CNN has diversified its portfolio with the launch of CNN Money Transfers which is powered by moneycorp.The service allows users to enjoy exchange rates that are typically 3-4% better than those offered by the banks
“Our customers also enjoy free online transfers, your bank may charge you anything from $30 – $50 each time,” the company said on its home page.
The service is available for both desktop and mobile devices; it is part of CNN’s expansion plan aimed at generating additional revenue .
CNN decided to partner with exchange experts moneycorp who are authorised and regulated by the Financial Conduct Authority for the provision of payment services and customer funds are safeguarded in segregated client accounts.
“As our customer you will be allocated a personal account manager, who will guide you through the transfer process and provide expert guidance on the foreign exchange market. They will explain the range of specialist exchange tools on offer, to help protect you from negative rate movements,” the new service promised.
To bring clarity to the product’s edge, CNN said online transfers can save users anything from $30-$50 each time they send money overseas, compared to a bank. Coupled with exchange rates that are typically 3-4% better than those available from a bank – so, users could save as much as $4,000 on a transfer of $100,000.
