Jan 112014

By Mohammed Waseem

There have been numerous money transfer services in the world, but all of them with usual practice of sending money through an agent and then the recipient going to an agent to collect the money. Now they have also added the online route. A UK-based money transfer service called Remitix has a mobile app for money transfer and also cards.

Remitix, also known as Mukuru.com was launched in the UK for Zimbabweans to send money back home. With time, the service expanded to other African countries, Europe, Asia Pacific the Americas. They operate in over 60 countries today.

MukuruAll the sender has to do is create an account with Mukuru.com using online banking and telephone banking, add funds to the account and start sending money. Other than cash payouts through the payout partners, they offer additional payout options in few African countries. In Kenya, they have tied up with mobile money platforms to transfer money directly to mobile wallets. In Zimbabwe, they allow transfers to a prepaid card known as Mukuru Textacash. In South Africa, orders can be completed from a mobile phone by sending a service message on *120*7363# and following the instructions. And they are working on more services of such nature.

Remitix launched a mobile app last year and now, users can send money from mobile phones and even chat with their friends on this app, suggestively like WhatsApp or WeChat, with live support from Mukuru customer care. This app is available for smartphones as well as other feature phones.

Due to liquidity crunch, Remitix has temporarily stopped services to Malawi, and in Zambia and Zimbabwe, Remitix is not allowed to receive cash collections anymore. Claims are expected to be settled via online banking or by credit/debit cards. In Zimbabwe, the recipient is directed to the nearest CABS Bank branch for collection, where, they are given a free Textacash card and a personal bank account at CABS Bank. The money received is loaded on to the Textacash card which can be used at all major retail locations or withdraw cash from ATMs.

Mukuru uses the expert technologies from EasyFX of London. This ensures best exchange rate for the transfers, as EasyFX does up-to-date monitoring of currency markets, in order to get the best rate for striking deals at the right time.

Remitix is working on further innovations in their service, to ease transfers from Diaspora to their homes.

Jan 172013

By W.H.A.| SpeedyPay.info

I read today that Xoom, which is an international consumer-to-consumer money transfer service, is going public. The company filed with the Securities and Exchange Commission for an initial public offering that’s expected to raise $50 million. The company will trade on the NASDAQ under the symbol XOOM.

Xoom logo

Xoom Corporation

The company has not yet disclosed what price they might offer at. I¬†might buy a few shares when the IPO breaks, if the price is reasonable. I’ve used Xoom’s service several times in the past and have been happy with it.

I think there is tremendous potential for growth in the money-transfer market, which for years has been dominated by Western Union and MoneyGram, two companies that may be reliable but are expensive and slow.

Xoom allows users to send money to 30 different countries through their website (Xoom.com), Walmart’s website, or through mobile devices. The sender can fund the transfer with a debit card, credit card or bank account.

Xoom was founded in 2001 and is based in San Francisco, California. The company’s revenues have been growing quickly. Their annual sales in 2012 were $73 million.

See my previous review of Xoom’s money transfer service here:

Sending Money with Xoom