The New Jersey Division of Banking and Insurance
The state of New Jersey regulates its banking through the Department of Banking and Insurance.
The main mission of the department is to educate and help safeguard consumers while assisting the financial stability and efficiency of those industries.
If a consumer has a complaint about a banking, insurance, or real estate issue they can file a claim with the department online. After you follow the preceding link, you can then click on the respective Banking, Insurance, or Real Estate links to open up the applications.
Consumers can also call the hotline at 1-800-446-7467.
Note: The New Jersey Division of Banking and Insurance does have jurisdiction with federally-chartered banks or federally chartered savings and loans or savings banks.
If you need help with these types of banks (even if they are located in New Jersey) you can reach out to the Office of the Comptroller of the Currency (OCC), Customer Assistance Group at 1-800-613-6743.
Banking Technology
There is no doubt that the traditional banking systems in America are still not where they should be.
Santander for example had some rough technology just 5 -6 years ago. They have certainly improved in recent times. How do I know? FunNewJersey.com has a Santander business account!
Most Americans with a bank account have recognized that traditional banks have not kept up with technology. While Fintech startups are racing ahead to bring consumers the best products possible, big banks are relying on the status quo.
This has been shown time and time again in polls. In July, Gallup published results of a poll showing that only 27% of Americans had a great deal or quite a lot of confidence in local banks. This is down 6% from last year.
Fintech Startups
Fintech Startup companies are in it to win it. They have surpassed many traditional financial institutions to truly address what the consumer wants. Make no mistake about it, these companies are competing with and trying to completely erase traditional financial service providers.
Everybody already knows about Cash App, Stripe, and Venmo but here are a couple more of the more popular ones.
- Circle
- Stripe
- Mojito
- Trubill
- Klarna
- Plaid
- Robinhood
- Chime
- Venmo
- Cash App
- Affirm
- Acorns
If you want a more definitive list, check out this blog post.
Are Banks The Best Way To Transfer Money Internationally?
For people who need to make international transfers on a regular basis, the idea of going to a big bank is very unattractive. After all, anyone who has dealt with international money transfers in the past will know that banks take huge commissions and are extremely slow.
But are banks really more expensive than other companies which offer foreign exchange services? Is it possible that banks have improved their foreign payment services over the past few years?
Transferring Money In Person
Banks have been improving their international money transfer services, but at a relatively slow pace. Not all banks have made major strides. In fact, some banks still require customers to visit their nearest branch in order to make international payments!
This is thankfully the exception rather than the rule. However, it does show how easy it is for traditional banks to rest on their laurels. The reality is that many Americans would not be surprised if their bank asked them to visit for this reason.
Excessive Fees
While most American banks now offer online transfer services, there is another important way in which they are stuck in the past. They still charge excessive fees to make international payments. This is in spite of the fact that there are low-cost ways to transfer money abroad.
Many US banks charge up to $40 for international transfers, and the cost does not end there. They also take commissions by offering inferior exchange rates – rates that benefit them. These rates tend to be around 5% worse than the current mid-market rate.
In the past, this was a reality we just had to deal with. There were no other reliable ways to transfer money overseas. Fortunately, that has changed in the past few years.
International Money Transfer Companies
International money transfer companies offer an alternative to traditional banks. These companies specialize in sending money to and receiving money from other countries. They are much more affordable than going through the banks. They also offer a range of services you will not get at a bank.
The difference in what you will pay is significant. The best money transfer companies charge no fees for international transfers. The exchange rates they give you are much closer to the actual rates, so that any commission taken from you is minimal.
Money transfer companies facilitate quick and efficient transfers. You can do everything online and won’t have to wait a week to receive any incoming payments.
They also offer features such as multi-currency accounts, which cater to the way people do business in 2022. The world has become a much smaller place. Even relatively small eCommerce sites now deliver products internationally. Independent freelancers and other members of the gig economy earn money from all over the world.
A multi-currency account allows you to receive money in various currencies and hold it in the account without making an exchange. You can use these funds to pay for things in that currency or to transfer them to your local account when it suits you.
Money transfer companies are the best way to transfer money internationally. Using these services will save you a lot of money while making the process a whole lot more convenient.
Here are some examples of excellent money transfer companies operating in the US.
The Best Money Transfer Companies
If you want to transfer money from a US bank account internationally or receive payments from abroad, you have a number of great options to choose from. Two of the most popular companies are Revolut and Wise. These companies offer excellent service to individuals, making it easier than ever to pay and receive money on a global scale.
By using means other than the outdated SWIFT system, they facilitate transfers at extremely low prices and with quick turnover times. They also offer much better customer service for international money transfers, as this is what they specialize in. When you deal with a bank, customer care employees are not nearly as informed about your foreign payments.
One of the best things about Revolut and Wise is that they are both entirely transparent about money transfer fees and exchange rates. You can see their exchange rates live on their websites, along with what they will charge for transfers of different sizes. This way you can easily compare money transfer rates to ensure you get the best bang for your buck.
This is in sharp contrast to the banks, and even other money transfer companies are not so transparent. Companies that are better suited to transferring big sums of money – such as those made by corporations – will usually only provide bespoke quotes. Some companies will show you exchange rates once you have signed up.
How To Proceed
Since using a money transfer company is almost always better than going through a traditional bank, it can be tempting to choose the first provider you see. While you won’t go wrong with Wise, Revolut, and similar companies, you will get offered different rates by each. This is why you must compare foreign exchange rates before you proceed with a transfer.
You’ll also want to consider the added features if this is not a one-time transfer. If you’re sending and receiving money on a regular basis, you can benefit from things like forwarding contracts and multi-currency accounts.
The reality is that there is a lot of instability when earning or making payments in foreign currencies. Exchange rates change all the time, and what you receive for your dollars one week may differ from what you receive for the same amount the next. Money transfer companies can help you with this.
The best way to transfer money internationally is through a money transfer company. These companies charge much smaller money transfer fees than the banks do. They also offer a number of different services that you can access from the comfort of your own home. Always remember to compare money transfer rates before you complete your transaction.
