Sentences with phrase «money transfer operators»

In the past, the international remittances market has been dominated by large money transfer operators such as MoneyGram and Western Union.

The commonly used alternatives to international bank transfers are large money transfer operators (MTOs) such as the Western Union or MoneyGram.

Players charging lower fees using virtual currencies will eventually put pressure on the existing money transfer operators and banks to reduce their remittance charges too.

The Hong Kong - based blockchain startup BitSpark has been working with remittance companies and payment processors since 2014, facilitating thousands of transactions a month for at least 10 different money transfer operators.

However, traditional money transfer operators such as Western Union and MoneyGram have been overcharging their customers for years.

In most cases, using bitcoin for private remittance purposes is cheaper than using established money transfer operators such as MoneyGram and Western Union.

Bitspark, a Hong Kong startup that pioneered the world's first cash - in cash - out blockchain remittance platform for Money Transfer Operators announced today they've signed a technical infrastructure partnership with UK - Isle of Man registered Bitcoin Exchange Bitssa, a new cryptocurrency trading exchange which focuses exclusively on emerging markets, particularly in Africa.

However, the fees that money transfer operators charge on top of sub-optimal exchange rates are often worse than the fees that banks are charging.

In a recent statement posted on the bank's website, Bank Indonesia advised all payment system operators — principals, switching operators, clearing operators, final settlement operators, issuers, acquirers, payment gateway operators, electronic wallet operators, money transfer operators and financial technology operators — to cease selling, buying or trading in digital currencies, as it is conflicts with Bank Indonesia regulations.

Bitcoin also allows users to send and receive money across borders without the need for an intermediary such as a bank or a money transfer operator who takes a cut out of the transaction.