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This article discusses the importance of being mindful of fees and scams when using debit and credit cards abroad. It highlights that many banks charge additional fees for transactions made outside of the UK, but there are some banks that do not impose these fees. The article also mentions fee-free credit cards and prepaid cards as alternative options. It warns readers about gift card scams and advises them to be cautious when providing personal information or making payments for gift cards or prizes. Overall, the article provides practical advice for saving money and protecting oneself from fraud while traveling. [Extracted from the article]

Klarna Bank AB, a fintech company, is expanding its services to include retail-banking in the US and Europe. Customers in 12 countries will now have the option to add money from their bank accounts to a digital wallet called Klarna balance, which offers cash-back rewards and refunds. In Europe, Klarna will offer interest rates of up to 3.58% for savings, allowing it to compete with major US banks. In the US, Klarna will offer more limited services without the savings option, similar to digital wallets like Venmo or Starbucks. Klarna is diversifying its funding ahead of a planned IPO in the US. [Extracted from the article]

Klarna Bank AB, a fintech company, is expanding its services beyond its buy-now, pay-later offering by adding retail-banking services in the US and Europe. Customers in 12 countries will now have the option to add money from their bank account to a digital wallet called Klarna balance, which offers cash-back rewards and refunds. In Europe, Klarna will offer interest rates of up to 3.58% for savings, allowing it to compete with major US banks. In the US, Klarna will offer more limited services without the savings option, similar to digital wallets like Venmo or Starbucks. Klarna is diversifying its funding streams ahead of a planned IPO in the US. [Extracted from the article]

Stanbic Bank Zimbabwe is expanding its network of Automated Teller Machines (ATMs) in response to growing client demands. The bank has installed ATMs in new locations across Zimbabwe, particularly in areas where it does not currently have branches. This strategic move aims to increase accessibility and convenience for clients, providing a full range of services including cash withdrawals and cash deposits. The bank believes that strategically placing ATMs in underserved areas contributes to the overall development of the communities it serves. Stanbic Bank is also rolling out bulk note acceptors to enhance the functionality of its ATMs. [Extracted from the article]

The article reports that the Zimbabwean government is targeting excessive fees charged by banks. Some banks charge high fees for services such as cash withdrawals and account maintenance, which has led to financial exclusion for many Zimbabweans. Deputy Minister David Mnangagwa stated that directives on bank charges will be given in the future if banks do not take action. The government is urging engagement with the banks, but the issue is ultimately in the hands of the monetary authorities. [Extracted from the article]

Labour plans to establish 350 new banking hubs across the UK in the next five years to address the decline in face-to-face banking services. This initiative, if successful, would significantly increase the number of hubs compared to the current voluntary arrangements between banks and the government. The hubs would provide physical locations where customers can access cash withdrawals, deposits, and advice, especially in areas where individual branches have closed. The policy aims to cater to rural voters and revitalize the nation's high streets. The hubs, funded by banks and operated with the assistance of the Post Office, have faced criticism for their slow implementation. Labour estimates that the expansion would contribute £415 million ($527 million) to the UK's high streets. [Extracted from the article]

Singapore-based remittance firm Samlit Moneychanger is under investigation for suspected fraudulent trading. The director and compliance manager of the company are being probed by the Monetary Authority of Singapore and the city-state's police. Samlit had previously been sued by clients after money they had sent home from Singapore was frozen by Chinese police. The firm had informed the regulator of its intention to surrender its payments services license and cease operations. The MAS has taken steps to secure the funds in Samlit's corporate bank accounts to meet its remittance obligations. [Extracted from the article]

The use of cash for purchases in Australia has significantly declined, with only 13% of transactions now being made with cash compared to 70% in 2007. This trend is making it increasingly difficult for homeless individuals who rely on cash donations to get by. The decrease in cash circulation has also led to a reduction in the number of ATMs available, further limiting access to cash for those in need. Some organizations, such as The Big Issue street newspaper, have implemented alternative payment methods like card payments to adapt to the changing landscape. However, passersby are less likely to donate using tap-and-go methods, and many cashless payments require a bank account or fixed address, which can be challenging for homeless individuals to maintain. [Extracted from the article]

