TawiPay — a dedicated money transfer search engine –is now open to the public and seeks to help one find and compare the best solutions to transfer money across the globe. The eight European TawiPay founders, with the objective of closing this unfair cost gap are fully independent of money transfer services. They further assert: According to the latest estimates from The World Bank, over 215 million people worldwide live outside of their countries of birth. The money sent home by these migrants through remittances has important implications for development and human welfare. Making remittances cheaper can contribute to lower poverty and to the building up of human and financial capital for the poor. We pay close attention to this social bottom line, which is at the heart of our business. Also reports from a recent world bank survey say that the average total cost for sending remittances is 9.05% and the average cost to Sub-Saharan Africa is 12.21%. Francois, one of the founders, believes that the annual percentage of remittances can be increased if cheaper alternatives are used. Image via TawiPay
