TawiPay.com helping migrants save dramatically on money transfer fees22.08.2013 09:59
TawiPay, a startup based in Switzerland, brings transparency to the money transfer market. The company has launched a clear and easy to use money transfer comparison website.
TawiPay is tackling the excessive fees incurred by migrants sending money overseas. Latest World Bank data show for example that Sub-Saharan African overseas workers pay an average of 12% in fees. A fair transfer fee of 5%, proposed by independent organizations2, would result in an additional US $3 billion inflow of money in the Sub-Saharan African countries. This can be achieved by increasing competition in the transfer services market, and by making the already operating service providers more cost transparent.
Eight European entrepreneurs founded TawiPay with the objective of closing this unfair cost gap. They have launched a clear, transparent and easy to use money transfer comparison website, showing users a reliable list of options to send money abroad. The comparison website, TawiPay, is fully independent from existing money transfer services, totally free of charge and has been available to the public since August 20, 2013.
TawiPay aims to decrease remittance fees dramatically and therefore allow more money to arrive abroad. The service is very easy to use and the process consists of just a few simple steps. After inputting the sending and receiving countries, as well as the transfer amount, users can see all established money transfer services, their respective fees and money reception channels on a single page. An emphasis has been made to fully disclose and display all “hidden fees,” so that users can always make an informed decision when choosing the most appropriate service.
The story of TawiPay started with François Briod, one of the founders. Fed up with having to resort to expensive money transfer providers in his NGOs’ daily activities, François was determined to find a better solution. He teamed up with his brother Pascal and his friend Laurent with whom he developed the basic idea of TawiPay.com. The trio pitched the idea at Startup Weekend Lausanne in February 2013. At the event they were joined by the rest of the current TawiPay.com team. Together, they grow the idea into a viable business model. Overwhelmed by the enthusiastic feedback from the jury, the coaches and the participants at the event, the TawiPay.com team believe they are onto something substantial and decided to see how far the concept can be taken.