Money remittance is slowly getting out of banks hands

A recent report from The World Bank shows that the pricing of sending and receiving money is decreasing, and this quarter by quarter. Main reason is the entrance of many new services by Fintech company’s. The global average cost of sending remittances fell to 7,37% in December 2015.

It’s still the poor that pay the most, mainly I believe because of risk and distribution issues. Many believes that blockchain technologies will considerably lower the cost. EU is also stressing the eco-system system participants to lower the cost via regulations effecting the EU member countries.

Read more The World Bank on remittance cost.

Remittance cost pricing chart

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