![]() ![]() Consumers should keep in mind there may be fees involved with receiving the money, too.Īn individual sending $200 from the U.S. The World Bank also offers a calculator that allows customers to compare the prices various companies and banks charge to send remittances, with up-to-date numbers. sent and received from one country to another, so would not include larger amounts that businesses may send. The World Bank defines “remittances” in that calculation as amounts of about $200 U.S. ![]() In the third quarter of 2016, it was about 7.4%, according to the World Bank. In the first quarter of 2009, the average cost of sending remittance was about 9.7%. In the past several years, as companies have jockeyed for customers, the global average cost for sending remittances has dropped significantly. (Companies typically advertise their flat fee, but are sometimes unclear about the percent the company will make on the money transfer, particularly since foreign exchange prices fluctuate, and the companies profit on the spread.) And competition between companies will likely bring prices down, in an industry that isn’t known for transparent pricing. “There’s still plenty of room for to fall while still being profitable for the companies.”Īs people continue to migrate in large numbers between countries, and businesses continue to increase their global reach, the market for international money-transfer companies will grow, Sands and other experts said. ![]() “Traditionally there hasn’t been a lot of competition, which has led to being extremely lucrative for the few companies that do it,” said Kendrick Sands, a senior consumer finance analyst for the research firm Euromonitor International. (Although some of these companies have a relatively small list of countries where they’re able to send and receive money.)įor consumers and small businesses, this is a good thing, experts have said. TransferWise, which was founded about five years ago, also added new services for small businesses this November, on its “TransferWise for Business” platform.Īnd entire companies have now started in the last several years to provide money-transfer services, with the promise of being easy to use and transparent in pricing, including the companies Remitly and OFX. It is now possible to transfer money through Western Union on the apps WeChat and Viber (as of 20, respectively) and launched its “WU Edge” platform, with additional services for businesses, in April. , a company founded in 1851, has added several new services. Have partnered for about 20 years, and in September created an updated version of their website for consumers to send money abroad. 2.18% acquired the money-transfer company Xoom in 2015. In the past several years, new companies have entered the market and more established companies have offered new features. This is just the latest move in making international money transfer easier. dollars and 0.7% for amounts that are larger. dollars into euro, the transaction costs 1% for up to $5,000 U.S. It varies based on which currency the transaction is in. Sending money on Facebook through the company’s bot costs the same as TransferWise’s standard pricing. So far, TransferWise is available on Facebook for those sending money in and out of the U.S., U.K., Australia and Europe, but the company has plans to expand it to the more than 50 existing countries it works with. It then responds with commands including “Send some money” and “Exchange rate alerts.” It requires those sending or receiving money to have TransferWise accounts, but prompts those who don’t to create a log-in through Messenger. It is available as a “bot,” or an automated system that Facebook users can directly message. ![]()
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |