This is a test version — we need your feedback to get it right! Write to admin@saveonsend.com

Welcome to the SaveOnSend Blog

— Posted by SaveOnSend to Welcome   |   13 Comments

Remittance flows from USA in 2015

What is the cheapest way to send money to India? What is the difference between Xoom and TransferWise’s models? How to transfer money online to Mexico? Do startups like Remitly or WorldRemit have a chance to gain a sizable market share? What is the fastest provider to send money to Philippines? Is it safer to use mobile app or a cash agent for transferring money? Why use legal money transfer and not hawala when sending money to China? Will Bitcoin/blockchain destroy Western Union? Why some nationalities use cash agents while others prefer online? Are banks‘ remittance business really being disrupted?…

If these and other such questions seem interesting to you, you have come to the right place. Thank you for visiting our blog! First, let’s clarify who this blog is for, then why we started it, and what to expect.

Continue Reading

Money Transfer to India: Review and Tips

Are you NRI or POI transferring money from USA to India? Want to get the most rupees for your dollars? Not sure which provider is the best, cheapest or fastest? YOU came to the right place! We will cover all most important topics:

  1. Current state and key trends for sending money from USA to India

  2. Rupee to dollar exchange rates and timing

  3. Top money transfer providers

  4. Finding fastest and cheapest vs. better and best money transmitters

Please note this post is specific to India. If you are looking for general knowledge of how to best transfer money, please review this other SaveOnSend blog post first.

Before we get started… Great news if you are a consumer transferring money from USA to India: it is currently the most competitive corridor from USA, attracting much more competition and larger investments than any other destination. You are in luck with variety of choices and lavish promotions which for many other destinations simply don’t exist. So you could make a relatively safe assumption that when transferring money to India with any top provider you would get a reasonable price and service.

But we are recommending trying providers with the cheapest price – this way, you are not just helping more your family but also supporting India’s growth. By always using the least expensive method of sending money home, each 1% in savings generates additional $100MM annually for your families and India’s economy.

Continue Reading

Money Transfer to China: Review and Tips

— Posted by SaveOnSend to Money transfer from USA to China   |   8 Comments

Are you sending money from USA to China? Want to get the most yuan for your dollars or receive most dollars in China? Not sure which provider is the best, cheapest or fastest? Should your funds be received in renminbi or dollars? YOU came to the right place! We will cover all most important topics:

  1. Current state and key trends for sending money from USA to China

  2. Yuan to dollar exchange rates and timing

  3. Top money transfer providers

  4. Receiving in renminbi or dollars

  5. Finding fastest and cheapest vs. better and best money transmitters

Please note this post is specific to China. If you are looking for general knowledge of how to best send money, please review this SaveOnSend blog post first.

Continue Reading

Send Money to Mexico: Cheap and Fast, Review and Tips

— Posted by SaveOnSend to Money transfer from USA to Mexico   |   2 Comments

Mexico money transfer from USA: #1 global corridor

Are you Mexican-Chicano sending money from USA to Mexico? Want to get the most pesos for your dollars? Not sure how to send money online and which provider is the best, cheapest or fastest? YOU came to the right place! We will cover all most important topics:

  1. Sending money to Mexico: key trends

  2. Pesos to dollar exchange rates and timing

  3. Top providers for sending money to Mexico

  4. The best way to send money to Mexico for you

Please note this post is specific to Mexico. If you are looking for general knowledge of how to best send money, please review this other SaveOnSend blog post first. And if you only have 30 seconds, just find the best provider with SaveOnSend app.

Before we get started… Great news if you are a consumer sending money from USA to Mexico: it is currently one of the most competitive corridors from USA, attracting more providers and larger investments than many other destinations. Continue Reading

TransferWise: Rebel, What is Your Cause?

TransferWise Money Transfer: billboard

Tale of Two TransferWises

“Revolution is a tough business. You can‘t make it wearing white gloves and with clean hands”

– Lenin

TransferWise’s story usually goes like this. Entrepreneur from Estonia, who was the first Skype employee, got tired of paying huge fees to banks for transferring money from UK to Estonia. So he came up with a brilliant idea of matching remittance senders and receivers in the same country. TransferWise was launched with an office sauna and employees who don’t mind getting undressed to take on banks, evil entities with no value for consumers. The startup got funding from crème de la crème of investors like Peter Thiel, Richard Branson, Ben Horowitz, becoming the most expensive “unicorn” with $1.1B valuation:

Remittance providers - Latest Market Cap or Valuation Q2 2016

Continue Reading

Money Transfer to Philippines: Review and Tips

— Posted by SaveOnSend to Money transfer from USA to Philippines, Western Union, Xoom   |   41 Comments

Are you sending money from USA to Philippines? Want to get the most pesos for your dollars or receive most dollars in Philippines? Not sure which provider is the best, cheapest or fastest? Should your funds be received in pesos or dollars? YOU came to the right place! We will cover all most important topics:

  1. Money Transfer to Philippines: current state and key trends

  2. Pesos to dollar exchange rates and timing

  3. Top money transfer providers

  4. Receiving money transfer in pesos or dollars

  5. Sending larger money transfer amounts

  6. Choosing the best receiving method

  7. Finding the best way to send money

Please note this post is specific to Philippines. If you are looking for general knowledge of how to best send money, please review this other SaveOnSend blog post first.

