At present, consumers are being taken advantage of “when it comes to the total cost of sending money abroad – with fees reaching up to 7% of the transaction,” the Sokin team reveals. That’s why they’re launching their new generation fixed fee payment service “for cost-effective currency exchange with no-hidden fees to make payments more open and transparent, removing the barriers that have historically hindered access and financial inclusion.”
Sokin is reportedly the first payments platform to “take the subscription economy and use it for transfers on a global scale, unlike other providers which charge a fee per transaction.”
Clients are able to make “unlimited” international payments and transfers in 38 different currencies to more than 200 countries and territories for “only £9.99/€9.99 a month.”
Sokin, which aims to serve as a global payments provider, is planning to transform the existing remittance landscape with the introduction of its Sokin Global Currency Account in the UK and Europe.
Sokin’s management noted that they aim to become the very first payments platform to “take the subscription economy and use it for transfers on a global scale, unlike other well-known brands who charge a fee per transaction of between 5% (terms apply) and 7%.”
The Sokin Global Currency Account is intended for clients who are looking for “a low-cost alternative to the current system notoriously known for being exclusionary and complicated.”
The launch of the firm’s international currency account “symbolizes Sokin’s commitment to making global payments more open and transparent, removing the barriers that have historically hindered access and financial inclusion,” the announcement noted.
Former England international footballer and investor of Sokin, Rio Ferdinand, stated:
“I’ve seen first-hand how difficult sending money overseas can be, and because of this I was attracted to Sokin’s vision of using fintech for good to build an inclusive and non-discriminative global payments solution. The subscription model itself is not new but using it for global transfers is. And it makes sense with services like Spotify and Netflix the norm for many. That’s what’s impressive about Sokin – it’s taken a model we’re all familiar with and created a financial product people all over the world can use.”
Vroon Modgill, CEO for Sokin remarked:
“While everything else moved forward, global payments and remittance lagged behind, and consumers put up with high fees and time-consuming transactions. So, we decided to build something better and on a much larger scale which reaches over 200 countries. We worked hard to remove the barriers often seen with well-known brands and we’ve improved a process known to be difficult, expensive and time-consuming. I’m delighted that Sokin is a payments provider which has democratised and simplified the user experience.”
The Sokin debit card, which is being supported by the Mastercard network, may be used for “all day-to-day activities as well as travel payments abroad.” The debit cards will be “available in over 80 countries (terms apply).”