Current Problem - Global Transfers
A number of problems exist within the current global transfers system which result in many pain points for consumers who send and receive money across international borders
The global transfers industry is fragmented
There isn't one network for global transfers, and the existing underlying infrastructure is outdated and highly fragmented which results in poor outcomes for consumers
Transfers are too
Third party institutions including banks, remittance networks and specialty transfer services such as Western Union charge high fees, often 10% or higher
Transfers take too long to settle
Due to the highly fragmented nature of the current industry and lack of a global network, international transfers currently take an average of 3-5 days to settle
Our Solution - IE Transfer
IE Transfer was created to solve the numerous problems faced by consumers when making international transfers and sending or receiving money across borders. The IE Transfer platform currently enables Filipino OFWs in Europe to transfer between 100 – 1000 Euros to their family in the Philippines for free, with the PHP available in the receiver’s IE Transfer wallet within seconds for either bank transfer or cash pick up in the Philippines.
IE Transfer will initially focus on global transfers to the Philippines market, which is the third biggest remittance-receiving country after India and China. In 2019 a total of ~$30 billion USD was sent by Filipino OFWs back to the Philippines per Bankgo Sentral ng Pilipinas (BSP) data, accounting for almost 10% of the Philippines GDP.
IE Transfer Advantages vs Current Banking System
IE Transfer has several key advantages vs the current banking system which make it a much better solution for global transfers
|Current Banking System||IE Transfer|
|Speed||2 – 5 days||2 – 5 seconds|
|Cost||10% + for small transfers||Free|