The 7 best transfer money and currency exchange apps. Future of fintech.

by Winngie

26 October 2020

Financial Service

fintech

International Money Transfer

0 comments

The 7 best Money-Sending and Currency Exchange apps

  • Winngie – Best for P2P free Swaps
  • Venmo – Best for urgent conditions high fee.
  • CashApp – Best for instant deposits
  • Facebook Messenger – Best for friends and family
  • PayPal – Best for freelancers
  • Zelle – Best for bank-to-bank transfers
  • WorldRemit – Best for far east transfers

Future of fintech. Brief of each app.

Provider Platform Transfer fee Speed Keep Funds in the App?
Winngie Android and Web Free + NO Exchange rate loss 1-5 days No
Venmo iOS, Android Free for debit cards and bank transfers, 3% for credit cards and 1.5% for instant transfer + Exchange rate loss 1-2 days Yes
CashApp iOS, Android Free 1-2 days after first linking a card, then instant No
Facebook Messenger iOS, Android, Blackberry Free + Exchange rate loss 1-5 business days No
PayPal iOS, Android Free for linked bank accounts and PayPal Cash, 2.9% fee for debit and credit cards + Exchange rate loss 3-4 days Yes
Zelle Within existing banking apps Free + + Exchange rate loss One day No
WorldRemit iOS, Android Varies by country 1.5%-4% + Exchange rate loss 1-7 days No

Lets Check those out one by one;

Winngie – Best for P2P Free Swaps

Winngie is a well-known platform that you transfer your money to anywhere in the world with based on platform that you can find someone who else to transfer same as you do. It is a great capability to find a platform that also eases up your transfer and makes the cost cheaper.

Winngie is one of the solutions already in the market. It’s called smart and easy way to send money abroad and exchange local currency.
Logic is simple but also clever. Match with people in cross countries who wants to send or receive money. Chat, deal with their receivers. Perform the transactions’ in local. Money never actually crosses any borders.

Instead of international money transfer and currency exchange companies commonly using, Winngie takes a unique approach towards abroad money transfer and currency exchange with a simple mobile application. Part of the “sharing economy,” Winngie offers you someone’s currency as a media to exchange, instead of an exchange office or transfer via bank.

To use Winngie to transfer money, you need to create an account and your recipient needs one too. The rest is as simple as matching like tinder. You fill the amount you want to send, enter the address of the recipient, and click send.

There are lots of benefits that come with embracing Winngie as means of money transfer. However, there are three outstanding reasons namely:

  1. Fast: Unlike the Western Union or Money Gram transfers that take days to be processed, Winngie system is almost instant. The money reflects on the system a few seconds after it is sent but may take up to an hour to be available for withdrawal.
  2. Cheap: Winngie is a peer-to-peer network and, therefore, eliminates the roles played by third parties. You only pay negligible fees, and there are no hidden charges.
  3. Privacy: While using this network, you do not need to worry about somebody snooping around your finances. What’s more, the transactions are protected and devoid of your personal details.

Overall, Winngie is an amazing platform that you can find a good way to transfer while you are staying at your home and not going out to find a way to handle your transfer. It gives you possibility to transfer small amount of money that normally costs more than the original amount.

 

Venmo – Best for urgent conditions, small amounts and local also high fee.

Venmo is a branch of well-known company PayPal that’s specifically designed to quickly and easily transfer money between friends, family and other contacts. The app is integrated with Facebook and your phone contacts, so you can see others’ activity in your newsfeed and easily find the right contact to send a payment to. If you get paid through Venmo, you have the option of transferring funds to your bank account. There’s a 3% fee if you choose to send payments via a credit card and you will loose from currency exchange rates if you are transferring in different currencies and this loss can cost to you up to %4

 

No-Fee-With Winngie

CashApp – Best for instant deposits, if you can. 

CashApp, is from parent company Square, formerly known as Square Cash, which is best known for providing payment processing platforms to small businesses. With CashApp, you can send and receive funds instantly via a linked debit card. There’s no charge for using the service with a personal account, but there is a 3% fee when you use the business version and you will loose from currency exchange rates if you are transferring in different currencies and this loss can cost to you up to %4. CashApp only works with debit cards, so it’s not the best fit if you prefer to use a credit card or linked bank account. CashApp also lets you invest in stocks and cryptocurrency, which is a neat feature if you’re looking to experiment with small-scale investments.

 

Facebook Messenger – Best for friends and family, Not so common still. 

Facebook Messenger is a surprisingly convenient way to send money to family, friends, and other people you’re connected with on Facebook. The payment feature is free to use and already integrated with Messenger. The service requires using a debit card, and recipients will also have to provide their own debit card information in order to receive a payment. Given Facebook’s privacy concerns, some people may be wary of forking over their debit card info to the company. Fund transfers are also somewhat slower than other money-sending apps, at one to five days.

 

PayPal – Best for freelancers and no choice sometimes. 

