
MARKET International transfer money Sending money? Why no t do it with Bitcoin Conducting an international money transfer using your high street bank is not only costly but can also easily take up to five days or more. The commonly used alternatives to international bank transfers are large money transfer operators (MTOs) such as the Western Union or MoneyGram. However, the fees that money transfer operators charge on top of sub-optimal exchange rates are often worse than the fees that banks are charging. According to the World Bank, the average cost of remittances globally stood at 7.45 percent in March 2017. In other words, if you are sending GBP 500 to a family member abroad, they will on average only receive the local currency equivalent of GBP 462.75. The GBP 37.25 that the recipient loses out on can go a long way in many parts of the world and that’s why new ways to send money abroad must be found. Every market has its own infrastructure and working ways for i...