Demand for money transfer – which includes trading and non-investment flow such as remittance money transfer has increased steadily as distribution networks and supply chains have become internationalized. Today it is all about maintaining international relationships that has become the prominent part of business world. With this increase in international market people find themselves traveling more often or settle overseas practically involving themselves in the international affairs. Because of the new found amiability between nations, money transfer has become the hottest commodity among corporate worlds and general public.
Money transfers internationally have had a steady popularity rise, especially the online transfers. It is easy and secure, it maintains the privacy of every individual and you can do it from your office or home without any visit to the bank. International transfers, if done through a bank or any financial institute can end up costing you anything close to forty to eighty dollars. While paying online, you still have to make that fee which comes close to five dollar or even less.
Online money transfer benefits all
Sending money online makes it possible for you to transfer money anytime anywhere with a minimal fees involved and it can be used for business relations or sending funds to family or friends abroad. Rising incomes, technology advancement and reduced trade barriers have revolutionized the life of many countries and its citizens. An estimate of estimated $580 billion by World Bank will be globally remitted this year. The urgency to send money overseas has procreated the international host of these specialty business who transfer money in appropriate currencies.
So, who need to transfer international money?
- Overseas students– With more than thousands of educational institutes and around 22,000 courses, 500,000 students enrol internationally giving rise to international money transfers.
- Overseas workers– At any given point of time there are around hundred thousand temporary skilled and visa holders working all across the globe. As indicated in reports, the largest number of applicants are from UK, Ireland, USA, China and India who need to transfer money to meet their ongoing expenses.
- Returning expats– Moving abroad temporarily or permanently for study or work is a popular trend and returning from there means leaving behind some saving and investment that necessitates regular transfers overseas.
- Businesses- The number of transactions finds an increasing number with business going global.
- For those families traveling abroad- Risk of insufficient money in hand can be taken care with quick international money transfers and you will never go out of funds on your short overseas trips.
What exactly do you need?
Today electronic money transfer is the most common method to pay contracts, expenses or commissions to the global payees. In order to receive the money, one need to have a bank account, wait for few hours for the transfer completion, a small cross border fee ranging between 10$- 40$ especially to developing countries like Russia, India, China or Brazil, where it takes slightly longer. The fee is substantially higher and the payee needs to manage a bank account affiliated to US banks.
However, international money transfer solutions offer convenient, less expensive and fast alternative through electronic mediums. An online payment procedure through prepaid cards with minimal load fee is the latest solution today. The safe, cost-saving turn-key payment solution is the best alternative for masses and web-based businesses and these online services come with customised offers.