Migration is an integral part of life today. Whether it is moving to study, moving for work, or even moving to be with a spouse or partner. The possible reasons for moving are as numerous as the number of people moving.

In the 12 month months leading up to the end of June 2018, more than 625,000 moved to the UK, with more than 350,000 leaving. When you consider that the UK population is just 66 million, that is a huge turnover of people each and every year.

For a lot of people in the developing world, migration – especially to places such as Europe, North America, Australia, etc – is seen as a way to improve not just their lives, but that of their entire family. Because just one person securing even an averagely paid job in somewhere such as the UK could regularly send money that could greatly improve the lives of those left at home.

When you consider half the world’s population live on less than $2.50 per day, and over 1 billion on less than $1.25 – sending a little really does go a long way. However, there is one problem, how do these people send money back home cheaply, easily and quickly if needed?

That is what we will answer in this week’s post.

The True Cost of Sending Money Back Home

We have discussed in a number of articles that over 2 billion people – predominantly in the developing world – do not have bank accounts. This means that a regular bank transfer is out of the question (however, these are normally very expensive anyway, with fees as much as 10% to areas such as sub-Saharan Africa). The fact that the recipient often does not have a bank account means that cheaper money transfer services such as TransferWise also cannot be used because a recipient’s bank account is needed.

This leaves payment services such as Western Union (WU), which allows you to send money to the nearest branch to where your intended recipient lives. However, there are two major issues with such a service. 

The first of which is price. WU will charge a fee of $5 dollars for all transactions under $50, and up to almost $100 for a $1000 transfer. Not only are the fees close to 10%, they also give you a worse than market currency exchange rate too, meaning your chosen person will receive even less. When the person you are sending money to is living of $1-2 a day, every percent you save could make a real difference to their lives. However, that is not all. There is also… 

A Geographical Problem

In the developing world, the majority of people still live in the countryside, often many 10’s or even 100’s of kilometers from the nearest large town or city. However, it is this town or city where the nearest WU office (or similar service) is probably located.

This may not seem like a big deal for some of you reading this, but with almost nobody in the developing world owning a car, the time, effort and cost to get to the place where you can collect your money could be huge.

Even for those living relatively close by, it could still take many hours on foot or by bicycle. For those further away, this could be a long and even expensive bus ride (if a bus is even available!). But what if they do not have the money needed to take the bus?

The other factor to consider here is time. With the WU or similar office perhaps many hours away, some people may simply not be able to make the time needed to get there. Perhaps they need to be at work, take care of the kids, or even care for an elderly or sick relative. 

The Crypto Solution

We spoke earlier how the costs to transfer money to someone in the developing world, regardless of whether they have a bank account or not could be 10% or more. Cryptos offer a huge cost saving because the average fees are less than 1%. With Dagcoin, the costs for making a transaction are even less… on average just 0.0005 DAG per payment.

On a $100 dollar transfer this difference is huge, with the Western Union this would be ca. $10 in fees, along with a worse than market exchange rate losing you a further 2-3%. This means with a service like that offered by WU, the person you are sending the money to is likely to receive $88 or less, while with crypto they will receive $99 or much more with Dagcoin. Not a small difference at all! 

But it isn’t just cost that is an advantage. The person you are sending the money to receives it directly to their crypto wallet. This means no long and possibly expensive trip to the WU office. Meaning the person you are sending money to, can concentrate on their work, looking after the kids or taking care of a sick family member. 

To start using cryptocurrencies such as Dagcoin, all you have to do is download a free crypto wallet to a smartphone, tablet or PC and you are good to go. The great thing is that it doesn’t matter if this is a shared family phone, tablet or PC, or even one used by an entire rural community. Your login details and access codes are only known only by you. Keeping your money safe. 


For those trying to send money back to family and friends in the developing world, they encounter a number of difficulties. Because more than 2 billion people (most in the developing world) don’t have access to a bank account. This means that a regular bank transfer or even a cheaper money transfer service such as TransferWise is not possible. 

This has meant for many years people have used services such as Western Union to send money back home. However, such services charge in excess of 10% on all the money you send. No small chunk of change when half the world lives on less than $2.50 per day.

Not only that, because the vast majority of their offices/kiosks are located in cities, this means a potentially long and expensive journey for those living in rural communities. 

Cryptocurrency such as Dagcoin completely cuts those fees down, meaning the person you want to send money to receives pretty much all of it. In turn, because it arrives directly to their crypto wallet. There is no need to take a long journey to collect the money.  

Join a community of more than 350,000 people using Dagcoin and start transferring money to your family today…