Billions of dollars are transferred to various countries every year– particularly in Africa, Asia, and Latin America – using remittance companies. According to the United Nations, over 231 million people lived outside the country of their birth in 2013, and the World Bank reported that migrants from developing countries sent home $414 billion during the same year.
For many years, foreign workers that wanted to send funds back to their families had little or no choice but to resort to going to banks, post offices, or a limited number of remittance companies. Today, there are many options available to anyone who wants to send money anywhere in the world online.
Here are the top 10 alternative to western union a
TransferWise, is a UK-based online remittance company, was founded in 2011 by two Estonian expatriates living and working in the UK. It is vying to be a major disruptive force in the British remittance industry by charging considerably lower fees than most major remittance companies – In-depth review of TransferWise. Unlike banks and many other services, TransferWise does not skew exchange rates to make a profit. Instead, it offers the mid-market rate to customers when sending money overseas. TransferWise’s service is currently available in Western Europe, the US, and India.