Sunday, August 16, 2015
Immigrants are sending billions home each year, and getting that money across borders has turned into a massive, entrenched industry
Key Excerpt from article titled, "Immigrants are sending billions home each year, and getting that money across borders..":
"Globalization has made borders much more porous. Workers look abroad for better opportunities to earn money, which they can then send to their families back home.
But getting that money across borders isn't simple, which is why immigrants have been heavily dependent on remittance companies like Western Union, MoneyGram, and Ria.
The problem, though, is that the fees these companies charge are often very high, and substantially cut into workers' earnings. That's why digital-first companies are starting to seize on the opportunity in the remittance industry."