When one thinks of international money transfers, Western Union and MoneyGram are often the first to come to mind. Ignorance about existing cheaper money transfer services is responsible for financial losses incurred in form of higher remittance fees.
TawiPay — a dedicated money transfer search engine –is now open to the public and seeks to help one find and compare the best solutions to transfer money across the globe.
You tell us where you are, the amount and the currency of the funds you want to send, and where the recipient is. We’ll show you the best way to get your money where it needs to be, and also give you a clear and transparent breakdown of the fees you’ll pay. It’s that simple.
The eight European TawiPay founders, with the objective of closing this unfair cost gap are fully independent of money transfer services. They further assert:
TawiPay aims to decrease remittance fees dramatically and therefore allow more money to arrive abroad. The service is very easy to use and the process consists of just a few simple steps. After inputting the sending and receiving countries, as well as the transfer amount, users can see all established money transfer services, their respective fees and money reception channels on a single page. An emphasis has been made to fully disclose and display all “hidden fees,” so that users can always make an informed decision when choosing the most appropriate service.
According to the latest estimates from The World Bank, over 215 million people worldwide live outside of their countries of birth. The money sent home by these migrants through remittances has important implications for development and human welfare. Making remittances cheaper can contribute to lower poverty and to the building up of human and financial capital for the poor. We pay close attention to this social bottom line, which is at the heart of our business.
Also reports from a recent world bank survey say that the average total cost for sending remittances is 9.05% and the average cost to Sub-Saharan Africa is 12.21%. Francois, one of the founders, believes that the annual percentage of remittances can be increased if cheaper alternatives are used.
Image via TawiPay