PayPal is ubiquitous when it comes to payment options for freelance work. The service is an established giant in the industry and is quick and convenient to use. Users also have the option or requesting money from friends, family and other contacts. There are no transaction fees when you send money using a linked bank account or PayPal Cash, but there is a 2.9% fee when you use a credit card, debit card or PayPal Credit. Users can also send money internationally, which is a nice feature if you have loved ones or professional contacts who don’t live or bank in the United States But again you will loose from currency exchange rates if you are transferring in different currencies and this loss can cost to you up to %4 which is not less.

 

Zelle – Best for bank-to-bank transfers, no sense to use if you already have an online banking.

Zelle is a money-sending app that allows direct bank-to-bank transfers between individuals. Still working with banks btw. If you and the person you’re sending money to have accounts with a participating bank, you can send funds within the same business day. Participating banks include Bank of America, Chase, Citybank, Capital One and Ally, among others. In most cases, individuals are able to transfer funds via Zelle within their banking app rather than having to download a separate app. The service is free, and funds can often arrive in your account in a matter of minutes.

 

WorldRemit – One of Best for international transfers

WorldRemit is a good choice for one of the best money-sending app for international transfers. While some other money-sending apps have limited international capabilities, WorldRemit is specifically designed to facilitate international transfers. The app is simple and easy to use and you can send money to more than 150 countries around the world. It does come with associated transfer fees, which can vary depending on which country and what bank you’re transferring money to. However, WorldRemit’s fees are claimed on average “48% cheaper than sending money via banks” and 25% cheaper than other international services like Western Union. However, for small countries you may need to wait more than a week to process the transfer and you will loose from currency exchange rates if you are transferring in different currencies and this loss can cost to you up to %4 which is not less again. Also registering to WorldRemit is really frustrating similar to all other remittance companies. Need to provide so many documents and wait weeks or sometimes more to be approved.

 

What is a money-sending app in real?

A money-sending app allows individuals to transfer funds to one another through an application on their phone. Rather than giving someone cash or writing them a check, money-sending apps make sharing money easy, convenient and digital. Whether you use a money-sharing app to pay rent or to split dinner with friends, pay someone for professional work or to send a gift, these apps make sending money easier than ever before. Actually local transfers are already so easy with online banking. After online banking systems developed so much these local money share or transfer apps has no sense anymore. Furthermore, for international transfers still there is a way to go. Since almost all the international transfers still using banks and you have to pay for fees, unfair currency rate, provide valid documents to transfer money abroad. In this aspect P2P solutions has an advantage like Winngie. Money never actually passes any border but users match with each other in cross countries and transfer the money locally instead international transfers.

A money-sending app isn’t the same thing as a payment platform, although many payment platforms also have associated money sending apps. For example, Square provides payment processing software to businesses but also owns CashApp, which is a money-sending app, Winngie is a social platform to match for transfer and exchange money.

How should I choose the right money-sending app for me?

The best option when it comes to a money-sending app depends on your individual needs. Some apps are also better suited to particular purposes than others. If you already bank with a bank that uses Zelle, quick and easy money transfers are often already available within your mobile banking app. Actually if you already have bank why you need an app to use your bank account to send money “?” sounds funny. Venmo is a popular option when it comes to splitting restaurant bills and bar tabs, Actually its not totally money sending app coz its not available for international transfers, its kind og buying tokens and transferring to each other. If you’re looking to send money internationally, WorldRemit may be a good choice. If you’re a freelancer accepting payments from clients or sending money to contractors, PayPal is a popular option. Winngie is a unique approach to send money internationally coz money never actually passes any borders but Winngie makes it available locally with matching senders and receivers in cross countries.

Some people may prefer to choose an app that the majority of their friends, family members or business partners also use. This can make it easier to quickly transfer payments to and from the personal and professional contacts that you exchange money with most often.

As a Result

Mobile banking apps have proliferated over the past few years, and there are now more choices than ever. These apps make it quick and easy to send and receive funds and are a much more convenient option than cash or checks. When it comes to deciding on a money-sending app, you should make sure to do your research, and only download and use reputable apps that you trust with your money.

by Winngie Editor Team.

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4 Types of E-commerce Business Models. Not only Physical Products but Also Services.

by Winngie

1 October 2020

Financial Service

fintech

Peer to Peer

0 comments

4 Types of E-commerce Business Models. Not only Physical Products but Also Services.

 

The 4 types of E-commerce business models include Business-to-Consumer, Consumer-to-Consumer, Consumer-to-Business, and Business-to-Business.

Business-to-Consumer

Business-to-Consumer also called B2C is the procedure whereby businesses offer products and services to the ultimate users. It is applicable to any businesses or companies that sell their products and services to consumers through the internet for their own use. It refers to transactions between online retailers and their customers. A B2C company might also serve other businesses.

Examples of B2C companies: Amazon, Facebook, Alibaba, eBay, Google, Netflix.

Consumer-to-Consumer

Consumer-to-Consumer also called C2C is a form of e-marketing that involves the online allowed deals of products or services among consumers using a channel offered by a third entity. It’s the exchange of products and services between customers. C2C is emphatically the most popular kind of e-commerce business model.

