Thunes explains that sending money across borders often presents significant challenges, particularly due to the lack of transparency around foreign exchange (FX) fees.
Thunes noted in a blog post that often, consumers and businesses “don’t know how much local currency they are sending abroad.”
Thunes also mentioned that the “variability of FX rates and the addition of hidden fees can lead to unexpected and higher costs at the time of settlement.”
Moreover, processing delays can “prolong settlement times, sometimes extending them to several days, which complicates reconciliation and budgeting efforts.”
Thunes further noted that this “lack of transparency is a significant issue for consumers.”
Many are frustrated by the “lack of solutions and end up using a third-party MTO for cross-border transactions.”
While this may be a feasible workaround for individuals, banks, Payment Service Providers (PSPs) and MTOs “are missing the opportunity to provide better customer service for cross-border transactions.”
Their customers end up leaving their ecosystem “to make cross-border payments.”
In turn, they have less compelling customer experience, which leads “to lower utilization, fewer transactions, and ultimately, less revenue and loyalty.”
Businesses also struggle with “a lack of FX transparency during payouts.”
Like consumers, they move from their native banking ecosystem “to make cross-border payments to reduce costs and for speedy settlement.”
When it’s time to reconcile their accounts, they also “have to consider the payments made through other financial systems.”
This adds complexity and additional manual reconciliation processes “for their accounts payable team.”
Where possible, it’s easier to “consolidate their payments processing by staying within their native banking applications.”
With Thunes, customers and end-users “experience transparent upfront costs, automated conversions, and fully traceable transactions.”
Consider the United Nations Federal Credit Union, which partnered with Thunes to provide a convenient, secure, fast, and affordable money transfer solution “for its members worldwide.”
Many members had bank accounts, businesses, and families “in hard-to-reach parts of the world.”
This partnership enabled mobile money transfers “for members in emerging markets.”
With complete visibility on transaction prices and FX payout fees, “both senders and beneficiaries understand the amount they will receive in their local currency.”
Thunes provides transparency “in FX base source and spread, enabling customers to forecast, manage costs and cash flow more accurately.”
Since the launch of this partnership, the credit union’s transaction volume “for mobile money transfers has more than doubled.”
Thunes provides single API access “to send payments using transparent FX in over 130 markets worldwide.”
Their services are fast and traceable, allowing you “to see where your money is and when it settles at an optimal market rate.”
Senders and beneficiaries can easily “understand the amount they will send and receive in their local currency.”
In summary, Thunes’ Exchange Currencies service “allows you to convert currencies for your payments, lock in flexible FX rates, and simplify financial operations.”
With a wide selection of currencies, “including those from emerging markets, you can provide better cross-border money transfer services to businesses and consumers.”