The Benefits of Money Transfer Software for Global Foreign Remittances
People living abroad or away from their loved ones use various methods to send money back home. Usually, people would visit banks, wait for their turns, and then send or receive the funds through the remittance agents. However, nobody had anticipated that they would have to go through a sudden shift and adapt to the newer methods of transferring money.
Since the restrictions of the COVID-19 pandemic kicked in, it has been difficult for banks and exchange agencies to operate under normal SOPs. This is where money transfer software started gaining popularity and people learned a newer and better way that boosted the global foreign remittances!
If you are unaware of how great an impact money transfer software has had on remittances, keep reading!
What Makes Money Transfer Software the BETTER Option?
According to Statista, more than 3.3% of the world’s population migrated to live or work outside of their countries of birth between 1990 and 2015. While the reasons behind this vary, one thing that stays the same at all times is that they send money to their loved ones at some point. The Migration Observatory claims that international migration automatically leads to an increase in global foreign remittances.
The COVID-19 pandemic caused a disruption in the usual methods used to send these remittances. As a result, people started adapting to digital channels for sending their remittances. If you still haven’t explored a money transfer software, here are some reasons for you to consider using it when sending money:
It Is Simple and More Secure
It is extremely simple and easy to send money to your loved ones using a money transfer software. Such software is normally very user-friendly and easy to explore even for people who are not very tech-savvy. Most times, you do not have to visit third-party websites while transferring the money which makes the process secure and scam-free.
The Money Remitted Is Easily Tracked
When you use money transfer software to transfer your money, it stays in the system and can be easily tracked. Moreover, this helps boost the overall frequency of global foreign remittances as well since all these software are registered and liable. So, you can rest assured that your money is safe and you can easily track it if need be.
It Is Faster and Less Expensive
Most money transfer software and services offer same-day transfers when it comes to global foreign remittances. This means that your family does not have to wait for days to receive the money if an emergency comes up. Moreover, sending money through this channel is also less expensive as they have better exchange rates. The transaction fee is also very low which means that the overall cost of sending money is reduced.
In a Nutshell
Speedy transactions and secure payment methods are two of the most prominent benefits of money transfer software. For the ex-pats who want to look after their families, such software brings peace of mind that their money is safe and they have to pay reduced costs. Global foreign remittances also provide a boost to the local economies and the faster or more convenient they become, the better it is for everyone.