Examples of C2C companies : eBay, Uber, Airbnb, Winngie.

Winngie is one of the solutions already in the market. Its called smart and easy way to send money abroad and exchange local currency.
Logic is simple but also clever. Match with people in cross countries who wants to send or receive money. Chat, deal with their receivers. Perform the transactions’ in local. Money never actually crosses any borders.

 

Instead of international money transfer and currency exchange companies commonly using, Winngie takes a unique approach towards abroad money transfer and currency exchange with a simple mobile application. Part of the “sharing economy,” Winngie offers you someone’s currency as a media to exchange, instead of an exchange office or transfer via bank. On Winngie, you can find people to exchange currency on your backpacking trip through Europe, or you can find someone to transfer your school fee during your internship in Los Angeles. Also, if you want to exchange leftover currency in your own home from your last trip of Thailand, you can exchange through Winngie and save money by exchanging without giving any commission.

 

Consumer-to-Business

Consumer-to-Business also called C2B is a type of e-marketing through which consumers sell their products or services to companies and get paid by them. The C2B model enables consumers to draw out value from businesses and vice versa.

Examples of C2B: Photographers providing stock images to consumers, bloggers.

Business-to-Business

Business-to-Business also called B2B is a type of e-market whereby products or services are traded among businesses. It’s a business model that focuses on selling products and services to other companies. If you provide a valuable product, people will be willing to pay for it.

Examples of B2B companies: TripAdvisor, Verizon, Chorus.

Quoted from: https://medium.com/@eyorekon.kevin/4-types-of-e-commerce-business-models-7c9206942921

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4 Reasons You Should Stop Using Old Style Financial Services to Send Money Abroad

by Winngie

2 May 2020

Exchange Currency

Financial Service

fintech

International Money Transfer

Mobile app

Peer to Peer

0 comments

Why you should stop sending money abroad via bank, old-school finance services or remittance companies? Here are the 4 main reason.

 

No-Fee-With Winngie

1-High commission fees.

Sending money overseas with a bank or western union will cost you min 10$ to average 50$ for each time. Insane! Why you need to share your salary with those chunky bankers? Save it with your belovers in homeland. There should be some solution for this old style monopoly system.

 

 

2-Slow process and no guarantee.

Remittance companies said they are cheaper yes like 5$, but plus currency change rate which is unfair so you will lose like 5$ more from rates and they are slow like turtle. It will take weeks to perform transaction or you can receive an undelivered message after weeks of waiting. Do you or your family have weeks to receive money from you? What if they are sick or need to pay for school fee. Money transfer should be ontime and certain.

 

 

3-Unfair exchange rates during money transfer.

Your money will melt like an icecream in your hand. Yes, rate issue. You want to send money to your home back but your bank or western union or remittance companies like tranferwise or worldremit is charging you super unfair amounts with the local money exchange rates.  So you can lose up to 16% beside the transfer fee. But why, is changing money to local currency that have that much cost, need any labor, need investment on manufacturing lines? Of course no, so what’s the reason for super high rate differences.

 

4-Bothering documentation to send money.

You need to prove so many documents and permissions to send or receive money from abroad in most of countries. Incase some urgent situation, if you need some extra money from your family, banks and government’s won’t allow you to do that and will ask for dozens of pages’ documents. For what? Just to receive money from your dad?  We, honest people, shouldn’t have to suffer because of a few illegal guys.

 

There should be some new way fintech tools to solve all those problems.

Winngie is one of the solutions already in the market. Its called smart and easy way to send money abroad and exchange local currency.
Logic is simple but also clever. Match with people in cross countries who wants to send or receive money. Chat, deal with their receivers. Perform the transactions’ in local. Money never actually crosses any borders.

Instead of international money transfer and currency exchange companies commonly using, Winngie takes a unique approach towards abroad money transfer and currency exchange with a simple mobile application. Part of the “sharing economy,” Winngie offers you someone’s currency as a media to exchange, instead of an exchange office or transfer via bank. On Winngie, you can find people to exchange currency on your backpacking trip through Europe, or you can find someone to transfer your school fee during your internship in Los Angeles. Also, if you want to exchange leftover currency in your own home from your last trip of Thailand, you can exchange through Winngie and save money by exchanging without giving any commission.

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How Covid-19 affected Exchange Currency and Transfer Money Business and Importance of P2P Apps during coronavirus outbreak.

by Winngie

14 March 2020

Coronavirus

Covid-19

Financial Service

International Money Transfer

Mobile app

Peer to Peer

0 comments

Money changers here are reeling from the impact of the coronavirus outbreak.

Business has been down by about 60% for all currencies, but the South Korean won and Chinese yuan have suffered the most.

The Local Newspaper visited five money changers at Bishan City on Monday (9 March 2020) evening and at Raffles Place yesterday.

