How to Send Money Without Paying For Remittance Fee
According to the International Labor Organization’s Global Estimates on Migrant Workers, 2015, there are 11.5 million migrant workers worldwide, from which 27.4 percent are employed in the Arab states.
Many of these workers — a significant number are from India, Pakistan, the Philippines and Indonesia — send back their earnings to families back home for basic expenses, education, and healthcare as well for investment and retirement. But a portion of remittance money is also spent on fees charged by merchants who facilitate the money transfer, plus the margins of currency rate fluctuations. Such cable fees keep rising as demand for business is brisk. As of December 2018, cable charges from remittances in the United Arab Emirates went up by up to 9.75%, according to World Bank data.
Such lucrative business is ripe for disruption, and there’s no lack of players who attempt to do so. This is where Denarii Cash, whose mission is to help workers get the most of their hard earned salary, comes in. Denarii Cash is a brainchild of founder Jon Santillan, a Filipino based in the UAE. Using a mobile app, Denarii cash provides service that does not charge any transaction fee once a month to transfer money from a sender to a recipient.
“I have experienced the pain points when sending money back home to our family. It is expensive and time consuming. Our mission is to help you get the most out of your hard earned salary , this is one of the reasons why we started Denarii Cash,“ said Santillan, who has been working abroad for the past 14 years.
How does it work
As an app-based solution, Denarii Cash maintains minimal overhead costs and justifies its zero remittance fee pledge. Initially, it is geared towards Filipino migrant workers community, who has a significant presence in the Middle East. Then, it plans to expand to South Asian and nearby markets
- On your mobile, simply search Denarii Cash and download the app in Google Play Store or App Store.
App Store: https://apple.co/2OBxnbo
Play Store: http://bit.ly/dcash-android
- Once you have downloaded the app, register and verify your account.
- Once its verified, you can top-up or fund the account with amount you wish to remit using any of these options:
- Bank Deposit – Deposit the amount to Denarii Cash bank details by providing your Denarii Cash Reference Number
- Voucher Code- to top up using voucher code, Enter the amount (as in your voucher) and your voucher code. Choose wallet then tap “confirm”
- Debit/Credit Card– to top up using your debit/credit card, Type in the amount then choose the wallet you are going to use. Then press confirm. You will have to provide your card number, CVV, and expiry date of your card. Then tap “Pay Now”
- Once you have funded your account, you can now send money from Denarii Cash by tapping “Send Money” button and select either Bank or Cash Pick-up.
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- Select which method you want to send the your money and then enter the receiver’s details.
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- An SMS notification with the transaction number will be received by both sender and receiver once it is ready to pick up the money transfer.
No overhead costs and other benefits
As a mobile-only transaction, Denarii Cash does not have to deal with overhead costs other remittance agents need to bear such as shop lease and employee wages and benefits.
Using this app also saves time and money as the sender does not need to travel to money remittance shops. He or she only needs to top up the remittance amount through a designated kiosk near his/her residence or place of work.
While traditional remittance companies make up for operating expenses by adjusting exchange rates disadvantageous to customers, Denarii Cash doesn’t need to do so, resulting in a more favorable exchange rates.
Denarii Cash is part of Batch 1 of the Misk 500 Accelerator Program in Riyadh, Saudi Arabia. The program brings the best of the 500 Startups flagship Silicon Valley seed accelerator program to the MENA region in partnership with Misk to provide a 4-month curriculum for pre-seed and seed stage startups looking to perfect their product-market-fit and prepare for seed-stage venture capital funding. The program began on January 27th and will conclude with an investor demo day on May 13th.
Download Denarii Cash Mobile app on both IOS and Android
Play Store: http://bit.ly/dcash-android
App Store: https://apple.co/2OBxnbo
In an effort to help our readers to learn more about Denarii Cash, we have added these Frequently Asked Questions. The most common questions we receive are listed here for your convenience!
How Denarii Cash Make Money?
Denarii Cash generates revenue in 3 ways to support their overheads and provide a better customer service to the migrant workers.
- First the generate revenue from the freemium model. According to World Bank, average remittance globally is $200 and consumers pay up-to 9% per transaction. For Denarii Cash generates revenue from your 2nd transaction per month above the threshold of $300. Meaning. you will pay zero fees transaction, once per month.
- Second, they generate revenue from the merchants that offers services in their platform. Be it a bills payment, restaurant vouchers, gifts cards or other financial services that are offered.
- Third, rate margins. Denarii Cash gets a commission from the exchange rate when you send money to your home country. Compared to other existing providers. Denarii Cash provides five times better exchange rate.
How Safe is Denarii Cash?
Denarii Cash maintain a bank level security, which is continually independently tested and audited, and reinforced by ongoing training of all of our staff. Our security includes preventative measures, such as 2-step login, and our verification procedures. These are specifically designed to ensure we are protecting your account from unauthorised access.
What about Privacy?
Protecting your data and financial details is very important to us. Our current Privacy Policy and Customer Agreement can be found under:
https://denarii.cash/en/privacy-policy
https://denarii.cash/en/terms-of-use
To learn more about Denarii Cash, visit any of the following links below: