Today I sent two wire transfers. One to our web team in New York and the other to an employee who had won a bonus at our center in the Philippines. Which cost me more?
The transfer from one Bank of America account in California to another in New York?
Or the transfer half way across the globe?Bank of America gives us another opportunity to examine the behavior of the dinosaurs. As an established business they are comfortable and lazy. They charge their own customers $25 to send money inside the bank! This is an activity that costs BofA zero dollars.
Now, let’s look at the upstart. Xoom is hands down the easiest and cheapest way to send money. There online money transfer system is integral to running my business. They are miles ahead of their major competitor Western Union, who makes it virtually impossible to transfer money without going, cash in hand, to a kiosk.
Unfortunately Xoom does not do money transfers inside the U.S. and I want to know why?!