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The international money transfer business is becoming increasingly difficult because of global efforts to counter money laundering. Banks around the world are putting pressure on money transfer operations by enforcing stricter and more onerous compliance obligations and in many cases, are closing them down. This is affecting both small operators, and large internationally recognised money transfer businesses.

Until today, Money Move IT had an arrangement with a globally recognised foreign exchange provider who handled our settlements and gave us access to competitive foreign exchange rates which we have been able to pass on to our customers.

Due to the pressures from the global banking system, our FX provider has decided that they will no longer deal with independent money transfer providers such as Money Move IT. Our company has not been singled out - this decision has affected other money transfer companies. Money Move IT has had no choice but to suspend operations as of today, 10th March 2014.

We are immediately looking for alternative solutions which will allow our business of inexpensive money transfer to continue. We hope to have an update within the next month.

In the meantime, customers with a credit balance with Money Move IT will be refunded in full. We will be in touch with those customers to organise repatriation of their funds.

The suspension of Money Move IT’s operation is entirely beyond our control, and we are naturally disappointed that we are currently not able to provide what we see is a much needed service for low cost small money transfers.

All of us at Money Move IT wish to thank our customers for the support they have shown us in our attempt to make this sort of service possible. We will email you with further news if there are subsequent developments.
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