Using Bitcoin for Money Transfer
Imagine this: you, who’s currently staying in the Metro for work accessibility purposes, suddenly receives a frantic message from your younger brother who’s still completing his secondary education in the province. You nervously open the message, only to find out that he’s asking for “emergency” expenses (read as: school project allowance) and he needs it ASAP. You receive it in the middle of the day, right when the amount of work on your desk is only starting to pile up. You calculate the time it would take you to go from your office to the nearest wire transfer center: 20 mins. To put it....
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Sending money from Europe to the rest of the world remains a very costly affair. Money transfers and blockchain technology are two peas in a pod these days. Tempo Money Transfer, a company, focusing on remittances from Europe, integrated with Stellar. By using this technology, users can send remittances through the Stellar e-wallet. An excellent example of how blockchain technology can benefit all parties in a financial transaction. As a result of the partnership, Tempo Money Transfer clients can send global remittances from anywhere in Europe. They can do so through the Stellar e-wallet,....
An annual international remittance conference will hold a day dedicated to the blockchain and teach attendees about the technology that could potentially disrupt their industry. The International Money Transfer Conference (IMTC) will hold the Blockchain and Remittance Day during their event in Istanbul on May 25th. The one-day event will be part of a larger conference about remittances in the Middle East, Africa and Europe. Attendees range from executives of large remittance companies to industry analysts to founders of money transfer startups. The special blockchain event is meant to....
Al Fardan Exchange, a money transfer firm, has joined up with Ripplenet in a deal that will see the company use the Ripplenet blockchain when sending funds across national borders. Al Fardan’s Reasons for Joining Ripple A United Arab Emirates (UAE)-based money transfer platform, Al Fardan Exchange, has partnered with Ripple in a deal in which the remittances firm will use the latter’s blockchain to send funds across borders in real-time. According to a report in The National News, Al Fardan will become part of the Ripplenet Cloud, the blockchain firm’s cloud-based....
The Central Bank of Nigeria has passed a rule that leaves most Nigerian money transfer operators unable to provide services to that country, making bitcoin a more valuable remittance tool, according to The Daily Post Nigeria. Only three companies – Ria, Money Gram, and Western Union – can continue money transfer operations. Nigerians using these services will have to pay high fees for sending money across international borders. Hence, bitcoin offers a solution since it allows people to send any amount anywhere at any time at negligible cost, usually in less than five minutes. Fiat....
China is tightening its capital controls. Faced with an outflux of money resulting from a depreciating yuan, Chinese officials are restricting the flow of money into foreign currencies such as the US dollar, causing severe complications to businesses with a large portion of international operations. Further, officials are limiting purchases of insurance products in Hong Kong by mainland residents to a $4,600 policy cap. Underground banks. While these capital controls can can make it significantly more complicated to transfer funds out of the country, ways around them do still exist. For....