Should you use Taaj Money Transfer? What are your options?

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If you’re thinking about using Taaj to do a money transfer then this article is for you. Here we’ll look at why you shouldn’t use Taaj and what you should do instead.

Who are Taaj Money Transfer?

Taaj offers affordable money transfers to various countries in the world. Money can be saved online, allowing recipients to receive cash at their location. Taaj is owned by TTC FINANS A/S Corp and has been in business since 2011.

How to Send Money Overseas

Whether you have family who live abroad or your child needs some emergency dough while they are travelling sending money overseas can be straightforward.

There are lots of businesses like out there competing with each other to help you send this money across; these can include the banks, as well as money transfer firms like Taaj.

The best way to send this money however, can be a minefield.

Each firm will offer you a deal that will take into consideration how much you are sending, how often, how quickly and how the person on the other end wants to receive it.

Whether it’s an instant payment or drip fed financial support for a family member read on for our step by step guide to making a better decision.

The 3 Amigo Options

Considering your possibilities of who can send your money overseas you have 3 options, bank/building society, foreign exchange brokers and high street transfer firms.

These 3 amigos all have their own pros and cons, which of course we will discuss. However, these are your three main considerations, as between them they can send your money fast, slow, in various volumes and amounts with a variety of sending fees and charges.

But as rule of thumb, the high street banks remain the safest and easiest to access regarding recurring payments.

Hidden Cost of Taaj

Of course there will be a wide range of potential fees, interest and exchange rates which can make this minefield when using companies like Taaj for money transfer.

The best thing to do is first start using pounds as your starting currency and then find out how much of your foreign currency pounds will buy. This then gives you a total sum that you can use to mix and match against other offers and deals.

This sum will also be useful to know when you look at add-ons and additional fees, including exchange rates.

Taaj’s foreign exchange rates will come in all shapes and sizes, these beauties are also shape-shifting so they never stay the same.

Therefore if you are comparing against other offers try and do so within the next 24 hours of receiving a deal. As your shape shifting deal won’t be the same tomorrow!

Sending fees will be included from the Taaj and receiving fees may well be placed at the feet of the receiver.

Be aware of receiving fees as if you have a child who is travelling they may not be able to cover this cost. However, you can arrange to cover this yourself, at your end!

Get Confirmation!

Once you have made your leap of faith and decided on your own personal best value option, you need the confirmation.

So from this step you can confirm with the bank, exchange firm or broker that they can deal with your personal details.

You will have your own set amount you want to send, a timeframe you want it received and a destination in the world you require it to be.

Therefore make sure you get confirmation, this can either be in email or by post but ensure that you keep all the paperwork.

Keep all receipts as the amount and destination will be specific to you and your circumstances, this will be required if something goes wrong.

Is Taaj It Safe?

Our everyday banking is protected by the Financial Services Compensation Scheme (FSCS), that means if our bank goes bust, then we are covered.

However, with foreign exchange firms like Taaj, quite simply they don’t have this security. If a money transfer firm goes bust, they are gone, along with your money transfer.

However, there is a Financial Conduct Authority (FCA) that commands a certain level of quality by following a set of rules, which does certainly increase your safety, security and chances of getting your cash back if something goes wrong.

Our top tip is to use FCA approved foreign exchange firms like Taaj where necessary, especially if you are sending a lot of money overseas.

Taaj alternative: your Current Account!

You may be wondering why I need to use a foreign exchange firm when I already have a current account within a UK bank or building society.

Well, you don’t! Your bank or building society will happily discuss with you your various options of sending money overseas.

This can often be a lot safer, more convenient and more importantly, more familiar to you if this is your first time.

Advantages to using your own bank include it being easy to arrange, guidance through the process, high street accessible, safe and protected.

The disadvantages of using your own bank can include lower exchange rates, especially if you have a lot to send; also the banks are a bit slow!

Some banks can take up to 6 working days to complete transfer whereas exchange firms are a lot quicker.

Regular Payments

Whereas UK banks can be a bit slow with the transfer there is usually an option to pay a transfer and/or a receiver fee to speed up the process.

The UK banks on the whole have their own counterpart banks overseas where special arrangements can be made.

Ask your bank about overseas banks as often lower exchange rates can be applied and even smaller or no charges are added.

This is very useful if regular overseas payments need to be made!

