, if you deposit $100 in your account, and if the forex broker is giving 50% bonus, you earn $50 bonus. Your account will instantly have $150.

There is always an ongoing competition between forex traders and forex brokers and the popularity is increasing every day. Forex brokers are becoming creative and generous as they are trying to attract new traders. This can be quite beneficial for the traders.

Before you start making money from trading, it is important to understand the bonus requirements. Nothing is easy and free in this world and there is always a trap somewhere or the other. So what is the trap with Online Forex Bonuses?

A forex trader must examine the rules and requirements of free bonuses on the website of the forex broker. They can be in the form of withdrawal restrictions. Once you have earned your bonus, you will have to trade for a certain amount before you will be able to withdraw your free bonus. Therefore, it is important to check bonus requirements before getting one.

Before depositing a single dollar, review the forex bonus deals and see which one is giving the maximum benefits and isn’t too demanding on bonus requirements.

Another way of getting online forex bonuses is to invite friends. Check with your forex broker if they have some schemes in which you earn some money if you invite friends and have them make a deposit. Refer a friend is not calculated in percentage. A fixed price is usually set and it can vary from $50 to $500, depending on the account type.

10 Ways to Save Some Money

Everyone can use a little extra money in the bank, but it seems that saving money is difficult due to high expenses. Despite the challenges, it is possible to save money with a few simple options.

Use Comparison Sites

Comparison sites make it easier to compare prices for insurances and other major expenses. Price comparison life insurance is particularly useful because it brings down the premium costs. Price comparison life insurance sites allow consumers to compare numerous websites within a few minutes.

Get a Part Time Job

Taking on a weekend job can easily put extra cash in the bank, even if it is only one or two days in the week.

Use Coupons

Coupons are available in a wide range of stores, including the classic grocery store coupons. Making use of coupons or coupons codes can reduce spending and put more money in the bank.

Buy Generic Products

The grocery store products or generic store brands are often much less expensive than the brand name options without changing the taste or cleaning affect.

Buy with Cash

Buying with cash helps curb impulsive spending by having only a set amount of money on hand. Take credit and debit cards out of the purse or wallet to prevent temptation.

Cook at Home

Not only is cooking at home less expensive than eating out, it is also much healthier because it is possible to avoid adding any extra oils or use preservatives.

Making a Shopping List

Before going shopping for groceries or other needs, making a list and then sticking to the items on the list will cut back on unnecessary extras. Before grocery shopping, eat a snack for the best results.

Work on Reducing Credit Card Debt

Credit cards are very high interest. Taking the time to get the debt as low as possible or eliminate it completely will result in more cash in the bank as well as less unnecessary spending. That 15 to 20 percent interest adds up quickly.

Borrow Books and DVDs from the Library

The library offers free books and DVDs for families to take home for a few days to a few weeks, depending on the particular library and the item. By checking out and borrowing these items, it is possible to avoid buying them and dramatically cut home entertainment costs.

Invest in a Filter

Instead of buying bottled water, which adds up quickly even with just one bottle a day, buying a filter will ultimately save a small fortune. A filter has a slightly higher initial cost, but allows several gallons of clean water before it needs changing.

Saving money is not as hard as it might seem. It just requires careful planning, comparison shopping and minimizing unnecessary costs.

Why It’s Time to do the Job You Want

business-finance
How many people are stuck in a dead end job they hate waking up to every morning? Life’s too short to regret how you spend your professional life and it has never been a better time to start your own business or begin the career you’ve always wanted.

The odds are you’ve thought about it on more than one occasion. You want to chuck it all and start that dream job, but are worried about what this would entail.

It’s a valid fear. With as many as half of all new businesses failing within the first year, people are unsure if they want to risk it or go through the hassle of financing.

The truth is that a depressed economy is the perfect time to start a brand new career or business, even if it means taking a pay cut. You’re a pioneer and banks and lenders are willing to support endeavors because they want to see you succeed as much as you do. If you’re a success, you will pay back the loans and make a profit for yourself. You can’t just go into a bank and ask for money, however. You need to have a plan in place.

