Latest news with #moneytransfer
CNA
a day ago
- Business
- CNA
Wise co-founder opposes US listing proposal over voting rights changes
One of the founders of money transfer company Wise has urged shareholders to reject plans to move the company to the U.S. because the plans also include changes to the shareholder structure which he said were buried in the proposal. Founded in 2011 by two Estonians, Taavet Hinrikus and Kristo Kaarman, London-listed Wise said in June that it planned to move its primary listing to New York. Shareholders are due to vote on the plans on July 28. Hinrikus, who has left the company but still owns a 5.1 per cent stake via his company Skaala Investments, criticised Wise's plans in a statement made public on Monday, saying they also included extending voting rights for one group of shareholders. The plans would entrench "disproportionate power in the hands of a few", including Wise's CEO Kaarman, Skaala said in its statement which was originally sent to Wise and included in a stock exchange filing by Wise on Monday. Wise has a dual share structure, in which shareholders with "Class B" stocks have more voting power than those with "Class A" stocks. Under Wise's new proposals, these extra rights for "Class B" shareholders would be extended for 10 years - rather than ending in July 2026 as originally planned. Wise said in its response that while it takes Hinrikus's views seriously, the dual-class share structure is essential for the company's success. In its proposal documents, Wise said that dual-class share structures "support management's ability to focus and execute on their long-term and often founder-led vision". Skaala said that the extension "significantly deviates from accepted governance norms" and urged shareholders to reject the proposal. The dispute could complicate Wise's U.S. plans, which were intended to give it access to the world's largest capital markets while maintaining a secondary listing in London. Skaala said it was "entirely inappropriate and unfair" to combine the listing location and governance changes into a single vote. "This approach diminishes shareholder democracy, contradicts good corporate governance and violates Wise's values," it said. Skaala said that a number of other shareholders are also opposed to the plans, without giving further details. A spokesperson for Wise said on Monday that shareholders have so far been "overwhelmingly in favour" of the proposal and cited the backing of proxy advisors including ISS, Glass Lewis and PIRC. Wise said that the process was fair, and that multiple corporate changes can be voted for under one proposal.
Yahoo
2 days ago
- Business
- Yahoo
Wise co-founder opposes US listing proposal over voting rights changes
By Elizabeth Howcroft (Reuters) -One of the founders of money transfer company Wise has urged shareholders to reject plans to move the company to the U.S. because the plans also include changes to the shareholder structure which he said were buried in the proposal. Founded in 2011 by two Estonians, Taavet Hinrikus and Kristo Kaarman, London-listed Wise said in June that it planned to move its primary listing to New York. Shareholders are due to vote on the plans on July 28. Hinrikus, who has left the company but still owns a 5.1% stake via his company Skaala Investments, criticised Wise's plans in a statement made public on Monday, saying they also included extending voting rights for one group of shareholders. The plans would entrench "disproportionate power in the hands of a few", including Wise's CEO Kaarman, Skaala said in its statement which was originally sent to Wise and included in a stock exchange filing by Wise on Monday. Wise has a dual share structure, in which shareholders with "Class B" stocks have more voting power than those with "Class A" stocks. Under Wise's new proposals, these extra rights for "Class B" shareholders would be extended for 10 years - rather than ending in July 2026 as originally planned. Wise said in its response that while it takes Hinrikus's views seriously, the dual-class share structure is essential for the company's success. In its proposal documents, Wise said that dual-class share structures "support management's ability to focus and execute on their long-term and often founder-led vision". Skaala said that the extension "significantly deviates from accepted governance norms" and urged shareholders to reject the proposal. The dispute could complicate Wise's U.S. plans, which were intended to give it access to the world's largest capital markets while maintaining a secondary listing in London. Skaala said it was "entirely inappropriate and unfair" to combine the listing location and governance changes into a single vote. "This approach diminishes shareholder democracy, contradicts good corporate governance and violates Wise's values," it said. Skaala said that a number of other shareholders are also opposed to the plans, without giving further details. A spokesperson for Wise said on Monday that shareholders have so far been "overwhelmingly in favour" of the proposal and cited the backing of proxy advisors including ISS, Glass Lewis and PIRC. Wise said that the process was fair, and that multiple corporate changes can be voted for under one proposal. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
