{UAH} Richard Branson, Peter Thiel take aim at Western Union - Yahoo Finance

earlier this year, uses a clever loophole to make it possible to send money to other countries. 

How it works: TransferWise acts like something of a matchmaker for people looking to send cash overseas. When a customer in the U.S. wants to transfer funds to, say, a relative in the UK, TransferWise receives their cash in dollars and looks for a customer in the UK who happens to be looking to transfer pounds to dollars. Since no bank ever gets involved and money doesn't actually cross national borders, TransferWise is able to charge very little in the way of fees — just 1% per transaction for U.S. customers., who also get better deals on exchange rates. 

"There's just no need to charge as much as many of these companies do," says Joe Cross, general manager of TransferWise's US operation.

http://finance.yahoo.com/news/look-out-western-union-%E2%80%94-a-new-startup-is-making-money-transfers-way-cheaper-202315065.html

Brian M. Kwesiga

President and CEO,

Ugandan North American Association - UNAA

972.415.6372 | www.unaa.org | "United We Stand"