HSBC has said it could start charging for “basic banking services” in some countries after it reported a 35% fall in quarterly profits.
BBC reports that the bank was considering charging for products such as current accounts, which are free to UK customers.
HSBC says it was losing money on a “large number” of such accounts.
A spokesman tells the BBC it was committed to continuing to provide free “basic bank accounts” in the UK. But they add: “We always keep under review the pricing for our standard current accounts and associated services.”
The bank is considering charging for basic products such as current accounts due to its 35% fall in quarterly pre-tax profits.
Very few banks charge for standard bank accounts, but experts say this could change if the UK falls into negative interest rates due to the pandemic.
That would see the Bank of England take interest rates … Read the rest
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The coronavirus pandemic is fuelling a boom for Africa-focused money transfer companies.
The analysis from Reuters comes in spite of predictions from the World Bank of a historic 20% drop to $445 billion in remittances to poorer countries this year due to the pandemic-induced global economic slump.
The pandemic gave remittance companies an advantage over their main competition in Africa.
“We saw an increase of transfers as the diaspora wanted to help their family,” says Patrick Roussel, executive VP for the Middle East and Africa, within mobile financial Services at chez Orange – a dominant player in French-speaking Africa.
The pandemic gave remittance companies an advantage over their main competition in Africa: the sprawling informal networks of traders, bus drivers and travellers used by many migrants to send money home.
“We’ve seen an influx of new customers, and we see them mainly coming to us from the informal market,” Andy … Read the rest
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