The Business Plan

Your first step is to identify the kind of business you want to start and why it would be profitable. You don’t have to make more money than before, just be prepared for a loss in income.

Perhaps you want to sell a product, such as food or provide a service and you need to show how you are different from everyone else in your business niche.

For example, if you want to open a restaurant, you need to get specific. Will you serve Italian, Mexican or traditional American? How many other restaurants like that are in your area? If there is a surplus of similar restaurants, you are all competing for the same customer base.

You will need to explain why your restaurant will prosper. This may require a signature dish or marketing idea that the others don’t have.

Do some research to find out how much money it’s going to cost to get started. Do you have money to invest into the business yourself or do you need to look at other business finance options? Be as specific as possible and take into account renting a storefront, purchase of inventory and employees.

Once all this information has been collected, create a business plan and make an appointment with a lender. If your plan is sound, business finance should be easy.

If you think your new career will most likely lead to less money, make preparations for this early on. Create a budget that fits your expected income before making the leap. That way, you’ll learn to live with less money and have some savings for when you break away from your 9-5 day job.

You can also start slow by keeping your regular job and working a little at a time until you build up clientele. This is perfect for freelance careers, such as graphic design, writing and web design.

That dream job is within your grasp if you make a plan for it. Don’t let business finance keep you from breaking away and joining the independent pack.

Why it is time to clean up your finances

Now that the New Year has arrived, many people have decided to do something about the debt load they are carrying. Carrying debt on credit cards and owing money on financial loans is a common occurrence in our economy. It is easy to use credit cards to buy everyday essentials and luxury items. The problem comes when this debt is not immediately paid off.

Credit cards carry high interest rates and the longer the debt is left on the card, the more the cardholder is charged. Interest rate charges can really add up and potentially hundreds of dollars can be added onto the credit card bills every year. Fortunately, there are several things that can be done to bring the debt to a more manageable level.

Prioritize Your Debt

The most important thing is to start setting a realistic budget and take note of all expenditure during a month. How much money is coming in and how much is flowing out should be noted down and then used to plan ahead. Take note of all unnecessary expenditure, such as morning coffees at the upscale coffee shop.

If you really want to make a realistic dent in your debts, these kinds of items should be cut out of the budget and the money should be used to pay off debt instead. The highest interest debt should be paid off first. Cutting out restaurant meals for a while will also help create a positive cash balance that is large enough to start making major dents in the debt load. If there is a car loan, it is a good idea to make as large a monthly payment as possible to decrease the number of years for loan repayment. This can save thousands of dollars over the life of the loan.

It may be possible to refinance the home mortgage if there are lower interest loans available. The old, higher interest mortgage can then be paid off and the new lower interest rate can help speed up repayment of the new loan. Instead of cutting back on the payments because the interest rate is lower, it is now possible to make the same or higher payments as before to get rid of the debt quicker.

Making a habit of paying cash for items is a good idea because it helps avoid the temptation of putting purchases on credit. If this system is implemented, it is not possible to buy something that is not within budget.

Change Your Lifestyle

Using public transport a few times a week can help save on fuel costs. It may be possible to arrange a car pool with fellow employees. Another way to save money is to buy clothes at second-hand stores. Many stores carry designer labels that are like new and at a fraction of the cost. It’s possible to be fashionably dressed without spending a lot of money. Instead of buying magazines and books at stores, get them for free at the library.

Most cities and towns have community libraries that carry many titles of books and magazines. The money saved from these efforts can be used to pay off debt or to start a savings account. It may take some getting used to when implementing these measures, but many people find that these small changes do not impact their quality of life and debts can be repaid so much quicker.

