Azimo, Xendpay and several other money transfer operators will join forces on March 15, not to hike their fees, but to provide their services free of charge. No commissions, no exchange rate margins and no transfer fees— migrants around the world can enjoy no-strings attached free money transfer services on the first ever World Money Transfer Day. This rare event is an initiative headed by Dame Tessa Jowell, former British Minister and Michael Kent, CEO of Azimo.
To help our users benefit from the World Money Transfer Day initiative, we’re feature the participating money transfer operators on our homepage and on a dedicated page, where you can check if a 100% free transfer option is available towards the country you want to send money to. Make sure to make your transfer this Sunday (15th of March), as the action only lasts for one day!
Why the World Money Transfer Day is so important
Every year, about 700 million people – roughly 10% of the global population – receive remittances from their family working abroad. Collectively, they pay about $45 billion in transfer fees or about the GDP of Kenya. Money transfer companies take up an average of 8% of the money being sent through unfair currency exchange rates, hidden fees and transfer fees. The situation is even worse, for recipients based in sub-Saharan Africa and some Asian countries where overseas workers pay an average of 12% in fees.
If the average cost of remittance services were lowered to 3%, this would free up roughly $28 billion in developing countries.
These remittances have a huge impact on the lives of 700 million people around the world. TawiPay’s mission is to shed light on the high cost of international money transfers, and the hidden fees some unscrupulous remittance providers levy on many unsuspecting customers.
François Briod, CEO of TawiPay
As part of TawiPay’s ongoing commitment to transparency, we also published several guides to help migrants understand how money transfer works, the fees that affect each transaction and different ways they could save money.
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