How to Compare and Choose the Right ULIP Plan

A ULIP is an investment product launched by a few eminent insurance providers as compared to the more generalized form of insurance policies developed by others. It’s actually an integrated plan that creates both the opportunities of coverage and investment for the policyholder simultaneously.

The life coverage that you enjoy will claim a portion of your premium. The remaining portion is invested in a preferred fund so that you achieve a safety-shield for protecting the entire household financially. A ULIP plan yields great returns on the vested amount even in the event of any untoward incident. ULIP plans have always been preferred over other forms of insurance due to their lucrative features.

Things to consider while choosing ULIP plans:

Multiple funding options – When it comes to asset allocation, a plethora of options is created by the best ULIP plans in the industry. Compared to investing your entire savings in just a couple of funds, you may consider picking a ULIP plan with multiple funding options that offer a more diversified allocation in equities. A ULIP will help you gain a few additional investment options or an appropriate plan besides curbing your investment risks.

Choosinga plan online – These days, it has become a lot easier to choose an online ULIP plan due to their lucrative options. You may pick the right plan that matches your financial situation. It’s much easier to compare all ULIP plans online as you can check their features simultaneously.

The cost factor – You must pick a ULIP plan that seems more feasible in order to avoid the financial burden of meeting your premium. Your policy might lapse in case you’re unable to meet the cost of the premium. This isn’t a good thing for your financial situation.

Opportunity to switch – There are a few ULIP plans that yield the facility of switching between each of your funds. You’ll gain the flexibility to restrict investing in a certain fund and opt for another suitable fund of your choice.

Facility of redirecting premium – Choose a ULIP plan that comes with the advantage of premium redirection. It enables you to choose the right investment fund and percentage of premium that you wish to pay for it. You’ll even gain the flexibility of lowering and increasing the percentage depending on your changing financial needs.

You must ensure that your ULIP policy yields all the right features that other similar plans provide for. You must have the facility of transferring the accumulated investment from the current fund to a better one within your preferred time. It’s in your best interest to gain an opportunity for redirecting the premium in your chosen funds.

Gaining access to your wealth by way of partial withdrawal and loans is even important. You may also need to explore the option of paying your premium within a specified period while enjoying insurance protection and wealth accumulation for a longer duration. Besides that, you must also achieve tax benefits as per the Sections 10D and 80C of the Income Tax Act, 1961.

5 Personal Savings Tips to Put Your Savings on Auto Pilot

Putting money into savings is always a smart decision, but it's not always clear how to work that into the budget. After all, having the money sitting there in your checking just opens up the possibly of making unnecessary and impulse purchases. To take care of your hard-earned money, tese five tips will help you go from becoming a chronic spender to a chronic saver, all without having to change your habits directly.

Set Up Regular Automatic Withdrawals

Automated deposits are fast and easy because they happen without you having to worry about them. You should always have a comfortable emergency buffer in savings to help deal with any unforeseen expenses, preferably around six months of your usual salary. Automatically depositing a percentage of your earnings before you account for everything else is like paying your future self to save both time and stress. Set this up immediately if you haven't implemented a savings policy yet as it is the main thing that will help you start saving more.If you work hourly and can't figure out how to set up an automated savings schedule that works with your budget, consider small savings apps like Acorns and Digit that will round out all of your purchases and store the savings in an account for later use. You'd be surprised how much those little savings bits can add up!

Split Your Direct Deposit When Submitting to Tour Employer

Most employers pay by using direct deposit, but you don't have to have all of your funds deposited into one account. You can set up a percentage split with most employers that will see a portion of your income going directly into savings. You're less likely to pull it out of savings and spend it than you are if you leave it sitting in your checking account.

Switch to a Bank or Credit Union that Pays Interest on Savings

Stop banking with an institution that doesn't pay you a dividend on the money you're saving with them. Most standard big corporate banks like US Bank and Bank of America pay paltry interest rates on their savings accounts and charge account maintenance fees on top of that. If you're paying your bank to hold an account, then you're losing money you could otherwise be saving.Online-only banks like Ally and Capital One 360 offer competitive 1.80% APY on their savings accounts and often have multiple options that can be tailored to suit your needs, depending on the amount of money you're saving.

Consider Using a Cash-Back Credit Card for Daily Purchases

Instead of using your debit card for all of your necessary daily purchases, consider putting them on a cash back credit card that will give you a percentage of the purchase price in rewards. Currently, the PayPal Rewards Master card offers 5% cashback on every single purchase, with no rotating rewards categories.If you pay the card off each month and do not carry a balance, that's like getting 5% of what you would have spent back for more savings or to help with those everyday purchases further down the line.

Consider Shopping Around for Your Insurance Needs

If you've been with the same insurance provider for a while, chances are you've seen small rate increases on your bill over the years. These rate increases can account for a significant rise in your budget if you're not careful, so it pays to shop around for both car and house insurance periodically. Shopping around helps to ensure that insurance rates do not increase beyond your means and keeps insurance companies competitive for your business. For car insurance, you will need to have a spotless driving record and be comfortable haggling for rates, but you can always net a more effective rate by talking with your insurance company. Just tell them you're considering switching to a competitor who has a better offer. 9 times out of 10 they want to keep your business and will offer you the competitor’s rate if you stay.

How Fintechs are enabling a larger section of the working-class populace to get easy access to credit

The access to credit has undergone significant transformation in recent times, thanks to the emergence of Fintech lenders in the market today. While traditional lenders such as private and state-run banks also offer online personal loans, it is Fintechs that are making their presence more palpable by offering a larger section of the populace with personal loans through their easy-to-meet eligibility parameters.

Qbera is leading Fintech lender that operates in several of India’s top cities including Bangalore, Delhi-NCR, Mumbai, Chennai, Hyderabad, Pune, Jaipur and Ahmedabad. Qbera offers instant personal loans to salaried individuals, subject to them meeting some basic credit eligibility parameters.

Let’s look at some points which substantiate how Fintechs are reaching a larger section of the working-class population and enabling them to get easy access to credit (mostly unsecured personal loans).

Easy eligibility parameters

Fintechs have a much more easy-to-meet eligibility framework in comparison to traditional lenders such as private banks. The eligibility parameters in the credit score and income segments are comparatively easier to meet for Fintechs as against popular private banks. For instance, Fintechs offer loans to individuals with net monthly salaries starting from Rs.20,000, and with credit scores as low as 575. Private Banks on the other hand require applicants to have a minimum income of at least Rs. 30,000 (popular banks require incomes of at least Rs. 40,000 per month to become eligible). As for the credit score, most traditional lenders necessitate individuals to have a minimum CIBIL score of 700.

Quick and paperless application processes

Fintechs have adopted a super-quick, and completely digital application process in recent times, and a prominent reason why they’ve become immensely popular in Tier-1 Indian cities is this. The application process can be initiated online, and completed online too. This includes the submissions of documents as well. Verification of documents is done digitally, thereby speeding up the process to a great extent, infusing greater interest among the working class population due to the quick application process.

By these very impressive ways, Fintechs have allowed a larger section of the populace to get access to instant personal loans.

Common Invoice Factoring Mistakes You Should Know

Factoring is used by many businesses to increase their capital. A factoring agreement is where the funding source, called the factor, buys the right of the seller (client) to collect on an invoice at a discount.

The factor usually pays most of the value of the invoice upfront and the remaining balance upon actual payment of the buyer. It is not a loan and helps keep the business cash flow steady. Here are some common invoice factoring mistakes to avoid:

1. Not sending an invoice - This one is pretty obvious, but a lot of companies don’t send invoices. Invoices should be sent for both written and verbal contracts. This is a means to remind your customer that they need to pay you and exactly how much they owe. People tend to have a lot of things going on for them and payables can easily happen.

Invoices are part of your records and if you’re not careful with your accounting practices, you could be at risk of being overcharged by the factor. Make sure you plan for how you account for the advance and fees attached to it.

2. Failing to ask for the maximum limit upfront -The factor will usually appraise your business and set a maximum amount that you can advance. You need to find out how much is available to you before you enter into an agreement. It is important that the amount is enough to fund your business so you that you can look for better alternatives if it is not enough.

On this note, you should also ask how much is the upfront percentage that you will receive. As already mentioned, the factor will pay a percentage of the total advance (75% to 85%) and pay the remainder once the buyer pays the invoice.

3. Not exploring all your options - Just as it is with any aspect in your business, you need to do a thorough research on your options for funding. Different businesses have different needs and thus have different financial solutions. Just because a friend’s business is doing well by using one particular facility does not mean it is good for your business to. Explore your options by finding out what’s available out there, weigh the pros and cons of each option and determine whether or not these apply to your business.

Consider your options before committing to a contract with one funder. Speaking of contracts, don’t commit to a long-term receivables finance contract of several years. You need to make sure that you have the ability to refinance or not and a long-term contract will limit this capacity. Make sure that you have an alternative plan and that you can gracefully exit the agreement and switch strategies when you see the need.

4. Not monitoring your factor’s relationship with your customer - Remember that once you enter into a debtor financing contract, your factor will be the one who will handle collections. They will be the ones who will deal with your customers in terms of invoice payments on your behalf. Make sure that the factor has exceptional customer service. They should make sure that your relationship with your customers remains intact and positive.

A good way to check your factor’s responsiveness and customer service practices is to try out their contact points yourself. Send them an email, give them a call and chat with their chat support and see how well they handle questions and attend to concerns.

One other important issue in this matter is that when you turn over your invoices to a funder, you will lose track of your customers’ payment habits. You will not know whether or not your customers are paying promptly. You will also not be able to keep track of your cash collection cycle. These are things you would want to think of when considering invoice factoring as a financial solution.

5. Invoice factoring vs. invoice financing - Make sure that you are entering into an invoice factoring agreement and not one for invoice financing. The difference between the two is that for invoice factoring you are turning over collections of your invoices to the factor as a third party in the sales contract with your customer. Invoice financing is where your invoices are merely used as collateral for a loan from the financing company.

It is also important to note that as a business owner, you should not turn to invoice factoring as a solution for every small setback in your business finances. Note that most invoice factoring finance companies have higher interest rates compared to business cash flow loans. However, it is easier to procure invoice factoring than it is to get a bank loan.

6. Failure to understand all the terms of the contract - Make it a habit to read everything when you are running a business. This is particularly important in contracts because you will be binding yourself to these terms and you will be held liable for any violations or non-conformity. Read the fine print, make sure that there are no hidden fees or conditions that were not made known to you upfront.

Be sure that you know the term requirement or whether you are required to meet monthly minimums. Find out what will be the penalties if the terms are not met. Determine these factors before you enter into an invoice factoring contract.

Business is not a simple, one-sided operation. There are so many factors to consider and this compilation of common invoice factoring mistakes will hopefully help you make sure that your business runs as smoothly as possible.

Whatever your business decisions are in terms of funding, debtor factoring etc, the most important factor to consider is whether or not you do need to bring in a third party into your business relationships. Consider the benefits as well as the risks and continually weigh these extremes because things and circumstances change. What you need now may not be what you need in six months or a year.

Aside from regular self-evaluation of your business practices and standards of procedure, take into consideration your customer. Are they happy with your practices? A good business standard is to make sure that your customers don’t just buy from you once. They should want to keep coming back to you to buy more.

The 3 Costliest Banking Mistakes Entrepreneurs Must Avoid

Poor money management is one of the biggest reasons why new entrepreneurs fail. And key to successful money management is the relationship you build with your bank. If you still consider the bank as simply a place to store and borrow money, then you’re missing a huge opportunity to access resources that will empower your small business.

To make the most out of what your bank has to offer, make sure to avoid the following most expensive banking mistakes small businesses commonly make.

1. Mingling personal and business finances

It’s not enough that you have a separate personal and corporate bank account. You also have to be diligent about making sure transactions are made using the right account. Business expenses must only be charged through your business credit cards and checking accounts, without exceptions. And should there be a need to move money between your personal and business accounts, then such transfers must be properly explained and documented.

A clean and clear separation between your business and personal finances allows you to:

● Establish a more efficient tax return process, allowing you to easily see and access tax benefits and cut accounting costs

● Manage your business account better by establishing separate accounts for categories such as tax, revenue, payroll, and so on, as needed

● Make business audits easier

● Obtain a clearer understanding of your business’s financial standing, which equips you with the information you need to evaluate and drive profitability for your company

2. Failing to maximize services that lead to healthy cash flow

While profit may be an easy measure of business success, it’s cash flow that will keep your business up and running. But managing cash flow is known to be one of the toughest and most daunting tasks entrepreneurs face. It is thus important for your business to take advantage of the right financial tools and expertise from your bank that are designed to boost cash flow and address cash flow challenges.

Take advantage of cash management services from your bank, that help you manage incoming and outgoing cash. For instance, end-to-end global disbursements and receivables services can simplify your domestic and foreign payments and collections so you can enjoy lower operating costs and improve business efficiency.

Other examples of banking services that help you manage good cash flow are:

● Payment and account solutions that streamline local and foreign currency transactions

● Global corporate credit cards that help you effectively control your working capital, from goods and services cost to travel and entertainment

● Global payables solutions that allow quick and easy electronic and paper-based payments from local and international customers

● Virtual accounts, cheque management, and paper and electronic collections for managing receivables, so you can quickly turn them into cash

● Other solutions that protect you from financial shortfalls: business loans, guarantees and standby letters of credit, and import and export finance

3. Neglecting to invest in building a relationship with your business bank

There is no “one service fits all” option when it comes to banking. What may work for another business may be irrelevant for yours. And even if it worked for you last time, it doesn’t mean it will continue to be effective at all times. That’s why it’s imperative that you communicate your needs and goals to your bank, as they have the capacity to come up with the exact solutions according to your situation at the moment.

When you start to view your bank as an integral part of your business’s ecosystem, they can deliver more personalized and extra-value support such as:

● Connecting you with contacts, clients, partners and potential investors that are part of their vast local and international network

● Identifying useful tools and products that may not be easily available to ordinary clients

● Referring you to external solutions and experts to address even non-financial challenges you may have

● Offering easier and faster processes, thanks to their familiarity with your business requirements

The best business bank you can find for your small venture can be your growth partner. Your bankers can help you unlock solutions to your biggest challenges, and provide you the support you need as you work toward achieving your business goals.

What You Can Buy with Frequent Flyers Points

Have a lot of frequent flyer points but don’t know what to do with them? If the answer is yes, you have come to the right place. In this article, we will discuss the things that you can buy with frequent flyer points.

Booking a Flight

One of the most obvious ways in which you can use your miles is by booking a flight. It is recommended that you use these points for an expensive long distance flight, instead of a quick local flight that you can otherwise afford to pay for. It is recommended that you book it as early as possible, in order to get the best value for your points. If you aren’t sure how the point system works, it is recommended that you check out Pointsbank to increase your knowledge.

Use Them to Get an Upgrade

Another great way in which you can utilise your points is by using it to get an upgrade to business or first class. However, before you take any decision, it is recommended that you study airline alliances, so that you can make an informed decision. 

Add a Destination

You can enjoy a free stopover and visit that one city or country that you always wanted to go to. Most airlines allow you to do this, but again, it is a good idea to do your homework first. 

Use It as a Gift 

You can use these points to gift someone a free trip. Such gifts are always special, as it gives a new graduate the chance to explore the world, or newlyweds the chance to add a new destination to their honeymoon itinerary. You can also send other presents like flowers, by purchasing it from the airline’s website in lieu of your points. This is not recommended but it’s still an option you can consider.

Shop with Miles

A lot of people don’t believe in using your miles for merchandise, but there is no harm in checking it out. This is suitable for people who can’t take a trip and are getting near to the expiry date of the points. It’s better to buy something than waste your points.

Donate Your Miles to Charity

If you won’t be using your points, you can donate them to charity or welfare services such as Make-a-Wish - they help sick kids to travel to a place of their choice. 

Use as Employee Perks 

Another option is to use these miles as employee perks or rewards. 

What Not to Do with Your Frequent Flyer Points

Here is what you shouldn’t do with your frequent flyer points:

• Using them for auctions.

• Using these miles for hotel stays. 

• Using them for club lounge access.

• Using it for cheap flights. 

• Letting them expire.

• Waste them on fuel surcharges. 

So, there you have it. These are some of the things that you can buy with your frequent flyer points.

How to Set Yourself up for Financial Independence

Leaving University and getting ready for a life of adult responsibilities is often one of the most disconcerting and stressful feelings that a young person can experience. Sure, you’ve got your qualification — but do you even know what you want to do? Or what if you’ve made a terrible mistake and should have loaded up a backpack and found your calling in some exotic land instead?

And what about paying the bills? What can you do to set yourself up for financial independence now that it’s all on you to make ends meet?

Well, here are a few tips that might help.

Get work as soon as you can and don’t be afraid to move on

At the start of your working life, one of the most important things to do is to get a job as quickly as possible and start building your CV. Ideally this job would be in your target field, but it’s not the end of the world if it isn’t.

Getting into a job as soon as possible will help you start acquiring and saving money immediately, and it will also help to remove your fears and misconceptions about the working world.

Once you’re positioned in a job role, don’t be afraid to begin looking immediately for better work and sending out applications. Even if you’re completely content with your current position, it can be worthwhile keeping an eye on what else is out there.

Start a side hustle

For every day-job, there’s a career dream, hobby, or passion which can be tapped into.

