This is a good question, I'm not entirely sure myself as they haven't released a lot more by way of details about it.
I get the impression that it'll operate similarly to an app like Wise, where the app carries out the functions of an international SWIFT bank transfer for example, but at a fraction of the cost and transfer time.
I'm guessing that Ria Money Transfer's new partnership with Eco Bank means that they have a special kind of account with the bank that helps streamline int transfers in a way that'd be more complicated if many Ugandan Diaspora - all with their own different banks from all over the world - tried to do individually by themselves through the SWIFT mechanism versus just doing it on the Ria Money Transfer app or service.
Thanks for the recap Tim!
For the riamoney-eco bank transfer,
How is that different than an international bank transfer?
The commission fees are just replaced by another agent.
You're welcome Malik!
This is a good question, I'm not entirely sure myself as they haven't released a lot more by way of details about it.
I get the impression that it'll operate similarly to an app like Wise, where the app carries out the functions of an international SWIFT bank transfer for example, but at a fraction of the cost and transfer time.
I'm guessing that Ria Money Transfer's new partnership with Eco Bank means that they have a special kind of account with the bank that helps streamline int transfers in a way that'd be more complicated if many Ugandan Diaspora - all with their own different banks from all over the world - tried to do individually by themselves through the SWIFT mechanism versus just doing it on the Ria Money Transfer app or service.
I see