{"id":51308,"date":"2017-04-08T13:00:31","date_gmt":"2017-04-08T06:00:31","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/revealed-the-huge-profits-earned-by-big-banks-on-overseas-money-transfers\/"},"modified":"2017-04-08T13:03:25","modified_gmt":"2017-04-08T06:03:25","slug":"revealed-the-huge-profits-earned-by-big-banks-on-overseas-money-transfers","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/revealed-the-huge-profits-earned-by-big-banks-on-overseas-money-transfers\/","title":{"rendered":"Revealed: the huge profits earned by big banks on overseas money transfers"},"content":{"rendered":"


\nAn internal Santander memo leaked to Guardian Money says 10% of its global profits come from international cash transfers, and it charges six times more than newer rivalsWhen senior Santander executives gathered in the principality of Andorra in January this year, the bank\u2019s \u201cinnovation director\u201d warned that a large chunk of its profits were at risk \u2013 because the juicy margins it earns on money transfers could be destroyed by new competitors. The documents supporting these claims have since been leaked to Guardian Money, and reveal that Santander made \u20ac585m from money transfers \u2013 equal to nearly a tenth of its 2016 global profit of \u20ac6.2bn \u2013 and that it charges six times as much as rival TransferWise for sending \u00a310,000 from the UK to Spain.What the documents expose is just how much the big banks are making from giving customers poor exchange rates, with the bulk of their profits coming from the so-called \u201cFX margin\u201d rather than the fees directly charged. The FX (foreign exchange) margin is the difference between the exchange rates available in the money markets and the rate that a bank offers a customer. Continue reading…
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\nSource : theguardian.com
\nRead more…Revealed: the huge profits earned by big banks on overseas money transfers<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

An internal Santander memo leaked to Guardian Money says 10% of its global profits come...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-51308","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-dly","jetpack-related-posts":[{"id":94671,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/santander-uk-profits-fall-in-challenging-market\/","url_meta":{"origin":51308,"position":0},"title":"Santander UK profits fall in 'challenging' market","date":"July 25, 2018","format":false,"excerpt":"\r \r \r Source : telegraph.co.uk\r Read more...Santander UK profits fall in 'challenging' market","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":70146,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/santander-uk-profits-up-as-it-gains-market-share\/","url_meta":{"origin":51308,"position":1},"title":"Santander UK profits up as it gains market share","date":"October 26, 2017","format":false,"excerpt":"\r \r \r Source : telegraph.co.uk\r Read more...Santander UK profits up as it gains market share","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":86362,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/santander-still-counting-cost-of-carillion-collapse-as-profits-take-another-hit\/","url_meta":{"origin":51308,"position":2},"title":"Santander still counting cost of Carillion collapse as profits take another hit","date":"April 24, 2018","format":false,"excerpt":"\r \r \r Source : telegraph.co.uk\r Read more...Santander still counting cost of Carillion collapse as profits take another hit","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1741,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/as-santander-raises-its-fees-check-that-123-still-adds-up\/","url_meta":{"origin":51308,"position":3},"title":"As Santander raises its fees, check that 123 still adds up","date":"January 16, 2016","format":false,"excerpt":"\r Rival banks are lining up to win you over if the \u00a360-a-year levy is a price rise too far. We look at the best alternatives if you decide to switchIn the same week that Santander raised the fees on its popular 123\u00a0current account to \u00a360 a year, a price\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":64220,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/i-have-evidence-of-fraud-but-santander-wont-act\/","url_meta":{"origin":51308,"position":4},"title":"I have evidence of fraud but Santander won\u2019t act","date":"August 22, 2017","format":false,"excerpt":"\r We even knew the details of the account that was used for criminal purposesThe banks always claim they do their utmost to stop bank frauds, but my experience tells a different story.I run a small dog care business and last week my email was hacked. 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