Setting up a side hustle is one of the best ways of not only keeping yourself entertained and creating a sense of empowerment in your working life, but also of making some supplementary income at the same time.

Examples of side hustles that you can explore could include things like affiliate marketing or freelance web design, or even just a blog or YouTube channel where you get to share your interests and insights with the world.

Of course, a more traditional startup company would tick the right boxes as well.

Invest in a budgeting system

Making money is only part of the equation — and it could be argued that it’s not even the major part of the equation. If you want to be financially independent, it’s essential that you get a handle on how money flows in and out of your life.

How do you budget your income? How do you plan your savings? How do you manage and track your repayments to loan companies like banking.loans?

There are many books out there on different budgeting systems, and many digital budgeting tools and services such as Mint.com and YNAB. Pick a system and get started using it.

Avoid impulse spending

“Impulse spending” refers to spending money on things that you don’t need, because you feel an emotional pull to do so.

Examples could be buying a flashy car to appear high-status, or getting the latest bit of gimmicky fitness equipment because it “looks cool”. Impulse spending is a major drain on many people’s finances. Try keep yourself free of this trap.

Don't Be Left For Debt! Know Your Options!

Debt is a terrible thing, and the one thing we all struggle with when we find ourselves facing a mountain of debt is how to keep a cool head on the whole situation. It's all well and good for people to tell you that keeping your finances simple and straightforward is the best way to get out of debt, but so many of us have tried to conserve finances in the face of debt and ended up failing miserably. You could take a (metaphorical) guillotine to the vast majority of your outgoings, and still find yourself no better off. This can be incredibly demoralizing, but the thing is that when you are trapped in the whirlpool of debt, a lot of people don't know what their options are. So let's go through a few.

Speak To Your Creditors

This may be a very good way to get yourself out of a temporary bind. If you find that you are a month or two behind on payments, rather than facing more considerable debt, it's best to get in contact with your creditors to speak about the problem, and how you plan to get back up to speed. It may be that they will give you options, or you could suggest to them that you would like to pay a lower amount over a longer period of time, or you could ask the creditor to reduce the interest on the debt. It may not end up in a result that pleases you, but at least you will have asked! There are efficient ways like these to get over a short term problem and stop your creditors from taking any action against you.

Consumer Proposals

This is where you can negotiate a settlement with your creditors for a lower amount than your total debt. The options are that the settlement could be paid out in one lump sum or through monthly payments which can go up to a period of 60 months. This option is something that's worth thinking about before heading towards the bankruptcy option, and while consumer proposals offered under the bankruptcy and insolvency act (in Canada!) are dealt with by an insolvency trustee, this doesn't affect something like your mortgage. The other benefits of a consumer proposal are that it will stop your debt accumulating interest, and it stops all debt collection made by the creditors, as well as this, your home and assets will remain firmly in your control.

Debt Consolidation

A very popular option, this can be done through your bank, or you could refinance your mortgage to pay off the debts. This is a good way to pay off all your debts instantly, and then you will repay the bank with a monthly payment. The benefits of this is that you can discuss the interest rate as well as the loan amount. When it comes to refinancing your mortgage or taking out a second mortgage, which both lets you borrow against your home's equity, it's always best to speak to a mortgage advisor to help you get a great remortgage deal. If you have equity in your home, this is a very good option as it's the most affordable way to borrow money.

Filing For Bankruptcy

Most people consider this to be the last resort. However, bankruptcy is actually a reasonable option as long as you don't own significant assets. So for example, if you rent a property, and have minimal outgoings or investments, this could be a better option for you to emerge out the other side relatively unscathed. With bankruptcy, you are in the hands of a licensed insolvency trustee who will wipe out the debt, and use any assets to pay the creditors. There are various options, and if you are looking to wipe the slate clean quickly, the best approach is to file for chapter 7 bankruptcy, as this is one of the shorter processes in comparison to other bankruptcy codes, such as chapter 11 or 13. In filing for bankruptcy, it stops any creditors chasing you for money as well as stopping any pending lawsuits in their tracks. It's important to remember that if you go down this route, it will remain on your file for at least seven years, depending on the bankruptcy route you pursue.

Paying off your debts needs to be a big priority in your life, but it's also important to know your options if you ever find yourself saddled with debt. By knowing your options when in debt, you will have a better view of the overall situation and how to deal with it.

Keeping Finances Simple As A Student

Keeping your finances in a good condition is a hard thing to do as a student. You’ve got everything to pay for like an adult would, your rent, your utility bills and you’re going to have to go on dreaded shopping trips which you’ll soon realise are very expensive! However, there are a few ways that you can live frugally and keep on top of everything, so read on to find out about the different methods!

Use Online Coupon Sites

We all know how useful coupons can be; when you get a good one, you can save lots of money on a shop, or you can get loads more for your money! As a student, you’re going to be wanting to grab as many of these as you can. But, the problem with them is that you’re only given them normally after you’ve spent a lot of money, so how do you get around this? Online coupon sites like groupon.com have hundreds of different coupons and other types of deals ready for you to use, for free! The only drawback here is that these coupons only last for a limited time, so you’re going to have to keep your eyes wide open to catch the good ones as they won’t last very long!

Keep A Well Stocked Savings Account

This is something that you’re going to need to do before you start, and it will help you hugely in the long run! This relies on you having a part time job, and that’s about it. Savings accounts can be opened with companies like bank of america, and they’re an excellent way of getting money together. They give you an interest rate on what you have in the account which means that you do get a bit of extra cash from them, but the main reason why they are good is that they allow a temptation free way to save your money! You can’t access it through your card unless you transfer the money over to your main account so if you pay into it every month for a while you’re going to forget about the money and be able to use it on a rainy day!