While short queues formed at a few shops around noon at The Arcade in Raffles Place, money changers said it was a far cry from the normal crowded scene at lunchtime.

“It has completely stopped,” said Mr. Abdul Haleem, a managing partner of City Money Changers in The Arcade, about the sales in won during the last couple of days.

Another money changer at The Arcade said business in won has dropped by about 80%, while others see just one customer a week for yuan.

A travel advisory issued by the Ministry of Health on Sunday against non-essential travel to Daegu city and Cheongdo county in South Korea has prompted many holidaymakers to cancel or postpone their trips to the country.

Because the Covid-19 Pandemic people don’t want to go out to crowd places and don’t want to touch money which are changed hands several times a day.

Mr Hussein Ahmed, who runs AR Money Exchange in Junction 8 in Bishan, said: “On a normal day, we close the shop between 9pm and 9.30pm.

“Since the virus struck, we close around 8pm on most days. People just stopped coming.”

Precautionary measures taken by establishments housing some of these shops have also affected their business.

At The Arcade, linkways to the adjacent Clifford Centre were closed over two weeks ago, after an employee working in Clifford Centre tested positive for the virus on Feb 6.

The linkways were re-opened on Monday, a move that some tenants of The Arcade said came after feedback they submitted to the management about the adverse impact the closure had on their businesses.

Ms Khor, 25, a money changer for E-Globex Money Changer at The Arcade, said: “The closure affected us badly because our shop is at the end of the building.

“However, we understand why The Arcade’s management had to take these steps to protect its tenants.”

Mr Oli Mohamed, secretary of the Money Changers Association, said: “Initially, it was just the yuan (that saw a drop in sales). Now, the slowdown is fluid and it is happening across the board.”

He said he has received numerous calls and e-mails from members requesting assistance in seeking reduced rentals.

However some other services for money exchange are increasing after the Covid-19 pandemic outbreak. But how and why?

P2P Services like foodpanda, Uber, Airbnb, Gloco provides less contact with crowds during the coronavirus outbreak. So its more healthy and more safe.

Food delivery services was life saving option for the people living in Wuhan during th eoutbreak.

For example Winngie Exchange Currency and Send Money Abroad Mobile App p2p finance service, enables people to match with other ones around you or in cross countries to exchange local currencies or sending money abroad. So the people who wants to exchange money or send money abroad do not have to go out to crowd places like bank or shopping mall or airport exchange offices to change currency or transfer money anymore.

According to official website info here is How it works and What’s Winngie?

Winngie is a social platform for travelers, foreign students, expats, business people, and anyone travelling internationally. We help you transfer money abroad and exchange local money with real people. There are no hidden fees, no commissions, and no differences between the currency exchanges.
You decide the exchange rate and you find a solution that suits your needs.
We connect people with currency needs and help foster a mutually beneficial exchange. By cutting out the middle man, Winngie can help you drastically reduce the amount you pay while exchanging currencies. Say goodbye to your bank!
Thanks to Winngie, you can fully maximize the value of every currency exchange and every money transfer. We work with all currencies – including crypto-currencies – providing a new way to send money abroad. By taking a complex process and making it simple and effective, we help millions of people every day. Whether it’s helping children go to school, helping family members receive medical treatment, or just helping people pay their bills, we believe in helping our customers’ hard work go further.
That’s why Winngie is different: we’re on a mission to make fintech fair.

 

Tags: Coronavirus outbreak, Covid-19, Pandemic, Money Exchange, P2P mobile apps, Winngie, P2P fintech

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African Immigrant to Loved Ones

by Winngie

18 December 2019

General

0 comments

People are working overseas, just for sustaining income for their family back home and waiting their savings to keep their family happy. Especially in African countries, just for creating a better life for their families, millions and millions African are working in another country.
Fees for remitting money vary wildly between providers and countries. African migrants, who sent almost $60bn (£38bn) in remittances last year, pay the most, according to the World Bank. On average migrants sending money home to Africa lose 12% to fees. Moving money between African countries can cost much more – sending money to Tanzania from neighboring Kenya or Rwanda, for example, costs an average of 22% (or a $44 cut on $200 transferred).


Many experts would say how it is incredible that in a competitive environment there’s no reason these things should be more than 4%. It is not something justifiable.

According to Ismail Ahmed, founder of World Remit, an online transfer service said that the true cost of sending or receiving remittances in Africa was much higher than figures may suggest. “There are costs associated with going to a branch. In Africa, in many cases banks are in the cities, so people have to travel there, queue up, wait and then collect small amounts of money.”

The widespread utilization of mobile phone in Africa could make it cheaper to transfer money and easier for migrants to get to emergencies at home, said Ahmed. “Particularly in Africa, new technological changes are likely to have the biggest impact. Imagine somebody gets a text message in the middle of the night, saying that mum needs to go to the hospital, and they can send $10 instantly. In the long term, these things will transform money to transfer in Africa.”

Several firms have come up lately to face the dominance of major platforms, such as Western Union, considered to control 18% of the worldwide remittance market with roughly 500,000 outlets in 200 countries.

