End of Western Union Remittance Service to Cuba a Boon for Crypto
As new U.S. government measures that impose restrictions on remittances to Cuba becomes effective after November 22, Western Union, which has been operating in the island nation since 1999, will close shop. The new rule, which was published on October 27, gave Western Union 30 days to implement new restrictions. The new rule is likely to increase the appeal of crypto assets as Cubans are now expected to find a suitable alternative in a very short space of time. Targeted Sanctions At the time of the initial U.S. government announcement, the global remittances giant had promised to find a....
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In the world of cash-transfers, few other companies come to mind as instantaneously as Western Union. If you’ve walked in a convenience store anywhere between the west and east coast of the United States, you’ve probably seen a banner for Western Union. The remittance provider is currently facing a preliminary antitrust inquiry as the EU examines allegations of Western Union intentionally driving rivals out of business. Allegedly, Western Union is giving their retail outlet partners contracts with exclusivity contracts in them which don’t allow other cash-transfer services to operate....
Bitcoin could cause trouble for Western Union. New cryptocurrencies like Bitcoin are disruptive by their very nature. They allow for cheaper, faster, and easier payments than any system can currently do. Market leaders in remittances, banking, and investing, could have their world turned upside down by the new Bitcoin ecosystem! Since Bitcoin allows for many banking or payment transfer “functions” to be automated by user created applications (similar to apps. in the iTunes app. store), some believe that these currencies could disrupt industry leaders like Western Union and Paypal in a same....
Mobile payment solutions are the new hype right now, as consumers from all over the world are looking for more convenient ways to pay for goods and services. No one would have expected Viber to become a major player in the financial world anytime soon, but their recent partnership with Western Union shakes things up quite a bit. While Bitcoin remains a cheaper remittance solution, this partnership has a lot of potential. Mobile Remittance With Viber. In this day and age, there are so many different social messaging applications that it becomes hard to keep track of them all. Viber is one....
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....
Remittance leader Western Union is currently experiencing a strong backlash from the Bitcoin community, following a subvertising made by a reddit user that highlights the huge benefits of the virtual currency over the company services. It's a quite funny home page that is displayed on the /bitcoin subreddit at this time: dozens of heavily upvoted posts are featuring the same image, namely a subvertising of an advertisement that was originally supposed to promote the services of Western Union. The remittance specialist offers a flat $5 fee for each payment of less than $ 50, equating to a....