2 days ago
- Business
- Reuters
Wise co-founder opposes US listing proposal over voting rights changes
July 21 (Reuters) - One of the founders of money transfer company Wise (WISEa.L), opens new tab has urged shareholders to reject plans to move the company to the U.S. because the plans also include changes to the shareholder structure which he said were buried in the proposal. Founded in 2011 by two Estonians, Taavet Hinrikus and Kristo Kaarman, London-listed Wise said in June that it planned to move its primary listing to New York. Shareholders are due to vote on the plans on July 28. Hinrikus, who has left the company but still owns a 5.1% stake via his company Skaala Investments, criticised Wise's plans in a statement made public on Monday, saying they also included extending voting rights for one group of shareholders. The plans would entrench "disproportionate power in the hands of a few", including Wise's CEO Kaarman, Skaala said in its statement which was originally sent to Wise and included in a stock exchange filing by Wise on Monday. Wise has a dual share structure, in which shareholders with "Class B" stocks have more voting power than those with "Class A" stocks. Under Wise's new proposals, these extra rights for "Class B" shareholders would be extended for 10 years - rather than ending in July 2026 as originally planned. Wise said in its response that while it takes Hinrikus's views seriously, the dual-class share structure is essential for the company's success. In its proposal documents, Wise said that dual-class share structures "support management's ability to focus and execute on their long-term and often founder-led vision". Skaala said that the extension "significantly deviates from accepted governance norms" and urged shareholders to reject the proposal. The dispute could complicate Wise's U.S. plans, which were intended to give it access to the world's largest capital markets while maintaining a secondary listing in London. Skaala said it was "entirely inappropriate and unfair" to combine the listing location and governance changes into a single vote. "This approach diminishes shareholder democracy, contradicts good corporate governance and violates Wise's values," it said. Skaala said that a number of other shareholders are also opposed to the plans, without giving further details. A spokesperson for Wise said on Monday that shareholders have so far been "overwhelmingly in favour" of the proposal and cited the backing of proxy advisors including ISS, Glass Lewis and PIRC. Wise said that the process was fair, and that multiple corporate changes can be voted for under one proposal.
Yahoo
11-07-2025
- Business
- Yahoo
OnePay unveils new payment system with Mastercard for cross-border transfers
Walmart's OnePay has introduced a payment system, built on Mastercard technology, that integrates international money transfers with a debit card and digital account. Central to the system is Mastercard Move, which supports OnePay users in sending money overseas with traceable transactions, clear fee structures, and defined delivery times. Funds dispatched from a OnePay account can reach recipients in multiple markets in near real-time, facilitating timely support for families. Darren Deal, SVP fintech, government & digital partnerships, UKI at Mastercard said: 'By embedding Mastercard Move into OnePay's account and card solution, people have a faster, safer, and more transparent way to send money home.' The solution also offers a OnePay card and digital account, designed for individuals without access to conventional banking. No credit checks are needed to open an account, and users receive a contactless Mastercard prepaid card. Workers can handle their finances through the 'My OnePay' app or a multilingual online platform, accommodating various nationalities and languages. This payment solution is particularly relevant for seasonal and migrant workers, addressing their domestic wage payments and the ability to remit earnings to their home countries. OnePay CEO Lee Hartley stated: "By integrating Mastercard Move into our solution we are not only making it faster and easier for our customers to support their families back home, we are giving them greater control and peace of mind.' As of the current date, the partnership has supported more than 800,000 workers and have resulted in the processing of more than £4bn in transactions, which includes a substantial £1.4bn in ATM withdrawals. Last month, OnePay partnered with Synchrony to exclusively introduce a new credit card programme for Walmart. "OnePay unveils new payment system with Mastercard for cross-border transfers " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
UAE Moments
11-07-2025
- Business
- UAE Moments
Top Money Transfer Services for UAE Expatriates