Sainsbury's, the second-largest grocer in Britain, has announced plans for a phased withdrawal from its banking division in order to focus on its core food business. The decision comes after a strategic review of Sainsbury's Bank, and while the company is exploring various options, there will be no immediate changes to the products or services offered. Sainsbury's has been considering selling its banking unit for some time, and in 2021, it ended talks on a potential sale. The current CEO of Sainsbury's Bank, Jim Brown, is retiring and will be replaced by Robert Mulhall. Additionally, Sainsbury's is slimming down its operating board as part of its strategy. [Extracted from the article]

Birbank Business has introduced a new online product called the 'Cash-secured guarantee,' which is designed to provide guarantee coverage for entrepreneurs in all business sectors. The product can be accessed through the Birbank Business app, allowing entrepreneurs to apply for the guarantee online. The application is reviewed within one working day, and if approved, the guarantee is issued. This product offers the advantage of not requiring a visit to the bank. In addition to the 'Cash-secured guarantee,' Birbank Business offers a range of other services for business owners, including opening business bank accounts, transfers, cashless payments, and business loans. For more information, visit the Birbank Business website or contact their information center. [Extracted from the article]

Nigeria's central bank has issued guidelines for banks that want to open cryptocurrency accounts, although it still maintains a ban on banks holding or trading virtual assets themselves. The regulations, which were published on the central bank's website, aim to regulate the activities of virtual asset service providers, including cryptocurrencies. Nigeria is following other African countries in increasing oversight of cryptocurrencies due to concerns about corporate collapses and the decline of the nation's fiat currency. The guidelines only allow for naira-based accounts and impose restrictions on cash withdrawals and third-party checks. [Extracted from the article]

Former central bank governor of Nigeria, Godwin Emefiele, has been accused of operating 593 bank accounts in the United States, United Kingdom, and China without authorization from the Central Bank of Nigeria (CBN). An investigator appointed by President Bola Tinubu found that Emefiele and other officials allegedly stole billions of Naira from the CBN's accounts, including a fraudulent cash withdrawal of $6.23 million. The investigator recommended the prosecution of Emefiele and 13 other individuals for financial offenses. The report also revealed fraudulent use of funds, misrepresentation of presidential approval, and manipulation of the Naira exchange rate. [Extracted from the article]

(Bloomberg) -- French lottery operator FDJ SA is considering adding a range of new payment services in a bid to diversify a business model that still heavily relies on gambling, according to people familiar with the matter. The company recently launched Nirio, a solution that allows households to pay bills issued by FDJ's partners in its network, using cash or buy-now-pay-later options. [Extracted from the article]

(Bloomberg) -- DBS Group Holdings Ltd. and Citigroup Inc. said banking facilities have resumed following a disruption on Saturday that prevented customers from fulfilling transactions across various platforms. "A technical issue occurred at one of our data centers in Singapore that raised the temperatures in the data center and impacted some customers' operations", an Equinix spokesperson said. [Extracted from the article]

Birbank Biznes, the internet and mobile banking system designed for legal entities and individual entrepreneurs, has streamlined its registration process significantly. For the first time in Azerbaijan, entrepreneurs can now take advantage of the innovative "Registration through Facial Recognition" feature to effortlessly open a business account. [Extracted from the article]

Mike Garrard A We won't know what rights Mike and his son have until we ask the bank and Google to shed some more light on this suspected crime. Can I get refund for Apple's faulty keyboard? Q In February, my son's Google account was compromised by someone who tried to set up a Google Ads campaign. [Extracted from the article]

Read more: Return of ECB 0% Deposit Cap Would Shake Money Market, BofA Says The rate on German two-year notes fell as much as six basis points to 2.95% after the Bundesbank said late Friday it will remunerate domestic government deposits at 0% starting Oct. 1. In September, Europe's governments rushed to lower their cash holdings held at the central bank on the expectation interest would be capped at 0% even as the ECB raised its deposit rate above that level. [Extracted from the article]

The Central Bank of Nigeria (CBN) has exempted primary mortgage banks and microfinance banks from cash withdrawal limits and processing penalties in order to boost credit for retail borrowers. The exemption is targeted at organizations lending to the economically active poor and aims to enable these banks to continue providing specialized retail banking services. However, it is important to note that microfinance and primary mortgage banks are still required to comply with the cash withdrawal limits outlined in a previous circular. This directive is seen as a way to deliver affordable credit to businesses and stimulate economic growth under President Bola Tinubu's administration. [Extracted from the article]

As Nigeria's vast network of small and medium-size enterprises increasingly look to digitalize payments, merchant acquiring is offering increasingly attractive prospects to banks and fintechs alike. And finally, the recent cash shortage in Nigeria has further hastened the adoption of cashless payments and merchant acquiring, generating strong organic demand for digital-payment solutions by merchants of varying sizes and scale. While merchant acquirers agree that value-added services - including offering alternative payment methods, dynamic currency conversion, faster payment settlement, and funding - are important, the challenge has been how to monetize these. And since alternative payment acceptance is still in its early days and merchant literacy levels are low, onboarding new merchants can be challenging and costly, requiring multiple touchpoints. [Extracted from the article]

Our superannuation system is one of the best in the world, but it's undermined when gig workers aren't getting it. TWUSUPER wants the federal government's gig economy reforms to ensure on-demand transport workers have access to conditions, including superannuation, on par with other transport workers and the population as a whole. [Extracted from the article]

(Bloomberg) -- A key metric of profitability for Indian banks, lending margins, is set to get a boost as the nation's decision to withdraw its highest-value currency note bolsters bank deposits. Still, the short-term deposit rates may ease for now, muting the impact of rising deposit rates on margins, according to a note from CareEdge Ratings Ltd. ©2023 Bloomberg L.P. [Extracted from the article]

(Bloomberg) -- Deutsche Bank AG agreed to pay $75 million to settle a lawsuit in which victims of Jeffrey Epstein's sexual abuse accused the bank of facilitating his sex-trafficking operation, according to attorneys for the plaintiffs. Epstein's relationship with Jes Staley has become the cornerstone of the litigation, with Doe alleging the former JPMorgan executive knew about Epstein's crimes. [Extracted from the article]

Public confidence in Jerome Powell's leadership of the Fed has dropped precipitously, according to a new survey, and is now at or below his predecessors' as the central bank wages its war against inflation. (Bloomberg) -- US inflation showed more signs of moderating in April, giving the Federal Reserve room to pause interest-rate increases soon. [Extracted from the article]

The article informs on looming banking crisis in Lebanon. It mentions in Lebanon, though, getting money out of the bank is almost impossible and lenders have imposed harsh, arbitrary capital controls amid a financial crisis. It also mentions Lebanese sued bank for breach of contract, the case has languished for two years.

The former deputy Governor of the Central Bank of Nigeria (CBN), Mr Kingsley Moghalu, has explained why the Naira redesign policy of the apex bank failed. He attributed the failure to the lack of effective risk management, its use as a political tool, and other factors. The policy, which aimed to introduce new currency notes and make the old ones invalid, caused difficulties for Nigerians who were unable to access cash and faced limited cash withdrawals from commercial banks. Moghalu criticized the CBN for not thoroughly scrutinizing the system and highlighted the negative impact of the policy on the economy and the legitimacy of the institution. [Extracted from the article]