Consolidation Loan

Like the savings account is done before you start studying, a consolidation loan is done after. As a student, you’re going to have a lot of debt on your head by the time you’ve finished your studies; but this is normal. The problem is with paying back this debt is that it goes to different companies which means that it can be hard to keep track of all your payments which is usually where things start to go wrong. However, websites like consolidatestudent.loan offer a loan that can pay back all of your debts in one go, and then you repay that loan in easy, monthly installments so you know exactly how much money you’ve got for the month ahead!

Doing all of these things is going to greatly help your life as a student, you’ll have a bit of money stashed away in a savings account to help you out when you need it, be making the most out of online coupons to reduce the living costs and after it’s all done you can pay it all back through one easy payment per month.

How to select best peer to peer international money transfer service

In the past, if someone wanted to send money overseas, the bank was the only option available to that person. However, when transferring money through banks, hidden costs were often incurred. But in current times, people have better options available, such as Peer-to-peer lending. The basic idea of P2P money transfer is that money does not cross borders which removes bypassing fee. 

Suppose you live in America and have to transfer money to someone living in France. You will pay in dollars to the American account which is owned by the P2P organization, while the recipient will get paid from a French account of that P2P organization. The currency that the recipient will receive will be in Euros. 

CurrencyFair vs. TransferWise

TransferWise charges a commission fee of 0.5% for GBP. Transfers that are below £400 are charged with a £2 fee. Thus, it is a better option if the amount to be transferred is small.

CurrencyFair, on other hand, charges slightly higher fee. Along with a fixed fee, there is varying commission charged as well. Usually, the total average transfer fee is lower than TransferWise while making a larger transaction. Thus, it is a good option if your payments are not very small.

Both these services provide better rates than banks, because banks tend to burden people with not only transaction charges, but mid-market rates as well.

Comparing P2P money transfer services

By taking the below -mentionedfeatures under consideration, selection of a trustable peer-to-peer transfer provider will be easy

Exchange rates

Compare peer-to-peer transfer companies by observing which of them regularly updates exchange rates and provides the best offers. You should know what the average rate is that customers receive from that company and how they compare to market rates.

Fees

Find out if there will be any charges that you will have to pay in order to send your money overseas, because there can be fees charged on your transaction as well.

Time duration for transfer 

Before you choose a peer-to-per company, you should also find out how quickly the money will be received by your beneficiary when choosing the transfer company. 

Customer support

Does the company that you are choosing entertain customer queries? It is important to know whether you will be provided any assistance if you happen to face an issue.

Reputation

Finally, ascertain the worthiness of the company that you are selecting by reading online reviews like this icomparefx review. Check testimonials about that transfer provider to find out if the transfer of funds is safe and properly regulated.

Currencies tend to change suddenly, and your transfer will be paused automatically if the fluctuation results in a 3% change in the currency rate. This can cause excessive time delays. There are cases when a person has to wait a full week for the money transfer. However, regardless of this issue, P2P money transfers are still becoming widely famous because of the various benefits they have.

Will Payments Bank Ecosystem Disrupt Banking Industry?

A Payment bank can maintain both a current and a savings account which includes issuing of banking instruments like ATM or debit cards, net banking & mobile banking. Currently, payment banks are restricted from offering loans or credit cards & investments in government securities. Deposits from NRIs are also not allowed at the moment. 

India is warming up to this new digital banking ecosystem called as “Payments Bank”. This is the brainchild of the RBI (Reserve Bank of India) that allows institutions that operate such banks to accept and restrict deposits beyond Rs. 1 Lakh with interest on the money being deposited by the customer using a mobile device.

Perhaps the biggest driving factor for payment banks is that they offer banking at your convenience. You can use your payments bank account from your home or elsewhere without visiting physical a bank whereas traditional banking is still heavily relies on you to visit a physical bank for most things. While the traditional banking system requires you to maintain a minimum of Rs 1000 as monthly balance, payment banks offer a Zero Balance Account where no minimum balance is required for operating such accounts. 

Security on such platforms is of uttermost importance and hence many payments banks employ many security layers & are considered safe for the most part. One of the key advantages of such accounts is that they are more consumer centric in many ways - you can simply use your mobile number as your account number. You also get to avail several offers at your disposal such as cash back and discounts once you register for such an account.

The Rate of interest on a payments bank account is way more than these traditional bank accounts, where the highest rate of interest being provided is up to 7.25 %.They arealso known for their easy KYC norms and minimal fees so open a payments bank account to compliment your savings account today!

Living the Thrifty Life: Squeezing Every Penny

Most people try to save money in a few different ways. Some people, however, want to take saving more seriously than others. If you're trying to save as much as possible, whether it's for a specific purpose or just because, there are so many different ways you can make extra savings every day. Even saving small amounts in lots of ways can mean that the money adds up to bigger savings. Some people might see some of the methods you can use to save as being a little too extreme. However, if you're determined to make some great savings, it's worth sacrificing a few things to reach your goals.

Know How Much You're Spending

If you want to live a thriftier lifestyle, you need to be aware of how much you spend. Some people aren't even sure of how much they spend on food each week or their other regular expenses. It's essential to be familiar with what different things cost you, whether it's necessities such as bills or things you buy yourself as a treat. By taking a good look at where your money goes, you can identify the things that are draining your account. You might not realize how much you spend on chocolate or how much difference it makes to turn your thermostat up a little.

Ditch Your Brand Loyalty

One of the biggest mistakes people make when they shop is to go for the same brands again and again. It's easy to get attached to a brand when you try it and have a good experience. You might try another brand or even something off-brand, but you're sure it's not as good. Sometimes, that might be true. A more expensive brand might last longer or taste better. However, there are many times when that's not the case. Try out some different brands to see if you can really see any difference, and maybe even get someone to help you out with a blind test. Sometimes, seeing a particular label or price makes us believe something is better, even when it's not. Another thing to remember is that things don't always need to be the best. Does it matter if a cheaper pack of cookies has fewer chocolate chips?

Make Purchases Go Further

When you do make purchases, you should try to make them go as far as possible. Measuring things out carefully is one way you can do this with products you use more than once. This could work for foods like pasta, rice or cheese, as well as for household products like laundry detergent or toiletries such as shampoo. Some things are easy to measure out using various containers and measuring devices. For example, laundry detergents tend to come with a cup or scoop for measuring. It's also worth considering how much you really need to use. How much pasta does each person really need to eat? What can you use to bulk it out that's cheaper?

Other things might not be so easy to measure. Controlling how much shampoo you use in the shower can be tough. You might have to use some discipline and get used to judging how much you use by eye. Or you can consider putting things in different containers. For example, using a pump bottle could help you limit how much shampoo you use.

Look for the Discounts

Being able to spot a good deal on something is a particular skill that not everyone possesses. Some people have a keen eye for savings and always have one eye looking for the latest discounts. When you want to make savings on your purchases, you can look for a few different types of offer. The first is simply something that has been marked down in the store. It might have a certain amount off, be a 2-for-1 offer, or maybe a multiples offer at a lower price.

You can also look for coupons and discount codes. You used to have to look through newspapers and other publications to find them. But now you can use sites like CouponSherpa.com to find the online. You might also get coupons through direct mail or perhaps as inserts in magazines or leaflets. Or you can pick them up in some stores too. Another type of coupon deal you can find online is the sort of thing you find on sites like Coupon. This gets you activities and products at lower prices.

Recognize That a Special Offer Isn't Always a Saving

It's important to remember that just because something is discounted, or appears to be, it doesn't mean that buying it is a great saving. For one thing, if you're buying something you didn't already intend to buy, it's not a saving. You're spending more than you meant to, even if the product costs less than usual. It's not a saving if you're buying something you don't need.

Another thing to keep in mind is that not everything that says it's discounted was ever genuinely the original price in the first place. You might be able to find it at that price, but it doesn't mean the retailer expects people to pay that amount. Take sites like Groupon where you might find something like a discounted piece of jewelry. See if you can find that exact piece of jewelry elsewhere by doing a reverse image search. How much does it cost on other sites? Take a good look at what it is you're buying and compare it to similar products. Is the original price really representative of its worth? Or is it really a much cheaper product?

Cut Out Unnecessary Expenses

Another great reason to be familiar with your expenses is so that you can cut out things that aren't necessary. You should take a good look at what you spend and think about what you need and what you can get rid of. Some of these costs are pretty easy to cut out. For example, maybe you have a subscription to a snack box company that sends you snacks every week. They might be tasty and convenient, but you can choose and buy your own snacks for a lot less. Maybe you eat out a bit more often than you should, or you're paying for insurance you don't need.

Do Things At Home for Less

When you want to save money, doing things yourself is one of the best ways to do it. It also gives you something to do, which is great if you're trying to avoid spending money. Cooking and making food is one thing that's nearly always cheaper to do at home, especially if you have the resources to buy and make things in bulk. Whether you like a good coffee or a delicious pizza, making your own can give you something that's better quality and cheaper than buying something pre-made or eating out. You can easily find good recipes on allrecipes.com and other sites. There are other things you could apply this to, as well. If you're brave enough to try cutting your own hair, it could cost you only a small amount for a decent pair of scissors that will last, instead of having to pay for an expensive salon experience.

Research Every Purchase

You can waste a lot of money by jumping into a purchase without considering it properly and looking at all your options. For example, perhaps you've decided you want to book a family vacation. Booking your travel and accommodation together seems like the best idea, but what if it's cheaper to book them separately? You can make some huge savings if you're willing to go to a bit more effort. Before you buy something, search online or look in other stores in person to see if you can find more affordable options. Find resources where you can get advice on making savings and find out how other people have saved on the same purchases.

Use a Savings Account

If you're saving your money, don't let it just sit in your normal bank account. It's worth using a bank account, so you can make sure your savings are collecting interest as you put them away. A savings account is a financial product, so before you open one, you should make sure you compare what's available to you. Some might have better interest rates or different rules about how you can use them. Some accounts have limits on how much you can withdraw or terms concerning when and how you can withdraw money.

Save Your Change

It might give you flashbacks to your childhood, but putting your change away can be a surprisingly good way to save. Get a piggy bank, or just use any old container, to save your smaller coins and maybe notes too. It can help you avoid spending it on things you don't need, like coffee or candy. Small amounts of cash can quickly add up. You could take the money you save to the bank or use it to treat yourself.

If you make an effort, you can get your money to go further. Lifting the thrifty life is worth it if you're trying to afford something big.

Rehabilitation: Getting Back On Your Financial Feet After Prison

Millions of people in the US will end up going to prison at some point in their lives. Many of them have committed terrible crimes. However, a significant percentage of innocent individuals pass through the system each year. Getting your life back on track when you return home is often difficult. That is why we wanted to release a post that offers some excellent advice. If you were sent away for any reason, you could use the tips on this page to get back to normal. We’re going to show you the best path you need to follow to regain financial stability. So, put this advice into action as soon as possible if you find yourself in that position.

Contact your bank and creditors

Before you do anything else, you will need to contact your bank and any creditors. You need to let them know about your situation and find out how much money you have or owe. In some instances, the government might have taken your savings as they were the proceeds of crime. However, you need to understand your position before moving further. Once you know how much cash you have left, you can attempt to strike deals with your creditors. Inform them of how much you can afford to pay each month, and stick to your agreement. Hopefully, they will refrain from sending the debts to collectors. 

Get a job as soon as possible

Experts from the law offices of Leverson Budke say getting a job isn’t always easy when you leave prison. That is because you have a mark on your record, and you must inform any potential employers. Still, there are lots of ways in which you can start to earn money. For example, you could apply for unskilled roles that don’t give you many responsibilities. People running companies offering those positions shouldn’t feel too bothered about your history. You can also make use of an ex-convict work scheme. They are programs that help people in your shoes to get back into work.

Keep your living expenses low

It stands to reason that you will take a pay cut when you finally find work. With that in mind, you need to keep your outgoings as low as possible. Ask a friend or family member if you can live with them until you find your feet. If you can do that, you’ll save enough money to get somewhere else in half the time. Also, you might manage to clear your debts a little faster. Shop at discount stores, and don’t spend anything unless it’s essential. You’re going to need as much cash as possible to get yourself out of this mess. 

We hope that none of our readers ever have to go to prison. However, at least you now know how to get back on track if the worst occurs. Just make sure you take advantage of any assistance offered by the state. Probation officers will often write a reference on your behalf for any potential jobs. So, take them up on their offer.

How To Improve Your Family's Financial Situation

Not everyone is financially savvy all of the time. We’ve all had months or even years that have been tough - and when that happens, what exactly do you do next? It can be both confusing and upsetting if you simply aren’t sure what your next move is. Here are some tips to help out.

Create A Budget

More than anything, it’s important to take a look at what exactly your financial situation is. Look at exactly how much money comes into your household each month, and then think about what exactly it’s being spent on. You might not think that buying Starbucks every day costs much but the truth is that it adds up a lot, so make sure that you’re completely honest about what your outgoings are. You need to ensure that those outgoings don’t exceed your incomings, and that you have a little extra money left over so that you can save it - having that extra cushion will help you in the future, because you never know what financial shocks might end up hitting you, whether it’s car repairs or a new boiler.

Talk To Your Bank

Make sure that you’ve talked to your bank about your financial situation. It may seem frightening but the truth is that they’re there to help you with your money problems and help you find a solution that suits you. Not everyone can understand everything to do with finances, but it’s important for you to know as much as possible - after all, knowledge is power, and being able to make your own financial decisions is very important. Read as much as you can, from articles about understanding infinite banking to looking up different couponing websites that you can use to keep your grocery shopping expenditure down as much as possible. Don’t be afraid to ask for help from people who really know what they’re doing.

Make Cutbacks

It could be time to make a few cutbacks in your life. Nobody likes having to do that but the truth is that sometimes they’re very necessary in order to ensure that your life is as straightforward as possible. First of all, consider different ways to get fit - a lot of people are paying out a considerable sum of money for a gym membership that they don’t actually end up using very often, and if that’s the case with you then it’s time to talk to your gym and see if you can switch memberships or even cancel. Remember that yoga YouTube videos, hiking, and running are all absolutely free ways to stay fit. It could also be time to cut back a little when it comes to your social life - remember that you don’t always have to spend vast sums of money on food or alcohol every time you see your friends. Think about different activities that you can do instead, like going for a hike or preparing a picnic together or going to check out a free exhibition at your local museum. There are plenty of ways to have fun without breaking the bank.

Escrow Account Automation in Business Banking

An escrow account is a pass-through account temporarily held by a third party when a transaction between two parties is underway. It is often operational until the entire procedure is completed and all the terms agreed by the parties are settled. Most small business owners may have heard about such accounts but often do not clearly understand its working and benefits.

Some industries like real estate widely use these accounts. There are certain instances when most business owners may need to use this type of an account. Here are three instances when this account would be beneficial

1. Mortgages

Personal as well as commercial mortgages often require escrow bank accounts for the down payment and closing fees. Selling and buying real estate properties is a long procedure and involves several steps. Furthermore, investments in this sector are large and therefore, using these types of accounts provides security to all involved parties.

2. Large asset-based transactions

While purchasing a vehicle or other large assets like equipment or machinery (especially from an individual), using an escrow account is advisable. This is because investing in such assets requires spending a huge amount. Furthermore, the transfer of ownership from the seller to the buyer may be a time-consuming process. Maintaining the cash deposits in such accounts while the procedure is being completed is a safer way and ensures the money is not misused.

3. Online transactions and transfers

Individuals undertaking online financial transactions and transfers must use escrow services. This is more important when the users are dealing with people they have never met before. Completing the transaction through escrow service offered by an unbiased third party is safer for both the parties (buyers and sellers).

4. Construction finance

In case a builder avails of construction finance from an institution, the funds are retained in this type of an account. The funds are made available to the builder only as per a pre-determined disbursement schedule. Furthermore, sale proceeds received from the buyers are also retained in this account. These receipts are not provided to the builder until the project is completed.

Working of escrow services

The principals of the escrow service (buyer and seller) mutually agree upon and finalise the escrow instructions. These are often the condition precedents that must be completed before the fund transfer is executed. The information is offered to the escrow officer (loan officer of the bank where the property title is held). On completion of these conditions, the transaction is executed. The responsibility of ensuring that all the terms and conditions have been met lies with the escrow officer before finalising the transaction.

When both the parties involved in the transaction have met their obligations, the property or funds held in the escrow account are transferred. Once such transfer is complete, the account is closed.

Benefits of escrow services

The primary objective of escrow services is the security and safety of the parties involved in the transaction. These accounts ensure funds are transferred only when the parties have completed their responsibilities as per the agreed terms and conditions. The funds are held by a third party until all the conditions specified in the agreement are successfully completed.

Using escrow services may seem like an extreme way of protecting the parties during a transaction. However, using these especially for complex transactions involving multiple steps is useful in safeguarding the interest of all the parties.

The benefits of having more than one bank account

Picking the right bank account for your needs can be a confusing and stressful task. Whether you’re paying your bills, saving for a holiday or you're looking for somewhere to keep your everyday spending money, different bank accounts can have different benefits for each. Pounds till Payday, a payday loan company, have some advice for how by using different accounts, you can find the best one to suit your needs.

Everyday

Your everyday account is one of the simpler ones to find. This account can be used for your day to day spending from the big weekly shop to smaller impulse buys. You can also use this one to pay your bills.

Find an account that enables direct debits and standing orders. Most bills you pay, such as gas, electric, phone, internet, will be payable via direct debit. If you arrange for these payments to be made automatically on the day you get paid, it is easy to make sure you don’t fall behind and you can also see how much money you have left for the rest of the month. These accounts will also allow you to set up standing orders to your other accounts so that money for savings or a mortgage can also be automatically transferred on a date of your choice.

Certain accounts will also allow you an overdraft facility to help you ensure you don’t run into financial difficulty and rack up bank charges. Information on how much these cost can easily be found on banks websites so you can shop around. Other bank accounts offer benefits such as cashback on purchases and bill payments so if this interests you, have a look at what each account offers. If you want a contactless card, research which accounts offer these before you commit to one. Contactless technology is available in hundreds of stores now and will be rolled out to all card machines within a few years.

Loans/mortgages

If you’re buying a house or looking for a loan, the bank that runs your everyday account may not be the best place for this. Different banks have different criteria for lending and different interest rates so shopping around for the best deal is essential. Comparison sites can be a huge help and offer impartial advice on the pros and cons of each bank. Some banks still offer guarantor mortgages and springboard mortgages which allow your family to help you buy a house so if you need extra help then these could be the one for you.

Savings

If you’re saving for something big or small, it's important to find the account that offers the best interest and tax free saving. If you’re saving for a house in the UK, the Help to Buy ISA will match your savings so that you can double the amount you’ve put by. This can help you buy your first home and get yourself on the property ladder.

Why Alternative Investing Is So Hot Right Now

2016 was a big year. We saw a polarization in politics like never before in the West with events like Brexit and the US election, and investors all over the planet are wondering whether this is a sign of things to come. Businesses too are reporting that thanks to the changing political climate, they’re altering their behavior and planning how they are going to navigate a challenging political landscape.

The good news for individuals is that global growth remains strong. According to estimates, global growth will expand this year from 3.1 percent to 3.5 percent, mainly because of the new pro-growth strategies outlined by the incoming US administration.

With things changing so fast, what does should the small investor be doing? Here’s some advice to weather the storm.

Start Peer-to-Peer Lending

Peer-to-peer lending wasn’t even something that was possible until a few years ago, and we go the cloud. But the very fact that it exists is worrying. In a normal economy, it’s the job of banks to take the money of savers and lend it out to borrowers. But the fact that people feel the need to go to peer-to-peer services to get a return on their money shows that the traditional market just isn’t clearing. More people want to borrow than the banks will allow, prompting savers to enter the market and lend directly.

Granted, it’s all very strange, but there are some significant returns to be had. According to Bankrate, annual returns are between 5.3 and 8.6 percent, more than triple what most savings accounts currently offer. Riskier loans based on lower borrower credit scores offer even higher rates of return than that, although the risk is considerably greater.

Art And Rarities

Investors have been piling into art recently in search of better returns. Art and rarities are seen as a sort of safe haven when the stock market is in turmoil because they tend to keep their value over the long term. Recently interest in art has been pushed, however, by increasing sticker prices of top works of art.

Michael Saigh, a managing partner at a rarities investing company, says that for many small investors, opportunities are limited because of high entry prices. Some start at more than $1 million. But with the growth of art shares, it’s becoming easier for individual investors to get a stake in the market.

The growth of cloud platforms, as discussed on the Investor Services about us page, are giving investors the opportunity to make sure that their investments meet IRS requirements. This is important whenever individuals are investing in things like art and rarities using their 401(k) funds.

Impact Investments

Finally, there has also been a surge in the number of investors doing things that they hope will save the world. With people like Mark Zuckerberg and Bill Gates making high-profile announcements about their charitable investments, many others are following suit.

The cool thing about many of these investments is that they still generate positive returns, even though their primary goal is to achieve social good.

Bordering On Bankruptcy? These Are The Biggest Causes Of Money Loss

Are you worried about losing money? You should be, money loss is a huge problem for people up and down the country every year. People are close to bankruptcy, and struggling to make ends meat. Today’s piece will focus on the causes of most people’s money loss in modern society. Check out these three points for more info:

Bad Investments

Investments are a great way of spending your money and getting more out of it. That is, of course, if you make wise investments that have the potential to grow. Bad investments will have the opposite effect on your finances. They will lose you a lot of money and bring you close to the brink of bankruptcy. There are loads of bad investments you can make, but I think bad real estate investments are the most common. Too many people like to take risks on the property market, in the hope of making a huge profit. Most of the time, real estate risks cause you to lose a lot of money and be nowhere near a profit. To avoid this, you can read the article here http://www.yourfinanceformulas.com/ on real estate pitfalls and how to stay clear of them.

Personal Injury

Sustaining a personal injury is by far and away one of the biggest causes of money loss in modern individuals. As well as going through physical trauma, you also have to deal with severe financial damages too. You can see on sites like http://teagueandgloverlaw.com/ that personal injuries cause people to lose income, and gain massive medical bills. Without proper legal representation, you will lose a lot of cash. When you’re hurt, you can’t work, when you can’t work, you can’t earn money. It’s a vicious cycle to get into, and thousands of people see their money fall down the drain day by day when they suffer an injury. If this happens to you, the best advice is to firstly, seek legal help to claim as much compensation as possible. Secondly, think about part-time work you can do from home that doesn’t hurt you and is easy to do. Something like freelance writing in your spare time is a good idea, anything to gain some extra cash.

Excessive Gambling

Without a shadow of a doubt, gambling is a huge factor behind many personal bankruptcies. The issue with gambling is that you hardly ever win, and you lose more times than you win anyway. So, you’ll throw more and more money away in the hope of winning a small percentage of what you’ve spent in total. Gambling is highly addictive and causes so many people to lose their money every year. Obviously, the easiest way to avoid this is to stop gambling or never gamble, to begin with. An alternative can be to gamble by playing online games that don’t require you to use real money. You still get the thrill of gambling, without the risk of money loss.

If you can avoid these three things, then you can stay clear from some of the biggest causes of money loss. Also, use my advice to help reverse bad situations if you do end up falling victim to one of these issues.