SaveOnSend launches the first social comparison portal for top remittance destinations from USA

WILMINGTON, Del. - Feb. 24, 2015 - PRLog -- In a country like USA, a great majority of us are immigrants - we might be first, second or tenth generation, but we or our ancestors hailed to this beautiful land from somewhere near or very far. Many of us are still maintaining close ties with our friends and families back home and sometimes we want or need to send them money.

So how do we find a reliable and inexpensive way to send money internationally?  Surprisingly, as of early 2015 there was still no quality information source that would help us to compare our options when sending money, so we could make the best decision for ourselves quickly and confidently. And, even when some of us do spend hours researching and comparing various banks and money transmitters followed by reading random reviews across multiple sites, we are still not sure if we are making the right decision. Should I change my existing provider? Would I save a lot if I send a larger amount? Would I be better off sending money with a different method? Is there a new provider out there who would be better for me? Can I count on this provider to quickly resolve my concerns if anything goes wrong?...

These questions are not inconsequential. To this date, 80% of international consumer remittances from the US are still conducted via an agent network which could be 3-5-10-times more expensive than on-line methods, sometimes with the very same provider. Money transmitters are also making it very difficult to compare their prices by charging different fees and exchange rate markups across destinations and channels. Even exchange rate markups of the same provider tend to vary greatly on a daily basis. Users are also facing aggressive marketing messages of "free” “zero fee" "no exchange rate markup" and "promotions" that usually do not adequately disclose the full and real cost of using that provider.

And that is why, SaveOnSend.com came to life. It is a simple analytical and social tool, unique in its kind, and easily accessible from any device. It offers users free access to information about remittance providers in a practical and transparent way. Our strategy is not new - we are learning from and inspired by Dilip Ratha, Kayak, Yelp, Facebook, and Quick Sprout. We are also leaning heavily on input from our advisors who successfully built and sold online consumer businesses like ours.

So how does our portal work? To find the best transfer approach, users are to select an amount that they would like to send or receive, and a preferable method of sending and receiving a payment. Our analytic engine would review fee and FX markup history across relevant providers and would prioritize the least expensive ones for such transfer predicted for a future date. The output would be uniquely transparent specifying providers’ margin (fee and FX markup), realistic duration before funds become available, and consolidated rating for each provider. In case when a preferable method of sending and/or receiving money is costlier than alternatives, our engine would highlight such alternative(s) along with the provider that has the lowest margin for this less expensive method. Users could then in real time change their search for an alternative method of sending or receiving money, or for any other criteria. Once users identify a preferred provider, they could proceed to a provider’s page on our portal to review comments of other users based on verified transactions with that company (we take quality of user feedback very seriously).

Another unique functionality that SaveOnSend.com brings to the market is enabling users to identify how well they did on their last transfer. Users need to enter few details of their last transaction and our engine would estimate if users got the best deal or if they could have saved (and how much) had they used a different provider or a different method for sending or receiving money.

Our Founder & CEO is Yakov Kofner. Prior to founding SaveOnSend, he founded several startups in the US and Europe, held leadership roles with American Express and MasterCard among other companies, and was a manager with McKinsey & Company in the New York location. Yakov holds an MBA degree from Wharton, and BS degree from Indiana University.

SaveOnSend is committed to remaining a free service and providing an influence-free information that we would use ourselves for our own money transfers. While we do intend to make money from advertising and lead generation for money transmitters, our priority will always be with users, regardless of a financial impact.

To use the portal on any of your desktop or mobile devices, visit:

https://www.saveonsend.com/

To read more detailed instructions on how to use the portal, visit:

https://www.saveonsend.com/how-to

For more information about SaveOnSend, visit:

https://www.saveonsend.com/terms