25 Apr 2024
According to a report by the Official Portal of the Government of Nepal, about 8,000 Nepalese are working in Australia for work. They use different means to send money to Nepal from Australia to cater to their family’s financial needs.
One of the areas receiving the deep impact of dazzling technology nowadays is the financial world. Rapid technological advancements have impacted how you transfer funds and your overall financial behavior. Gone are the days when you would take time to plan your online money transfers. Digital money transfers have become quicker, more spontaneous, and more convenient.
No one benefited from this as much as the migrants in the world, including the Nepali migrants living and working in Australia. This blog sheds light on the advantages Nepalese get from sending remittances back home through digital means.
Have you ever thought about how technological advancements benefit you in any way?
Well, think of it this way.
What if you do not accept and embrace dazzling technology as a whole or parts of it that concern you directly? It can be said with a degree of certitude that you cannot, or can you?
Therefore, the key to benefit from technological advancement is embracing it. So, when it comes to online money transfers to Nepal from Australia, you can easily get the following critical benefits in every money transfer from Australia to Nepal by embracing technology.
Let’s go back a couple of decades.
Imagine you are living in Australia in the late 90’s and have to transfer funds back home to Nepal. The only option you had at that time was the banks, and that too if you trusted those financial institutions.
Can you imagine how long it would take for your funds to be delivered in Nepal?
Well, at least 3 to 5 business days!
Contrast this with today, when you can deliver your funds in less than a few hours.
Therefore, one of the biggest benefits of sending money through digital means is that they save a lot of your time. If seen from another perspective, you can utilize the time thus saved in other aspects of your life that fail to grab much of your attention for want of time.
You can transfer funds more efficiently nowadays because most providers offer online money transfer services through smartphone apps. Almost everyone has a smartphone or is close to those who have one. So, sending funds through your mobile phones using online money transfer apps has become extremely efficient.
Gone are the days of carrying hard cash and processing funds through cheques by standing in long queues inside a bank. Now, you can transfer funds online digitally without carrying cash with you.
So much so that the need to carry debit and credit cards is diminishing quickly as you can make payments through your phone. You must save your credentials, like your account number and card numbers, on your phone and process payments.
Another benefit of digital modes of payment is that you can make payments anywhere, anytime. Now, the restrictions of time are a thing of the past. Most online money transfer service providers offer their services 24/7, even during holidays, enabling you to send money online to Nepal from Australia when needed.
Technology has set you free from waiting for certain financial institutions to open after holidays or begin to offer services at a fixed time before or after which they are inaccessible. One of the best examples is the banks in this regard.
From a broader perspective, most digital means of transferring funds are fully secured and reliable. Several service providers have wrapped multiple security layers around their transactions, making them extremely secure.
Furthermore, the speed of the transactions only adds to the safety and security.
But this is not to say there is no chance of fraud in online money transfers.
There are chances of scams and fraud, so you must know how to stay protected when sending money online. For this you can read more on: How to Stay Safe When Sending Money Online?
You benefit yourself while transferring funds digitally, and it can also help lower your carbon footprint. Climate change is hanging over the proverbial head of the world like the sword of Damocles. Using paper by conventional means is immense, and cutting trees is essential to propel climate change. However, digital means of transferring funds do not involve papers. Consider the following:
In the conventional means to transfer funds online, you must commute to your service provider if they are not present online. It will incur costs and land you in physical fatigue of different types such as traveling, traffic hazards, standing in long queues, etc.
Digital money transfers, on the other hand, save money and commuting fatigue and the associated expenses.
Some digital money transfer service providers offer live currency exchange rates that keep fluctuating. This allows you to initiate a transaction when the rates move in your favor or wait until the rates spike.
Since digital money transfer platforms are based on electronic transfers and are less expensive, the service provider will charge you a low fee. Some service providers will charge a fee as a small percentage of the amount being transferred.
You will find limited payment options in conventional ways to transfer funds. But the digital means offer you several payment options to choose from. This allows you to select a payment mode that corresponds seamlessly to your needs.
Keep an eye on a service provider whose services are rooted in dazzling technology when you make an online money transfer from Australia to Nepal. And what better service provider to look up to than ACE Money Transfer for swift and safe delivery of funds in over 100 countries worldwide and 24/7 service access and availability?
The firm also offers you live and market-competitive currency exchange rates, multiple modes of payment to choose from and many more exciting features in exchange for a low fee, which is applicable only if your amount reaches a certain threshold below which you are highly likely to enjoy several fee-free online money transfers from just one stop.
You can only benefit from dazzling technology when you accept and embrace it. Technological advancement is an ongoing process that constantly evolves. Therefore, if you are reluctant to take the technological shifts and do not embrace them, you will never be able to benefit from dazzling technology.
Traditionally, there are two main ways to transfer funds online from one place to another. One is through the banks, and the other is through online remittance transfer service providers. More and more people are shifting to online money transfer companies from the banks because of several service features these companies offer.
The conventional ways to transfer funds are becoming less attractive over time because some financial institutions offering conventional services cannot keep up with the Joneses. This renders them less useful than others that stay updated with the changing times.
Some of the main challenges in the conventional ways of transferring funds online include the long delivery time, which can stretch up to several days. This includes high service charges, uncompetitive and static currency exchange rates, and fees applied during currency conversions.
Some prime benefits of sending money online digitally include swift delivery of funds, safety, saving time, low service charges, less carbon footprint, and multi-layered security. It offers no time restrictions, market-competitive currency exchange rates, wider service access and availability, saving money, physical fatigue, etc.
Resources
· Nepalese in Australia
