We talked to Jonathan Merry, founder of MoneyTransfers.com, about international money transfer alternatives, and this is what he said about it.
First of all, how are you and your family doing in these COVID-19 times?
Jonathan Merry: We are doing good thank you, I caught coronavirus but fortunately, I have recovered well!
Tell us about you, your career, and how you founded MoneyTransfers.com
Jonathan Merry: MoneyTransfers.com was started 2 years ago with an idea to make sending money abroad simple. We wanted to create a platform that people could use to compare all the different companies, something that provided a clear representation of the cost of using each company and removed all the complexities from that process. This ambition stemmed mainly from my frustration at making an international money transfer and being outraged at the high fees tacked on in secret.
How does MoneyTransfers.com innovate?
Jonathan Merry: Via our comparison results we connect to 100s of money transfer providers and provide live and accurate rates, this is something that we take pride in, and our users’ value. With these rates, we can display an accurate price for sending money to anywhere in the world across different money transfer services. To put that into perspective, we compare sending from anywhere in the world to anywhere in the world, which makes for 1000s of different variations!
How the coronavirus pandemic affects your business and how are you coping?
Jonathan Merry: Covid made things difficult from an organizational perspective as we had to work from home. For an early-stage startup, this left us disoriented and struggling to adapt. We’ve managed to get used to it and now enjoy working from home, although I long for a return to the office to get out of the house. On the other hand, our business case was strengthened by coronavirus as we had many more users requiring money transfer services online, and as a result, we grew over 3x in size during this pandemic.
Did you have to make difficult choices and what are the lessons learned?
Jonathan Merry: A difficult decision we had to make was at the start of the pandemic and it was whether we decide to close our office and sacrifice the security of our permanent office space with whom we enjoyed a good relationship, not knowing whether we would be back in a month or two. Baring in mind this was at the very start of the pandemic and so people didn’t know if this would last for long. We decided to close offices – and it has proven to be the right decision as time progressed.
What specific tools, software, and management skills are you using to navigate this crisis?
Jonathan Merry: We use trello for project management and Slack for team communication, allowing us to stay aligned and on track.
Who are your competitors? And how do you plan to stay in the game?
Jonathan Merry: Our chief competitors would be providers such as TransferWise & Western Union, who have a strong digital presence and established brands. We plan to stay in the game by working with these providers and ensuring that with our USP of providing live rates across the market, we can provide additional value to users, and become a valuable part of the user journey.