07 Feb 2024
Owing to its robust economy with a nominal GDP of $3.07 trillion, a GDP per capita income of $45,850.4, and an expansive job market, the UK creates immense appeal to the people of Zambia who come here to work and earn a living. The Zambian migrants, working and earning in England, send money online to Zambia from UK to offer financial support back home through different channels.
Dazzling technology has made it easier for global migrants, including Zambians, to transfer funds across borders. Now, you can enjoy an amazing online money transfer experience from the UK to Zambia, thanks to the integration of technology in the process.
But online money transfers took several turns to reach where they stand today.
This blog will walk you through the long journey of online money transfers and all you must know about the benefits you get through the technology used in the process.
Digital money transfers are a process of transferring funds from one place to another or from one account to another through a digital medium. Given that this exchange is executed through digital mediums, the hard cash is not involved in it.
This is why digital payments are also referred to as e-payments or electronic payments.
Since the evolution of online money transfers in the mid-19th century, the technological expansion in the realm of digital payments has been ongoing. This continuous process has birthed the following few online money transfer platforms.
Several remittance transfer service providers, as well as other financial institutions, have launched mobile payment apps that enable you to transfer funds using smartphones, tablets, and other gadgets. Reports have revealed that the quantum of money transacted through mobile payment apps will reach a staggering $1.152 trillion by the end of 2023.
One of the leading online money transfer service providers, ACE Money Transfer’s mobile app makes it easy for you to send money to Zambia online from UK with fewer clicks!
Mobile wallets are another online money transfer platform. These wallets can store your card information directly on your mobile phone and allow you to make financial transactions. A mobile wallet can manage your reward cards, credit cards, IDs, and even memberships.
People around the world adopted contactless payment methods due to the advent of Covid-19, which led to social distancing. The contactless payment method is a touch-free digital payment method that uses radio-frequency identification or Near Field Communication (NFC) technology.
Let’s now look at some of the phases through which online money transfers evolved.
As mentioned in the beginning, the kind of ease and comfort you experience in your digital money transfers to Zambia from the UK today was unfounded in the days of yore. This convenience, however, has traveled through the following phases.
Dating back to the 8th century, money transfers first emerged as Hawala in South Asia. From there, the emergence of the Western Union in 1851 made a huge impact. It launched telegraph services strictly for messaging initially but used telegraph services for money transfers in 1871.
Jumping from there to 1918, the Federal Reserve Bank followed their example and began to move currency through telegraphs.
The initial phase was followed by the formation of the Society for Worldwide Interbank Financial Telecommunications (SWIFT) in 1973. It largely changed the financial landscape, making it easy for banks to transfer funds digitally and operate outside of traditional banking services.
However, sending funds through banks entailed several challenges, including high fees, a long time to transfer funds, immense paperwork, and commuting hazards incurring costs.
So, for example, if you were to initiate a money transfer from UK to Zambia to offer financial support back home through banks in the yesteryears, you would grapple with all of these issues explained above.
Surprisingly, banks still face the same challenges in their online money transfer operations to a larger or smaller extent.
Take a look here at the biggest challenges, and risks banks still face in their financial operations and their solutions.
This led to the final phase of evolution.
The challenges you face with the banks brought digital money transfers to where they are today. At the turn of the 20th century, the advent of several online money transfer companies, including ACE Money Transfer, changed the remittance transfer landscape altogether and forever.
Let’s look at some of the advantages of the integration of the technology by ACE Money Transfer in its remittance transfer operations.
Any institution that remains static and does not evolve with the changing times is bound to disappear and lose ground. Taking stock of this, ACE Money Transfer ensures that its operations, which are anchored in the latest technology, keep evolving.
It is one of the reasons why the firm is only growing and expanding worldwide. As a result of embracing this dazzling technology, the firm offers seamless online money transfers from the UK to Zambia.
You can transfer funds via ACE Money Transfer in an instant with maximum safety and speed. The firm takes less than a few hours to deliver funds in addition to the multi-layered security that only adds to the safety and efficiency of the transactions.
It is through embracing technology that the firm has linked its exchange rates to the ever-fluctuating international market to offer you the most competitive rates. It allows you to either initiate a transfer right away or wait until rates move in your favor.
The firm also offers you several payment methods to choose from. For example, if you wish to transfer funds to Zambia using your credit card, you can use your bank account you still can. You can even request the firm to add a payment method that corresponds to your financial needs.
You pay a low fee to the firm while transferring funds from the UK to Zambia. The fee, however, fluctuates with the amount being transferred, which is only a fraction of the amount. But there is a catch!
You will pay a small fee only if the amount reaches a certain threshold, below which your transfers will likely remain fee-free!
ACE Money Transfer’s online remittance transfer services remain open, available, and accessible 24/7 in over 100 countries worldwide. Its mobile app and official website make it easy for you to initiate, track, and complete a transaction right from the middle of your comfort zone.
When you send money to Zambia from UK, the underlying purpose is to offer financial support to your family back home. Right?
In this context, you tend to save money each step of the way, for which the selection of your service provider is of extreme importance. So, if you choose ACE Money Transfer, you will save enough by enjoying all the features listed above and much more from just one stop.
As a Zambian, you prefer traveling to the UK for employment and education opportunities, which are largely missing in Zambia due to the country’s flailing economy, which cannot provide for the entire population of the country.
A digital money transfer is the transfer of funds using the latest technology. You use the internet and a gadget like a smartphone, PC, or tablet to send funds from one place to another. Since the process takes place digitally, it does not involve hard cash.
You can find many platforms that offer you digital money transfer services nowadays. But some of the most popular and most used platforms include mobile payment apps, mobile wallets, and contactless payment platforms.
You can broadly divide the evolution of the process into the following three phases. The first saw the launch of telegraphic payments; the second saw the launch of SWIFT; and the third saw the advent of online money transfer companies that changed the remittance transfer landscape altogether.
As a result of embracing dazzling technology in its services, ACE Money Transfer offers swift, efficient, and secure money transfers by offering live and market-competitive currency exchange rates, charging a low fee, offering several payment options to choose from, and much more from just one window.