Well. You just heard about money transfer services and you wonder what it is. A bank? Not exactly. Let me explain. Do you know what is a fintech? A fintech is a finance & technology company which is not a bank. It offers financial services online thanks to new technologies. It is safe and affordable compared to banks. And new money transfer services are fintech.
The new online money transfer services types
There are 3 kinds of new online money transfer services:
1/ high tech money transfer services: they are using the newest technologies and are not well known so far. If it works well there will be a huge potential for those solutions as they are really cheap.
2/ online brokers: thanks to new technologies brokers start to be 100% online. You can create an account and make a transfer using a broker whereas it was not the case before. Indeed brokers are historically used to need phone calls to make the necessary
3/ online money transfer operators: they are 100% online and quite affordable for small amounts. Nevertheless they are not specialized in transferring big amounts of money
-> all these solutions are featured on online money transfer comparison services.
How are money transfer services going to grow in the future?
There have been more than 100 new money transfer services in 2016 and there might be 10 or 100 times more in 2017. Why? Because money transfers are more and more accessible for services using blockchain and p2p technologies.
There are already thousands of money transfer services and the most affordable are online. It’s possible to use them online because they use new technologies allowing new ways to transfer money but also to verify identities. The future of money transfer services is going to be nice if there is no special geopolitical events.