No-Fee-With Winngie

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

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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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