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