Monday, January 18News For London

Tag: Bank

Multi-currency bank card to help cut travel expenses

Business
Managing money while travelling or buying from foreign retailers online usually costs extra money. A virtual bank Revolut tries to cut such costs. “Every time you travel abroad and pay with your debit card, you lose money – about 30-40 euros, depending on the bank you use, for every 500 euros. We allow people to save these 30-40 euros,” Nickolay Storonsky, the founder of Revolut, said to Westminster World. Revolut is a British startup launched in July 2015.  The company produced a debit card with three accounts in different currencies – USD, EUR and GBP – and a mobile applications. Users need to download the app and order the card to be delivered home. The mobile application is used to top up in any of these currencies with a debit card or a bank transfer, and send money to other R
Jail time for bankers? New regime holds senior managers accountable

Jail time for bankers? New regime holds senior managers accountable

Blogs, Business, News
By Li Ying & Di Bai In the wake of HSBC’s tax evasion scandal, the UK Treasury announced a new regime aimed at strengthening control in the banking sector, which will take effect in about a year. From that time on, senior bank managers will be likely to face jail terms for bank failures and misconducts. The Chief Executive of Chartered Institute for Securities and Investment (CISI) Simon Culhane talks to Westminster World and explains the new regime.   Introducing a change of culture in the industry A new government-proposed regime will usher in a much-needed change of culture in the banking and financial service sector, with more punitive consequences. Simon Culhane, the chief executive of the professional body of the financial service industry CISI, welcomes it. He s