Latest news with #BIC
2 days ago
- Business
It's easier than ever to transfer money around the world. So why can it be a hassle for Canadians?
When Victoria resident Dick Newson tried to send €1,000 to a friend in France through a money transfer from his Scotiabank account, he didn't expect it to be a hassle. We were able to submit it and it said 'Done,' said Newson in an interview with CBC News last week. Two weeks later, our friend said, 'I don't have my money yet.' He's not alone in his frustration, according to one banking researcher, who notes that transferring money internationally can be costly, difficult or confusing if your point of origin is a Canadian bank. Typically, an international wire transfer requires information including the recipient's name, the name of their bank and codes including the International Bank Account Number (IBAN), the Bank Identifier Code (BIC) or Society for Worldwide Interbank Financial Telecommunication (SWIFT). Newson told CBC News he had all the codes required, but was frustrated by the bank's website, which he found confusing. Dick Newson tried to send 1,000 euros to his friend in France via Scotiabank. Weeks later, it still hasn't arrived. He wishes the international money transfer process wasn't so confusing. (Submitted by Dick Newson) Photo: (Submitted by Dick Newson) I went to their international money transfer web page and tried to enter all this information and had a lot of difficulty, he said. While Scotiabank's website (new window) offers the service for $1.99, Newson said he was told that price didn't apply when he asked for assistance, and he'd have to pay $25 if he went into a branch. Newson told CBC News via email Monday that Scotiabank had determined that the money had been deposited, but in a business or corporate account, and not the personal one of our friend. In an emailed statement Tuesday, Scotiabank said it's working closely with our client to ensure that this matter is solved to their satisfaction. But Newson's criticism is not just that the money is missing. He believes the process to send money internationally should be simpler and cheaper, similar to how Interac e-Transfers work to send money within Canada. It should be as easy going through the bank to do the same thing [internationally], he said. Canadian banks don't face much competition International trade economist Werner Antweiler points out that Canadian banks don't face a great deal of competition in this country when it comes to handling foreign currency and moving money around the world. It's an oligopoly. It's only a handful of banks that are in a very cozy spot, said Antweiler, who is a professor of economics at University of British Columbia's Sauder School of Business in Vancouver. And that means they can keep fees relatively high. Especially those fees that are invisible to most customers. While he wasn't speaking specifically about Newson's situation, Antweiler pointed out that Canada's banks don't have to provide the same level of interconnection that many foreign banks do. Right now we don't have the kind of simplified system, for example, that's in place in the European Union where transfers are carried out in real time and at a really low cost, he said. Our Canadian banks make it really hard to hold money in a foreign currency, said Antweilier, noting that issues around transferring money can apply to markets a little closer to home as well. He noted that while you can have a U.S. savings account at some Canadian banks, you can only deposit or withdraw funds with many of those accounts. I cannot actually transact this account in the United States. It is not linked to the U.S. payment system, he said with regard to his own U.S. dollar account in Canada. Canadian banks even charge to receive money Bank charges to send money internationally can be as high as $45 (new window) at institutions like RBC. To receive a wire transfer, banks such as TD Bank will charge $15 (new window) — on top of whatever fee the sender had to pay. The Canadian Bankers Association, which represents both banks, points out that international money transfers come with costs because they're more complex than domestic transfers. In a statement to CBC News, the association, which represents more than 60 financial institutions, wrote that the cost to move money internationally remains consistent no matter how much money is sent, which is why banks usually charge a fixed fee rather than a percentage of the total payment. 