What is the widespread effect of online money transfers on expats?

Do you know how important is expatriates to send money to Nepal from abroad? People in search of a better life have moved across borders, leaving their families behind as they strive to work towards prosperity. These expats have given rise to a need for cross-border banking and money transfer channels. A whole new industry of international money transfers has sprouted in this wake. So, now, if an expat wants to send money home or invest in his native country, he has multiple options to move his money.

This diversity of options to transfer money online has given expats the opportunity to choose the best way possible. A number of online comparison tools have also developed over time to guide the ex-pats in choosing the best deal available.

Earlier problems faced by expats

One of the earliest channels for money transfer to Nepal and other countries worldwide was the banking channel, i.e. through the traditional bank-to-bank transfer. It has also evolved over the years to be fast and secure but still, there are some problems that the expats encounter while transferring money from one location to the other. The internationally renowned and popular names among expats that offer cross-border banking services include Standard Chartered, HSBC, Citibank, Barclays, etc. However, there are two main issues with transferring money through banks, i.e.

  • The banking channel has surely improved over the years and some banks even offer expat centric services to facilitate them but the level of transparency when it comes to charges is still not in the customer’s favour. Banking services involve hidden charges that can ruin the satisfaction of the transaction being fast and secure, especially when the same services are offered at a cheaper rate with much more transparency by the online money transfer companies.
  • Additionally, the time it takes for the money to get to the recipient is also not as fast as other service providers are offering. A bank can take 4 to 6 working days to make the transfer complete whereas an online money transfer firm can do the same within hours.

Online money transfer firms

Online money transfer to Nepal through money transfer firms have provided the expats with an option that is fast, reliable and cheaper as compared to the banks. The ease with which money can be transferred using online money transfer apps provided by the respective firms is mind-blowing. The cross-border money transfer has been reduced to just a few clicks of your smartphone. This ease of conducting transactions and exposure to cutting edge technology has changed the perception of millions of people who aspire to move or work abroad.

Consequently, the rising numbers of expats are in proportion to the availability of services like online money transfers. Expats are aware that now they won’t have to go to the bank to first submit the cash and then schedule the transaction to transfer money back home. They can manage their lives in both countries with a wide array of money transfer options available. Moreover, online money transfer firms are continuously growing in number as their way of doing business is getting popular among expats.

Conclusion

There can be a number of reasons for an expat to choose to move away from his/her family and the country where he/she grew up. Irrespective of the reason, they will still stay in touch with their home country through family, emotional bonding or business. This means that there will be moments when they might have to send money back home either in lieu of family support or investment purposes. The type of service available to fulfil this need will have wide-ranging effects on people living across the globe. The availability of good service in the shape of online money transfer firms has not only facilitated the flow of cash between the haves and have nots but has also sponsored livelihoods by giving rise to a whole new industry of money exchanges. The evolution of this technology such as the modern fin-tech firms is a further step towards bringing ease to the lives of millions of people across the globe, that is why expatriates send money to Nepal online without any delays and insecurities.