TawiPay, a startup based in Switzerland, 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 organizations , 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.
Four 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 and totally free of charge.
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.