Western Union: bitcoin isn't ready for international money transfer yet
Is bitcoin ready for primetime? Presenters at a recent Western Union conference didn't think so. At its 2013 Consumer Protection & Compliance Conference last month, executives gave a presentation that said it wasn't yet suitable for international money transfer. Are they right? "My audience and the discussion for this slide was about retail consumer money transfer - remittances," said Jay Postma, president of MSB Compliance Inc, a company that consults on compliance issues for money service businesses. Bitcoin holds great promise for payments and settlement transactions, but it'll take....
Related News
In what could probably be called the surprise of the century, financial services company Western Union says Bitcoin just isn't quite ready for international money transfers - Western Union's big business. A huge surprise, indeed. It all went down at a Western Union conference that took place recently. "We're a long, long way from sending momma in Mexico $240 each month or a Somali family in a refugee camp $200 each month in bitcoin that is held in a wallet for conversion to local fiat currency and spending as needed," said MSB Compliance president Jay Postma. "The infrastructure and market....
Although it is not uncommon to charge high fees when sending money to foreign countries, this 10% fee applies to domestic transfers. If anyone ever needed more indication of how expensive Western Union is, look no further. Various Walmart stores across the US have a WU office, where people can send money to other citizens in the US with ease. Unfortunately, this service is rather expensive, as sending up to US$50 is subject to a near 10% fee. Not the solution most people would be looking for, and another reason to get involved in Bitcoin. Most people are well aware of how sending money....
It is rather striking to see the average cost of Western Union transfers has remained virtually unchanged since 2014. A rather strange development, considering other providers managed to reduce their fees in the same period. Western Union Money Transfer In a new report by FXCompared, it has become evident the money transfer business is starting to lose momentum. In most cases, sending money around the world remains a very expensive business. Up-and-coming solutions such as cheaper remittance, and even cryptocurrencies, present far cheaper and global options. Mostly Western Union is losing....
Global money transfer powerhouse Western Union is boldly venturing into the dynamic and rapidly evolving realm of cryptocurrencies, marking a significant and strategic move in its financial landscape. With a storied history of facilitating seamless cross-border transactions, Western Union’s decision to enter the highly-stacked cryptocurrency arena underscores its commitment to innovation and adaptability in an […]
Western Union Chief Information Officer John "David" Thompson was interviewed by Coindesk this week and made some very revealing comments about Bitcoin, and its future in global monetary transfer. Many know Western Union as the world's largest personal monetary transfer corporation, founded way back in 1851. Operating in 220 countries worldwide, it generated almost $800M last year in net income, which is down over 20% from 2012. I wonder why it is down over $200M all of the sudden? Also read: Digital Currency Advocate: What Western Union CEO Is Missing. Western Union CIO: Bitcoin doesn't....