For people who regularly send money internationally, the processing fees can quickly add up. Blockchain technology removes the monopoly that traditional banks hold on the market, and that means that processing fees are virtually non-existent. The average cost of sending remittances is over 7.5% of the overall transaction. We will be able to do it for 0.1 - 0.3%. What you see is exactly what you get — no additional fees imposed and no prior conversions into any local currency.
Sending money abroad is deceptively expensive, thanks to the hidden charges we’ve all been forced to pay. We want to let people send money abroad at the lowest possible true cost. Using only real exchange rates and no hidden fees.
To drastically reduce costs while increasing the speed of cross border transactions 10x, MessengerBank will utilize existing and well established ACH services whenever possible.