In 2011, Western Union handled $81bn in remittances roughly $1 in every $5 sent. It made 80% of its revenue from remittances that year, including almost $3.6bn in transaction fees and $1bn in foreign exchange income. In Africa, exclusive deals with several banks saved it to a share of the market above 70% in countries, such as, Mali and Rwanda.

Western Union said its average cost to users was roughly 5%. “Our pricing varies from country to county depending on a number of factors, such as security and local regulatory compliance. On the amount of money being sent,” it said, adding costs was affected by factors, including national laws and the amount being sent. “Western Union has acknowledged the increasing consumer which need to send money from one African country to another. However, in Africa there is a new trend that Winngie is the new one that has been well received and became so common for many immigrants in Africa. Winngie goes in a high demand in Africa and gets a high level attention for many immigrant workers.

Winngie has an easy interface and sustainable client background that many immigrants use this platform as a transfer way to their loved ones back in their country. Winngie is a new trend according to data has been published in a Rwandan local university. It is the fact that Winngie has very cheap, no fee and no cost at all. Calling free as cheap might not sound good, but Winngie has a good way to change all African immigrants’ perspective.

Western Union is losing its grand to Winngie as booking.com whereas Expedia loses its own to Airbnb. In Africa, especially Saharan Africa and East Africa, the business itself is ongoing to Winngie. The platform itself became a phenomenon in Africa.

It changes the system and makes transfer small amount to overseas to love ones easier than ever. Not anymore high costly transfer fees and killing exchange rates are the issue for African immigrants. African immigrants are happy to use Winngie for their well worked hardly earned money.

Reference:
Why do Africans pay the most to send money home?
https://www.theguardian.com/global-development/2013/jan/30/africans-pay-most-send-money

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Old Euro Banknotes, Are they Still Valid, Till When, How to Exchange?

by Winngie

8 December 2019

Exchange Currency

5 comments

We have been hearing about the old and new Euro Banknotes and there are a lot rumors and fake news around in the internet. Let’s read what’s the reality and what you should do.

The roll-out of the Second Series of Euro banknotes was completed in May 2019. The First Series of Euro banknotes from €5 to €500, issued since 2002, is being replaced by the newer set of euro banknotes from €5 to €200. Are the old Euro banknotes still valid, and how can you exchange them? Read on to find out.

In 2019 Which old Euro banknotes have been replaced by new Euro banknotes?

The following banknotes from the First Series of Euro banknotes have been replaced by newer Euro banknotes from the Second Series which are:

  • €5 – euro banknote
  • €10 – euro banknote
  • €20 – euro banknote
  • €50 – euro banknote
  • €100 – euro banknote
  • €200 – euro banknote

The roll-out of the Second Euro banknotes series has been completed in May 2019 recently.

 

 

What about 500 Euro banknotes, Old ones are still valid?

The European Central Bank has decided not to include a €500 euro banknote in the Second Series of Euro banknotes. The €500 Euro banknotes will no longer be issued and they are no longer in circulation since 2019.

Are the First Series old Euro banknotes still valid?

The old Euro banknotes from the First Series remain valid, and they can be spent without problems in the Euro-zone and in the UK. But Especially foreign countries they do not want to buy these series anymore.

When purchasing Euro banknotes, many British customers prefer to only receive Euro banknotes from the Second Series. For this reason, some bureaux de change in the UK may not accept Euro banknotes from the First Series from their customers.

€500 euro banknotes from the First Series are still valid but they are being withdrawn from circulation.

Are old Euro banknotes from the First Series still legal tender?

Yes. The old Euro banknotes from the First Series still remain legal tender. They have the exact same value as the equivalent banknotes of the Second Series of Euro banknotes. Both types of Euro banknotes circulate alongside each other in the Euro-zone.

The 500-euro banknote also remains legal tender, but it is more difficult to spend them, as most vendors in the Euro-zone don’t accept €500 notes for payments.

How and Where can I exchange old Euro banknotes?

Do you still have some old Euro banknotes from the First Series? It’s easy to exchange old Euro banknotes using our online exchange service for Euro banknotes. In addition to the First Series Euro banknotes and the discontinued €500 euro banknotes, we also exchange euro coins and eurocent coins. P2P Exchange Currency Mobile Apps like Winngie is becoming popular in the market. You can use Winngie Exchange Money Mobile Application to Change Old Euro Banknotes easily.

Is there a deadline and What is the exchange deadline for old Euro banknotes?

So far, no exchange deadline has yet been set for the exchange of old Euro banknotes from the First Series. So, no rush for that. For sure there will be official announcements from European Central Bank and also from other banks in case there will be a deadline defined.

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Transferring Money Costs!

by Winngie

27 November 2019

General

Mobile app

Peer to Peer

0 comments

The money transfer industry is as old as the banking industry. At the past few years, it has been seen as exponential growth with a relation in rising number of immigrants in the developed countries.

