Starting today, all Comun customers will have access to free international money transfers for a limited time. Thereafter, the fee will be $2.99.
Sending international money transfers, also known as remittances, can be costly, given the additional fees consumers face from financial institutions and other non-bank service providers. This is an area particularly relevant to the Latino community. According to a recent report by the Inter-American Development Bank, remittances to Latin America and the Caribbean will reach an all-time high in 2023, reaching $155 billion, an increase of 9.5% compared to 2022 ($142 billion). At Comun, we believe that sending remittances should not come at a high cost. Today, we are pleased to announce that all Comun customers can send money to Latin America free of charge for a limited time. Thereafter, the fee will be $2.99, which is lower than what other providers offer.
To put into perspective how much Latinos can save on fees with international money transfers, Comun analyzed and compared the cost of using providers like Western Union or Remitly versus Comun. In addition, we wanted to know how customers interact with Comun's new money transfer feature, which became available in March 2024.
For the analysis, we first looked at the average number of remittance transfers that Comun's clients send monthly; in this case, it was two transfers. Using the knowledge of Comun's customers, the report analyzed the most common countries to which customers send money. Finally, we examined how much a consumer could save on remittance fees over a one-year and five-year period if they used Comun versus Western Union or Remitly, assuming they sent two money transfers each month.
Key findings
- Comun clients' remittance destinations: Comun clients were most likely to send remittances to Mexico, followed by Honduras, Guatemala, Colombia and Nicaragua.
- Paying in person to send money internationally can cost hundreds of dollars: Based on our analysis, assuming a person sends two remittances per month and pays in person (e.g., by visiting a Western Union location), fees can amount to $960. By using a service like Comun, users can save nearly $600 in fees over five years. In addition, Comun customers have the convenience of sending remittances directly from their phones.
- Even if users can avoid paying in person and want to send remittances from a bank account, sending money overseas is still costly: Our analysis found that for users who want to send remittances directly from a U.S. bank account, using a service like Comun instead of Western Union and Remitly can save consumers more than $20 in one year and $120 over five years.
For more information about Comun and its latest remittance offer in conjunction with a U.S. bank account and debit card, click here.
Methodology
Our analysis included several data points such as:
- To determine the most common countries to which Comun customers send money and the average number of transfers each month, we examined customer usage between March 7, 2024 and April 15, 2024.
- To understand how much customers can expect to pay to send international money transfers, we analyzed Western Union and Remitly fees. Our analysis examined how much an individual pays in remittance fees if 1) they pay in person, i.e., walk into a Western Union location to send a transfer, and 2) an individual sends money through their bank account, and the recipient picks it up in cash at their destination.
A service provided by Service UniTeller, Inc. Service UniTeller, Inc. is licensed in all states that require a license.
¹ Delivery times may vary.
²Terms and Conditions here. Terms and Conditions apply. Limited time offer. Service UniTeller, Inc. is licensed in all states that require a license. Comun, Inc. and/or UniTeller Service, Inc. may earn income from foreign currency conversion. Rates are subject to change. Service UniTeller, Inc. and/or Comun, Inc. reserve the right, at any time, without prior notice, to add, modify or cancel any and/or all terms of the promotion, or replace, in whole or in part, the promotion with another offer without liability to Service UniTeller, Inc. and/or Comun, Inc.
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