06 Sep 2023
According to the IOM UN Migration report, the world in 2020 hosted about 281 million migrant workers who belong to different, mostly developing, countries. These migrants travel to developed countries, offering them jobs with better financial prospects they cannot find in their native countries to earn a living. They send money online to their families back home to offer financial support using different methods.
In the olden days, the need to migrate to other regions was as acute as it is today, but its form has worn advancement.
In other words, the need to immigrate remains constant and unchanged under a different appearance. And with it, the need to offer financial support also remains constant.
The ways of offering financial support have, however, transformed drastically over the past century or so and also has the financial behaviour of the people due to advancements in technology.
Where transferring funds in the past was limited to a handful of options, not allowing enough space for you to choose the best option, the limited options came with grave risks, overcoming which was a challenge for the people of that era.
But as they say, necessity is the mother of invention; the need for secure and smart ways to transfer funds propelled huge changes in the ways of online money transfers.
Fast forward to the present, and whether you like it or not, feel comfortable or not, the best option you have for transferring funds from one place to another is the digital way of doing so.
Digital ways of transferring funds are available nowadays, offering immense advantages, which this blog aims to discuss.
But first, let’s take a look at a few reasons why people choose to become expatriates.
In the past, people would largely travel to other countries after retirement or in case their employers transferred them.
But now it is the start of life itself to better which people go abroad to earn a living and extend financial support through a global money transfer back home regularly.
You can have several reasons to go abroad, but the following few will resonate well with you.
Several developed countries offer a high living standard with relatively low income. It is something you cannot afford in almost all developing countries.
Poverty resulting largely from unemployment is a challenge most developing countries largely share. Putting food on the table is a grave challenge for a majority of people, in addition to finding sustainable means of earning. Sporadic working spells aplenty, largely labour; however, it cannot ensure a financially decent living.
So, people travel abroad to find work opportunities offering sustainability and, thus, financial strength.
In developed countries, work opportunities are several. Since these countries have robust economies, job markets are always replete with multiple openings and career opportunities.
The education quality of developed countries is high and helps you get a job easily anywhere you want. It is rather more of a rule that degree holders from abroad end up finding jobs with immense potential to grow professionally.
Find Here the countries that pay the most to expatriate workers.
Now, let’s discuss the advantages of online money transfers.
The following are the top advantages of digital money transfers.
Digital payments save a lot of time and deliver funds efficiently and swiftly. You no longer have to wait in queues to write cheques, for example, or collect cash at a counter. It is a quick and efficient method to transfer funds.
Digital payments offer ease. If you wish to transfer funds digitally, you do not have to carry a larger amount of cash to pay for something. Your cards can help you make payments anywhere, any time.
The restriction of borders is no longer relevant when it comes to making payments digitally. All you need is for your service provider to be available in the region or country you wish to send money.
Service charges are pretty low in digital money transfer methods. Some service providers charge the least amount as fees, and some charge fees as a small percentage of the amount being sent.
Be it the mobile app or the official website of your service provider, setting it up and starting to use it is easy and a matter of a few clicks only.
In digital money transfers, you have several options to choose from. You have the option to send money through a bank account, cards, digital wallets, etc.
You can easily manage your financial data in online money transfers because you have easy access to your data, and your digital money transfer platforms keep track of every financial activity you perform through them.
Unless you exhibit carelessness, the chances of fraud are almost non-existent due to the tight security of digital money transfer platforms.
These platforms do not allow scammers to breach their security.
You will find live and competitive currency exchange rates with several online money transfer companies. ACE Money Transfer, for example, allows you, on its app and website, to get regular updates about the fluctuating exchange rates, enabling you to choose a time when rates are most favourable.
Your online money transfer will get you all the benefits listed above and much more from just one window without having to compromise one advantage to get another, should you choose ACE Money Transfer for doing so.
FAQs
What are the benefits of online money transfers for expat workers?
Online money transfers offer numerous advantages for expat workers, including convenience, speed, cost-effectiveness, and the ability to track transactions in real time. They eliminate the need to visit physical bank branches, provide competitive exchange rates, and often allow for transfers to be completed within minutes.
Are online money transfers secure for expat workers?
Yes, reputable online money transfer services use advanced encryption protocols and security measures to protect users' personal and financial information. However, it's always recommended that expats choose well-known providers and ensure they are using a secure internet connection when making transactions.
How do online money transfer fees compare to traditional bank transfer fees?
In many cases, online money transfer platforms offer lower fees than traditional banks, especially for international transactions. Moreover, these platforms often provide more transparent fee structures with no hidden charges, and they can afford to give competitive exchange rates because of lower operational costs.
Can expat workers transfer money to any country using online platforms?
While many online money transfer platforms support transactions to a vast number of countries, there can be restrictions based on local regulations or the service's network. It's always a good idea to check with the specific platform regarding the list of supported countries.
What should expat workers look for when choosing an online money transfer service?
Expat workers should consider factors like security, user reviews, fees, exchange rates, transfer speed, customer service, and the supported countries list. It's also beneficial to see if the platform offers a mobile app for on-the-go transfers and tracking.