1,000 euros sent from Canada remains lost, with Scotiabank saying it's 'working closely' with Newson to solve the issue. / THOMAS COEX For example, Canadian bank competitor EQ Bank offers online international transfers using a system backed by British financial company Wise. EQ Bank says its exchange rates are typically lower than the major banks, and they make it clear how much it will cost right off the bat. I'm gonna send … $300 Canadian … but how much is the recipient gonna receive in their bank account at the end of the day? said Dan Broten, senior vice-president and head of EQ Bank in Toronto, highlighting his company's belief that the higher exchange rates of a traditional bank also serve as a type of indirect fee. Many customers when they're dealing with a larger financial institution, it may not be clear to them. It's actually completely hidden, said Broten. Competitors trying to make it easier — and cheaper Canadian alternatives to bigger banks could see opportunity in targeting clients who send money outside of Canada, and some are advertising cheaper international money transfers for their customers. Fintech company Wealthsimple recently launched a new suite of products, with some traditional wire transfers being free (new window) for several weeks and providing access to a lower cost alternative system, also through Wise. In addition to partnerships with Canadian companies such as Wealthsimple, Wise also offers its own accounts and a debit-style card that allows clients to receive and spend in multiple currencies or online. In a statement to CBC News, Wise said the average fee it charges is .53 per cent of the money being sent, compared with what the company claims is an industry average of two to five per cent. The lower cost is part of the appeal for companies like Wealthsimple. You know exactly what you're paying for and it's gonna be significantly cheaper, or no fees, said Hanna Zaidi, vice-president of payment strategy at Wealthsimple. She says her company doesn't need to charge as much for wire transfers because it just doesn't have the same costs as a traditional institution. We don't have bank branches. We don't have all these administrative fees and overhead that we need to deal with, she explained. The increased competition may drive the traditional banks to respond, with Antweiler pointing out that there's more profit to be made as more customers seek international money transfers. Entering the market as a new competitor and offering a cheaper product will grab your market share, he said. Victoria man's money still missing Back in B.C., Newson acknowledges he may just have to play the waiting game, but said he'd like to see banks compete more when it comes to making it easier to send money abroad. I just wish banks would step up to that and say, you know, we would like to make it easier. However he also noted it's been more than a month and he still doesn't have his money back, while his friend in France is also sans l'argent (without cash). Scotiabank has done what it can from this end, he said, adding that he felt the bank stepped up to get him additional details to help. So next time? He says he'll use a competing service that may not rely on traditional banks. Anis Heydari (new window) · CBC News
The Hindu
20-06-2025
- The Hindu
Coracle, at BIC Cafe, is an invitation to wholesome, homely Kerala cuisine
There are not too many home chefs who take the plunge into running a restaurant, but Tresa Francis does it with a subtle flair and understated elegance that is the hallmark of Coracle. Even many regulars to the Bangalore International Centre (BIC) may not be aware of its existence, tucked away in plain sight, away from the hustle and bustle of its many activities. Sliding doors open into a simple, yet tastefully designed dining area and a decently stocked bar. Coracle primarily serves Kerala cuisine with a few South Indian regional exceptions. And while there is no dearth of Malayali restaurants in the city, ranging from simple messes to ones helmed by star chefs, Coracle occupies a sweet spot where the food is homely and the experience is classy. Chef Tresa Francis, whose culinary influences come from north, central and south Kerala, says cooking has always been a part of her life for as long as she could remember. 'We were all involved in the prepartion of a meal, even as children. Whether it was helping pick produce or poultry, it was something we all did,' she says, adding that it was never seen as a grown-up's job. Kerala cuisine involves a rich balance of flavours and textures, courtesy the use of a range of tubers, lentils and gourds. And though most of these vegetarian delights are commonly seen at the grocer's, more often than not, only mushrooms, paneer, corn and peas make it on to the menu in most places. We begin our meal with yam fingers served with curry leaf aioli, and kappa (tapioca) kandhari sauce. For those not in the know, boiled tapioca served with a simple dipping sauce of coarsely pounded green chillies, shallots and coconut oil, is a staple in Kerala and can be eaten at any time of day. Both were simple and homely, and set the tone for the rest of our meal. Next up were the prawn fry, pork fry and beef cutlets, each vying for our attention. Both the prawn and pork fry were delicious, succulent and well flavoured, without an overpowering of spices. It was heartening to see the beef cutlets were of ample proportions, happily crisp on the outside and satisfactorily moist on the inside. Ullarthu is Malayalam for roast and we try both the chicken and beef ullarthu. The chicken is served on