Remittance Costs Lower in Q3 World Bank Study Shows – Only Cryptocurrencies M...
The latest study by the World Bank shows that it costs 4.98% on average to remit funds to South Asia which makes it the least expensive region while sub-Sahara Africa is the most expensive with an average cost of 8.47%. The quarterly study also finds that it is costlier to remit funds when using service providers such as banks that charge an average of 10.89%. Marginal decline Mobile operators are the cheapest as their sending costs averaged 3% and below during the period under review. Still, the study, which predictably excludes cryptocurrencies, shows a marginal decrease in the Global....
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Philippine bitcoin exchange and remittance service Coins.ph has added an 'instant remittance' service to its list of options, allowing recipients to withdraw sent funds directly from a bank ATM. Using the company's mobile app, customers anywhere in the world can deposit cash via a bitcoin ATM and have a friend or relative collect it instantly from a bank machine. Money can also be sent directly from bitcoin balances in Coins.ph web wallets. To make this possible, Coins.ph has integrated with the eGiveCash service operated by the Philippines' Security Bank. Anyone receiving money via this....
Even though remittance fees around the world are lower than before, Bitcoin is still the cheapest solution to send money across borders today. The article tries to elaborate this point through world bank's recent report and Bitcoin's growing adoption rate at the other end. Bitcoin is often touted as the long-awaited answer to expensive remittance solutions, such as Western Union and MoneyGram. Sending money overseas is a very costly manner, even when using bank transfers, But a recent report published by The World Bank shows how remittance transfer fees have started to decrease slowly....
BitPesa.co, a new global remittance company servicing Kenya's ever-expanding population, is planning to use bitcoin. The company is targeting Kenya's $1.17bn annual remittance market by offering a 3% cut-rate fee on all transfers, Bloomberg Businessweek reported today. Bitpesa's CEO Elizabeth Rossiello said the new service is aiming to gain 1% of Kenya's remittance market within a year of launching in March 2014: a figure that will equate to roughly 6,500 transactions per month. According to Rossiello: "There are no other market entrants trying to solve the problem of the very high cost of....
The leading bitcoin exchange in Vietnam recently launched a bitcoin remittance service in the country called cash2vn. This will enable users to send funds to their families and friends in Vietnam through the bitcoin network and the cash2vn platform for a fee of $2 per transaction. For now, the bitcoin remittance platform requires that the user have a bank account in Vietnam, although the team is already working on methods to cash out that can be inclusive of those who don't have a Vietnamese bank account. Bitcoin Remittance Trends. In other parts of Asia and in South America, bitcoin....
Cinco de Mayo 1862 - Mexico's army came to an unlikely victory over the French at the Battle of Pueblo. Today, Mexico's army of Bitcoiners are fighting to revolutionize the financial system. Mexico is a key market for Bitcoin because Mexico is the fourth largest destination for remittance payments, totaling about 22 billion USD in 2013 according to the World Bank. Currently remittance payments are packed with fees in all parts of the process; using Bitcoin can drastically reduce these fees. Remittance payment fees from the US to Mexico are some of the lowest in the world. Fees of payments....