In Q2 2017, the global average for remittance prices in the world was 7.32 percent. In Q1 this figure was 7.45 percent. This is according to the World Bank’s Remittance Prices Worldwide report.
Ironically, banks which have a wide network in the form of SWIFT remain the most expensive way of sending money around the world, with the cost averaging 10.99 percent.
Surely there has to be a better way for both senders and receivers of money?
Considering that a lot of beneficiaries of these remittances are family members in poor countries, the high percentage fee charged by money remittance companies is a big issue.
An Initial Coin Offering (ICO) from Transmission, a system of money transfer which promises ‘revolutionary changes to the traditional principles of existing currencies transfer and conversions’ is all set to raise money from the public.
Full story at http://bit.ly/2xj79BB
Source: CoinTelegraph
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