Innovative and advanced technology changes the charge rule of banking industry. The average total cost of transferring money has been declining. According to the World Bank data, the global average plummeted to below 8.4% in the first quarter of 2014 from the 9% recorded a year earlier.

However, with all this growth, why isn’t the process of transferring money as smooth as it should be? Why are some remittance corridors paying negligible amount while others such as Saharan Africa pay is as high as 12% of the amount remitted?

Imagine you are going to transfer your friend $25 from the UAE. How much would he get? It is hard to tell if you have never done it before using the conventional system, all because of a myriad of hidden charges. Unless you are internet savvy, you cannot avoid a multitude of fees in addition to diluted exchange rates that accompany such a transaction. The draining of the lump sum involved is what many customers in this industry decry. The fees charged by Money Transfer Operators (MTOs) and their foreign currency exchange rates reduce the total amount sent. Even in the cases when you fall into the trap of the ‘fee-free rates’, the exchange rate is often too diluted to make up for the lost commissions.

While we may be quick to judge these MTOs as profits connoisseur, there is more to it than what meets the eye. Factors such as technology and infrastructure, and regulation and interoperability all play a role in cost structure and pricing.

For example, leading commercial banks with a global network that operates in this industry are slowly leaving citing the regulatory risks and a high cost of operation that eats on their profits.

Unlike Money Transfer Operators that can handle spoonful transactions, inter-bank systems are suitable for moving large sums of money. But governments are keen on large transfers owing to increased money laundering activities over the past two decades.

What’s more, it is a requirement for the players in this industry to know their customers, which raises serious privacy concern, apart from eating on your time as you fill out the forms to reveal your identity. Banks succeed here by making their money transfer from the customers to their account holders.

Just to remind you, Money Transfer Operators don’t have their independent networks in some regions and just partner with the local banks to reach their customers. Such partnership only means additional expenses, in which the end-consumer has to shoulder.

After putting all these factors into account, the problem rounds down to the government control. The numerous checkpoints initiated by the state agencies to mitigate fraud and money laundering, not only increasing the cost of doing business but also delaying transfers.

While any problem caused by the government is not often easy to overcome, this one is! The answer does not involve engaging in activism or media campaigns but lies on technology. Does Winngie ring a bell?

Winngie is a well-know platform that you transfer your money to anywhere in the world with based on platform that you can find someone who else to transfer same as you do. It is a great capability to find a platform that also eases up your transfer and makes the cost cheaper.

To use Winngie to transfer money, you need to create an account and your recipient needs one too. The rest is as simple as matching like tinder. You fill the amount you want to send , enter the address of the recipient, and click send.

There are lots of benefits that come with embracing Winngie as means of money transfer. However, there are three outstanding reasons namely:

  1. Fast: Unlike the Western Union or Money Gram transfers that take days to be processed, Winngie system is almost instant. The money reflects on the system a few seconds after it is sent but may take up to an hour to be available for withdrawal.
  2. Cheap: Winngie is a peer-to-peer network and, therefore, eliminates the roles played by third parties. You only pay negligible fees, and there are no hidden charges.
  3. Privacy: While using this network, you do not need to worry about somebody snooping around your finances. What’s more, the transactions are protected and devoid of your personal details.

 

Overall, Winngie is an amazing platform that you can find a good way to transfer while you are staying at your home and not going out to find a way to handle your transfer. It gives you possibility to transfer small amount of money that normally costs more than the original amount. Here you go with the Winngie Exchange and Send Money Mobile App to start matching with people around you.

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Exchange Money and Lose on the Spot

by Winngie

16 October 2019

Exchange Currency

Financial Service

General

Peer to Peer

Share Stories

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Anyone who travels as often as me or lives in several different countries as I do may know that he/she needs to exchange money all the time. Each time, you will see how much the banks are charging and cutting from your money.

All payments and transfer fees are not so unclear, and you don’t know how much it costs you. In the information era, there is some information that has been covered but not opened to us. If you transfer a huge amount of money from your country to another country, you will feel amazed how much it may cost you and you will not be even sure how much you pay for each specific reason.

You will be battered to realize that the fees are as much as 13%. That’s on a round-trip exchange currency. It means if you exchange the money then change it back, you may lose 13% of the exchange amount. Of course you’re not going do a double exchange, but it gives you a clear idea of how much the banks can make out of you. The average fees are roughly 7% of the total exchange amount for a round-trip or 3.5% for one way.

Interbank rate is the rate the banks pay when exchanging money. This is the rate the banks pay when they are trading with each other. This is the “genuine” exchange rate. The banks make a margin on top of this, and give you their exchange rate with the fees covered. Mostly they do not open out the fee, and they just disclose the rate that you have exchanged. The reason why they charge that much is because this is a hidden fee. You don’t see the fee because you just see how much foreign currency you received when exchanging.

 

Country

Bank name Example currency

Round-trip fees

International

PayPal AUD/USD 3-9%

U.S.A.

Wells Fargo USD/EUR

2%

U.S.A.

