How WeFi’s Approach Brings More Control to Remittances

Every conversation about remittances eventually ends up at the same point: fees. That’s why every new service or platform for international money transfers comes along promising lower costs and better speeds. They’re missing the point though. What users really want is more control.

People desire the flexibility to choose which exchange rate is used, how it’s accessed on the other end, and exactly when the funds get sent. There’s currently very little agency in the remittance process, despite money transfer providers claiming to serve their customers’ needs. A big question mark surrounds the future of money transfers, which is why a new approach is necessary. Fortunately, WeFi delivers some definitive answers.

WeFi is a decentralized on-chain bank, or deobank for short. The financial platform offers a new approach, one that shifts the focus from remittance price to consumer power. Instead of passive transactions, people get a say in the active management of their transfers. This is achieved through programmable, real-time, and user-directed tools that make sending money across borders flexible and empowering.

Fees will be highly competitive, but WeFi doesn’t present cost savings as its unique selling point. The USP here is being able to shape your own financial flow with unprecedented features that go far beyond cost-cutting.

Let’s take a deeper look.

Traditional Remittances Put Systems in Control, Not People

The current remittance system looks like a pyramid, with a top-down model that allows centralized providers to dictate the rules, pace, and costs. So, when you send money through them, you are essentially handing funds over to a system that respects only its own schedule.

On the next layer of the pyramid are the intermediaries, each with their own working hours, fees, and operational inefficiencies. These middlemen put their own needs and interests first, not the sender’s.

The sender comes next in the pyramid, and their job is to hit “send” and hope for the best. They can’t tell the system to wait for a better exchange rate, and they certainly can’t automate a transfer only when specific conditions are met. They use the system, but are not in control.

At the bottom of the pyramid is the recipient, who experiences an even more restrictive and unpredictable process. They’re completely at the mercy of the remittance system, with no choice over when the money is made available or what exchange rate is applied. The funds arrive when they arrive, often as a lump sum that can’t be managed or segmented. Take it or leave it.

The total lack of agency for senders and recipients is a significant source of stress and frustration, especially for those who rely on remittances to support their families. The current system is a broken and rigid one-way street, with no flexibility for those who need it most.

From Cost Savings to User Empowerment

Low fees will always be a valid consideration, but they’re not the only measure of value in the remittance chain. For many users, more value can actually be gained from increased flexibility and predictability. Sending funds when the foreign exchange rate is favorable could make more of a difference to the received sum than the difference between 7% and 8% commission fees.

There’s also the peace of mind that comes from knowing your money will move exactly when you want and tell it to, under the conditions you’ve set. That’s a unique value proposition that decentralized on-chain banks like WeFi can deliver.

Many modern remitters want more than just cheaper transactions. Younger people are more accustomed to having a wide selection of options within their chosen services. They want the freedom to program their transfers, perhaps to delay them, split them, automatically convert them, or send them on a recurring basis. Financial services should adapt to their lives, not force them to accept their limitations.

WeFi’s philosophy is about shifting the narrative from saving pennies to gaining a wealth of control. This is a fundamental re-architecture of the remittance system, turning transfers from a top-down pyramid to a smooth user-directed financial flow.

How WeFi Makes Remittances Programmable

The power of WeFi is in the deobank model that it has pioneered. Unlike traditional and challenger banks (neobanks), which operate on rigid and centralized ledgers, decentralized on-chain banks are programmable, modular, and user-first.

Here’s what that means for deobank users:

• Set FX Rate Triggers for Transfers: Instead of accepting whatever exchange rate is available now, set a rule that automatically sends the funds only when a favorable rate is reached.
• Automate Recurring Remittances with Conditions: Set up a recurring payment that automatically transfers on a specific day of the month, but only if certain conditions are met, like time-based triggers, specific events, or even data from external sources (called oracles).
• Manage Access Through Mobile-First Tools: Control exactly where and how your money is stored, with mobile tools that give you account management flexibility.
• Custodial and Non-Custodial Accounts: You can decide whether you want WeFi to hold your money for you or if you’d prefer to retain full and non-custodial control over your assets.

No traditional bank or financial institution has ever been able to offer this level of customization. They never made user-centric programmability a priority. WeFi has.

Why Decentralized On-chain Banks Are Built for Flexibility

WeFi’s flexibility is a direct outcome of building on open and decentralized infrastructure. The platform is “always-on”, meaning no business hours, weekends, or holidays to cause delays. The smart contracts they use can execute commands instantly and autonomously, 24/7, overcoming the rigidity of the traditional banking system. The deobank is always ready to serve you.

The use of decentralized infrastructure embraces the concept of “composability”, which allows other DeFi tools to “plug in” to the open ecosystem. This encourages an unprecedented level of innovation and the ability to interact with other protocols to create highly personalized, flexible, and responsive financial flows. The choice is yours, always.

Ways WeFi Users Stay in Charge of Their Transfers

The real-world impact of the deobanking movement is immense. Just consider:

• A migrant worker can trigger a remittance to their family when the FX rate is favorable, making every penny count.
• Freelancers can create custom payment routes for their outgoings, splitting a single incoming payment into multiple streams for outgoings like rent, utilities, streaming services, and subscriptions.
• Someone travelling abroad can convert their crypto balances into spendable stablecoins based on their location, maintaining access to usable funds without manual intervention.

Participants are no longer passive in their financial transactions; they are the director, architect, and final decision-maker.

Remittances on Your Terms

At the end of the day, WeFi isn’t just another cheaper competitor in the remittance marketplace. Its aspirations are much bigger. WeFi puts more than just extra cash in your pocket, it places a powerful and inclusive tool right at your fingertips.

Decentralized on-chain banks are a dream come true for the millions of people aggrieved by remittances and overlooked by traditional finance. So, by combining deobanks’ programmable capabilities with a user-first and mobile-first philosophy, WeFi breaks down barriers to become the long-awaited next-generation financial experience.