Do you want to know about the need for remittances, what hurdles people faced in the olden days to move funds, and how those hurdles have been overcome in the modern era?
The world has always been divided between the rich and the poor. Now, rich countries like the UK have always been preferred destinations for third-world nations like Pakistan. Substantial economies of developed countries create immense appeal for poor economies and pull them in.
In this context, the people of one country travel to other countries to find work due to the better opportunities available there. This is pretty much the case with the Pakistani expatriates working in the UK. After starting to earn, they look for the best ways to send money to Pakistan and almost all the time they end up availing of ACE Money Transfer’s services given the best service quality it offers.
Let’s now see a few needs that prompt cross-border money transfers.
Leaving one’s home is not easy for any reason. But imagine the depths of poverty that force people to try and find work in faraway lands. Therefore, people go to other countries and find better employment opportunities and earn money. These expatriates then send money back to their home countries, and this practice is essentially known as cross-border money transfer.
The developed countries offer the best education facilities globally, and the students from less developed countries go there for higher studies. International students are given a chance to earn money besides education. The students support their studies with this money or try to contribute financially within the family, depending on how much they make.
Another need for cross-border movement of money is saved. An expatriate will send back funds for saving money which is a tough task in their countries of origin; otherwise, why would they go abroad in the first place.
Better living standards:-
Another need for remittances transfer arises when expatriates send back money for uplifting their living standards, which is hard with a limited income. In doing so, these expatriates ensure a financially secure future for themselves and their families.
Others may wish to set up and develop a business in their native country, which can be expensive. So they would need money to fund the startup and maintain it until it becomes profitable, for this reason, they normally use current accounts or savings accounts with loans to send back the money for investment purposes.
The expatriates have enough reasons to send back money to their families and friends. The expatriates know that this is a great help for their family, especially in growing their living standards and living conditions. It also helps the native country’s economy by further developing it and using most of its resources locally.
Now, let’s talk about the hurdles in the earlier days of online money transfer to Pakistan or some other developing countries.
In the past, people would earn money in distant lands and wait for their vacations to travel back to their home countries to contribute to the family’s financial pool. This posed hazards because there appeared no use in going to other countries since people could not send back money as quickly as they wished.
Risk to life and money:-
In the past, there were high chances of robbery as travelling with large amounts of money was not easy. History is replete with instances where people fell victim to robberies and thefts and even lost their lives.
Even if by chance one could route their money back to their homes through someone else, it would consume a terrifying amount of time as distances then were not as short as now between regions.
Gradually, technology began to evolve, and in the mid 18th century, the concept of wire transfers emerged through banks in their raw form.
But, even the wire transfers took a lot of time to complete and involved many worries. And surprisingly, the fundamental ways a wire transfer works remain almost the same as in the past.
Now, let’s see how the global remittance market overcomes these hurdles in the current era.
The most significant concern the modern-day remittance industry addressed is the safety of money and the person carrying it. Now you can send money to any part of the world through a wire transfer via cheques or even more conveniently through some of the world’s best online money transfer companies, such as ACE Money Transfer.
In modern times, technology has enabled you to send your money to any part of the world instantaneously without any troubles. All you have to do is initiate a transaction on a user-friendly smartphone app of some of the world’s top remittance transfer providers.
Which part of the world do you want to send funds from and to matters not. Technology has shrunk the distances to the point where your location no longer is a concern. You can instantly connect with and send money online to your loved ones any time at any place as long as you have a stable internet connection.
How about initiating a transaction from the middle of your cosy bedroom in the harsh and biting cold weather outside? Or from an air-conditioned room, you sought refuge in from the sweltering hot outside. Fascinating isn’t it! Modern technology has made it this easy. You now have the convenience of initiating a transaction from the middle of your comfort zone within just a few taps on your smartphone or a few computer clicks.
Keeping all of these points in mind, it is vital to look for the best company in the world to remit your money to other parts of the world. And which one is better than the one offering the essential points explained above?
There are just a handful of online money transfer companies, including ACE Money Transfer, that facilitates your money transfers in a manner that, at the end of the transaction, is more fun than an activity that comes heavily on your nerves.
You have learned all about how the remittance industry evolved and what forms it wore during the process. And what were the dangers people faced in the past while transferring money? Although many of those hazards and risks have been overcome with technology, choosing the wrong company will invite trouble. Therefore, choose wisely.
If you are looking for a company to remit money safely, quickly and conveniently, the best place is ACE Money Transfer. Our team of experts can help you with all your foreign currency conversion needs or current account management requirements at any time of day. You can connect one-on-one with an agent over live chat on our website 24/7. We hope this article has been helpful in explaining some of the hurdles faced when transferring money internationally as well as how they have changed over time due to technological advancements. If there’s anything else we can do for you, please let us know!