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Brett Dvoretz

April 10, 2015


International Money Transfer News Weekly Update April 9th, 2015


“Microsoft Payments” may join Apple, Android, and Samsung in Pay Platforms

Following in the wake of Google and Apple, Microsoft appears to be edging in on the mobile money transfer market. Currently they seem to be focused on the domestic market and have applied for licensing to transmit money between the 50 states and an assortment of current and former US territories. Read more…


Former Goldman Exec Wants to Upend the Way the World Moves Money

After saying goodbye to a long and lucrative Wall Street career in 20014, Hank Uberoi could easily have sat back and enjoyed his retirement. Instead he is focused on changing how the world moves money across borders. He is now the CEo of Earthpoint, a London-based company that has built a large cloud-based payment network as an alternative to the SWIFT system currently used by large banks. The decentralized SWIFT system is fraught with inefficiencies as is doesn’t actually move money, but rather communications between banks. Read more….


Western Union Enables Skype Customers to Top up at Locations across the U.S.

Western Union and Skype just announced an agreement that allows Skype users to top up their account at more than 50,000 Western Union locations advancing Western Union’s leadership position as the go-to for walk-in payment services. The agreement should allow families to keep in touch easier as they can now top up family members accounts which can be extremely helpful for international customers who may not have a credit card. Read more…


Canadian Banks See Threat in Tech Companies Offering Mobile Payments

Mobile payment options from technology companies are threatening Canadian banks lucrative money movement business. Mobile payment options are being used more and more as traditional bank transfers are dropping because they are cheaper and easier. The Canadian banks are aware that they can’t compete on price or convenience and instead are playing the trust card. In a New York address, David McKay, head of the Royal Bank of Canada, wondered aloud if consumers trust companies such as Apple or Google with their financial information. Read more….


The Human Cost of Ending Money Transfers to War-torn Countries

The last US bank facilitating money transfers to Somalia ceased doing business in February due to increased regulations and fears that money could be sent into the country to fund militant groups like al-Shabaab. Complying with the new regulations is being viewed as too costly and as such, most international organizations that previously handled money remittances to Somalia have chosen to cease operations. The human cost could be much more than money though. Somalia currently has no formal banking system or international money transfer firms like Western Union limiting the ability for overseas relatives to send money back home to family members in need of support. Read more…


The London Startup Rebooting Remittances

London start-up Transferwise has an innovative, bank-free approach to moving money between consumers. They have developed a P2P system that matches users who want to send money across borders that allows for each user to receive funds in their local currency without actually having to physically move money across borders thereby avoiding transfer fees and exchange rates losses. Read more…


If you need to send money overseas,  make sure to check out our international money transfer comparison tool to find the best rate.


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