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Does Bitcoin/Blockchain make sense for international money transfers?
“I think we will know when bitcoin has reached prime time when it is transferring more value each day than Western Union or Money Gram…”
Bitcoin money transfer is usually discussed in either sensational or downright misleading way. There is a significant category of Bitcoin or, currently more popular, blockchain stakeholders and observers who seem to be completely vested in this innovative product’s awesome potential and are unable to entertain a deviating opinion. This very smart and capable, but, unfortunately, close-minded group believes that Bitcoin cancels a need for regulation and would soon destroy Visa, Western Union and “banks.” Articles written for and by such audience are easy to find, and we will not link to them to avoid enabling such either outrageously ignorant or deceptive opinions.
Rational view of Bitcoin/Blockchain for sending money
In this context, we are always grateful to find discussion about Bitcoin/Blockchain for remittances which attempts to be more objective. Here are some examples: Bootstrappers guide to bitcoin remittances, Tackling bitcoin price swings OR
International Money Transfer Services: Lean and Hungry
Do remittance startups have fundamentally different cost structure vs. incumbents? What are the primary customer acquisition channels for money transmitters? What can explain massively higher relative valuations of remittance startups vs. established providers? If you are interested in such questions, this article is for YOU.
We will cover the following topics:
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Customers
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Operating models
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Acquisition channels
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Valuations
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Send Money to Mexico: Cheap and Fast, Review and Tips
Are you Mexican-Chicano sending money from USA to Mexico? Want to get the most pesos for your dollars? Not sure how to send money online and which provider is the best, cheapest or fastest? YOU came to the right place! We will cover all most important topics:
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Sending money to Mexico: key trends
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Pesos to dollar exchange rates and timing
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Top providers for sending money to Mexico
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The best way to send money to Mexico for you
Please note this post is specific to Mexico. If you are looking for general knowledge of how to best send money, please review this other SaveOnSend blog post first. And if you only have 30 seconds, just find the best provider with SaveOnSend app.
Before we get started… Great news if you are a consumer sending money from USA to Mexico: it is currently one of the most competitive corridors from USA, attracting more providers and larger investments than many other destinations. Continue Reading
International Money Transfer News
Hello Dear Reader, here you will find collated news about International Money Transfers: providers’ fundraising and valuations, providers’ performance, industry trends, and perspective from consumers. If you come across another interesting article, please add its link in the comments section.
TransferWise: Rebel, What is Your Cause?
Tale of Two TransferWises
“Revolution is a tough business. You can
– Lenin
TransferWise’s origins are usually described like this. Entrepreneur from Estonia, who was the first Skype employee, got tired of paying huge fees to banks for transferring money from UK to Estonia. So he came up with a brilliant idea of matching remittance senders and receivers in the same country. TransferWise was launched with an office sauna and employees who don’t mind getting undressed to take on banks, evil entities with no value for consumers. The startup got funding from crème de la crème of investors like Peter Thiel, Richard Branson, Ben Horowitz, becoming the only “unicorn” in consumer cross-border transfers with $1.6B valuation:
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Money Transfer to China: Review and Tips
Are you sending money from USA to China? Want to get the most yuan for your dollars or receive most dollars in China? Not sure which provider is the best, cheapest or fastest? Should your funds be received in renminbi or dollars? YOU came to the right place! We will cover all most important topics:
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Current state and key trends for sending money from USA to China
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Yuan to dollar exchange rates and timing
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Top money transfer providers
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Receiving in renminbi or dollars
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Finding fastest and cheapest vs. better and best money transmitters
Please note this post is specific to China. If you are looking for general knowledge of how to best send money, please review this SaveOnSend blog post first.
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Money Transfer to India: Review and Tips
Are you NRI or POI transferring money from USA to India? Want to get the most rupees for your dollars? Not sure which provider is the best, cheapest or fastest? YOU came to the right place! We will cover all most important topics:
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Current state and key trends for sending money from USA to India
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Rupee to dollar exchange rates and timing
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Top money transfer providers
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Finding fastest and cheapest vs. better and best money transmitters
Please note this post is specific to India. If you are looking for general knowledge of how to best transfer money, please review this other SaveOnSend blog post first.
Before we get started… Great news if you are a consumer transferring money from USA to India: it is currently the most competitive corridor from USA, attracting much more competition and larger investments than any other destination. You are in luck with variety of choices and lavish promotions which for many other destinations simply don’t exist. So you could make a relatively safe assumption that when transferring money to India with any top provider you would get a reasonable price and service.
But we are recommending trying providers with the cheapest price – this way, you are not just helping more your family but also supporting India’s growth. By always using the least expensive method of sending money home, each 1% in savings generates additional $100MM annually for your families and India’s economy.
Money Transfer to Philippines: Review and Tips
Are you sending money from USA to Philippines? Want to get the most pesos for your dollars or receive most dollars in Philippines? Not sure which provider is the best, cheapest or fastest? Should your funds be received in pesos or dollars? YOU came to the right place! We will cover all most important topics:
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Money Transfer to Philippines: current state and key trends
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Pesos to dollar exchange rates and timing
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Top money transfer providers
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Receiving money transfer in pesos or dollars
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Sending larger money transfer amounts
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Choosing the best receiving method
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Finding the best way to send money
Please note this post is specific to Philippines. If you are looking for general knowledge of how to best send money, please review this other SaveOnSend blog post first.
Before we get started… Great news if you are a consumer sending money from USA to Philippines: it is currently one of the most competitive corridors from USA, attracting more providers and larger investments than many other destinations. You are in luck with variety of choices and lavish promotions which don’t exist for some other destinations. Continue Reading
Xoom Money Transfer: The Disruptor That Wasn’t
“Xoom…. think Western Union without the excessive fees…”
Xoom’s 15-year history is full of missed opportunities and second chances. The child of so-called “PayPal Mafia” and protege of Sequoia Capital, Xoom was founded in 2001 to disrupt cross-border remittances. At that point, Western Union already had a website where customers could initiate and track money transfers, but it seemed clunky and wasn’t attracting much usage. The shift of remittances online was expected imminently, so creating an online-only provider with a better user experience was a no-brainer.
Transfer Money Internationally: Review and Tips
When asking about “the best” way to transfer money, we realize that it is a very subjective question. The reason for that is simple: we are as consumers are quite unique in our behavior when it comes to handling money. Mexicans don’t behave like Indians and Chinese are very different from Filipinos. But even within each ethnicity, there are multiple distinct behavior patterns. One manager of an Indian restaurant has accounts with multiple digital providers and compares prices before each transfer while his colleague next door prefers to send cash via a Western Union agent next door.
But let’s start with a “big picture” – there are 250 million consumers worldwide who regularly send money home and that number keeps growing fueled by ever expanded migration:
Source: http://pubdocs.worldbank.org/pubdocs/publicdoc/2016/4/661301460400427908/MigrationandDevelopmentBrief26.pdf
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