For the uninitiated, blockchain is the backbone of cryptocurrencies such as Bitcoin, Ethereum, and Golem. These currencies are purely digital and decentralized. Whilst traditional overseas money transfer companies use fiat currencies and banks at both ends, this is not the case with transfers that rely on blockchain technology.

According to recent reports, while the cost of using a bank for an overseas money transfer averages at around 11%, yet it drops to 5.3% when you use a FinTech alternative. Incidentally, even the FinTech players rely on banks to process their cross-border transfers. By eliminating the middlemen, making cross-border payments is bound to become more cost-effective.

Consider this - you need to send bitcoins from the U.S. to Australia. Whilst you may find service providers who carry out such transfers, the process becomes more cost-effective if you do it on your own. It would, no doubt, involve learning the ropes, but if you carry out cross-border fund transfers regularly, it may well become worth your while.

