The Ledger
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Simpson: Remittance companies like Western Union charge up to 20% fees
“So, companies like Western Union often charge north of 15 to 20% in order to move money across borders.”
Haun: Traditional cross-border remittances will become as obsolete as telegrams
“Now, this is early days, but I predict that one day Sending a cross-border payment is going to be like the equivalent, or an international remittance is going to be like the equivalent of going to Western Union to send a telegram instead of sending an email fr…”
Haun: Remittance middlemen take 7.5% globally, costing consumers $30 billion annually
“Did you know that in the world, on average, these middlemen take 7.5% for most country pairs? On average. That's on average. And that means that thirty billion dollars a year are what consumers are paying to these middlemen. Banks, MoneyGram, Western Union.”