South Asian countries, including Pakistan, Nepal, India, Bangladesh and Sudan, contribute notably to global international remittances. In 2018, The US was reported to be the top-remittance sender, while India was the second top remittance receiver in the world. After the advent of online money transfer service, the number of remittances has increased continuously. However, the overseas transfer is critically dependent on the provider. Choose a professional money transfer company, if you want to send money to Pakistan or other countries. A wrong choice can cost you not only money, but you will also waste a lot of time.
For avoiding all this hassle, you must choose your provider smartly. Here are some factors that will help you in building a criterion, according to your needs and requirements.
Money Exchange Rates:
It is one of the most prominent concerns behind any money transfer. If you want to send money to Pakistan online, from the UK, then you will prefer higher exchange rates, so that the beneficiary can get the maximum amount from the remittance. Take quotes from a multitude of companies and choose which benefits you the most. Also, make sure to check the rates provided on official world stock market’s platform before making your transfer.
Other than exchange rates, people have to pay additional costs while making a transfer. In Nepal, there are many taxation policies, which leads the charges to increase slightly. If you want to send money online, then make sure to check the costs beforehand. Some companies have flat rates while some may cost according to the amount that you are sending. If you have to send a small amount, then don’t opt for flat rates. However, if you have to make a business transfer, then it’s recommended choosing a provider with flat rates.
If your provider has a vast coverage network, it will be beneficial for both the sender and the receiver. Credible companies such as Ace Money Transfer have more than 256,000 payout locations and 1400 banks, around the globe. It helps people in withdrawing cash easily.
Transfer Limits vary from state to state and company to company. In Pakistan, you can easily send 1 million in a day. In Nepal, you can send 5000NBR without any taxation. If you have to make a large transfer, then it is must submit essential documents and proofs beforehand. Thereby, checking the transfer limits help you in avoiding extra efforts for your money transfer to Pakistan.
Channels of Transfer:
It is always preferable to choose a provider which has multiple transfer options for its users. Efficient companies allow their customers to send money online, physically deposit the cash, do a wire transfer, do ACH transfers, and some of them also have money transfer apps. It gives an ease of choice to both the remittance sender and receiver.
Always check if the chosen provider has urgent transfer services or not? And how much time is required to make a regular transfer? It will help you in avoiding any long-due wait.
How has Globalisation affected the need for International Money Transfers?
The world has become a global village, and we can say its impact on a multitude of things around us. Even if we consider the basics of life, we will still notice the effect of globalization on that. Industries such as International Money Transfers are directly linked to these evolutions and here is a list of points that will explain how.
Do You Have Ease of Migration?
People can now migrate easily from one country to another. The citizens of underdeveloped or developing countries such as Pakistan have migrated for work purposes, to other countries having strong currencies. But that’s not the whole discussion. After migrating, they must have a safe medium to send money. Here comes the need for online money transfer.
In 2018, a total of 689$ billion were transferred internationally, out of which 587$ billion were sent to under-developed and developing countries. The USA is the largest remittance sender. However, India is the largest remittance receiver, as per the research of 2018.
Are There No hurdles in International Investments?
Globalisation has made it very easy for people to invest their resources in different countries. People are investing heavily in international businesses and buying profitable stocks in other countries. But, no one can carry whole cash physically from one state to another. Not only it’s impossible to travel by yourself to pay every single instalment, as there are cash-carrying limits in air travel too. So prefer to send money online to get the best out of your earnings.
For Instance, if a person has a family in Pakistan, he/she may be thinking of helping them. He/she will need to transfer money to Pakistan online, for smooth and easy transfers. Different modern companies such as Ace Money Transfer allow their customers to transfer payments by using multiple options along with the cheapest rates.
Global companies and international brands are focusing more and more on their costs. Countries such as China, have cheaper and efficient labour which is heavily outsourced by a lot of organisations. Once again, in this case, all payments are sent by using money transfer services. One or two meetings can be done physically; however, the rest of the work is handled online. This has also increased the need for international money transfers, around the globe.
Money Transfer to International Universities and Colleges
Majority of underdeveloped countries lack a quality education, that is resulting in greater student migration. The trend of globalization has made this process very easy for everyone. Students can easily visit prospectus, course details and other information while sitting at their homes, in a different company. The multi-cultural environment is flourished in international study platforms. Due to this, the transfer of college fee and student expenses is also done by using international money transfers.
Final thoughts on International Money Transfers
International Money Transfers play an undoubtful role in making this world a global village. The ease of globalization could never be achieved without the possibility of overseas money transfers.