Robocoin Brings Romit, the cheapest and fastest money-transfer service in the world

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Robocoin Brings Romit, the cheapest and fastest money-transfer service in the world
Robocoin Brings Romit, the cheapest and fastest money-transfer service in the world
Romit, the cheapest and fastest money-transfer service in the world

Robocoin has been serving the customers with high-end Bitcoin ATMs; however, moving one step ahead, the pioneer in Bitcoin ATMs, has announced the launch of Romit. The company says that it is the cheapest and fastest money-transfer service in the world. Nonetheless, the new cash remittance application leverages the Bitcoin block chain.

A lot of market observers believe this can be a major breakthrough for Robocoin in the industry as this is definitely going to be a huge success given the huge market available. The company on the other hand informs that any web-enabled kiosk, ATM or cashier can offer Romit KYC or Know Your Customer – compliant money transfer services.

Using the service customers can send money to a smartphones, tablet or PC. Additionally, by using the Bitcoin Blockchain, the Romit remittance solution circumvents Forex foreign exchange fees, wire transfer fees, and banking requirements. In the announcement Robocoin says the service could extend Robocoin’s role in the emerging global remittance market.

Romit Makes Sending Money Easy

Now, customers can send money in three easy steps as the Robocoin website explains: First, enter the recipient’s phone number; second, select the destination country; and, third, insert cash into an ATM, or hand the cash to the cashier. Once it is done, Romit will send a confirmation text message to the recipient with the amount sent and the pickup location.

The Romit is nothing but the changed name of the Robocoin Bitcoin wallet. Thus, customers don’t have to create Bitcoin wallets to send money. Nonetheless, the cash-to-Bitcoin-to-cash settlement occurs immediately, customers do not need to wait for long. Customers can also do cost comparison before concluding on the preferred services provider.

Compare the Cost with Other Similar Services Providers like Western Union

The customers can see a cost comparison between Romit, Western Union and MoneyGram for sending money from the U.S. to the Philippines. Here they can see the chart that compares costs for sending $20, $50, $75, $100, $150 and $200. However, the most dramatic savings are for transfers up to $200, the company claims.

The charges have been kept low; for instance, to send $20, Romit charges $0.80 (4%), compared to Western Union, $5.66 (28.31%) and MoneyGram, $10.90 (54.59%). The Western Union and MoneyGram fees include Forex conversion costs. Also, the company enables businesses with web-enabled kiosks or cashiers create a Romit cashier account.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com

  • Deepak, this is indeed an interesting development, but two clarifications

    1) Not “the cheapest” overall, but only when compared with cash-to-cash money transfers. Online transfers are much cheaper, see the attached table or play with our app at SaveOnSend.com to find “the cheapest” providers. Agreed that it is big savings for cash-to-cash and the right area to focus, but the article’s title could be misunderstood

    2) This is a pilot in very early stages with initial trial customers, less than 1,000 of repeat uses. Would be indeed a breakthrough if it works out, but using words like “definitely going to be a huge success” seems premature.