mini parottas, inviting you to pop them in your mouth and chew on their wholesomeness at one go. Now, beef ullarthu is a signature dish in the Kerala cuisine cookbook. Often accompanied by parotta or enjoyed by itself, this dish is found along the length and breadth of the state, at homes and hotels, and is as comforting as a bowl of dal-chaawal elsewhere. However, only a few places can elevate its delectability and Coracle is one of them. There is a quite a good reason why. While Tresa oversees everything at the kitchen, the beef ullarthu and prawn mango curry are two dishes she personally prepares apart from the fish curries. Traditionally, the meat is slow-cooked until tender and is flecked with coconut chips, gloriouslybrowned onions and dark green curry leaves. It disappears almost as soon as it make an appearance at our table. The prawn mango curry is a delicately flavoured gravy in a base of coconut milk and it pairs wonderfully with appams, rice and even parottas. It is a definitive must-have at Coracle, if you are a non-vegetarian, especially as the taste and recipe are quite unique. We end our meal with tender coconut pudding and caramel custard. Both choices are smooth and light on our stomachs that have been well-stuffed at this point. Coracle opens at lunchtime and serves meals as well as a few dishes from other regions such as neer dosa, kumbalkai palya, kori gassi and ghee roast from Mangalore, Tamil Nadu's railway mutton curry, Karnataka's hitkidbele gojju (dish of hyacinth beans). Since Tresa makes it a point to include seasonal vegetables in the menu, be prepared to try something new on your visit apart from her classics. But whatever you decide to indulge in, expect soul satisfying, delicious fare.
BBC News
15-06-2025
- Business
- BBC News
Jersey and Guernsey leaders discuss AI at British-Irish summit
Leaders from Guernsey and Jersey have attended a summit with Irish, UK and other Crown dependency politicians to discuss artificial intelligence (AI).Jersey Chief Minister Lyndon Farnham and Guernsey's Policy and Resources President Lyndon Trott were among the guests at the 43rd British-Irish Council (BIC), which was held in Newcastle, Northern were joined by other leading politicians, including the first ministers of Northern Ireland, Scotland and Wales, Irish Prime Minister Micheál Martin and representatives from theme of the meeting involved potential benefits and challenges of using AI in public administration, the States of Guernsey said. 'A vital forum' The BIC was set up as part of the Good Friday Agreement to promote relationships between the UK, Ireland and Crown said the summit allowed him and Jersey's External Relations Minister Ian Gorst to have "useful conversations" with other leading politicians which could benefit the added: "The British-Irish Council remains a vital forum that brings together member administrations to discuss, and address, our many joint challenges and opportunities."Trott said it was the last BIC summit he would attend before he retired from politics at the end of this month following the election in Guernsey."It has been one of the great honours of my public life to represent Guernsey at the British-Irish Council table over the years during my times as chief minister," he said.
The Hindu
14-06-2025
- Entertainment
- The Hindu
Nirmala Lakshman to discuss ‘The Tamils' at BIC on June 17 )
Around 90 million-strong today, the community of Tamils is not only spread across India but is a growing global diaspora which hold on to their distinct cultural identity even as they fan out. Nirmala Lakshman, in her book The Tamils, chronicles the journey of this civilisation from the Stone Age and the Sangam era to the Bhakti movement and colonial history. On June 17, Ms. Lakshman, Publisher and Chairperson of The Hindu Group of Publications, will engage in a discussion on her book with Ranvir Shah, cultural activist, philanthropist and businessman, at the Bangalore International Centre (BIC). Ramachandra Guha, writer and historian, will do the introduction. The discussion will not only explore the themes of the book but also examine the Tamil identity in the 21st century, its evolution through intersections of caste, religion and gender, and how modernity and migration have given the culture newer meanings as the community across the globe continues to adapt and thrive. Ms. Lakshman, who founded and edited The Hindu Literary Review, conceptualised and created Young World, India's only children's newspaper supplement, and launched Lit for Life, The Hindu's annual literature festival. She is also the author of Degree Coffee by the Yard. Mr. Shah founded the Prakriti Foundation in 1998 with the idea of enlivening Chennai's cultural arena through scholarly discourses, multi-media events, experimental and protest cinema, music festivals and contemporary dance performances. Dr. Guha is a public intellectual whose research interests range from political and environmental history to cricket history. The programme begins at 6.30 p.m. and entry is free.