List of Best Companies to Transfer Money Outside the UAE Transferring money from the UAE to other countries is a crucial service for expatriates who send funds to support their families or businesses abroad. With over 88% of the UAE's population being expatriates, the remittance sector is thriving, especially for countries such as the Philippines, India, Pakistan, Egypt, Lebanon, and others. Choosing the right company to transfer money is essential to ensure competitive fees, fast delivery times, and secure transactions. This article provides a well-rounded list of the best companies to transfer money outside the UAE, alongside detailed insights into their offerings and advantages. What Makes a Money Transfer Company Reliable? Several factors come into play when picking a reliable money transfer service. These include transaction fees, exchange rate margins, transfer speed, user experience, and geographic coverage. Companies that provide multi-currency transfers, customer support, and payment tracking also stand out in this competitive space. Factors to Consider for Your Transfer Fees: Look for options with low or transparent fees. Exchange Rates: Favor companies offering a competitive exchange rate. Speed of Transfer: Some services transfer money instantly, while others may take days. Accessibility: Ensure the service operates in your destination country. Top Money Transfer Companies in the UAE 1. Western Union Western Union is a global leader in money transfers, operating across more than 200 countries. Expatriates in the UAE frequently use Western Union due to its widespread availability and reliability. The company allows users to send money either online or through physical branches located across the country. Advantages of Using Western Union Global Reach: It facilitates transfers to countries like the Philippines, Pakistan, Sri Lanka, and Egypt at competitive rates. Multiple Transfer Options: Users can choose bank-to-bank transfers or cash pickups. Fast Transfers: Money can be received within minutes. For example, sending funds to the Philippines via Western Union ensures recipients can pick up cash from hundreds of locations nationwide. Additionally, Western Union integrates with banking systems in countries like Egypt and Vietnam, ensuring seamless transfers. 2. MoneyGram MoneyGram is another popular option for transferring funds internationally. Known for its ease of use and efficiency, expatriates from countries like Lebanon, Syria, and Bangladesh frequently utilize this service. MoneyGram supports transfers through mobile apps and agent locations. Unique Features of MoneyGram Advanced Technology: Enhanced digital platforms simplify transfers. Secure Transactions: Offers encrypted payments to safeguard personal data. Global Coverage: Operates in over 200 countries. Studies show that MoneyGram provides competitive exchange rates, especially within corridors such as UAE-Russia and UAE-Belarus, making it an ideal choice for expatriates from Eastern Europe. Additionally, sending money to the USA or the UK via MoneyGram is especially convenient thanks to optimized payment solutions. 3. PayPal PayPal is widely known for its online payment solutions, and it also serves as a reliable platform for transferring funds abroad. PayPal's ability to integrate with e-commerce platforms makes it a valuable tool for expatriates sending money for business or personal purposes. Why Choose PayPal? User-Friendly Interface: Ideal for online remittances. Low Fees for Bank Transfers: Charges minimal fees for direct transfers between bank accounts. Support for Multiple Currencies: Easily sends money to countries like Turkey, Indonesia, Nepal, and Vietnam. PayPal is particularly advantageous for remittances to countries such as India and Sri Lanka due to its ability to offer competitive rates and cross-currency transfers. However, sending funds may involve slightly higher fees for credit or debit card usage, so customers must weigh their options carefully. 4. Al Ansari Exchange With roots in the UAE, Al Ansari Exchange has expanded to become one of the most trusted remittance services in the region. Its user-friendly mobile app and vast network of branches make it highly accessible for UAE residents. Benefits of Al Ansari Exchange High-Speed Transfers: Allows same-day transfers for urgent remittances. Global Reach: Facilitates transfers to countries like Iraq, Jordan, and Pakistan. Competitive Rates: Offers some of the lowest fee structures in the market. For example, expatriates from Syria and Lebanon often opt for Al Ansari Exchange due to its reliable services and the ability to track transfers in real-time. Additionally, it provides excellent options for transferring money to countries like Tibet and Belarus. 5. Xoom (A PayPal Service) Xoom is a PayPal subsidiary tailored specifically for international money transfers. Known for its innovative mobile app and streamlined services, Xoom is a preferred choice for many expatriates living in the UAE. Key Features of Xoom Transparent Fees: Offers upfront pricing for all transfers. Instant Deposits: Money can be delivered directly to recipient bank accounts in minutes. Wide Coverage: Operates across countries like India, Egypt, and Nepal. An example of Xoom's efficiency includes transferring funds to Sri Lanka, where recipients can benefit from immediate deposits directly into their accounts. Additionally, Xoom's integration with mobile wallets in countries like Vietnam and Indonesia creates added versatility for users. 