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Brett Dvoretz

April 3, 2015


International Money Transfer Market Weekly News Update


Transferwise is Coming to the US

Transferwise, a money transfer startup firm back by Andreessen Horowitz, is expanding into the US market. They are a London-based company which recently raised $58 million in a Series C funding round and have an estimated valuation of $1 billion. Their focus is making overseas money transfers cheaper for consumers with the use of a peer-to-peer system. Read more…


Facebook Enters the Money Transfer Market

The social media giant Facebook has entered a new arena, money transfers. Users will now be able to send money to friends or family through their Messenger app. This move will put them into direct competition with companies such as Square and PayPal as well as large multi-national banks. Users can now upload their Visa or MasterCard debit information and there will be no fees charged for the transfer service. Read more…


Money May Make the World Go Round, but at What Cost?

The large banking institutions once had a stranglehold on the money transfer market and they charged a hefty fee for the service too. The 2008 financial crisis ravaged their reputations though which has allowed a number of new players to move into the industry; namely technology-focused startups. With the banking monopoly nearing its end, cost has become the deciding factor and technology is the key to bring it down to reasonable levels. With $500 billion being sent abroad every year, the lucrative money transfer market can be a windfall for the firms in a position to take a slice of the pie. Read more…


Somali Firm Plans Biometric Money Transfer Service

The Somalia company First Somali Bank has recently revealed plans to launch a money transfer method backed by biometrics. Their chairman, Liban Egal, told Reuters that they plan to be operational by May and their technology will allow remittance firms to track transfers and identify the recipients through a combination of fingerprints, photos, and other identifications. Many western banks are hesitant to allow transfers into Somali because of the high activity of extremist groups like Islamist al Shabaab. Read more…


HDFC Bank Launches Chillr Money Transfer App for Android and iOS

India-based HDFC bank announced the launch of Chillr, a new mobile app designed to allow users to instantly transfer money to any phone contact. They partnered with the technology firm MobME to create and launch the app. It’s the first of its kind that is linked directly to bank accounts so a credit card or mobile wallet won’t be needed.

“This Chillr app will benefit various segments of people in the society. From students to young professionals, from the migrant workers in cities to customers in rural India, this app gives the convenience to send and receive money using mobile phone in secured manner,” HDFC Bank Digital Banking Head Nitin Chugh told reporters in Bengaluru.

A minimal fee of Rs 3.50 plus a service tax will be added to the cost of each transaction and up to 10 transactions are allowed per day. Read more….


Square Launches $Cashtags for Free Money Transfer

Following a number of other companies like Facebook, PayPal, and Venmo; Square is bringing their won approach to peer-to-peer mobile payments and money transfers. They are offering consumers the ability to get their own “$Cashtag,” dollar sign. Users must download the app, link a debit card, and then select a name which other can use to send payments. It’s free for consumer-to-consumer payments as they are focused on making their money from b2b transactions. Read more…



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