Google gets into the international money transfer business, one-way out of the USA

The verb “To Google” may soon have new meaning, as the ads-and-search giant has added the ability to “Google” money across borders with its Pay app. The new offering is only for US-based users, for now, and allows the Pay app to hook into payment networks operated by Western Union and Wise. Google hasn’t explained how the …

[Dinanziame]

Good

I'm sure Google will charge fees for that, but it can't be worse than Western Union. I know somebody who sends money to his parents in Bitcoin, but that's not a solution which will fit everybody. The more companies offer the service, the better.

[Chris G]

Re: Good

Western Union is already horribly expensive, if Google wants a chunk of the action it is going to cost more.

I suppose Google might rely on sending ads to poor relatives in developing countries or they may want both.

[RyokuMas]

So I guess that once I've made more than a couple of payments to that prince who needs a couple of K from me to unlock that vast fortune he's going to split with me, Google will start showing me ads for flights to Nigeria???

[DrXym]

Awesome news for telephone scammers

Far easier to obtain money that way than convincing dupes that the IRS wants to be paid in Amazon gift cards.

[Howard Sway]

Google’s announcement mentions that around $700bn a year flows around the world using such payments

They really have all reached the "some money has moved somewhere and I didn't receive any of it!" stage, haven't they?

[aks]

I've been using Wise (Transferwise) for some time. It seems to cover this field quite well already, with more to come.

GBP, EUR, USD as standard right now.

[Anonymous Coward]

+1 fpr Wise (Transferwise) used it quite a bit for sending money overseas. Much easier process and better rates than Western Union. Don't see Google adding a lot of value to the process - especially with it restricted to sending out from USA.

[hoola]

It is all about profile. I am sure that if you put something into a search the top block will all end up beeing Google, not any other company.

This is one of the reasons that Amazon are in such a dominant position. You do a search for something and regardless of what you want to know, all the results are links to mostly old items that are priced cheaply and out of stock.

People will use this because it is Google. I fully expect it to link in with Google Pay so that it is easier to use, just what is needed to help scammers.

[Gene Cash]

How long before it's abandoned?

Like most of Google's projects?

This looks like another me-too like Google Plus that's destined to not survive.

[D. Evans]

Won't last, many cheaper options

As an ex-pat sending my hard earned shekels down under for over 20 years I have to laugh at this.

The cost of Western Union or a SWIFT based bank transfer is expensive. The have high administrative costs and poor exchange rates. I can't see Google getting discounts large enough to make them a serious contender and cost is an issue. I can't see this taking off, unless you count Apollo 13 a success.

There are many better alternatives (my current preferred company is XE.com).

[DS999]

Why does Google need Western Union?

They have a lot of money in the bank here in the US, and will also have a lot in money in the bank in all major countries where they do business. So the "sending the money" step can be skipped, they already have money in the destination country. If the service gets popular, they can always transfer in big chunks between their own accounts as required.

The only thing they need is a way for people to receive that money. They could partner with some big chain of stores that are widespread in a country, have people show up with a QR code or something like that for authentication, then get paid. They'd need to pay those stores something for their trouble, but it would be far less than what Western Union charges, that's for sure!

[Insert sadsack pun here]

Re: Why does Google need Western Union?

Google doesn't want to be in the regulated financial sector and doesn't have any of the incredibly expensive and complicated back office functions that it would need to run a money transfer business.

[DS999]

Re: Why does Google need Western Union?

Doesn't Google Pay already provide a way for people to move money between users? I know Apple Pay does, and without requiring Apple to be regulated as a bank. And then there is stuff like Paypal, Venmo, and so forth.

[Anonymous Coward]

So Google wants to be a wrapper around Western Union?

How exactly is this going to be cheaper than using Western Union directly?

Asking for a friend. Econ 101 and all that.

[Anonymous Coward]

"one-way out of the USA"

Excellent.

The less money the USA has for oppressing other countries and interfering in world politics, the better.