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Category Archives: Xoom

Money Transfer Fintechs: 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

For disruption to occur, it only takes one determined startup with a long-term vision spanning two or more decades. The disruptive force of innovation only required one Amazon for books, one Spotify for music, and one Netflix for entertainment. After more than two decades since the founding of Xoom and over a decade since the launch of Wise (formerly TransferWise), the cross-border money transfer industry still does not know which fintech company will be such a disruptor. However, a decade of keen observation in this fiercely competitive space gives us a reasonable understanding of which ones still have a chance, which ones don’t, and why some fintechs are no longer around.

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Xoom Money Transfer: The Disruptor That Wasn’t

“Xoom…. think Western Union without the excessive fees…”

TechCrunch, Sep 28, 2007

Xoom’s fifteen-plus-years history is full of missed opportunities and second chances. The child of the 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.

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Money Transfer to Philippines: Review and Tips

— Posted by SaveOnSend to Money transfer from USA to Philippines, Western Union, Xoom   |   55 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 the 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 the 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 the USA to the Philippines: it is currently one of the most competitive corridors from the USA, attracting more providers and larger investments than many other destinations. You are in luck with a variety of choices and lavish promotions which don’t exist for some other destinations. So you could make a relatively safe assumption that when transferring money to the Philippines with any top provider, you will get a reasonable price and service. Overall, the cost of sending money has been declining worldwide, with providers’ margins dropping 30% just in the last decade:

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