After it was founded in November 2014, Moneytis, a digital platform for money transfer which aims to inform people and reduce the cost of sending money abroad, has been trying every bit to start its services as soon as possible. Based in Paris, France and Nyon, Switzerland, the company has brought in a new consumer remittance startup.
With the new solution it aims to make a place in Europe, China and Mexico remittance market. Nonetheless, the freshly out of private beta, Moneytis has now opened its beta to the public and expects for better response. The service allows users to send international transfers from their bank accounts to the receiver’s for a fee of two percent or less.
In the announcement Moneytis says that using Bitcoin to send the money to destinations is easy and private as users would never know as it keeps it all in the background. Nonetheless, the users first create an account by filling in basic info and bank account credentials and the next; they select the amount and the type in the email address of the recipient.
Easy Process of Sending and Receiving Money
Moneytis informs that once information is placed, the money is then deducted from the sender’s account and sent to the person receiving the money. However, to access the money, the receiver has to create his or her own Moneytis account. The company uses an algorithm to test its fee against other providers.
The company says that if a cheaper deal is found, Moneytis will redirect to the competitor’s website. Elaborating the feature, Moneytis co-founder, Etienne Tatur, said that the idea behind the formation of the company came to him after having difficult time sending money to a friend in China.
He admits that they had hard time finding out if his bank would do the transfer and then how much it would cost. However, after figuring it all out and sending the transfer, they were hit by a sudden change in the foreign exchange rate, adding a huge unseen cost. Nonetheless, when the time came to send his money again, the two decided they would use Bitcoin.
According to Tatur Bitcoin for them turned out to be more complex, but cheaper. He believes that the Bitcoin transfer was enough to inspire them to found Moneytis in early 2014 and make bitcoin-based solutions without the user-experience issues.
Nonetheless, he along with his co-founder Christophe Lassuyt have been developing the company’s money-transfer technology and refining its user experience from feedback gathered from the private beta.
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