something that everyone needs to be aware of is there are no regulations for remitance companies. the transactions are 100% based on trust.
If you do not trust the company, dont give them money.
There is no way foreign exchange can be regulated like the stock exchanges the markets are international and 100% unregulated.
yes folks, even *****.com can stop trading any time it likes and pocket all the cash
Exactly if you read the T and C's of a lot of Companies remittance and otherwise much is down to pure faith and trust they will do as requested.Originally Posted by baboyako
something that everyone needs to be aware of is there are no regulations for remitance companies. the transactions are 100% based on trust.
If you do not trust the company, dont give them money.
There is no way foreign exchange can be regulated like the stock exchanges the markets are international and 100% unregulated.
The international markets could be regulated if the countries get together.
Having a look at wikipedia a few countries have agreements.
The UK and Phill if they sat down and make some rules, regs and agreements could have a system totally covered by joint laws.
Just a lot of effort i guess.
I dont think many in power would relish helping it easier to move money out of the UK at the moment as if picked up they would get battered.
Lets say 10 billion leaves the UK each year in remittance (an estimate on the low side i owuld have thought) with ex pats with pensions abroad and ofws in the UK. it almost wipes out what the city makes in money from abroad.
More likely to see rules restricting money going out of the country before making it easier and safer IMO.
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