Whether you’re paying the bills on a ‘holiday home’ overseas, or financially feeding family members living away then making special arrangements with your bank can be cost effective.

Our top tip here is to hold an account in your name in both the UK and the country where regular payments will be made.  You can then benefit from reduced fees and lower costs.


Taaj Alternative: High Street Firms

As opposed your bank, you can choose to use a high street foreign exchange firm.

Making this choice is relative easy, there are high street branches to discuss with in-person, such as the Post Office or if you’re tech savvy you can quickly scan the internet for the best deals and fees.

The advantages of using a high street firm means that you get the chance to use a range of services such as ‘instant transfers’ into the recipient’s bank account.

This is also easy to set up, you won’t need a high street foreign exchange account and if the amount is small enough you don’t even need ID.

These firms can also get the deed done very quickly, great if your family member quickly needs some instant cash to carry on their worldly travels.

However between all the high street firms, fees and costs vary widely, you could be charged higher fees for smaller transfers which needs to be considered.

Other disadvantages include the exchange rate fluctuating rapidly; make sure that you make a decision on the day you deal with these firms as tomorrow the exchange rate will be something else.

Furthermore your overseas transaction is not always as safe, as not all firms are covered by the FSCS discussed above.


Taaj

Your third option is use a broker like Taaj to send money overseas, this would be ideal for sending larger sums of money with low or sometimes non-existent fees.

Furthermore the Broker is the specialist in exchange rates which is great for you, the customer as they can offer better rates especially if your sending regular payments.

Also this process is very fast, the Brokers won’t mess about with your overseas payment and can often get the money to the recipient the same or following day.

But with the good, comes the bad. Setting up an account with a Broker can take time; we are talking a day or two to get things official.

Also only do this if you have larger amounts to send overseas, as smaller payments get the biggest fees, and setting up an account may not be worth your while.

Again the Broker is not the safest option if their firm goes bust your money is not protected, not all Brokers are covered by the FSCS.

Compare and Contrast

As with any financial decision you do need to compare and contrast the market, see what works for you and your needs of sending money overseas.

There are a number of comparison sites available, don’t use one, use them all!

Make your comparisons as detailed as possible, use the filters on these sites to match to exactly what you want.

When the deal fits your needs you can check this against other firms, banks and brokers. Also before going ahead double check that your deal is covered or authorised by the FCA.

Scams – Being aware of scams is sensible. It’s not scary if you know what you’re looking for.

If the deal is too good to be true, then assume it is, go back to comparing and contrasting this deal with others.

If you find deals that force you on to external links, making calls, or sending details over emails again double check this with the payment provider.

Most firms, banks and brokers don’t do business this way.

Open an overseas account with an authorised provider, do not give your details to any old firm asking for them, make sure they are legitimate and above board.

Credit Card – For many purchases and payments, such as online shopping from overseas stores you can use a credit card. This is a TaajTaajconvenient, safe, insured and quick alternative to money transfers.

Alternative Payments – there are other ways of sending money overseas, however, avoid sending cheques or foreign bank drafts as these are easily intercepted and you won’t see this money again.

Also this process is slow, painful and unsafe together with handling charges from both the UK and foreign exchange sides.

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Uses of customer information

When submitting application forms to banks, insurance companies and other financial institutions, this means that personal data will, by default, also be submitted.  In these cases, clients will be informed that their personal data may be used.

The Firm will request client consent before any transfer of data takes place.  Clients will be asked to confirm that they are comfortable to have their personal data used in one or more of the following forms:

Post, telephone, email etc. subject to the conditions of the Data Protection Act.

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The following definitions provide a summary of the information classification levels that have been adopted by our firm and which underpin the 8 principles of information security. These classification levels explicitly incorporate the Data Protection Act’s (“DPA”) definitions of Personal Data and Sensitive Personal Data, as laid out in our firm’s Data Protection Policy.

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Security Level

Definitions

Examples

FOIA2000 / DPA1998 status

1. Confidential

Normally accessible only to specified and/or relevant members of our staff

DPA-defined Sensitive personal data:

·                     racial/ethnic origin

·                     political opinion

·                     religious beliefs

·                     trade union membership

·                     physical/mental health condition

·                     sexual life

·                     criminal record

·                     salary information

·                     individuals’ bank details

·                     passwords

·                     large aggregates of DPA-defined Personal Data (>1000 records) including elements such as name, address, telephone number.

