There is no doubt that remittances are playing an increasingly large role in the economies of many countries as they contribute to economic growth and to the livelihoods of those countries. Basically, a non-commercial transfer of money by a foreign worker, a member of a diaspora community, or a citizen with familial ties abroad, for household income in their home country or homeland is known as a remittance. However, workers' remittances are a significant part of international capital flows. At the time of disasters or emergencies, remittances can be a vital source of income for people whose other forms of livelihood may have been destroyed by conflict or natural disaster. In the company of the global workforce becoming increasingly mobile, international money transfers i.e. remittances have equally grown in prominence.
Traditionally, sending money abroad has been an arduous and expensive task, exemplified by never-ending chains of middlemen, manual paperwork, and hidden charges. The good part is that the developments in the industry over the past couple of years mean that individuals and even small-to-mid-sized companies can now enjoy faster, cheaper, and value-added foreign money transfer services. All of these are the benefits which larger corporations, banks, and governments have traditionally held through their direct access to the institutional foreign exchange market, that exchanges $4.8 trillion of transactions each day. Therefore, money transfer operators (MTOs) are facilitators of international payment transactions. While moving money is instant and free, the idea of living anywhere across the globe at any time will no longer be a pipe dream. Hence, the cost of sending remittances must be reduced, putting money back in the pockets of economic migrants and their families.
Evidently, the future of world remittance is digital, and it is characterized by fast and cheap transfers. Transfer operations were exorbitantly expensive for the past years. However, depending on your country of destination, remittance charges can range anywhere up to 13% of the total amount of money being sent by only a fraction of the cost of reaching your destination. Therefore, taking several days to a week transferring funds, aside from the fact that clients still worry about security.
Clearly, adopting a cashless mindset and usage pattern is key to taking the first step towards this future. Fortunately, this is already happening with the increasing use of cashless options. Eventually, a market will be built that packages up all remittances and they can be fulfilled by any person on that market at a certain rate. In the company of the rise of open banking, slowly but surely banks getting better at ACH or EFTs will dramatically help. A number of businesses will occupy this space in the future and it will become easier and easier.
Group Futurista is glad to present to you the opportunity to learn more about Remittance and Money Transfer and the benefits it can entail for your business by joining the 'Future of Remittance and Money Transfer for Businesses' virtual summit with revolutionary keynotes, case studies, and an amazing selection of industry-leading speakers who will come together to share their valuable insights.
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