6. Remitly Remitly is a digital remittance company that has gained popularity for its fast and easy-to-use platform. Users can access competitive exchange rates and flexible delivery options, making it a favored choice in the UAE. Why Remitly Is a Top Choice Easy App Navigation: Designed for hassle-free mobile transfers. Economical Transfers: Charges low fees for transfers to high-demand corridors such as UAE-Philippines. Flexible Delivery Speeds: Offers express and economy options for varied needs. For instance, Remitly's services for Pakistan and Bangladesh expatriates enable instant cash pickups or bank deposits, ensuring convenience for recipients. Similarly, sending funds to the UK or Turkey via Remitly offers competitive rates and an intuitive platform for smooth transactions. 7. TransferWise (Wise) Known for its disruption in the financial industry, Wise is celebrated for its transparent pricing and real exchange rates. This service is particularly beneficial for expatriates transferring to European countries and the USA. Highlights of TransferWise No Hidden Fees: All charges are upfront and transparent. Real Exchange Rates: Offers mid-market rates without markups. Multi-Currency Transfers: Efficient for transferring funds to regions like Belarus, Russia, and Turkey. For example, using TransferWise for money transfers to Belarus or Ukraine ensures recipients benefit from accurate rates and low handling charges. Additionally, Wise's integration with business accounts is highly useful for entrepreneurs transferring funds overseas. Country-Specific Examples and Insights When analyzing expatriate preferences, several key trends emerge. For example, Filipino expatriates often rely on services like Western Union and Remitly due to the convenience of cash pickups and mobile wallet integrations. Similarly, expatriates from India and Pakistan tend to favor platforms like PayPal and Xoom for the flexibility offered in bank account transfers. Other notable corridors include Egypt, Lebanon, and Syria, where companies like MoneyGram and Al Ansari Exchange dominate market share due to their robust payment tracking systems. For Southeast Asia, countries such as Burma, Nepal, and Tibet benefit greatly from services like TransferWise, which provide seamless transfers across lesser-known regions. Statistical Overview of Transfers from the UAE In 2021, remittances from the UAE accounted for $47 billion, a significant contribution to global GDP. The top recipient countries include India, with $12.9 billion; Pakistan, with $4.2 billion; and the Philippines, with $3.5 billion. Platforms like Western Union, PayPal, and Al Ansari Exchange played a crucial role in facilitating these transactions. Moreover, the average transaction fee for remittances in the UAE is approximately 2.5%, which is relatively lower compared to global averages. Fast-growing platforms like Remitly and Xoom are contributing to this decrease by offering cost-effective pricing and optimized digital solutions. Other Considerations for Money Transfers While affordability and speed are critical factors, customers must also prioritize security when selecting a provider. All the listed companies employ state-of-the-art encryption and fraud prevention techniques, ensuring the safety of personal and financial data. Additionally, keeping an eye on special promotions and rate discounts during festive seasons can further reduce the cost of transferring money. Services like Wise or TransferWise often release offers tailored for high-demand corridors, especially during holidays like Eid or Christmas. FAQ What should I consider when choosing a money transfer service? Key factors include transaction fees, exchange rates, transfer speeds, geographic coverage, and security measures. Which company offers instant transfers from the UAE? Western Union and Xoom provide instant transfer options for sending money from the UAE to various countries. What makes TransferWise a good option for money transfers? TransferWise offers transparent fees, real exchange rates, and efficient multi-currency transfers without hidden costs. Are there affordable options for transferring money to the Philippines? Western Union and Remitly are popular choices for transferring money to the Philippines due to competitive rates and cash pickup options. How does PayPal stand out for UAE money transfers? PayPal integrates with e-commerce platforms, supports multiple currencies, and offers low fees for direct bank transfers. Are there mobile-friendly apps for remittances from the UAE? Yes, platforms like Remitly, Xoom, and Al Ansari Exchange offer easy-to-use mobile apps for hassle-free transactions. Which company has a global reach for UAE expatriates? Western Union and MoneyGram offer extensive coverage, operating in over 200 countries. Which services provide competitive rates for Eastern Europe transfers?
