At Ready Bytes, we have a vision of using the latest and the greatest of the technologies to find the solution to everyday problems. Back in December last year,we shared the news about launch of ReadyViews to solve a big problem of eCommerce customers.
We have been constantly solving problems with innovative solutions. Lots of such projects are currently going on that we plan to share as they go live. So,today we would like to introduce our latest project " Exchange Rate IQ.
With Exchange Rate IQ, we are trying to bring a much needed transparency to the International Money Transfer industry. The idea took its roots from our own struggle with international payments. Our experience and research suggests that the Remittance industry is ready for a major disruption.
Each year over 230 Million immigrants and Expats across the world send more than $600 Billion to their home countries. This is just the personal money transfer market, as per estimates the cross border money transfer ranges from anywhere between 5.5 to 6 Trillion dollars per year for Small & Medium Enterprise including startups.
India alone receives over $72 Billion Dollars each year from NRIs across the world.
With such big numbers one would hope that it is a transparent, regulated and competitive market. Well, it is regulated, but it is still far from being transparent & competitive.
The average cost of sending money from one country to another is close to 8% with ranges between 2%-20% depending on the currencies in question and the country corridors.
Exchange Rate IQ aims to -
- Empower users to make informed decision.
- Assure users if they are paying the right price to send their hard earned money from one country to another.
- Inform users about various available options.
- Educate users about the Exchange Rate margins
- Help users in getting the best value for their money.
In a nutshell, Exchange Rate IQ is a Search & Compare Platform for global money transfers and payments. Much like a priceline.com or makemytrip.com for remittances. It gathers real time data from over 50 Banks and money transfer companies. It analyzes collected data and represents it in a user-friendly way. This information helps a user find out the best available options to transfer money from one country to another.
Currently Exchange Rate IQ is collecting real time exchange rates, fees, transfer modes, transfer time, offers & promotions from 50+ money transfer operators. The Intelligent algorithm then analyzes the data set to identify, compare and classify relevant information by country & money transfer services. Finally the intuitive search engine provides an in-depth analysis of all available options of sending money between two countries along with various filters to rule out irrelevant options.
Exchange Rate IQ informs users about the transfer time, modes of payments as well as latest offers and promotions that companies are offering. Using this information, users can find the most suitable options for sending money online through bank, credit cards, or debit cards. It also helps identify offline services for sending and receiving cash by going to the nearest branch of a money transfer company.
Exchange Rate IQ is now released and available for users in USA. They can use it to find the Highest exchange rates, lowest fees and fastest transfer time. Right now, it is live for over 60 country corridors originating from USA including India, China, Mexico, Philippines, Brazil, Europe with more countries being added every day.
We are very excited about adding new and innovative features soon, along with dedicated options for business, SMEs and Startups. Moreover, we plan to roll out Exchange Rate IQ services to UK, Australia, Europe and middle east by end of this year.
So, before sending money next time, be sure to check Exchange Rate IQ and compare remittance services to get the best value for your money
Key Features of Exchange Rate IQ:
- Discover new banks & money transfer companies
- Compare Exchange Rates, Fees, Transfer time
- Get consolidated reviews of Money transfer companies
- Find the âRealized Exchange Ratesâ without hidden fees
- Discover latest offers, discounts and Promotional codes
For any queries, suggestions or inputs please write to Exchange Rate IQ team at [email protected]. They would love to hear from you.