The Central Bank of Nigeria (CBN) has prohibited the use of merchant point-of-sale (POS) terminals for cash deposits and withdrawals. This decision is outlined in the Regulatory Framework for Agent Banking in Nigeria, which states that merchant POS machine owners are not allowed to carry out cash-in and cash-out transactions. The CBN has set limits on the amount of cash deposits and withdrawals that agents can accept, and agents are also prohibited from charging customers fees outside of the regulated fees regime. These rules were established by the CBN in accordance with the Central Bank of Nigeria Act and the Banks and Other Financial Institutions Act. The guidelines provide standards and requirements for agent banking operations and outline the roles and responsibilities of stakeholders involved in agent banking. [Extracted from the article]

Founders Fund also advised its portfolio companies that there was no downside to moving their money away from SVB, even if the risk was low. Founders Fund went further than many other venture firms, which kept some money with Silicon Valley Bank in order to maintain a relationship with the institution. [Extracted from the article]

In total, about 20 bank branches across Denmark have cash holdings, according to Finance Denmark. (Bloomberg) -- Bank robberies are becoming a thing of the past in cashless Denmark as the Nordic country recorded its first year of zero holdups in 2022. [Extracted from the article]

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The Central Bank of Nigeria (CBN) has reported that 6,047 Bank Verification Numbers (BVNs) were placed on its watchlist for fraudulent transactions in the first half of 2022. This represents a 13.9% increase from the previous year. The CBN assessed 28 banks and the Nigerian Interbank Settlement System to ensure compliance with the Regulatory Framework for BVN Operations and Watchlist. Wema Bank suffered the highest losses due to fraud, followed by the banking arm of Guaranty Trust Holding Company. The CBN aims to reduce fraudulent transactions by 35% in 2022 through improved payment infrastructure and financial system security. [Extracted from the article]

The Central Bank of Nigeria (CBN) has announced an increase in cash withdrawal limits for individuals and corporate accounts, but the highest note dispensed in ATMs will remain at N200. The CBN encourages the use of alternative channels such as internet banking and mobile apps for banking transactions. The CBN recognizes the importance of cash in supporting underserved and rural communities and will implement the transition to a more cashless society inclusively. The CBN warns that any banks or financial institutions that aid in circumventing the new policy will face severe sanctions. [Extracted from the article]

The Central Bank of Nigeria (CBN) has announced a new cashless policy that has received mixed reactions. The Conference of Nigeria Political Parties (CNPP) has expressed support for the policy, stating that it will help minimize the influence of money in politics and improve governance. The policy sets limits on cash withdrawals for individual and corporate customers, with fees imposed for withdrawals above the limits. The CNPP has called on the government and security agencies to ensure that the policy is implemented without interference from politicians or influential individuals. [Extracted from the article]

The Central Bank of Nigeria (CBN) has instructed banks and financial institutions operating ATMs in the country to only load banknotes up to N200. This directive is part of the CBN's efforts to promote its cashless policy and reduce cash transactions. The decision to redesign higher denomination Naira notes was made to address the issue of a significant amount of cash being held outside of commercial banks, potentially by criminals. To encourage electronic transfers, the CBN has also set limits on cash withdrawals through ATMs, over-the-counter, and point of sale terminals. [Extracted from the article]

(Bloomberg) -- Nigeria's central bank slashed the daily withdrawal limit from automatic teller machines in a bid to boost digital payments in Africa's most-populous nation. Weekly cash withdrawals from banks are restricted to 100,000 naira for individuals and 500,000 naira for corporations, and any amount above that limit will attract a fee of 5% and 10%, respectively, the central bank said. [Extracted from the article]

Account holders can still use a debit card or PayPal account to make direct purchases, it added. (Bloomberg) -- Crypto exchange Coinbase Global Inc. is fixing an issue that prevented the company from processing payments and withdrawals with US bank accounts. [Extracted from the article]

(Bloomberg) -- Crypto exchange Coinbase Global Inc. is investigating an issue that's preventing the company from processing payments and withdrawals with US bank accounts. Account holders can still use a debit card or PayPal account to make direct purchases, it added. "We are currently unable to take payments or make withdrawals involving US bank accounts. [Extracted from the article]

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