03 Nov 2023
Do you think you are updated enough on the benefits of the recent financial advancements? Just a few years ago, no one could have believed that modern technology could shape lives in the way it has in recent times. The good news is that it is still revolutionising, especially the way people send money to Pakistan from Italy. From years of slow, complicated, and costly processes, the FinTech boom is signalling a new age for money transfers.
According to the Migration and Remittances Brief by the World Bank, South Asia witnessed the most significant drop in remittance costs globally in 2021, effectively reducing average transfer costs by 2.5% compared to the last year.
Keep reading this blog to know more about the recent advancements and trends in the remittance industry.
Traditionally, people had to go around various bureaucracies to send money overseas. However, the onset of FinTech has revolutionised the process and reshaped the future of remittance. For instance, Italy to Pakistan remittances have gone through massive changes in recent times due to significant Fintech advancements. More people are adopting FinTech solutions for their convenience, speed, and lower costs.
A World Bank report suggests that the average cost of sending money internationally was around 6.67% in 2021. However, digital money transfer platforms have dramatically reduced this cost. For instance, remittance services like ACE Money Transfer offer lower transfer fees as compared to conventional banks.
Blockchain technology is one of the key advancements in FinTech that has gained attention for international money transfers. The blockchain system is decentralised and encrypted. This is the reason why it increases security, reduces exchange costs, and accelerates transfer processes. However, this technology still has a long way to go to make its way into the mainstream remittance industry.
In the past, money transfer from Italy to Pakistan remittances were dominated by banks or transfer agencies like Western Union. However, in today's digital era, online platforms are becoming more popular. These platforms provide ease by offering various transfer options and low fees.
Moreover, platforms like ACE Money Transfer have transparency at their core. They provide a real exchange rate (mid-market rate), unlike banks or other transfer agencies that often hide costs within poor exchange rates.
Apart from online platforms, e-wallets have also been introduced as a convenient way to transfer money electronically. These services offer the possibility of global money transfers with just a few clicks. E-wallets are like virtual bank accounts that allow you to store, send, and receive money online.
They offer the advantage of instant money transfers. Through their usage, you get to avoid the traditional bank processing time. The recipient in Pakistan can simply withdraw the money from their e-wallet account or transfer it to their local bank account.
The spread of smartphones has also given rise to mobile money transfer services. These allow users to send and receive money directly through mobile apps, making the transfer process even more convenient.
In Pakistan, mobile money providers like JazzCash, Easypaisa, and UBL Omni have gained immense popularity, handling a significant portion of international remittances. These mobile wallets are filling the gap for unbanked or underbanked populations in Pakistan, who may not easily have access to traditional banking facilities.
Governments and financial regulatory bodies have a significant role in the digital evolution of money transfers. In Italy, the FinTech Regulatory Sandbox by Italy’s Companies and Exchange Commission (CONSOB) allows companies to test innovative FinTech services in a controlled environment. This encourages growth and ensures that companies maintain high standards for customer protection.
On the other hand, in Pakistan, steps have been taken to facilitate digital remittances. For instance, the Pakistan Remittance Initiative by the State Bank of Pakistan aims to provide a quicker, cheaper, and more reliable money transfer service to the Pakistani diaspora abroad. This enables more digital transactions and a reduction in dependence on informal channels.
ACE Money Transfer has made the process of transferring money from Italy to Pakistan easy and hassle-free. The user-friendly interface ensures that even a first-time user can go through the process smoothly. You just have to register, add recipient details, choose a payment method and send money online to Pakistan from Italy. The ease of use makes ACE Money Transfer an appealing choice for many.
One of the greatest benefits of using ACE Money Transfer is its low transfer fees. Traditional methods like banks usually have high transaction fees. Whereas, ACE Money Transfer offers low or sometimes zero charges on transactions, which is a relief for users who send money frequently or in large amounts. ACE also offers the best exchange rates for your money transfer to Pakistan from Italy.
With ACE Money Transfer, recipients in Pakistan don’t have to wait for several days to receive the sent money. The firm assures speedy transfers, and in some cases, the transaction is completed within minutes. In urgent situations, this quick transfer is significantly beneficial for the users.
When you use ACE Money Transfer, your financial data and personal information remain secure. The firm uses advanced technology to protect your data from hackers and thieves. So you can make your transactions without worrying about personal security.
ACE Money Transfer has a wide network of payout locations throughout Pakistan. This includes partnered banks and cash pickup locations spread across rural and urban areas of Pakistan. This saves the recipient’s time as they do not have to travel long distances to receive money.
The ACE Money Transfer app means sending money is at your fingertips. The ACE app is available on both Android and iOS. Hence, it offers a flexible and convenient method to send remittances from Italy to Pakistan at any time and from anywhere.
ACE Money Transfer’s customer support service is top-notch. In case you encounter any issues, have any queries or need support with transactions, their responsive customer support comes to your help instantaneously.
FinTech is enabling a significant shift in how money is being transferred from abroad. It's simplifying the process and making it more secure, cost-effective, and accessible to many. As internet accessibility and the adoption of digital tools continue to grow, the future for digital remittances from Italy to Pakistan looks promising.
Sign up on ACE Money Transfer today to enjoy your first online money transfer from Italy to Pakistan.
Yes, FinTech platforms use advanced security measures to ensure safe transactions.
ACE Money Transfer typically completes transactions within a few minutes.
No, ACE Money Transfer is transparent about its low or zero transfer fees. Plus, there are no additional or hidden charges that you will have to pay after initiating the transfer.
Yes, digital money transfer platforms often have lower fees compared to traditional methods.
If you send money with ACE Money Transfer, your recipient does not need to have a bank account. ACE offers cash pickup services for underbanked areas.