Ben Soppitt

Unifimoney Launches International Money Transfers

Over 70% of all tech workers in Silicon valley are immigrants. 

Silicon Valley’s success (and that of the global tech industry in general) is built on the talents of extraordinary people from all over the world. Many have come to California to help build the future. With such a highly paid and skilled community, you would think the financial services industry would be falling over themselves to accommodate them. But it's not so.

In an effort to serve these workers building the future, Unifimoney has just launched International Remittances. Our customers can now send money abroad quickly, cheaply and easily from their Unifimoney app.  

We have partnered with Nium, an exceptional remittance service based in Singapore with a total of 60 currencies supported (and some incredibly low rates in Asian markets specifically). This was important for us as most of the top remittance countries for foreign professionals based in the US are in Asia, including India, China, Korea, Taiwan, Pakistan and the Philippines. 

Not only is this service fully integrated with your Unifimoney account (bringing exceptional ease of use and simplicity), but we also intend to lead on price so our customers know that more of their money is getting home. In benchmarking exercises against a wide range of established competitors like Transferwise, Remitly and others, Unifimoney has won on value for money every time.

A Confusing and Fragmented Market

For years, the Big Brand Banks have only become interested in talented immigrant workers once a FICO score has been built up a few years into a career. The signs of that interest are obvious and irritating: names start appearing on marketing lists and mailboxes suddenly fill with junk mail “offers” from Capital One, Amex, Citi, Chase etc. But until that day, if you want a credit card, or to send money home or just to even open a bank account, it's a painful process and steep learning curve.

Being in a highly stressful and competitive career with long hours leaves little time for the manual labour involved in managing money. And whilst you may have graduated top of your class from the finest universities in your home country and spent decades learning about your chosen field, the chances are that zero of that time was spent teaching you about managing money. Even less time was spent navigating the confusing and fragmented US financial services market.

That gap in knowledge and time can cost you dearly over a career and lifetime. The best time to start investing is when you are young, so the power of compound growth can make your money self replicate effortlessly — however, the average age people start to save for retirement in the US is 31.

When you have a stressful and competitive career and live in the most expensive parts of the US with the highest taxes, having a high income does not make you rich. It also doesn’t mean you ever will be. Even high-earners need to manage money carefully, but complexity and lack of time make it difficult.  

The Big 4 Issues and How We've Solved Them

Faced with those obstacles, most people defer the money-management tasks — for the weekend when it's less busy, or next month, or next year, or so on. But life has a tendency to get in the way. This means the vast majority of the issues impacting professionals’ personal finances are ones of omission not commission — it’s the decisions you don't make that hurt you. The Big 4 are:

  1. Having too much money in cash deposits.
  2. Leaving money is a deposit account with a Big Brand Bank paying 0.01% interest.
  3. Not maximising rewards from credit cards (a typical credit card portfolio has 30-50% of their rewards and benefits unredeemed — consumers’ money going directly to bank profits)
  4. Not regularly investing in a low cost diversified fund (dollar cost averaging).

This is not an issue that just impacts those in Silicon Valley — there are over 2.6m medical professionals in the US who were foreign born including 28% of all surgeons and physicians and many more foreign-born high-earning professionals across every industry.

Unifimoney is a premium digital bank built to meet the needs of professionals. We solve for the manual labour involved in managing money and offer a one-stop shop where most, if not all, of your personal finance needs can be managed in a single app. Unifmoney customers automatically and by default solve for the 4 Big Issues in managing money.

  1. Cash can be easily invested, and money can seamlessly move between investing and cash to reduce cash holdings.
  2. Cash is held in a hybrid high interest savings account so the money is there to be used whilst earning high interest.
  3. A credit card (coming soon) that has a 100% redemption guarantee. 
  4. Autoinvest means every user passively invests in a low cost Robo fund automatically and by default.

This solves for the biggest issues in everyday money management — saving, spending and investing. With our newest value-added service, we’ve also solved one of the biggest specific pain points facing foreign-born professionals in the medical field, Silicon Valley, and throughout the workforce. By partnering with Nium, we’re one step closer to building a money superapp.

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