Role of International Money Transfer Companies in Foreign Remittances

What is Foreign Remittance?

Generally, all types of amounts that are sent to any other state as a gift or package is called remittance. According to the statistics of the world bank, almost 689$ billion are sent internationally in 2018, making a record figure. This is three times greater than international funding. Moreover, almost 584$ billion were sent to underdeveloped or developing countries, which highlights the fact that many migrants have to send money online, to take care of their families and loved ones, living in different countries.

Problems faced before the advent of online money transfer

Before the advent of money transfer service, it was very difficult for people to transfer payments from state to state. At the start, people used to travel and carry cash physically. But many people were accused of theft and other mishaps. Other than this, due to security purposes of the aviation industry, carrying large amounts by air was also stopped because many people were using this service for criminal acts such as money laundering.

After that, people started sending international payments through banks. But banks usually charged higher exchange rates and service charges. For corporate transfers, online money transfer systems were not compensating enough to transfer large amounts. In case of any emergency, people had to wait for several days, just to receive money overseas.

Role of IMT providers:

When the need for money transfer increased, different people stepped into this game and made their own money transfer companies. Many people set money transfer agents in different states.  This helped people in sending payments internationally, at optimized exchange rates. Moreover, different companies are also providing zero service charges to their customers.

Corporate accounts were allowed to make large transactions in a day or month. The migrants who had to send money every month were given relaxations in policies so that they can save their most of the money. These companies then added online transaction platforms, e-wallets and mobile apps which helped individuals in sending money through the home without going any extra mile! Just a few clicks and your payment will be sent!

Send Money to Senegal Now:

More than a thousand companies are working worldwide currently and this number is increasing day by day. But, most of the online frauds are also done in the disguise of payment transfer. Many people avoid using such services because of the uncertainty of service. But, many efficient and trusted companies such as Ace Money Transfers can help you to send money to Senegal online, with optimized exchange rates and lowest service charges. You can also send payments within seconds by using immediate facilities. This may cost a little bit more but your urgent need can be fulfilled at the moment.

For more precision, try to choose a provider from top recommendations in any state and never forget to check the customer reviews about that particular platform. Happy Remittancing!