Senders Eschewing Banks in Favor of Other Forex Service Providers

Jon Blogosphere, Corruption, Market Commentary

According to NerdWallet analysis, the total international money transfers from immigrants in the US to foreign countries amounted to $135 billion in 2015. That figure includes substantial fees and commissions paid to banks and other companies processing these foreign exchange transactions. However, senders have quickly cottoned on to the extortionary fees being levied upon them, and they are opting for alternative means of sending money abroad. The costs of sending international wire transfers through banks is significantly higher than other options.

This post was published at ZenTrader on April 14, 2017.