Citibank AUD/USD

2.1%

Australia NAB AUD/EUR

10%

Australia

Westpac AUD/EUR 11%
United Kingdom Barclays GBP/EUR

13%

United Kingdom

Lloyds GBP/EUR

5%

Canada

Toronto Bank CAD/USD

6%

Canada RBC CAD/EUR

8%

The table above indicates the rates you receive if you wire money into your bank account in another currency. This is probably what will happen if you sale a house in one country and purchase another house in another country. It’s not the rates you receive when exchanging cash over the counter in the bank (although rates for both situations are usually very high). I include PayPal in the table above. Although they are not a bank, they are a popular option for international transfers. You will notice that the fees in the US are a bit more reasonable than the UK, Australia and Canada. But still, even the Wells Fargo currency exchange rates of 2% round-trip (1% one-way) cost some money to pay when there is no other lower cost option.

There are several options to avoid these fees, but it depends on how much money you are exchanging and which currencies you are exchanging. If you’re transferring $5k to $100k, you can avoid the fees and pay only around 0.5% by using any one of these currency exchange companies:

  • TransferWise – charges 0.5% one way or 1% round trip. They seem to be able to facilitate a transfer even if you do not have a bank account in both countries (but I have not confirmed this). The other alternatives on this list will need you to have a bank account in your name in both countries. TransferWise will definitely need the sender to have bank account and will need the sender to verify their identity with a copy of a passport or similar documentation.
  • OFX – charges usually 0.5% one way or 1% round trip.
  • CurrencyFair – charges usually 0.5% one way, and they also have a marketplace where you can trade with other people directly. (Note: Five free transfers with CurrencyFair if you use the link)
  • xe.com – fee varies depending on the currency.
  • Winngie-it gives you the best rate and best option. It is the best I have used.
  • Curexe – offers a transparent 1% cost on currency exchanges and goes down to 4% on higher volume transactions. They have awesome customer service because you can get a direct line to the founder 24/7.

 

The way for these services to work is that you transfer (via wire transfer usually or ACH in the US) to their bank account and then they will wire or direct transfer to you in the exchange currency. Usually this means you need a bank account in the two different currencies. You can get a bank account with multiple currencies which will solve this issue, for example, by setting up an account with HSBC in Hong Kong, Singapore, Australia or the UK.

There is also an option for using a foreign exchange broker to directly exchange money and pay the same rates that banks pay. This is something I have personally done, but it’s a little tricky to set it up. I would not recommend it unless you have over $500k to transfer. In other words, brokers don’t want you to set up an account. Just to exchange some money! They are looking for you to trade, and transacting hundreds of times, so that they make something on brokerage fees. One company you may use is Interactivebrokers. There will be a monthly fee and a minimum to open the account if you do this.

All of these previous options are more for transferring larger amounts of money. If you’re traveling overseas and just need some cash during your trip, there are basically two options: local currency exchange (cash to cash) or simply using your credit card. The best option depends on which country you are traveling to. Some countries have a local economy that relies heavily on exchanging to US dollars and you will find in these countries that the exchange rates for cash to cash can be quite reasonable (around 1% fees one way). Some examples are: The Philippines, Hong Kong or Ukraine. If you have US dollars, then the best option for these countries is to bring US dollar cash and exchange it when you arrive. Mostly you will not want to exchange at the airport as the rates are likely to be a lot worse than in the city center.

Credit cards are another option for getting your money when traveling. This can be either paying via the card or withdrawing from an ATM.

You want to be careful as most cards will double-charge you, not only for the currency conversion, but also an extra fee for withdrawing from ATMs and then on top of this an additional charge for foreign currency withdrawals.

So you can end up being charged in three separate ways for the same transaction: 1) The ATM fee 2) A percentage charge for cash advance or for foreign currency transactions 3) Another hidden fee on the exchange rate (again banks do not declare this fee to you they just tell you that this the “rate” they are giving you, but of course that “rate” includes their undisclosed fee.

There are some credit card options without additional fees whilst traveling, but all of them as far as I am aware will still have the hidden fee that they take when converting currencies.

 

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No More Feeding Big Chunky Bankers

by Winngie

3 October 2019

Exchange Currency

Financial Service

International Money Transfer

Peer to Peer

0 comments

If we just get on a time machine and fly back to 80s, the time of Marty McFly from “Back to the Future”. It would be tremendously difficult to explain how the world changed and how we are connected by a button of a small computers and even mobile phones. The time has changed, internet is already old and settled technology that we cannot even consider a life without it. If we go back 80s, even we cannot be sure to explain what we are having at this stage of the time. We are now well connected and well achievable.

The things on Internet are also on move and change rapidly. Big companies are losing their stance and small business who has no brick and stock having their time. There are no clear definition of supplier or demander, now all same in the same basket. No more people are stuck with big corporations and full of employees that earning good sum of money and enjoying being monopoly. The time changed, no more shopping mall needed, it is already online. No more bookstore, no more travel agents, no more groceries we are stuck on and need to visit, it is all one click away.

