A remittance is money sent abroad, typically by migrants to their families in other countries. This is an important need related to the global flow of money, and one that many people cannot satisfy. The mainstream banks charge for those transfers with high fees and, often, those without bank accounts or documentation are unable to access these services.
By combining cooperative banking tools and FairCoin, Bank of the Commons is in a position to potentially serve milions of people, applying the lowest fees in the financial world and creating the first non-profit remittance service.
To do this, we use the services provided by Chip-Chap and FairCoin, plus the ability of Bank of the Commons to carry out SEPA bank transfers throughout Europe.
It is important to understand that, being a cooperative, we can do much more than private companies, because while these are required to have a license to do SEPA transfers on remittances, we just need to have a membership. The recipient of the transfer only needs to have a virtual account in Bank of the Commons, which will allow them to easily cash-out. The service is currently available in various countries and our intention is to spread this service to as many countries as possible.
In the future, members will also be able to store the money in a payment card provided by Bank of the Commons.
The possibility of providing this service, as revolutionary as necessary, shows how a small group of people, with limited resources, can create a worldwide banking alternative!