Irish Examiner
14-06-2025
- Politics
- Irish Examiner
Taoiseach warns of online misinformation fuelling violence
The current level of 'calculated' misinformation spread online to incite violence is a real concern, the Taoiseach has said. Micheál Martin said some people want to exploit any situation or incident to provoke a violent response against others. Mr Martin was in Co Down on Friday at the 43rd meeting of the British-Irish Council (BIC), which took place following a fourth consecutive night of violence in multiple towns in Co Antrim. More than 40 officers have been injured in the various incidents, and Northern Ireland's police chief warned 'bigots and racists' that the police will pursue them. Mr Martin noted that the BIC had met in Dublin on the evening of the Dublin riots in November 2023, drawing a parallel to Friday's meeting and highlighting that it is an issue governments around the world are facing. Such incidents, he said, have receded, but when one occurs, everybody is 'on alert.' The violence, fearmongering, and misinformation surrounding migration must be addressed at both a societal and political level, the Fianna Fáil leader said. It is an issue that cannot be solved through the criminal justice system alone, he added, noting that 'our system is slow.' Mr Martin said the Government has observed how the UK has handled incidents similar to the Dublin riots more expeditiously, and it is 'something we are keeping under review.' Taoiseach Micheál Martin during the British-Irish Council (BIC) summit at the Slieve Donard resort in Co Down. Picture: Liam McBurney/PA Wire Special courts are not currently under consideration, he said. Legacy Speaking at the same conference, Mr Martin defended Northern Ireland Secretary Hilary Benn's work on legacy issues following criticism from the DUP. He paid tribute to Mr Benn's "honesty, determination and the way he has pursued this issue" adding that he would never question the secretary's bona fides when it comes to doing the best for the people of the North. DUP leader Gavin Robinson had criticised what he called Mr Benn's 'disgraceful attempt to satisfy the Irish Government' while dealing with legacy matters. Mr Martin said it is important for the two Governments to continue working together so that all victims and their families can learn the truth about what happened. "Irrespective of our backgrounds, our government, we are all meeting victims and now we are meeting the grandchildren, grand-nephews and grand-nieces of victims," he said, adding there is an onus on all sides to develop a process that can comprehensively address the legacy of the Troubles. Regarding renewed calls for a public inquiry into the death of former IRA member Denis Donaldson, Mr Martin said he has no objection to meeting with the family. (left to right) Taoiseach Micheal Martin, Northern Ireland First Minister Michelle O'Neill and deputy First Minister Emma Little-Pengelly during the British-Irish Council (BIC) summit at the Slieve Donard resort in Co Down. Picture: Liam McBurney/PA Wire Mr Donaldson was shot dead in Donegal in 2006, less than six months after disclosing that he was an MI5 and PSNI informer. Mr Martin said he is open to hearing the family's perspective, acknowledging that they have endured a huge and ongoing trauma. "Invariably, we should be very clear, it is the people who carried out the murder who bear the responsibility here and that is the case in all murders and acts of violence," he said. "It is those who drove the bombs, those who pulled the triggers that are responsible." However, there is a need to examine whether security and policing were adequate in any given situation, and this is done through Fiosrú, the Taoiseach said. A general view of the derelict grounds of the Casement Park stadium. Casement Park Mr Martin said that Casement Park has been idle for far too long, and now is the time to agree on how to proceed with the stadium's construction. Earlier this week, the UK Government announced it had allocated £50 million toward the redevelopment project, which is expected to cost nearly £270 million. Mr Martin welcomed the UK funding and said the Government's €50 million commitment from the Shared Island Fund is 'unprecedented.' He said the Northern Ireland Executive and the GAA will now consider how best to proceed. Read More Nearly 5,000 people waiting for home support care
