Skip to content
Search AI Powered

Latest Stories

DinoRemit service provides cost-effective money transfers

DinoRemit service provides cost-effective money transfers

UK-based Dinosaur Merchant Bank has partnered with Rational FX to offer a web and app-based solution to remittance transfers, the company has said.

The new DinoRemit service allows customers to do remittance transfers to over 100 countries in a swift manner and will cost from as low as £2.99 (or equivalent value), it added.


According to the company, UK migrants can leverage the bank to bank transfers by simply initiating card payments so that their loved ones back home can receive the funds conveniently at their local trusted banks.

The UK is one of the top-20 remittance sending countries in the world based on the total money sent but one of the lowest based on GDP percentage. Around £6.8 billion (0.3 per cent of the UK’s GDP) left the UK economy in remittances in 2020.

The service offers safe and speedy mobile wallet transfers protected by encryption software, and all transfers are efficiently tracked, claims the firm.

"As a seasoned player in the financial service landscape, Dinosaur Merchant Bank is committed to providing fast, safe and secure remittance transfers with great exchange rates for all their customers through DinoRemit. The web portal and the apps will make the whole customer journey extremely smooth and a simple experience," the statement added.

Rational FX is authorised by the FCA as a Payment Institution. In addition, Rational Foreign Exchange EU, UAB is an Electronic Money Directive (EMD) agent of UAB PayrNet, an electronic money institution authorised by the Bank of Lithuania.

Last year, remittances reached almost £402 billion, only 1.6 per cent below the £408 billion seen in 2019 despite the effects of the global pandemic. According to the 2015-2016 Understanding Society survey, 30 per cent of those born outside the EU said that they had sent money abroad at least once over the last year compared to 14 per cent of EU citizens.

In 2018, India received the highest value of remittances from the UK, with £2.975 billion being sent. This was roughly equivalent to 0.15 per cent of the country’s GDP and accounted for five per cent of India’s total remittances received. Nigeria received £2.899bn in remittances from the UK, data shows.

More For You

Boohoo shareholders block Mike Ashley’s bid to join board
Mahmud Kamani

Boohoo shareholders block Mike Ashley’s bid to join board

SHAREHOLDERS of online fast-fashion retailer Boohoo have firmly rejected billionaire Mike Ashley’s attempt to secure a seat on its board. The decision, made at a shareholder meeting on Friday (20), follows a series of heated exchanges between Boohoo and Ashley’s Frasers Group.

A decisive 64 per cent of votes were cast against allowing Ashley and his associate, Mike Lennon, to join Boohoo’s board. Excluding Frasers Group’s 28 per cent stake in Boohoo, nearly all remaining investors voted against the proposal, reported the Financial Times.

Keep ReadingShow less
UK-retail-sales-Getty

Christmas shoppers are seen in Covent Garden on December 6, 2024 in London. (Photo: Getty Images)

Retail sales rise by 0.2 per cent in November after pre-budget decline

UK RETAIL sales increased by 0.2 per cent in November, according to official data, reflecting a modest recovery after October’s decline as concerns about the government’s budget eased. However, the growth was weaker than the 0.5 per cent increase forecast by economists polled by Reuters.

The Office for National Statistics (ONS) reported that the November rise marked the first increase since August. Over the three months to November, sales volumes grew by just 0.3 per cent, the weakest performance since the three months to June. Sales volumes had dropped by 0.7 per cent in October amid caution ahead of Chancellor Rachel Reeves’ tax and spending plan.

Keep ReadingShow less
Budget halted economic growth, Bank of England warns

Bank of England Governor Andrew Bailey reacts during a press conference at the Bank of England in London on Aug 1, 2024.

(Photo by ALBERTO PEZZALI/POOL/AFP via Getty Images)

Budget halted economic growth, Bank of England warns

THE Bank of England has cautioned that the UK economy is stagnating, following measures introduced in chancellor Rachel Reeves’s budget. Businesses are reportedly responding to tax hikes and a higher minimum wage by cutting jobs and raising prices.

Andrew Bailey, the Bank's governor, revealed that growth forecasts for the final quarter of 2024 have been downgraded to "zero." He also stressed a cautious approach to reducing interest rates, which remain at 4.75 per cent, citing economic uncertainty. “We need to ensure we meet the 2 per cent inflation target sustainably,” Bailey said.

Keep ReadingShow less
Bank-of-England-Getty

A general view of the Bank of England on December 19, 2024 in London. (Photo credit: Getty Images)

Bank of England maintains interest rate amid inflation rise

THE BANK OF ENGLAND (BoE) on Thursday kept its key interest rate unchanged at 4.75 per cent, opting not to follow the US Federal Reserve's recent rate cut, as inflation in the UK sees an uptick.

"We've held interest rates today following the two cuts since the summer," BoE Governor Andrew Bailey said in a statement.

Keep ReadingShow less
Starmer woos Indian business leaders in Downing Street summit​

Keir Starmer hosts an Indian Investor Roundtable alongside Jonathan Reynolds in 10 Downing Street.

Simon Dawson / No 10 Downing Street

Starmer woos Indian business leaders in Downing Street summit​


PRIME MINISTER Keir Starmer hosted a delegation of 13 Indian companies at 10 Downing Street in London on what the British government described as a “curated visit” to enhance the bilateral partnership and boost investment flows.

The visit on Wednesday (18) follows Starmer’s meeting with Indian prime minister Narendra Modi on the sidelines of the G20 Summit last month, when the leaders committed to take forward an “ambitious” UK-India Comprehensive Strategic Partnership with collaboration opportunities on economic growth, security and defence, technology, climate, health, and education.

Keep ReadingShow less