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Category Archives: Western Union

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 2017 Q3

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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:

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Money Transfer to Philippines: Review and Tips

— Posted by SaveOnSend to Money transfer from USA to Philippines, Western Union, Xoom   |   54 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

Does Bitcoin/Blockchain make sense for international money transfers?

Bitcoin money transfer: competing with fast elephant

“I think we will know when bitcoin has reached prime time when it is transferring more value each day than Western Union or Money Gram…”

Roger Ver, November 2013

Bitcoin money transfer is usually discussed in either sensational or downright misleading way. There is a significant category of Bitcoin or, currently more popular, blockchain stakeholders and observers who seem to be completely vested in this innovative product’s awesome potential and are unable to entertain a deviating opinion. This very smart and capable, but, unfortunately, close-minded group believes that Bitcoin cancels a need for regulation and would soon destroy Visa, Western Union and “banks.” Articles written for and by such audience are easy to find, and we will not link to them to avoid enabling such either outrageously ignorant or deceptive opinions.

Rational view of Bitcoin/Blockchain for sending money

In this context, we are always grateful to find discussion about Bitcoin/Blockchain for remittances which attempts to be more objective. Here are some examples: Bootstrappers guide to bitcoin remittances, Tackling bitcoin price swings OR

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