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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 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

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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:

Providers revenue last 12 months Sep 2018

 

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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

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.

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International Money Transfer News

Hello Dear Reader, here you will find collated news about International Money Transfers: providers’ fundraising and valuations, providers’ performance, industry trends, and perspective from consumers. If you come across another interesting article, please add its link in the comments section.

Funding Performance Other Data
Azimo
May-2018 $20M at undisclosed valuation Annualized volume: $1B
Oct-2017 Triple-digit growth
May-2016 $15MM at $100-150MM Valuation
Jun-2015 $20MM at $100MM Valuation
Mar-2014 $10MM
Sep-2013 $1MM
Jan-2013 $0.5MM
CurrencyFair
Real-time Cumulative Volume
May-2015 Cumulative volume: 2B EUR
Apr-2015 10MM EUR 50 employees
Mar-2014 Cumulative volume: $1B
Nov-2013 $2.5MM
MoneyGram
Apr-2017 $1.2B offer by Ant Financial
Feb-2016 Wal-Mart represents 19% of revenues
Jun-2015 Share in USA-Mexico: 13%
Remitly
Oct-2017 $115MM funding at least $345MM Valuation Annual volume close to $4B 400 employees
Jul-2017 Annualized volume: $3B
Feb-2017 Annualized volume: $2B
Sep-2016 $38MM Annualized volume: $1.5B 150 employees
Apr-2016 $38.5MM at $170MM Valuation
Jan-2016 Annualized volume: $1B
Sep-2015 Annualized volume: $500MM 100 employees
Jul-2015 Volume in 2015: $300MM
Mar-2015 $12.5MM Volume in 2014: $100MM, grew 4 times from 2013
Jan-2014 $5.5MM
Jan-2013 $2.6MM
Apr-2012 1.7
Oct-2011 $0.75MM
TransferWise
Nov-2017 $280MM at $1.6B Valuation Monthly volume: 1.5B GBP
Jun-2017 Monthly volume: $1.5B 800 employees
May-2017 Reaches profitability
Oct-2016 Monthly: volume – $1B+, revenue – ~$6M Transferred $2B from USA in 2015
Sep-2016 Montly: volume – 0.8B GBP, revenue – 5M GBP
May-2016 $26MM at $1.1B Valuation Monthly revenue: $5MM 600 employees
Oct-2015 Cumulative volume in USA: $1B 430 employees
Jun-2015 Monthly volume: 500MM GBP 350 employees
Jan-2015 $58MM at $0.5B Valuation Cumulative volume: 3B GBP 250 employees
Jun-2014 $25MM
Apr-2014 Cumulative volume: 1B GBP
Oct-2013 Daily volume: 1.2MM EUR, Cumulative: $250MM GBP
May-2013 $6MM Cumulative volume: $125MM GBP
Apr-2012 $1.3MM
Nov-2011 Monthly volume: $1.6MM
Sep-2011 Cumulative volume: 2.5MM GBP 23% MoM growth, 1K repeat customers
Western Union
Feb-2015 80% of new wu.com customers are net new
Apr-2015 $40MM media budget for USA
WorldRemit
Mar-2018 $100 million annualized revenue
Dec-2017 $40MM at $670MM Valuation 400% volume increase from Feb-2015
May-2017 USA represents 10% of revenue
Sep-2016 Expecting 42M GBP in 2016 revenues Average txn size: $261
Feb-2016 Grew 80% in 2015 Mobile money is 25% of revenues
Nov-2015 Will grow 2 times in 2015, $1B annual volume
Jul-2015 Laying off staff in USA
Jun-2015 Will grow 3 times in 2015
Feb-2015 $100MM at $500MM Valuation Revenues in 2014: $24MM, 2013 – $9.3MM 250 employees
Mar-2014 $40MM
Jan-2010 4.4MM GBP
Xoom
Nov-2017 Active users increased 30+% in 2 years
Apr-2016 Expecting 10% growth in 2016 ($200MM in revenue)
Apr-2015 Average trnx size for India is $1,500
Interesting articles
Jul-2015
Apr-2015 Overview of Bitcoin and Ripple for money transfers Paying bills of relatives vs. sending them money
Mar-2015 Behavior of Remittance users
Bitcoin
Jul-2016 Interview with CEO of Bitspark
May-2016 Bitcoin experts debate remittances
Oct-2015 Bitcoin does not make remittance cheaper
Sep-2015 Abra raises $12M
Apr-2015 BitPesa raises $1.1MM
Countries
India
May-2016 Are Indians really sending more money home?
Philippines
Apr-2015 31% are banked Vision and action for Filipino diaspora

How remittances are regulated in USA?

— Posted by SaveOnSend to "Hot" topics, Bitcoin for sending money, Regulations   |   0 Comments

At SaveOnSend, we don’t have any expertise in regulation of remittances in USA, but will uploading here useful insights from those who do have such expertise. If you come across useful media that we should add, please let us know

Faisal Khan’s blog, May 4, 2015: “The Sandstorm That Is Blanketing The Operations of Money Transfer Companies

Faisal Khan’s response, May 18, 2015: “If I am a licensed MSB in outside the US, can we have an online website and run our own money transfer from the US to our country?

Faisal Khan’s blog, March 13, 2015: “How legal is bitcoin remittance?

It took WorldRemit 2.5 years to get licensed in New York state according to this interview.

Money Transfer: 5 Hacks to Nudge Consumers

Money Transfer LifeHacks

“The end may justify the means as long as there is something that justifies the end.”

― Leon Trotsky, Their Morals and Ours

So you built a mobile app for international money transfer, got seed funding, engaged few hundred early adopters, and are now ready to go after those outdated-bureaucratic-price-gouging incumbents. How hard could it be? But a year goes by and your cumulative revenue has barely scratched $100K. The dream of new office digs and sharing success story with schoolmates is getting delayed while investors are starting to be more inquisitive about the timing of “hockey stick”… and it is all because those strange migrants keep clinging to their existing providers.

Well, don’t fret, we have gathered 5 “best practices” for nudging those close-minded consumers to embrace your service. Most of cool FinTech kids are doing this and even some incumbents and banks sample them at times, so it must be perfectly legal and not too immoral… at any rate, it is for consumers’ own good, right?

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