Banking? Big cold banks? Waiting for the line and getting ticket to remit your money? Still in this era? Money is a media that we use for mutual agreement. It is actually easiest one to transfer or remit. No need big exchange offices and no need to line up for banks declare all your recordings including your personal details.

Nowadays Peer to peer financial platforms are creating fresh start for the industry.

It is a demand that never been supplied well until lately, now all transactions are easy and manageable via online applications. Why people need to pay for the easiest transaction? Why we need to pay corporate bankers well paid salary? Peer to peer transfer options get the exchange offices, banks, lines, long waiting time out of our way. Now it is easier.

It is funny that one of the first material that we use as peer to peer, money! It is first peer to peer solution, barter is the forefather of all peer to peer business strategy. With the revolutionary speed of internet, there is no higher costly transfer deals, commissions and unnecessary waiting times.

Peer to peer Financial applications started replacing exchange offices. No more line up in the middle of street and waiting someone to charge you commission because you need them. Your hard worked salary, the money that you save for your kids, the salary for your family. Why you need waste your daily hard work to people who are sitting and getting commission. Why your hard worked money has been cut by big fat banks? It is painful for many working people that they need to look after their family back in their countries. Current business style is a monopoly, it is slow, costly and not even considering hardworking people who just want to transfer their money to their loved ones, who pays their school fees or rent. This is the motivation why peer to peer financial platform will be the one which replace robust monsters that cut our lumpsum money.

I am you and you are same as me.  We are all having same issues and same cut, why we need to feed big guys. Why we need to work hard every single day with dreaming our love ones, dreaming of being together one day we get together. However, giving large amount of commission, giving a share from our money to these big fatty chunky business monopolies. No, not anymore. That time is changing, taxi industry changed in good way for drivers and users, not anymore feeding this oligarchs of transportation. Travel has changed, it is cheaper now, affordable faster. All peer to peer business development, it is a revolution of business, it is the awakening of the customer. No more lining up and waiting for being devalued with our own money.

Yes, peer to peer financial apps already on the market, one day they will be the one change this vicious circle. Faster, cheaper, friendlier and yes, no more monopoly. Open space and plenty of options, this is revolution!

For Example, Meet Winngie Services. Winngie is a social platform for travelers, foreign students, expats, business people, and anyone travelling internationally. We help you transfer money abroad and exchange local money with real people. There are no hidden fees, no commissions, and no differences between the currency exchanges.
You decide the exchange rate and you find a solution that suits your needs.
We connect people with currency needs and help foster a mutually beneficial exchange. By cutting out the middle man, Winngie can help you drastically reduce the amount you pay while exchanging currencies. Say goodbye to your bank!

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User Story Sharing: What I Found Saves My Day

by Winngie

2 October 2019

Exchange Currency

Share Stories

0 comments

Everything is getting changing quick lately, and we are facing hard time to follow up new trends. I am sure there are many people like me who thinks herself as updated and following all details and news on time and aware of new concepts, we are more open minded and eyes open than previous generation for sure.

Actually I use Airbnb lately a lot, it is so handy and amazing to get a great deal. Uber, as a nice and proper way, gets the taxi anywhere I want, no more taxi line.

Lately I am using this application called as Winngie, and it is so handy. I did know it before but never try to use. Once I was in Tokyo for a business and on the way back to Thailand, I realized I had insane amount of Yen left, and I didn’t know how much currency difference I would lose if I exchanged it back USD and then Thai Baht. Then I just used Winngie at the airport first time ever. Wow! It is an amazing application. I got a Japanese lady who just came from Thailand and she has Thai baht on her and then we matched. We both got amazing rate, we met, and exchanged our money without even waiting on the line. I saved my money, and she was so lovely. We were both happy!

It is like when you line up on the exchange office and you see someone who wants to exchange money that you also want to get money. You know she will exchange money with very bad rate, and you will get that money from exchange office with worse rate too. Both lose and lose! However, you cannot stop her and ask if she can exchange with you directly.

Winngie is that platform. It does for you. I didn’t use before, and I always lost money. For me, it was a common process and it was something expected to lose over currency exchange rate.  Now no more!  I don’t think I will wait for exchanging bad rate.

When first time I used Uber, I felt same as well. No more taxi lining or waiting. It is not something I would like to wait for. Uber saves my time and I feel safer as all information of driver has already been registered and makes me more comfortable as my route has been recorded already. As a woman travelling alone, I feel more relax and safer with Uber. It happened in Airbnb as well, and now I feel same for Winngie as well.

It is so great to get some new application that helps us and work on our essential as a niche market. Work hard on what we need and solve the problems directly. I am so jealous of the mindsets of these platforms, solving the problems with way of changing the things in total.

I really need Airbnb, Uber and Winngie in my life, and I didn’t even know them before. It is like missing Iphone, but we haven’t had smart phone in our young ages. Fantastically, everything is on the move. Last time, it was Winngie, and I am not sure what would be the next one.

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