15 Sep 2022
Do you know what has led to about 230 million expatriates accounting for $768 billion in remittances? Most people from low-to-middle income countries move overseas to find better employment and earn better than they do in their native country. Their primary goal remains to support their families' financial needs by making a fast and secure global money transfer. Now, here comes the question of whether expats should opt for digital remittance solutions or stick with conventional methods.
Technological advancement has digitised almost every aspect of human life and impacted people's financial behaviour. Where transferring remittances across borders was an activity with a limited scope until a couple of decades ago, it has now transformed into an action that holistically covers your finances. Keep reading to find out why online money transfer has become the need of the day for every expatriate.
Let’s first look at the reasons expatriates hailing from developing countries go abroad. A few prime ones are discussed briefly below.
Typically, you can find many reasons for going abroad, including spending vacations, getting access to better healthcare services and tourism, etc. But these reasons do not squarely befit all expatriates being mostly uncommon. The common reasons for going abroad that the expatriates primarily share are as follows.
As mentioned earlier, online money transfer nowadays is more of your financial management than mere transferring of remittances.
Expatriates mainly have two main options to transfer funds across borders, including banks and online money transfer companies. But the latter option's features are far modernised and better than the former.
A brief services comparison is appropriate here.
A wire transfer sends funds from one bank account into another. Wire network such as Society for Worldwide Interbank Financial Telecommunication (SWIFT) is used to send money in this method.
These are also known as Electronic Funds Transfers (EFT). In this method, you can send money to the beneficiary using a computer or smartphone and an internet connection.
Following are the top benefits of online money transfers that make them the best option for expatriates.
These are some primary advantages you get from online money transfers. Choosing the best company offering these services will depend upon how thoroughly you study different companies and how deep your comparison between the services of different service providers is.
In addition to service comparisons, a brief talk and engagement with the customer care service of the concerned company and a glance at the reviews of customers on the official platforms can also help you decide on the best company.
At ACE Money Transfer, you get all the features detailed above from one window in a holistic manner that complements your international money transfer needs and requirements from all sides seamlessly. Choose ACE with confidence to send money online to your family back home from the middle of your comfort zone through its online portal or mobile app.