Measurement of monetary aggregates across countries
yThis paper compares the compositions and definitions of monetary aggregates being published by the 30 countries belonging to the Organization for Economic Co-operation and Development (OECD) and 10 non-OCED countries. These countries are divided into 5 groups according to the similarity of their monetary aggregates and their membership in the European Union (EU) and/or OECD. The first three groups are countries in the EU who have adopted the European Central Bank's definitions of the monetary aggregates with some variations. Their monetary aggregates are discussed together and presented in one table. The monetary aggregates for the countries in the other two groups are very heterogeneous and each country is discussed separately. The criteria used to classify and define monetary aggregates by individual countries are compared and summarized. Variations among the countries' monetary aggregates resulting from emphasis on different criteria for money definitions are also addressed.
Seventh Customer Service Centre in the UAE launched
Alongside the NRI banking centre, HSBC has opened its seventh Customer Service Centre in the UAE at the Business Centre on Khalid Bin Al Walid Street (Bank Street) in Dubai to serve customers from Saturday to Thursday from 8:00 am to 10:00 pm. This Centre will be the first to have a dedicated Premier, Status, and HSBC Amanah area. It will be a one-stop-shop for personal banking customers to submit applications for new accounts, loans, credit cards, cheque books, Islamic financial solutions including HSBC Amanah current accounts, Charge Card and other products and services. Specialist advice can be arranged for investment, insurance, mortgage, offshore, and business banking. An Internet kiosk is also available for customers as well as an ATM.
'We are pleased to open our seventh Customer Service Centre in the UAE, and the fifth in Dubai. Our aim is to provide enhanced customer service to customers at their convenience. It is an extension to our delivery channels that include our branches, personal and corporate Internet banking and phone banking services,' said Niall S K Booker, Deputy Chairman and Chief Executive Officer, HSBC Bank Middle East Limited.
Money Transfer Services.
There are various services for retail or online money transfers. Xoom is the best known, most secure and reliable online service. If you open an account with them, you can send or receive money within minutes to/from other people around the globe. You pay the lowest fees in the market for your transfer. Recipients do not require a bank account or Internet connection to receive funds.
Post Office. Wire transfers can also be offered by the U.S. Postal Service. Your recipients can receive their funds from various bank branches up to $2,000 per day. For transfers exceeding $1,000 proper identification is required. According to the amount you send a fee ranging from $10 to $20 will be charged for each transaction. Your recipient’s name on their documentation should match exactly the name on the money transfer. Multiple money orders are subject to a daily maximum of $10,000 where as each money order is restricted to a maximum of $700. Your recipients will get local currency upon cashing their money orders. Local or damaged money orders can be claimed with a valid receipt. The cost of $3.25 each applies to any International money order of a value up to $700. Money orders can also be purchased at banks at a slightly higher price.
Banks. There are programs serving foreigners send money home that are developed by major U.S. banks as well as local smaller banks. Recipients can claim their money from partner banks where the funds were wired. Certain banks may require you to have an active account with them, so research your local branches for such services. You can also send funds by purchasing stored value cards offered by major U.S. banks. These cards are similar to credit cards with the difference that the amount has to be deposited in advance. Recipients can name purchases at stores that accept major credit cards or withdraw money from various ATM locations. Several banks will issue a check card connected to your U.S. account for your family members abroad. Check cards withdraw funds directly from your checking account and look like common credit cards.
Credit Unions. IRnet is a service that electronically transfers funds between credit unions’ members. Several countries in Europe, Africa, Latin America, and Asia are served by IRnet including 3,000 locations nationwide.
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