International Money Transfer News Weekly Update for 5/11 – 5/15

 

Xoom partners with Sampath Bank to launch Instant Money Transfer Service to Sri Lanka

Xoom, a leading international money transfer firm, recently announced a partnership with Sampath Babk in Sri Lanka allowing them to offer instant bank deposits. In addition to their instant transfers to Sampath bank accounts, they can deposit money into many other Sri Lankan banks within 24 hours including Hatton National, Peoples Bank, Bank of Ceylon, and more. With this recent addition to their services, Xoom now offers money transfer services to 33 countries with fee-free options for amounts over $1,000. Read more…

 

How to Bust the Banks’ Money Transfer Racket

It’s no secret that banks make huge profits on international money transfers though high fees and poor exchange rates. Consumers are handing over hundreds of millions of dollars a year to the banks, but there are better options; international money remittance firms. Surprisingly though, most people are still using the big banks to send money overseas. According to a new study by financial services research house Mozo, “online money transfer providers are on average 4c cheaper per dollar transferred than the big banks.” The average cost for transferring cost internationally is 7.72 per cent, but 11.42 per cent when using traditional banking institutions. Currently the four most expensive countries to send money from are South Africa, Japan, Canada, and Australia. To learn how to avoid paying huge fees on international money transfers, read more…

 

John H. Kunze Sells 18,750 Shares of Xoom Corp Stock (XOOM)

Xoom C.E.O. John H. Kunze sold 18,750 shares of Xoom stock on Tuesday, May 12th for an average price of $17.84. Analysts at Zacks recently downgraded Xoom from a “buy” rating to a “hold” rating while analysts at Needham & Company LLC gave the company a “buy” rating. Another analyst has the stock rated at “sell”. It’s obvious that analysts are conflicted as to the expected performance of Xoom with the target stock price all over the place, ranging from $11.00 to $25.00 per share. They were trading down 0.73% on Thursday, hitting $17.67. Currently they have a one year low of $13.14 and a high of $28.20. Kunze selling so many shares obviously raises some eyebrows, but is this a sign of something amiss or just standard profit taking? Read more…

 

Canadian Company Waives Remittance Fees

nTrust, a quickly growing mobile and online money transfer service, announced two radical updates to their fee structure; eliminating the service fee for sending funds overseas and allowing users to gain 1.0% on dollars to PHP currency exchanges. nTrust recognized the need for a cost-effective money transfer solution and took action. Using their online or mobile platform, people can send money to family and friends nearly instantaneously without the huge fees and poor exchange rates tacked on by the banks. They have also waived fees for domestic transfers between Canadian banks. Read more…

 

Shares in Tech Entrepreneur Zhenya Tsvetnenko’s Digitial CC are on a Tear

On May 12th, tech entrepreneur Zhenya Tsvetneko landed a distribution deal for Digital CC which expands his international money transfer service, AirPocket into Latin America and the Caribbean. After the announcement, shares in Digital CC jumped up more than 35%. Digital CC originally started as a Bitcoin-focused trading company, but has evolved to tackle the global remittance market currently dominated by large banks and firms like Moneygram and Western Union. AirPocket is designed to allow just about anyone to become money transfer brokers. Tsvetneko is hoping to gain traction in international markets where banking systems are lacking. Read more…

 

 

 

 

 

 

International Money Transfer News Weekly Update 5/1/2015

Richard Branson, Peter Thiel take aim at Western Union

TransferWise, a new fintech company backed by big names like Richard Branson and venture capitalist firm Peter Thiel, is making it easier and cheaper for Americans to send money overseas. The company basically acts as a matchmaker for people looking to move money and sidesteps the big banks who, in the past, would have taken a large percentage for the service. Currently they work with 22 currencies and hope to put brick and mortar businesses like Western Union out to pasture. Read more…

 

Money Transfer Conference in Istanbul invites Bitcoin Remittance Companies

This upcoming May, Istanbul will play host to the International Money Transfer Conference (IMTC) which brings together all the major players in the industry. In the past, this has included a mix of telcos, banks, and mobile network operators, but this year Bitcoin remittance startups are making an appearance too. The IMTC is putting a heavy focus on digital payments and the first day of the conference will feature MTBIT who has been invited to showcase their new remittance products. Read the interview with IMTC director Hugo Cuevas-Mohr…

 

WireCash Launches First and Only Online International Money Transfer Marketplace for US Residents

The first and only online money transfer marketplace has been launched by WireCash. They have integrated a number of recognizable traditional offline companies into their platform to provide US residents access to their services. Now, with one easy login, consumers can compare and complete money transfers based on price, brand, payout options, and more. Their goal is to connect online consumers with services that were previously only available offline to people able to visit brick and mortar locations. Currently, nearly 75% of the US money transfer market is controlled 400 companies who aren’t operating online. Read more…

 

Exchange Rate News Today: GBP Strengthens, EUR Ticks Higher and USD Plummets

Find out what’s happening in the Forex markets. The GBP is gaining ground despite a sluggish economy. The EUR exchange rate is edging higher as Varoufakis gets replaced by the Minister of Finance Tsakalotos. The USD is sliding on dampening consumer confidence. The AUS$ is rallying. All this and more. Read the latest news….

 

The Year Of Mobile Payments

2015 is being called the year of mobile payments as more and more large name players enter the marketplace. Facebook, Google, Square, Amazon, and more have all recently launched new apps that allow consumers to use their mobile phones to transfer money to friends and family. While many people may assume the mobile payment industry is just taking off, it is actually lagging 10 years behind. The latest report by InfoScout revealed that 85% of iPhone 6 users have never even tried Apply Pay. IN the developing world however, mobile payments have taken a different path. In many countries, mobile payments have become a daily part of life. From Paraguay to Pakistan, mobile payments are rapidly gaining ground. In Latin America, the number of new mobile money accounts grew by 50% in 2014. Read more…

 

GlobeOne Announces LOI with MetaBank to Bring New Mobile Banking Network to United States

The new fintech company, Global One has announced a letter of intent to enter into an agreement with MetaBank in the hopes of bringing a global banking solution to the US later this year. MetaBank is one of the top community banks and top-performing mid-sized banks in the nation. It’s an exciting opportunity for Global One to partner with a leading financial organization to provide a digital ecosystem for a suite of financial services including domestic and international transfers. They plan to include the patent-pending SocialBoost which offers members a unique opportunity to earn income from their banking relationship. Read more…