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GlobalWebPay Money Transfer

The trusted way to make personal, charitable and business payments internationally from the UK.

• Highly competitive exchange rates
• Service available 24x7
• £4.75 fixed fee per transaction for any size
• Fund using debit card or bank transfer for larger amounts
• Fast service: if your funds arrive by 12:00 midday, transfers arrive next day
• Allows money transfer to more than 35 countries using over 15 currencies
• Simple fast and free registration process
• An impressive support team, available whenever you need help

22/05/2026

On this day 120 years ago brothers Orville and Wilbur Wright of Dayton, Ohio were finally granted US Patent Number 821,393 for their "Flying Machine", the application having been filed more than 3 years earlier. Their invention would go on to revolutionise global travel and make the world far more accessible.

Similarly, global payment networks reduce geographic boundaries by enabling cross-border payments from one country to another. Every day millions of international payments are made across the globe. An IMF working paper found that cross-border payments in 2024 were equivalent to nearly one quadrillion US dollars.

And, much like the Wright brothers invention, payment networks are evolving as new technologies become available. What remains to be seen is whether that evolution ultimately benefits users or whether market, technological, regulatory, and geopolitical forces leave end users with slower, costlier, and less transparent cross-border payments.

21/05/2026

Big news in the banking world this week was Standard Chartered's announcement on Tuesday that they intend to cut thousands of jobs over the next four years as they move to increase their adoption of artificial intelligence (AI) by replacing, in the words of CEO Bill Winters, "lower-value human capital" with technology.

Headquartered in London, Standard Chartered is aiming to cut more than 15% of its back-office roles by 2030, which would result in around 7,800 redundancies. The roles most affected are those based at the bank’s back-office centres, including Chennai, Bengaluru, Kuala Lumpur and Warsaw.

"Our next phase of our growth will be supported by a simpler, faster and more connected operating model...We are scaling practical uses of automation, advanced analytics and artificial intelligence to streamline processes, improve decision‑making and enhance both client service and internal efficiency." - Standard Chartered press release, 19 May 2026

This should be seen as a worrying trend for many in the banking sector. Last year Morgan Stanley released some research which estimated that AI would put more than 200,000 European banking jobs at risk by 2030, accounting for about 10% of industry roles across the continent.

15/05/2026

Someone put out a post on Linkedin yesterday about SWIFT and how slow it is. Many of the comments were quick to correct the OP, pointing out that SWIFT is a messaging network and that the messaging itself is fast.

The 1-5 day settlement time is rather due to correspondent banking chains, cut-off times, compliance checks, and weekends and public holidays on the receiving end.

So next time you are waiting for a SWIFT payment do bear this in mind.

14/05/2026

Recently I've read a few reports about the struggles UK businesses trading abroad face from extreme currency fluctuations. It's remarkable how easily a slight change in currency can affect the bottom line of anyone doing cross-border trade.

A weaker GBP can, for example, make importing raw materials more expensive, while volatile GBP exchange rates can cause unforseen costs in international transactions, eroding margins and upsetting cash flow forcasts.

A 2025 survey by cash management provider MillTech found that of the over 250 UK company CFOs and treasurers polled, 48% said their organisations had lost money as a result of big swings in the value of sterling.

SMEs are particularly at risk. In 2025 independent SME funder, Bibby Financial Services (BFS) surveyed over 500 UK SMEs that trade overseas. Fifty four percent of those surveyed said that they have been stung by volatile exchange rates during the year, losing over £53,000 on average as a result. Over half (53%) reported that a single poorly timed transfer cost them up to £20,000 due to FX volatility in 2025, rising to 72 percent among the smallest businesses with 1-9 employees.

Businesses in the services sectors were hardest hit with nearly two thirds (65%) of those businesses having been negatively impacted by currency fluctuations, 11 percentage points higher than SMEs on average.

Hedging or invoicing in more stable currencies seems to be the popular approach to mitigating this ever-present risk.

08/05/2026

Mastercard, Visa and PayPal are currently under investigation by the UK's Financial Conduct Authority (FCA) for suspected anti-competitive conduct linked to the funding and usage of PayPal's digital wallet.

This comes at a time when the UK and Europe are actively exploring ways to reduce their reliance on Mastercard and Visa.

According to a 2025 report by the Payment Systems Regulator, around 95% of UK card transactions are made using payment systems owned by these two US payment giants. That dependency becomes even greater as cash payments decline across Britain.

Similar concerns have been raised on the continent. European Central Bank data shows that Mastercard and Visa account for 61% of card payments in the eurozone and nearly all cross-border transactions.

It will be interesting to see how this develops over time and whether the stranglehold can actually be broken.

07/05/2026

After receiving approval from the Prudential Regulation Authority on 19 March and the European Central Bank on 14 April, Spanish banking giant Banco Santander concluded its near £3 billion acquisition of TSB from Sabadell last week.

This transaction gives Santander an additional five million customers and over £45 billion in assets. As one of the UK's largest lenders they now rank third by personal current account balances and fourth in the mortgage market.

➡️ What will become of the TSB brand?

The intention is for TSB to be brought under the Santander UK banner and the historic TSB brand will ultimately disappear.

Santander have said they expect to strip out at least £400 million in TSB costs. One of the big targets will certainly be TSB's network of around 175 branches. Last year Santander announced plans to close one fifth of their own UK branches so the likelihood is that many TSB sites will suffer a similar fate under the new entity.

