Being able to transfer money between accounts without having to go to a bank is a useful service. Whether you are transferring your money between a checking or a savings account or you are sending money to pay a bill, money remittance is a way to make an instant payment rather than having to write a check and waiting for it to clear. Money remittance is not the same as paying a bill with a credit card or simply getting a cash advance.
This process of a money transfer takes existing cash and sends it to an individual or company for immediate withdrawal as cash. There are many benefits that come with money transfers.
Growing Popularity of Money Transfers
There has been a sharp increase in the number of individuals and entities that rely on money transfers for a safe and stress-free way to secure their financial transactions with companies or people overseas. The massive increase in the amount of money being transferred internationally can be attributed to the rise in international trade, with more countries hosting businesses or financial institutions that want to get involved in a global economy.
Another factor impacting the need for safe funds transfer is the increased economic migration. People from all walks of life have set out to find new countries of residence, all while still remaining loyal and supportive of friends and family back home. There has been considerable migration out of South America, and being able to safely send money to Colombia through a company like Sharemoney takes a lot of stress off families who are trying to share the benefits of their new life with those who are in need back home.
However, it is not only family and friends that benefit from the online exchange of money. Companies all off sizes have a more secure way of paying their employees or invoices with electronic options.
With so many people working abroad and numbers that are continuing to climb, there is an increase in the need for ways to send money between ex-pats and those they know. It is estimated that almost 601 billion U.S. dollars were sent between individuals around the world in 2016.
This doesn’t include the trillions of dollars that business paid to exporters, importers, and employees around the globe.
Not only does money remittance alleviate the stress of figuring out how to get money to another person safely, but it also alleviates the stress of financial security.
For many countries, remittances are a significant part of the national GDP. This places a huge demand on the need for successful and stable transfers in order to avoid upsetting political and economic conditions all over the world. The value that occurs with the currency exchange rate, especially in underdeveloped economies, is much-needed cash flow.
Being able to send money quickly is one of the primary benefits that come with money transfers. It can reduce a lot of stress knowing that a payment can be made on time or that someone in need can get their funds right away.
Most money transfers can be started, process, and completed within a day or two. This can help avoid penalties or late fees if there was a time-sensitive deadline attached to your payment.
With so many places online offering money transfers, you don’t have to wait until a bank is open. You may not even need to take off work to find a company that can take care of your money remittance for you. This alone saves time, energy, and stress.
The safety of sending a money transfer is always preferred over sending paper checks or credit card information that can be snatched by thieves. Financial concerns cause a lot of stress for both individuals and companies who send or receive a lot of money, but using electronic transfers can help alleviate the stress and still get the job done.