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by cuchoi
1571 days ago
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Love monito.com! Congratulations on your product. Do you know why so many money transfer system have restrictions on the directions to send money? For example, Wise only allows sending in the USA (USD) -> Chile (CLP) direction but not the other way around. Also Moneygram only allows USA -> Chile and it is blocked from non-US IP adresses. |
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This is likely a combination a question of Money Transfer/Transmitter License & compliance, but this is not my area of expertise. A provider like Wise is licensed in the countries where it accepts customers. In this case, Wise is licensed in the US but not in Chile: https://wise.com/help/articles/2932693/how-is-wise-regulated...
As it's a costly and complicated endeavour, they must prioritise the markets they operate in and must have made the business decision not to be licensed in Chile as of now.
Luckily, Monito always try to find local companies filling the gap of big players, and Global66 is an interesting alternative from Chile: https://www.monito.com/send-money/chile/united-states/clp/us...
Moneygram is likely limited in accepting US residents with their US site for similar reasons.