Once upon a time sending money abroad was a real problem and whilst it was certainly possible, the process of doing this was immensely problematic, says EconomicTimes. This was the case for businesses and private citizens, but it was the latter who would face more challenges as they sought to send money back to family in their home nations. The problems that they would face were slow payments, poor communications between local banks and heavy charges for sending money in the first place.
All of this is very different in today’s world however, and here is why.
Common Uses Of Money Transfer
Over the last 3 decades the World Bank has been actively tracking remittances around the world, and this data has shown the sheer volume of money which is being sent internationally. What we can clearly see are the number of immigrants who are working in first world nations, who actively send money back to their birth countries, often developing or third world countries. Given the need for the money which is being sent, fast and low cost payments are critical which is why so many are now using an international money transfer app to send their cash, like the Ria Money Transfer App (click here).
Bridging The Gap
Instead of solely relying on the local banks in nations which receive the money, these transfer services now look to set up their own accounts in countries around the world, to facilitate faster payments. Transfer services such as the brilliant Ria Money are the perfect example of this, and it comes as no surprise that they are the preferred service of so many who wish to send cash back home.
What many of the modern-day money transfer services are offering is fast payments with great currency rates, low fees and complete transparency. This has become the industry standard and is in stark contrast to how so many international transfer companies used to operate. It is not just new technology which has caused this change, but also the fact that a renewed focus from many transfer services has upset the monopoly which some of the larger, more traditional institutions once had.
Importance of Transparency
Even in today’s world of speedy transfers, problems can, and do occur when money is being sent abroad. Both those who send and receive money understand this, and all they want is transparency around where the money is and when it will be received. Thanks to the new setup which transfer companies have, using apps and a dedicated customer service team, they are able to deliver total transparency to customers. This has helped to improve the level of confidence which people have when they are sending money around the world, and thus increase the volume of cash which people are prepared to send.
Comparing how this operation used to be with how it is today couldn’t be any more different, and that is a great positive both for those who send and receive money, as well as economies around the world.
Last Updated: April 28, 2022