Sending money across borders is becoming cheaper and easier

OF AMERICA’S hired farmhands, about half are undocumented immigrants. Many are unbanked, which makes it hard for them to send money home. Some drive home in trucks laden with gifts, and return with lighter items—high-sugar Mexican Coca-Cola is popular. Even for migrants who use formal channels, cross-border payments are an expensive chore. Remittances to developing countries are set to reach $550bn this year, beating foreign direct investment, the World Bank said on April 8th.

Fintechs save time and money by shortening the journey. Some do so at the sender’s end. Last year TransferWise and Ebury, a firm that serves small businesses often neglected by banks, became the first non-banks to join Britain’s Faster Payments scheme, which allows members to send and receive money in seconds. More important, though, is creating direct ties with big banks on the recipient’s side, leaving at most the final leg to third parties.

Contrast this with American high-street banks, which can charge over 5% for smallish transfers between major currencies. MoneyGram, a long-established money-transfer giant, levies 5% for the hop from Britain to Ireland . Fees for minor currencies are swingeing. Wiring $200 from South Africa to Nigeria can take days, and costs over 25%. Cash transfers generally incur much higher costs than those between accounts.

That’s if the money actually arrives!!! scamcompany

Obviously,banks charge ridiculous commissions and this service(like other similar) is more efficient and faster...in all the world not only in Britain.I rather use it.

di_entre

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Sen. Warren wants to make it easier to lock up CEOs for company wrongdoingElizabeth Warren proposes bill to make it easier to jail executives for company abuses via YahooFinance YahooFinance She needs to pass a bill that jails Governors, Politicians,Judges, Lawmakers who hoard inmates for funding, and not let ANY person into office or be a judge who has 1 or more DUI's.. YahooFinance How about the politicians that has a history of unacceptable sexual orientations and histories. You know misappropriate actions YahooFinance
Source: YahooNews - 🏆 380. / 59 Read more »

Elizabeth Warren wants to make it easier to jail executives for company abusesWarren's bill, called the Corporate Executive Accountability Act, is in part a response to consumer abuses at companies such as Wells Fargo and Equifax. Like many leftists who’ve never created a. Job in her entire life, ewarren hates successful people plus she harbors totalitarian instincts. Polling at 4% will make you say or do anything to stay in the headlines I thought she was for prison reform?
Source: CNBC - 🏆 12. / 72 Read more »