All empirical evidence suggests that the US Dollar got stronger against other currencies and hence people sent more. One would believe that if the beneficiary country’s currency depreciates, the same amount of money will come in, just more in local terms. Turns out, people try to send in more money to take advantage of the […]
The government can incentivize. Use game theory to make sending remittances back home, earn more points. These are not necessarily points per se, but the more you send back, the more benefits you reap. I am always surprised, how many organizations, institutions, and the government especially forget about game theory and how it works in […]
Yes. No doubt TransferWise is a great company to use to send money abroad. Their rates are extremely competitive and they are truly one of the few disruptors in the field of money transfer (many may argue otherwise). It is because of Transferwise’s low fees that many others had to lower their fees to compete. However, Transferwise […]
What is the fastest way to send money to the Philippines, other than Western Union, MoneyGram, and Xoom?
Assuming you are talking about the USA to the Philippines? Plently of options: TransferWise, Remitly, WorldRemit, etc. are some names that come to mind.
Not at the moment. In the United States for example, Oklahoma (OK) is the only state to have a remittance tax. This is $5 for transactions below $500 or 1.0% for transactions above $500. Other than this example, no other state or country, that I know of, has a remittance tax implemented. It has been proposed plenty […]
The is achieved by what is called a ‘pre-funded’ account. Let’s take an example. Money needs to be transferred (using Remitly) from Chicago (USA) to Mumbai (India). Traditionally, if money needs to be sent to India from the US, Remitly, every day will collect the money and then using SWIFT, send the money over to the bank […]
Two scenarios: You’ve misplaced or forgotten the tracking number, in which case, the tracking number can be provided to you by the person sending it. In certain countries, you might be able to pick up the money without the MTCN, but you would have to call WesternUnion. Source: Pick Up Money – Receive a money transfer at Money […]
Many things complicate the system of remittances. Here is my brief overview of it the major issues: COMPLIANCE One person’s regulations is another person’s nightmare. Compliance is the biggest hindrance in remittances. Because of the multi-corridor nature of the business, one has to deal with various local, state, federal and international laws &/or best-practices. All […]
How can a company like TransferWise send money to Indonesia but can not transfer money from Indonesia?
If they can send money to Indonesia, doesn’t it mean they already have a local bank account in Indonesia? I can think of three possible situations: Many countries have regulations on inbound and outbound transfers. In certain countries, one can send money to that country, but sending money from that country may not be allowed by law. Secondly, even […]
It depends on what the model is being followed by the remittance transfer company. In some cases, you might pay up-front, but they will still charge the recipient, in most case they don’t however. Most of the time, you will be paying remittances charges up-front. In the event there are no remittance charges, ask if […]