Ripple Discusses Remittances
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Ripple Discusses Remittances

In a recent Ripple Insights article, the company discussed how cheaper and faster remittances from Brazil powered the growth of a small business in Portugal.

Also Read: Ripple Named One of the Best Companies to Work for by FORTUNE

The article talks about Erick Gutierrez’s situation:

“Erick Gutierrez is one such person. Born in Sao Paulo, Brazil, Gutierrez made a dramatic life decision at age 21 moving to Ireland to start anew. Shortly thereafter, in 2013, he relocated to Porto, Portugal for a job opportunity as a developer.”

Moving further with Gutierrez’s story:

“By the next year, at the behest of friends back in Brazil, he began working on a side project. Driven by endless questions and inquiries from them about his bold move across continents, Gutierrez set out to build a website full of answers. Called Euro Dicas, the project continued to grow, and in the fall of 2017, he made it his full-time job. Through the site, Gutierrez and his team help people understand how to move internationally, declare and pay taxes, secure a visa, and more.”

Adding to it:

“Gutierrez soon found himself managing a growing business that relied on overseas income and workers. With six full-time employees and more than 40 freelancers around the world funded by affiliate client income primarily arriving from Brazil, he was being squeezed by the high fees, unreliability and long wait times of international payments.”

Continuing with it:

“Gutierrez tried all manner of remittance and international payment services. Traditional banks required him to call an agent at inconvenient times, rather than manage transactions at his convenience online. They also took nearly 10 percent of the transfer amount despite a five day wait. Traditional money transfer operators, like Western Union and MoneyGram, were fast but the fees were too high. They also required someone in Brazil to initiate a transfer. Even newer entrants like TransferWise and PayPal could help, but Gutierrez encountered service issues and, once again, expensive fees.”

Talking about how he discovered BeeTech Global, the article said:

“For an entrepreneur committed to growing his business, Gutierrez was finding the lost time and revenue more and more unacceptable. Then, he discovered BeeTech Global, a Brazilian startup providing international payment services to more than 150,000 customers worldwide. BeeTech is one of the many emerging money services providers relying on new technologies like Ripple to power faster, more reliable and more affordable remittance operations.”

Adding to it:

“Now, with BeeTech, Gutierrez receives money twice per month from his business based in Brazil. These payments arrive on a regular schedule. Gutierrez is also able to provide similar, regularly scheduled payments to more than 40 employees and contractors located across Europe, Latin America and North America. He not only finds the service to be fast, with payments arriving in one day, he finds the reliability and transparency into the payment journey critical to running and scaling his business. Perhaps, most importantly, the fees on each payment are often 80 percent lower than other options, only 5-10 euros per month. BeeTech estimates that customer can save up to 12 percent on transactions.”

Concluding Gutierrez’s story, the article said:

“Gutierrez said that he’s been able to grow his business, from half a million visitors in all of 2017 to an average of 1.5 million per month this year, because of BeeTech’s services. He estimates his growth at 30-40 percent per month. Further, having a reliable payments solution has allowed him to hire people anywhere in the world.”

Talking about how this example is just one of the many across the globe, the article said:

“Gutierrez is only one example of a massive, urgent need. According to a recent World Bank Report, remittances to low-and-middle-income countries alone totaled $466 billion in 2017. This translates to 3.27 billion meals, 263.07 million monthly bills and rent for 49.9 million people.”

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Syed Ali Mudassar
It was when he was pursuing his graduation in Computer Science that he found his flair for writing about new and existing technologies. He likes researching about technologies and how they could help people. Currently, he works as the Content Manager at CoinFrenzy, a leading blockchain news, and media publication website.