There’s no such thing as a free remittance
Traditional remittance companies often get away with claiming their services are "free" because some don't charge a fee to send money. The trick is, their "fee" actually comes from the foreign exchange rate between the currency being sent and the currency being received. In reality, the World Bank reports that the global average cost of sending a remittance is more than 6 percent.
Even in a competitive remittance corridor, like the US to the Philippines, sending $200 costs more than 4 percent on average. Our pricing is transparently shown in real-time in the Telcoin App, and sending the same $200 from the US to the Philippines costs just 1.2 percent.
That's $2.40 in total fees versus $4-$12 or more when using the competition. And every dollar counts when family is involved.