Understanding Invoice Finance – myths and misconceptions

Invoice-financeEver since invoice finance emerged as a serious competitor to the traditional business loan in the 1960s, a number of common misconceptions have followed it. Some of these came from the banks themselves, at other times simply from misunderstandings about the nature of invoice finance. For example, some people lumped invoice finance in with less reputable forms of ‘money lending’ – seeing it as a last resort for a floundering business. Fifty years later these misconceptions still rear their heads occasionally, particularly in a climate in which the financial sector is generally held in fairly low regard. In order to get the best out of invoice finance, it’s important to cut through the myths and come to an understanding of how the industry works.

One myth about invoice finance is that it is a needlessly expensive option. Most traditional overdraft facilities today are secured upon hard assets and require minimal day-to-day administration. Invoice finance – particularly factoring but also invoice discounting, allow you to secure quick capital by using your client invoices as collateral, rather than your property. This requires regular administrative exercise, meaning costs are usually higher than an overdraft. However, instead of putting your property at risk for a lump sum or extended overdraft, you’re getting a real business partnership for your investment. Your finance company should work closely with you to collect your invoices on time, and by taking this responsibility out of your hands, it can free up valuable resources that you can utilise in other areas of your business, more than justifying the initial expenditure in the long run.

Another misconception is that because invoice finance companies usually offer an advance of around 85% on client invoices, they retain the extra 15%. In reality, the remaining balance is paid to the client on collection minus a far smaller service charge – very rarely higher than 1.5%. It’s also worth remembering that bank overdrafts are much more expensive than they once were, while other sources such as venture capitalists can come with a dilution of the business owner’s equity. There’s no such thing as free money, but invoice finance is a long-term solution that works towards a company’s development, rather than a quick-fix with repayment as the only goal after the capital has been released.

Finally, some business owners fear that exploring invoice finance options could involve tying themselves into lengthy contracts. Most reputable invoice finance companies offer easy entry and exit plans, including extended trial periods of up to six months to allow you to determine if it’s the right service for you at minimal risk. Some even offer to negotiate a release from your previous contract if you’re looking to change finance companies.

As with any business venture, it is important to do your research and choose an invoice finance house that is suited to your business and vision for the future. However, if you succeed in this you should find that it has a hugely positive impact on your cash flow and overheads. Some 42,000 companies financing £212bn of sales per year can’t be wrong.

Invoice factoring allows you to release cash for your business utilising invoices as collateral. Hitachi Capital is a reputable and leading provider of invoice finance solutions. Winner of the Factor and Discounter of the Year award at the CreditToday Awards 11.

Forex exchanging tips

foreign-exchangeIf you need suggestions on buying and selling foreign money, you will find plenty of resources online. You can do a search on any of the foreign exchange websites and they will teach you on how to trade with foreign money and make a revenue for yourself. If you are a dealer in the forex market, you should know the market conditions and know which tip to use and which one not to. One of the most valuable suggestions is that you should attempt to follow a trend. Although the forex exchange market strikes up and down in regular intervals and you can do some instinctive buying and selling at an instance, nearly all of your currency exchanging ought to observe a properly examined path. If you recognize that any currency pair will observe a long constant development, then you should trade much less and vice versa.

Another forex dealing tip is to keep it simple as much as possible. Don’t try to do too many things at the same time. It is important that you do your homework well and devise a method for yourself. The techniques implemented must have some sort of flexibility in it so that you can adjust with the market variations. You want to use a concrete plan nearly all of the time.

Many individuals use robots and softwares for trading purposes in the market. You can also apply these methods and program it as per your requirements. You don’t have to be available in the market all the time. The gadgets will be able to gauge the developments available in the market and trade on your behalf. You should be using the most reliable software and robots who are able to control the market in your absence. You do not want to see a catastrophe in your absence.

Knowing the most effective time for buying and selling is also one of the important currency dealing tips. Search for a skilled foreign exchange dealer who can give you the best foreign money investing tips.

Study well and begin operating with a demo account. Set your self up for the market and take it by the horns. Search for foreign money exchanging tips all over the place and decide them effectively that can help you in this most dynamic market of them all.

Find foreign currency rates here:  http://www.federalreserve.gov/releases/g5a/current/