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Brett Dvoretz

June 19, 2015

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International Money Transfer News Weekly Update 6/19/2015

 

CoinPip Launches New Service with International Direct Payments in 48 Hours or Less

Singapore-based CoinPip is launching its newest service called Direct Payments. It allows businesses to send money to the bank account of partners in variety of countries such as China, Hong Kong, the Philippines, Indonesia and more. All payments will be received by the recipient within 48 hours and there will be a flat fee of 2% charged no matter the currency amount or exchange. The goal is to sidestep many of the hassles currently associated with opening special accounts or trying to pay employees or working partners who don’t have access to Paypal. Read more…

 

Damming Up the Dollars: Government Control of Money Transfers is Creating a Need for Alternative Currencies

When a demand for something increases, there will always be servicers rising to fill that need. Unfortunately, poorly though out government regulation often gets put into place unnecessarily inflating the costs and, at the same time, fostering corruption. Currently one of the hottest new issues is cheaper foreign and domestic money transfers. Back in the days when cash was the main payment source it was hard for governments to track and regulate the flow of money, but the use of checks and credit has changed that.

Traditionally banks moved money from place to place with the use of corresponding relationships tying together a global network which included the Federal Reserve, but a number of Fintech companies have begun to take their place. As the new industry develops it will be disruptive to the current status quo of financial institutions for the benefit of the consumer. Read more…

 

Get More from Your Money Transfer to or from the United States

The USA has been one of the most popular destinations for Irish expats and there is a huge demand for international payments to be sent in both directions. Whether you are sending money to family or repatriating a salary, you want to be sure the majority of it is reaching its destination. The Irish Times has launched its own money transfer service which offers competitive rates and can equal big savings for those looking to send money either way. Read more….

 

MoneyGram (MGI) Relaunches Online Money Transfer Platform

MoneyGram has recently relaunched their online money transfer platform after revamping their approach and user interface. It now enables customers to send money across 200 countries without having to create an account. Their aim is to make digital transactions easier and more convenient. They have also unveiled an app for the Apple store and the Andriod Playstore. The new platform includes a host of new features such as the “Track a Transfer” tool to keep track of on and offline transfers. Read more…

 

Money Transfer Service Azimo Secures $20m for Global Growth

The London-based money transfer service Azimo has secured $20m in funding for global growth. They plan on using the money to build out their operations across Europe and develop a deeper roots into the migrant communities which accounts for a large portion of their current business. Azimo is similar to other remittance services like WorldRemit and Transferwise, just larger in scope and more heavily funded. Their focus on the migrant community, which is often underserved by many of the other Fintech companies, is what sets them apart from competitors. Azimo was founded in 2012 and conservative estimates already place their value near $100m. Read more…

 

Ria Money Transfer Celebrates Inaugural International Day of Family Remittances

June 16th, 2015 marks the first International Day of Family Remittances and Ria, a low-cost money transfer firm publically thanked and acknowledged their customers. Ria’s President and CEO Juan Bianchi was quoted as saying “Ria exists thanks to the more than 240 million people that had the courage to leave their home countries and their families to seek opportunities that would give all of them a better future.” The day is being officially celebrated at the launch of the Global Forum on Remittances and Development (GFRD) in Milan. Read more…

 

Remittances at the Click of a Smartphone Button

There is a growing shift in how people send money to each other around the world. Companies such as Western Union and traditional banks have been offering international money transfers for decades, but the new Fintech startups and traditional telecom operators are taking advantage of new smartphone technology. The technologies are allowing emerging economies to reduce the barriers and costs of sending money abroad. There is a lot of chatter by analysts who say they are shaking up the global remittance market and pushing out the older, more expensive traditional options. The new technology has cut the average price for sending $100 overseas in half. Read more…

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