Have Growler Will Travel
  • Home
  • Accommodation
  • Adventure
  • Camping
  • Destination
  • Hotel
  • Tour Guide
  • Travel
  • Vacation
  • Locate Us
Close
Have Growler Will Travel
Close
  • Home
  • Accommodation
  • Adventure
  • Camping
  • Destination
  • Hotel
  • Tour Guide
  • Travel
  • Vacation
  • Locate Us
Will Blockchain Change How We Make Cross-Border Fund Transfers?
Share:
Travel May 25, 2019 Jones Li

Will Blockchain Change How We Make Cross-Border Fund Transfers?

A considerable amount of money moves across borders each year. For instance, migrants sent more than U.S. $570 billion to their home countries in 2016 alone. While this field was dominated by banks until the turn of the last century, the arrival of several FinTech players worked well for the average individual. Now, it appears that blockchain is also gaining traction in this realm.

Drawbacks With Traditional Overseas Money Transfers

As things stand, the final mile transfer through a domestic payment network can take significant time. As a result, an international money transfer usually takes around three to five working days to process. When a transfer is in transit, tracking it can be a challenge. This creates uncertainty not just about the processing time, but also about the amount that the recipient will eventually receive.

Another problem is fees that add up during different stages of the transfer. With high volume transfers, the fees tend to hover between two to three percent, but they can cross the 10 percent mark when it comes to low value or low volume transfers. Besides, the lack of transparency in pricing models is often a concern.

Benefits of Blockchain

People who send money across borders or receive international payments may look forward to multiple benefits if the industry adopts blockchain technology in a big away.

  • The cost factor. Data released by the World Bank suggests that average cost of using an online service provider to carry out an overseas money transfer is around 5.7% lesser when compared to turning to a bank. This is despite the fact that the former depend on the latter to function as intermediaries. Blockchain-based transfers can eliminate banks from picture completely, which will work in reducing costs to some extent.
  • The speed factor. A conventional international money transfer may take a few days to process. Blockchain-based transfers, on the other hand, can go through in near real-time, depending on the cryptocurrency you select.
  • Wider reach. A significant number of people in parts of South America, Africa, and Asia remain under banked. People who live in these regions still have to depend on a limited number of service providers that have agent networks, and they often end up paying steep fees. Fortunately, the use of mobile phones is steadily on the rise even in these regions, giving people the ability to use cryptocurrency-based digital wallets to send and receive cross-border payments.

Is Ripple Creating a Wave?

Ripple Labs Inc. offers a distinct blockchain-based payments system that might be used by banks and financial institutions. MoneyGram was the first big name from this realm to put Ripple’s technology through a testing phase, and Western Union did not take long to follow suit. InstaReM and BeeTech announced their tie-up soon after, with Ripple playing a key role in their plan.

In a rather short span of time, Ripple has managed to attract interest of more than 100 financial institutions from the world over. Some of them include American Express, UBS, Royal Bank of Canada, The Japan Bank Consortium, Crédit Agricol, and Itau Unibanco Holding SA.

The Early Players

While Ripple provides services for banks and financial institutions, a number of companies have started using blockchain to facilitate cross-border fund transfers for individuals. Some of these include BitPesa, BitPay, Abra, Coins.ph, AlipayHK, Circle, and MOIN.

Conclusion

The entry of blockchain technology as well as advances in peer-to-peer (P2P) payments are making banks and traditional overseas money transfer companies reconsider how they operate in this realm. As a result, consumers may well look forward to speedier and more cost-effective transfers in times to come.

—END—

Author Bio

Jon works with iCompareFX as a researcher. He is usually found delving into how the world’s leading overseas money transfer companies operate, even going the mystery-shopper way once in a while. Outside of work, he likes discovering new music.

Previous post Six Activities Visitors can Take Part in when they Go to Ouray
Six Activities Visitors can Take Part in when they Go to Ouray
Next post How To Create A Visually Engaging Travel Website? Find Here!
How To Create A Visually Engaging Travel Website? Find Here!

Related Posts

Some Fantastic Attractions You Can Enjoy When Visiting Phuket
Share:
Travel

Some Fantastic Attractions You Can Enjoy When Visiting Phuket

March 5, 2022 Jones Li
Now that the world is getting over the global pandemic and travel is opening up again, it is the perfect time to enjoy a fantastic holiday in...
Six Activities Visitors can Take Part in when they Go to Ouray
Share:
Travel

Six Activities Visitors can Take Part in when they Go to Ouray

May 24, 2019 Jones Li
Ouray in Colorado is used to be central to a booking mining industry; however, it now depends primarily on tourism, ranching, recreation, and...

Camping

  • Traditional Kids Summer time Camps
    April 1, 2018
    Traditional Kids Summer time Camps
    Camping
  • Family Camping Trip Preparation – Make Use Of A Listing
    March 24, 2018
    Family Camping Trip Preparation – Make Use Of A Listing
    Camping
  • How to find a Summer time Camp For Your Children
    August 10, 2018
    How to find a Summer time Camp For Your Children
    Camping

Categories

  • Will Blockchain Change How We Make Cross-Border Fund Transfers?
    accommodation
    5 Posts
  • Will Blockchain Change How We Make Cross-Border Fund Transfers?
    adventure
    8 Posts
  • Will Blockchain Change How We Make Cross-Border Fund Transfers?
    automotive
    2 Posts
  • Will Blockchain Change How We Make Cross-Border Fund Transfers?
    camping
    6 Posts
  • Will Blockchain Change How We Make Cross-Border Fund Transfers?
    destination
    8 Posts

Tour Guide

  • Things to Remember When Going Whale Watching
    Things to Remember When Going Whale Watching
  • Do you know the Benefits of Using London Guides?
    Do you know the Benefits of Using London Guides?
  • How you can Seem Like a nearby With Barcelona Guides
    How you can Seem Like a nearby With Barcelona Guides
  • Tour Guide – 5 Bad Reasons For Being Employed As an excursion Guide
    Tour Guide – 5 Bad Reasons For Being Employed As an excursion Guide

Recent Posts

  • RV Oasis: Discovering the Hidden Gems of Magnolia RV Resort
  • Best Access to Get Information Regarding Places that Serve Greek Food
  • Things To Do In Phuket
  • Some Simple Cosmetic Procedures You Can Have When Visiting Bangkok
  • The Origin Of Sauces

Archives

  • January 2023
  • November 2022
  • October 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • October 2021
  • August 2021
  • July 2021
  • April 2021
  • January 2021
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • December 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
Close
Useful articles and reviews
Incredible Emerging Travel Destinations in the World
February 22, 2019
5 top Holiday Destinations in Italia
5 top Holiday Destinations in Italia
August 14, 2018
Travel Destination Guide Aids In Choosing the perfect Vacation Place
Travel Destination Guide Aids In Choosing the perfect Vacation Place
July 13, 2018
The Most Effective Tourist Destinations For Just About Any Vacation
The Most Effective Tourist Destinations For Just About Any Vacation
June 12, 2018
5 top Holiday Destinations to visit in the united states
5 top Holiday Destinations to visit in the united states
May 11, 2018
Romantic Rendezvous Honeymoon Destinations
Romantic Rendezvous Honeymoon Destinations
April 10, 2018
Seven Family Trip Destinations To Go To Together With Your Grandkids
Seven Family Trip Destinations To Go To Together With Your Grandkids
April 2, 2018
Selecting the very best Romantic Honeymoon Destinations
Selecting the very best Romantic Honeymoon Destinations
February 25, 2018

Copyright © 2020 Have Growler Will Travel. All Rights Reserved.