This innovation will change the remittance market forever
Say goodbye to high fees and long wait times with Send Globally.
The dominant player in the remittance industry, Western Union, was founded in 1851! Talk about ancient. The remittance industry is filled with other similarly entrenched incumbents, which has hurt customers as these incumbents have had little incentive to offer a better, cheaper, faster service — as a result, sending money abroad can be slow and expensive.
Why does this matter?
A large portion of global personal remittance is carried out by migrant workers who move abroad in search of opportunities to make more money so they can support their families back home. In some countries, this happens at such a scale that remittances can end up constituting a large portion of the receiving countries’ GDP. For example, remittances make up 4% (US$19.48b) of Nigeria’s GDP, while in the Philippines that number is 10% representing a staggering US$36.69b. The amount of money remitted to the Philippines is more than the total GDP of countries such as El Salvador or Cameroon.
It is no surprise then that the speed and cost of remittances has massive implications for both senders and receivers.
Enter Send Globally
Send Globally is a coordinated effort by CoinCorner and other industry players to provide a remittance product that is an order of magnitude improvement to the current alternatives. It offers users the ability to send funds abroad to their loved ones within minutes (usually seconds) and at a fraction of the cost of traditional methods.
Send Globally is able to perform seamless cross-border fund transfers thanks to its use of Bitcoin and the Lightning Network. By using them, Send Globally offers a multitude of benefits over traditional remittance methods, making it the superior choice for sending and receiving funds globally.
The openness and interoperability of these technologies enable users from any company offering the Send Globally service to send and receive funds to one another, unlike with traditional players where both the sender and recipient must be customers of the same company. This means that accessibility is not limited by the availability of a specific remittance company, as is the case with traditional providers like Western Union.
With Send Globally, funds can be sent and received anywhere in the world without the need for incumbent intermediaries like banks or remittance companies. This not only saves time but also reduces the cost of remittances.
There is no need to go to a physical location to send or receive cash. Send Globally users can send and receive funds to or from their bank accounts wherever they are. No more long bus rides to the nearest Western Union.
In addition, Send Globally can offer near-instant settlement times. Transactions are processed within minutes (usually seconds), compared to traditional remittances that can take several days. This means that your loved ones can receive funds when they need it most.
Furthermore, traditional remittance methods often come with high fees and exchange rates, which can be a significant burden for low income earners and those who rely on remittances for their livelihood. With Send Globally, the fees are much lower, allowing for more of the funds to reach their intended recipient.
It sounds too good to be true, what about the volatility of Bitcoin?
Fear not, Send Globally merely uses Bitcoin and the Lightning Network to transfer your funds across borders more effectively than traditional payment rails. First, your local currency is flipped to Bitcoin. Then, it is sent along the Lightning Network in fractions of a second. Upon arrival it is instantly flipped back into the receiver’s currency, eliminating any exposure to the price of Bitcoin.
Send Globally offers a superior solution for sending and receiving funds globally. Through the use of technological innovations, it provides a faster, cheaper, and more efficient alternative to traditional methods.
Make sure that you and your loved ones keep more of your funds — sign up for a CoinCorner account today. Download the CoinCorner app (available on Android and iOS) and send funds from 45+ countries to Nigeria, Ghana, Kenya, and the Philippines. More countries are coming soon!
This communication is for information and education purposes only and is not intended as promotional material in any respect. All posts are the opinion of the author and should not be construed as investment advice and the opinions expressed do not necessarily reflect the views of CoinCorner Ltd. Cryptocurrencies are unregulated in the UK. Crypto profits may be subject to Capital Gains Tax. The value of investments is variable and can go down as well as up. Any references to past or future performance are not, and should not be taken as, a reliable indicator of future results. CoinCorner Ltd makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication.
