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Tag: money transfer

  • MoneyGram Inks Deal with Arsema, Expands to Indonesia

    MoneyGram Inks Deal with Arsema, Expands to Indonesia

    MoneyGram recently announced that its Indonesian subsidiary PT MoneyGram Payments System has inked a long-term deal with Indonesian remittance company Arsema. Per the agreement, Arsema would channel MoneyGram’s money transfer services at all post offices of Indonesia. The services would start from Central Java and Bali region.

    MoneyGram strives to provide secure money transfer services to its customers and the deal with Arsema will further help the company in its efforts. This collaboration will also expand MoneyGram’s reach across Indonesia. Also, the aforesaid deal will facilitate operation to serve customers better with faster and more convenient offerings.

    The overall process has become much easier and can be completed in a few simple steps. Customers can now simply visit any MoneyGram agent location and start transferring and receiving funds after filling up and submitting a form and displaying a photo identification proof. The funds can be ready for collection is Depending on agent’s operating hours and regulatory requirements, the transactions can be made within 10 minutes or less.

    Apart from strengthening its presence in high-growth potential markets, MoneyGram has forayed into several unexplored and underdeveloped global markets. The company has also been expanding in markets that offer high growth potential. Per the World Bank report, remittances worth $9.6 billion flowed into Indonesia in Apr 2016. We expect the latest deal to help the company capitalize on the opportunity, which in turn, should add to its top line going forward.

  • TransferWise partners with Pay Gate to bring money transfer services to Korea

    TransferWise partners with Pay Gate to bring money transfer services to Korea

    TransferWise, the P2P international money transfer platform, has opened up transfers to South Korea.

    Until recently, banks and brokers were the only option for consumers needing to send money to the country. But now, thanks to recent changes in regulation, TransferWise has partnered with local firm, PayGate, to bring better, fairer international money transfer to South Korea.Instead of sending the money in Korean Won, banks and brokers send customers’ money in GBP or USD for example, and the receiving bank makes the conversion. This leaves consumers paying two rounds of fees and maybe even two rounds of conversion – and usually they haven’t even been told they’re being charged in this way. But TransferWise sends the money in Korean Won, which means no receiving bank mark-up. The process is also completely transparent. TransferWise charges 1.5% for transfers with a delivery time of the same or next day.

    Taavet Hinrikus, CEO and co-founder of TransferWise, said:
    “Until recently, there was no alternative to banks and brokers when people wanted to send money to South Korea. We’ve heard from consumers that the process was slow and outrageously expensive so we’re hugely excited to launch the route on TransferWise. It’s going to make a huge difference to the seven million Koreans living, working and studying overseas.

    “The steps that the government in South Korea is taking to open up the financial services sector is good news for consumers. There will be more choice and better, fairer services to choose from.”

    So Yeong Park, CEO and co-founder of PayGate, said:
    “It is so glad that we now can serve customers with our 18 years of diverse experience as a Payment Service Provider, for them to make much cheaper, faster, and safer international money transfers to Korea.

    “For the last few years PayGate has been working hard to grow the Korean Fintech Industry and our recent partnership with TransferWise is the result of these efforts. Customers in Korea will see how this alternative finance can positively affect their daily lives.”

    People use TransferWise to transfer more than £500 million globally every month, saving themselves more than £22 million a month in unfair fees and charges.

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