With the conclusion of this deal further erosion of the UK's branch banking network seems inevitable.

30/04/2026

In Oliver Stone's 1987 financial drama there's an iconic scene where ruthless corporate trader Gordon Gekko, brick-like Motorola DynaTac 8000x in hand, calls his young protégé from the beach outside his home in the Hamptons.

Bleary-eyed Bud Fox stumbles out of bed, reaches for the telephone and is greeted by Gekko's immortal phrase "Money never sleeps, pal".

Gekko used these specific words to emphasise to Fox that financial markets operate 24x7 across global time zones.

Nearly 40 years later can we say that "money never sleeps" when it comes to cross-border payments?

Well not exactly.

While some global money transfers are really quick others can be held up by things like additional compliance checks on the payment partner or destination bank end. Regulations enforced by different countries can also affect the time funds take to arrive.

And of course, banks don't process transfers on weekends or public holidays.

Gekko clearly didn't work with international payments.

23/04/2026

Worries about the long term economic fallout of the ongoing Middle East crisis, particularly to UK households, prompted Chancellor of the Exchequer (finance minister) Rachel Reeves to summon the heads of Barclays UK, Lloyds Banking Group, Santander UK, NatWest Group, Nationwide Building Society and HSBC UK to an emergency meeting yesterday.

This comes off the back of the International Monetary Fund (IMF), earlier this month, handing the UK economy the biggest downgrade forecast of any country in the G7.

The summit which took place during UK Fintech Week 2026 was also attended by Economic Secretary Lucy Rigby. According to a government press release, Reeves "set out how her economic plan is strengthening the UK’s resilience and keeping costs down for households and businesses - and that the financial services sector has a central role to play in managing risk, backing consumer confidence and supporting households."

The Chancellor and the Economic Secretary also "highlighted progress on delivering the Financial Services Growth and Competitiveness Strategy, including the launch of Targeted Support to boost retail investment, commissioning the Financial Services Skills Commission to produce a report on disruptive technologies and skills needs and launch a financial services Skills Compact, and major pensions reform through the Pensions Bill."

Assurances were also given that government and regulators continue to work together to reduce regulatory burdens.

Will any of this really help overburdened UK households and businesses? Only time will tell.

17/04/2026

It's always nice to end the week on a positive note.

Happy Friday everyone!!!

14/04/2026

UK neobank Monzo officially launched in Ireland today. This move forms part of a wider strategy focussing on growth opportunities in their home market and Europe. The bank currently services a fast-growing customer base of 15 million. A European headquarters was set up in Dublin last year following which the bank successfully secured a full banking licence from the Irish Central Bank and the European Central Bank.

CEO of Monzo's European operation, Michael Carney, said the move reflects growing appetite among Irish consumers for alternatives to traditional banking. Many are dissatisfied with paying heavy fees for banking services and will no doubt find Monzo's fee free personal and business banking offerings hugely appealing.

Monzo are all too aware of this and other pain points, as Ireland country manager Elaine Deehan explains: “Our research is clear, Irish customers want free everyday banking, money that works harder for them, a partner they can trust, and a bank that speaks their language.

Yesterday Ireland's Deputy Prime Minister Simon Harris met with officials from Monzo in the lead up to the launch. His subsequent post on LinkedIn sums up Monzo's entry into the Irish market quite nicely.

"This marks another positive step for the Irish banking sector, with a strong digital-first bank entering the market and enhancing choice for consumers. Increased competition is good for customers - driving innovation, better services and improved value."

Image credit: Monzo (hope you guys don't mind 🙂)

09/04/2026

Much of todays banking news is taken up by the near endless growth stories of Neobanks. As impressive as these are, it was the potential return of something far more traditional that recently caught my eye.

Once upon a time bank branches dominated high street's across the UK. But as more users adopted online banking the physical branch become a prime target of cost cutting intiatives.

Since January 2015 UK banks and building societies have closed 6,214 branches. This year alone Lloyds have shuttered 71 branches and others intend to make similar culls. Rationalising closures a spokesperson for Lloyds Banking Group said more than 21 million customers now rely on mobile and online banking, meaning fewer people are making use of physical branches. Perhaps the most aggressive in terms of branch closures up to now has been Barclays. More than 800 Barclays branches have been axed since 2018 leaving only 206 in operation across the UK.

So, the announcement last week by Vim Maru, chief executive of Barclays UK, that they intend to revive high street banking by opening branches and bringing back bank managers, came as something of a surprise.

Maru joined Barclays in 2023, having previously worked at the Lloyds Banking Group and Santander, and a year later took over UK operations. In contrast to the decade long closures he believes that "Even in a digital world, many customers still value physical presence and the ability to talk to our colleagues when they need support."

Speaking to The Times, Maru said: "What we're trying to do is something that allows us to differentiate in front of our customers. Of course we're going to be great in digital – but we're going to be there for you when you need some help and support. You're not going to be stuck in some chatbot trying to get out of the loop and trying to speak to someone."

The plan also envisages the return of branch managers, moving away from a heavy dependence on digital services. As Maru told The Times: "Most customers come in and they want to talk to the bank manager from time to time."

It will be interesting to see if Barclays UK can pull this off and by doing so differentiate themselves in a very crowded retail banking market.

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