Before we get started… Great news if you are a consumer sending money from USA to Philippines: it is currently one of the most competitive corridors from USA, attracting more providers and larger investments than many other destinations. You are in luck with variety of choices and lavish promotions which don’t exist for some other destinations. Continue Reading

Transfer Money Internationally: Review and Tips

When asking about “the best” way to transfer money, we realize that it is a very subjective question. The reason for that is simple: we are as consumers are quite unique in our behavior when it comes to handling money. Mexicans don’t behave like Indians and Chinese are very different from Filipinos. But even within each ethnicity, there are multiple distinct behavior patterns. One manager of an Indian restaurant has accounts with multiple digital providers and compares prices before each transfer while his colleague next door prefers to send cash via a Western Union agent next door.

But let’s start with a “big picture” – there are 250 million consumers worldwide who regularly send money home and that number keeps growing fueled by ever expanded migration:

Migration trend 1970 - 2015

Source: http://pubdocs.worldbank.org/pubdocs/publicdoc/2016/4/661301460400427908/MigrationandDevelopmentBrief26.pdf

Continue Reading

Banks And Money Transfer: Sleeping Giants?

Caravan as a symbol of banks for remittances

“The dogs bark, but the caravan moves on.”

– Arab Proverb

The premise of money transfer startups’ PR pitch revolves around a relatively intuitive notion when it comes to the role of banks: they are sleeping giants with bureaucratic culture, awful customer service and backward digital capabilities, so it is just a matter of few years before banks will be disrupted out of cross-border money transfers, also known as “remittances.” Paradoxically, this premise is not wrong. Moreover, most banks don’t view money transfers as strategic business or care which flavor-of-the-month startup is bragging about their imminent disruption. However, while some of those remittance startups would disappear in few years, the leading role of banks in this space will remain forever. How could that be?

Continue Reading

Xoom Money Transfer: The Disruptor That Wasn’t

Xoom…. think Western Union without the excessive fees…

TechCrunch, Sep 28, 2007

Xoom’s 15-year history is full of missed opportunities and second chances. The child of so-called “PayPal Mafia” and protege of Sequoia Capital, Xoom was founded in 2001 to disrupt cross-border remittances. At that point, Western Union already had a website where customers could initiate and track money transfers, but it seemed clunky and wasn’t attracting much usage. The shift of remittances online was expected imminently, so creating an online-only provider with a better user experience was a no-brainer.

Continue Reading

Western Union: permanent leader of international money transfer?

Western Union gorilla

“… long, sorry decline has left the 140-year-old company a shell of its former self. Today, it is fighting for its very survival. Western Union fell victim to technological advances…”

Associated Press, 1991

Reading current reporting about Western Union’s role in international remittances could make us think that the company has been a successful monopoly of this space forever, but, now, with the arrival of some disruptive innovation (“P2P”, “Bitcoin-blockchain”, “Social”, “Mobile”…), there is a real danger of its imminent demise. In reality, Western Union’s subsidiary, Western Union Financial Services Inc., began providing international money transfers in mid 80s when deregulation allowed a previously domestic service to expand internationally. By mid 90s, Western Union’s coverage included major remittance destinations like China. In those first ten years of its money transfer business, Western Union’s parent (renamed into New Valley in 1991) had plenty of upheavals going near or into a bankruptcy. After changing hands few times, the money transfer subsidiary was resurrected as an independent entity in 2006. Western Union’s stock performance has been highly volatile ever since with 20% decline in price since IPO, dwarfed by the overall market:

Continue Reading

Money Transfer Startups: race against time?

Money transfer startups - Race against time

“High fees, large incumbents, and a $400B+ market are under attack by a slew of remittance startups.”

– CB Insights, February 26, 2015

The best feature of being a startup during a bubble is TIME. Investors, usually impatient folks, are doing much better and encouraging startups to focus on growth rather than boring corporate stuff like “revenues” or, even worse, “profits.” Why bother with positive cash flows when investors are stuffed with money and more are available with a quick WhatsApp message? This is especially true when considering such seemingly easy and huge market as international remittances: $0.6T in size, ruled by one, hopefully, incompetent, colossus:

 

Money Transfer Providers X-border Volume Comparison for Previous 12 Months Q4 2016

Continue Reading

Advertising Disclosure: SaveOnSend.com is an independent, advertising-supported comparison service. SaveOnSend may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website.