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Sending money overseas to friends and family and for business has never been easier in this day and age. However, even with advanced technologies and extensive global connectivity at our disposal, international money transfers seem expensive, complicated, and often lack transparency when it comes to fees.
Whenever we make an international payment, we give in to the extra unexplained costs or repeat charges. There is no reason why the costs cannot be more transparent and the transfer process can't be more simplified. This is what drove Vroon Modgill, a first-generation immigrant to launch Sokin.
Sokin is a UK-based global payments provider founded in 2019 with 10 international offices. Vroon Modgill, a former Chief Executive Officer (CEO) of a cryptocurrency payments company in North America started Sokin with the purpose to provide a cost-effective currency exchange service for both consumers and businesses that is also transparent, accessible, safe, and user-friendly.
With the introduction of the Sokin Global Currency Account in the UK and Europe, Sokin aims to transform the current remittance landscape and the global money transfer market.
Sokin is the first subscription-based global payments provider. In other words, you pay a fixed monthly fee for unlimited money transfers across international borders, unlike other brands that charge a fee with every transaction (ranging from 5% to 7%).
CEO of Sokin, Vroon Modgill remarked, "While everything else moved forward, global payments and remittances lagged behind, and consumers put up with high fees and time-consuming transactions."
The global remittance market, an element of international payments, is projected to reach $930.44 billion by 2026. The average cost for an international money transfer is around 7% with banks being the most expensive at 10.9%.
With Sokin's subscription service, which requires customers to pay a fixed monthly fee for unlimited money transfers in over 200 countries with competitive exchange rates, saving money comes easy. Transparency is an integral part of Sokin service. The company claims that there are also no hidden costs or commission fees according to their website.
Sokin Global Currency Account
Sokin global currency account allows clients to make unlimited international money transfers and payments in 38 different currencies in over 200 countries and territories with a monthly fixed fee of only 9.99/9.99.
Sokin global currency account is a low-cost alternative to the current money transfer system strife with expensive fees and complex processes.
What Is A Global Currency Account?
Having a global currency account is highly beneficial for both personal and business needs in today's money transfer ecosystem.
A global currency account, also known as a foreign currency account or multi-currency account, or borderless account allows you to send and receive payments in multiple currencies, which all can be managed through a mobile app.
For customers, a global currency account is convenient when traveling abroad or making purchases overseas. They can keep their money in the local currency of their destination country.
Most importantly, for businesses dealing with international payments every day, a global currency account makes the money transaction smooth while also reducing the risk of currency fluctuations and saving more money.
A global currency account allows you to manage transactions involving various currencies instantaneously. There is also no need to open multiple local accounts in different countries.
In other words, it is a hyperlocal banking solution for global citizens. Neobanks like Wise and Remitly offer multi-currencies. In recent times, many traditional banks such as HSBC and DBS have also jumped on the bandwagon.
Read more on the pros and cons of multi-currency accounts.
Sokin Debit Card
Sokin global currency account debit card can be used for all day-to-day activities in addition to making payments for travel abroad. Supported by the Mastercard network, the debit card will be made available in over 80 countries (terms and conditions apply).
The card is also eco-friendly, made from over 86% recycled PVC which shows Sokin is focused on the long-term, sustainable growth of their business.
Getting The Sokin Mobile App
The Sokin mobile app is available on iOS and Android. You can download the app from the Apple App Store and Google Play Store.
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Once you download the app, sign up for your free global currency account to transfer money internationally hassle-free with no commission fees, and no hidden fees.
The money transfer industry is a highly competitive marketplace. You get a plethora of options when you search for ways to send money from the UK to other countries or vice versa. It is good to know that there are alternatives to a particular currency exchange provider since the services offered by money transfer companies vary widely in terms of fees, speed, exchange rates, and many more.
Here are Top 5 alternatives to Sokin for sending money from the UK:
Instarem
Based out of Singapore, Instarem is an online remittance service provider known for low fees and competitive exchange rates. Its service is authorized to operate in 9 countries, enabling customers to send money to over 55 countries via their global network of over 8000 banks. Send money online or via their Instarem app. The money is usually received in 1-2 days.
Wise
A UK-based online money transfer service founded in 2011 provides one of the cheapest money transfer services. You will get no-marked-up exchange rates and pay no hidden fees. Wise is trusted by over 10 million users worldwide. There are various ways to fund your transfer. Either send online or use their well-designed, easy-to-use mobile app.
Remitly
Remitly is a popular online payment platform based in the U.S., offering some of the cheapest rates for international money transfers. It is among the top choice for sending money for cash pick-up because of its over 100,000 agent locations available across the globe. You can also send the money to bank accounts, mobile wallets or opt for home delivery and pay with a variety of payment methods.
Skrill Money Transfer
International money transfer to a bank account or a third-party mobile wallet is free with Skrill money transfer. Skrill is a digital multi-currency wallet provider that you can use to make online payments. There is no exchange rate margin. You will use the rate you see on Google. Skrill app is also available for download both on Android phones and Apple phones.
Western Union
Headquartered in Denver, Colorado, USA, Western Union is the oldest money transfer company that has been moving money for over 145 years. It is trusted by millions of migrants to send money to your family back home. Major advantages of Western Union are its wide availability (over 200 countries in 130 currencies) and flexible options (bank transfers, cash pick-up, bill payments, mobile transfers). Even if your recipient doesn't have a bank account, they can still get the money thanks to its alternative payment options.
Confused? Compare Them Side-By-Side.
In conclusion, Sokin is a fairly new player in the industry; an industry with a high entry barrier, particularly in the remittance space. The race is on to make payments more open and transparent, remove the barriers that impede better service delivery, and improve the processes that are difficult, expensive, and time-consuming.
While there are money transfer companies that offer better exchange rates and lower fees, Sokin is the first payment platform to integrate the remittance industry with the subscription economy.
Another interesting bet is its offering for the Chinese market, which is the second-highest remittance-receiving country after India. Most players tended to stay away from China due to its stringent regulatory requirements. Sokin claims to let you transfer any currency into any bank account in China within 2 hours (excluding weekends and Chinese bank holidays).
As consumers demand more intuitive and convenient payment solutions and an increased investor appetite for FinTech in recent times, Sokin seems to be in the right direction.
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