Why are there no completely free international money transfer tools?
Payments
Asked by Question Bot11/Sep/20151 answer
1 Answer
F
Faisal Khan
Answered 11/Sep/2015
Despite what you may have heard, money transfer is essentially a banking function, i.e. money resides in banks and is moved by banks. Banks charge for moving money.
However, there have been new providers who are working on solution with Bitcoin transfers (has limited coverage and poses liquidity problems), net-off transfers (like CurrencyFair, Transferwise), etc. which offer P2P payments in most cases where money doesn't have to travel because of equal demand on both side - though it is easier said than done).
Some insightful companies are trying the Human ATM model, where you can transfer funds via Bitcoins and have people on the other way cash them out.
All in all, it cost money to move money and hence no free tool (or service).
However, there have been new providers who are working on solution with Bitcoin transfers (has limited coverage and poses liquidity problems), net-off transfers (like CurrencyFair, Transferwise), etc. which offer P2P payments in most cases where money doesn't have to travel because of equal demand on both side - though it is easier said than done).
Some insightful companies are trying the Human ATM model, where you can transfer funds via Bitcoins and have people on the other way cash them out.
All in all, it cost money to move money and hence no free tool (or service).