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Author Topic: Bringing Bitcoin to the world-competing with Western Union  (Read 4051 times)
countryfree
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July 16, 2013, 05:15:36 PM
 #21

Possible.

I think sometimes that I've been working on computers for more than 20 years, and I've been on the Internet daily since 1996. It would be much more difficult to explain bitcoin and the safety of the blockchain to someone who rarely uses computer, living in Somalia where electricity is a luxury.

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July 16, 2013, 05:39:52 PM
 #22

Money talks. But the hawala from Germany to Somalia charge less than 2 percent, so it would be difficult to compete with that. Although Somaliland is on its way to becoming the worlds first cashless economy.

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July 17, 2013, 12:38:46 AM
 #23

the hawala from Germany to Somalia charge less than 2 percent

I found this hard to believe, so I did some research.  While I found that UK>Somalia was one of the cheapest corridors at only 5.8%, I think your 2% figure may be exaggerated.  Perhaps you can if you send a very large amount.

The amount that the rates vary in Africa is astounding!  Sending from South Africa to a bunch of other African countries costs >20%.

Here is a summary of the World Bank report:
Quote
The average total cost of sending money to Africa in Q4 2012 was 11.89
percent; the second highest since the SMA database was launched in Q3 2011.
 The cost of sending money to Africa in Q4 2012 was nearly three percentage
points more expensive than the global average cost for the same period, which
measured at 8.96 percent, according to Remittance Prices Worldwide (see
http://remittanceprices.worldbank.org).
 The 10 most expensive corridors were all intra-Africa; with the top five all
originating in South Africa.
 The most expensive sending markets of those surveyed are Tanzania, South
Africa, and Ghana. The cheapest sending markets are those in the Gulf – UAE,
followed by Saudi Arabia, and Spain.
 The most expensive countries to send money to are those receiving mainly
from other African countries – namely Malawi, Botswana, and Mozambique.
The cheapest market to send money to is Egypt – surveyed only in the Gulf
countries in the sample. Egypt is followed by Liberia and Somalia.
 Commercial banks continue to be the most expensive RSP type.
 Bank account services are the most expensive method of transfer
remittances.

http://sendmoneyafrica.worldbank.org/sites/default/files/SendMoney_Africa_Remittances_Report_2013.pdf

Seth Otterstad's Blog          @SethOtterstad on twitter          Seth on google+
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July 17, 2013, 03:37:01 PM
 #24

A friend recently sent 5000 dollars from Germany to Somalia for a fee of 100. There might have been an extended family connection involved. I am sure the rate you get doing internet searches is not the same as with somebody from your clan who is in the hawala business.

countryfree
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July 17, 2013, 08:56:43 PM
 #25

I can only confirm this. My limited experience of hawala tells me that the people doing that business do not advertise on the web.

Quote
Although Somaliland is on its way to becoming the worlds first cashless economy.

Very surprised to read this. Are they any shops which accept BTC there?

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July 18, 2013, 03:46:51 PM
 #26

I can only confirm this. My limited experience of hawala tells me that the people doing that business do not advertise on the web.

Quote
Although Somaliland is on its way to becoming the worlds first cashless economy.

Very surprised to read this. Are they any shops which accept BTC there?

http://soolpress.com/somaliland-in-top-5-cashless-countries/

countryfree
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July 18, 2013, 09:48:46 PM
 #27

I can only confirm this. My limited experience of hawala tells me that the people doing that business do not advertise on the web.

Quote
Although Somaliland is on its way to becoming the worlds first cashless economy.

Very surprised to read this. Are they any shops which accept BTC there?

http://soolpress.com/somaliland-in-top-5-cashless-countries/

Interesting. I hadn't imagine that.
So maybe in the future, the difference won't be between cash and cashless, but between "cashless under government's supervision" and "cashless without government's supervision" with BTC.

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November 29, 2014, 12:10:35 PM
 #28

Some recent developments ....







 - http://coindesk.com/western-union-faces-backlash-removal-spoof-bitcoin-ad

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December 19, 2014, 03:37:19 AM
 #29

yes this is a major opperation. I would be interested in joining a large business. I bet $100k in funds would be needed for each location to really get rolling. Million of dollars. Solid idea your starting with.
BitsparkHK
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December 28, 2014, 10:09:33 AM
 #30

Hi All, Bitspark established the world first cash in cash out remittance service between Hong Kong--> Philippines (utilising bitcoin as the means of transmission) about 2 months ago and have been competing with established players like Western Union daily- see some of our coverage. We can send money overseas at half the cost of the competitors to thousands of pickup locations (Banks, Pawn shops, door-2-door) in the Philippines and soon to be launching our services to a number of new countries in the new year (finalising talks now).

We are always welcoming of new partners in expanding remittances globally so if this is something anyone would be interested in feel free to PM us!

Regards,

The Bitspark Team

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January 06, 2015, 01:37:19 AM
 #31

THanks for the updates, bits park sounds interesting, hope you meet with much success!

Stephen Gornick
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February 11, 2015, 11:30:48 AM
 #32

Some more remittance-related Bitcoin news:

Kenya's http://BitPesa.co gets another $1.1 million investment allowing them to expand to serving Uganda and Tanzania: http://blogs.wsj.com/moneybeat/2015/02/09/bitbeat-kenyas-bitpesa-raises-1-1-million-expands-operations/

Last bank enabling remittances from the U.S. to Somalia forced to discontinue that service: http://www.monbiot.com/2015/02/10/unremitting-pain


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