·                     HR system data

Subject to significant scrutiny in relation to appropriate exemptions/ public interest and legal considerations.

2. Restricted

Normally accessible only to specified and/or relevant members of our staff

DPA-defined Personal Data (information that identifies living individuals including:

·                     home / work address

·                     age

·                     telephone number

·                     schools attended

·                     photographs

Subject to significant scrutiny in relation to appropriate exemptions/ public interest and legal considerations.

3. Internal Use

Normally accessible only to our staff

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·                     internal group papers and minutes,

·                     information held under license company policy and procedures

Subject to scrutiny in relation to appropriate exemptions/ public interest and legal considerations

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Accessible to all members of the public

·                     Company filed documents

·                     Company websites

Freely available on the website.

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Other users may have rights of access to data according to the terms of engagement under which the data was gained or created.

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By “third parties” we mean any lender, broker or affiliate who interacts with us in enabling a consumer to make a loan application.

We will use the information to manage their account(s), give them statements and provide our services, for research, assessment and analysis (including credit and/or behaviour scoring, market and product analysis) and to develop and improve our services to the consumer and other consumers and protect our interests.

We, and other carefully selected third parties, will use their information to inform them by post, fax, telephone or other electronic means, about other products and services (including those of others) which we believe may be of interest to them.

If they contact us, we may keep a record of that correspondence.

We will keep details of transactions they carry out through our site and of the fulfilment of their applications and their loan history.

We will keep details of their visits to our site including, but not limited to, traffic data, location data, weblogs and other communication data and the resources that you access.

In order for us to be able to collect and use personal data and / or to pass If they do not want us to use their data in this way, or to pass their details on to third parties for marketing purposes, customers must manually opt in to this agreement (See CONC section of this Compliance Manual).

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Where we store data

The data that we collect from a consumer is stored within the European Economic Area ("EEA"). Such staff may be engaged in, among other things, the assessment and fulfilment of a consumer’s application, the processing of a consumer’s bank details and the provision of support services. By submitting their personal data, they agree to this transfer, storing or processing.  We will take all steps reasonably necessary to ensure that a consumer’s data is treated securely and in accordance with this privacy policy.

All information a consumer provides to us is stored on our secure servers. Any transactions will be encrypted. Where we have given (or where they have chosen) a password which enables you to access certain parts of our site, they are responsible for keeping this password confidential. We ask a consumer not to share a password with anyone.

The transmission of information via the internet is never completely secure. Although our systems exceed industry standards for security, and we will always do our best to protect a consumer’s personal data, we cannot guarantee the security of a consumer’s data transmitted to our site; any transmission is at their own risk. Once we have received their information, we will use strict procedures and security features to try to prevent unauthorised access.

Disclosure of information

We may disclose a consumer’s personal information to any member of our group, which means our subsidiaries, our ultimate holding company and its subsidiaries, as defined in section 1159 of the UK Companies Act 2006.

We may disclose a consumer’s personal information to third parties:

Credit Reference Agencies (CRAs)

When a customer makes an application for a credit, we will check whether they are likely to be able to meet the monthly payments and repay the loan.  However, we are limited in what we can actually do as we do not work directly with CRA’s as we are not eligible to do so.  We will work with what the applicant divulges on their fact find/application but we can only judge as accurately as the information given allows.

When we submit an application to a lender, it is normal practice for a lender to carry out a credit search with a CRA.  In the past, this would have left a search ‘footprint’ on the applicants’ credit file that may be seen by other lenders. Large numbers of applications made within a short period of time would adversely affect a customer’s ability to obtain credit, and they should always consider this before making an application for a loan.

However, the lenders that we have chosen to deal with offer a facility known as a ‘quotation’ search, which does not leave a footprint. This is in line with CONC 2.5.7 which suggests that during the ‘shopping around’ process of the customer, the lenders that we promote should only use a ‘quotation search’, which does not leave a footprint.

Access to information

The Act gives a consumer the right to access information held about them. Your right of access can be exercised in accordance with the Act. Any subject access request may be subject to a fee of £10 to meet our costs in providing them with details of the information we hold about them.

Changes to our Privacy Policy

 Any changes we may make to our privacy policy in the future will be posted on our web page, and, if appropriate, notified to consumers by e-mail.

Questions, comments and requests regarding this privacy policy are welcomed and should be addressed to moneynerduk (at) gmail.com.

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