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Brett Dvoretz

May 14, 2015


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…







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