What steps can be taken by the Governments, worldwide to appreciate Online Money Transfer Service?Blogger User October 28, 2019 0 COMMENTS
The facility of IMT and online money transfers are benefitting the states with a great deal. Working migrants are sending money to their home countries on a daily basis and it is ultimately added to the GPD of the recipient state. There is no doubt in the fact that online money transfer is one of the most widely appreciated services that is being used by individuals residing in different countries, but there are some actions that can be taken by the Governments to make this process more feasible.
Providing lower exchange rates: The exchange rates of different currencies are settled in the stock market of the world. When there is a huge difference of value in two currencies, then it leads to payment gaps and ultimately higher exchange rates. The Government can facilitate the people by keeping a fixed and lowest possible exchange rate for the people who have to send money once every few months. It will relax the senders and they will easily send bigger or smaller amounts of money according to their needs.
Licensing all money transfer companies: Although this process is already being followed despite this many illegal and unlicensed companies are working in different states, causing frauds and money scams with the senders. Due to this scenario, the trust of people is being shaken and they think twice prior to sending larger amounts. To resolve this issue, the government must license trusted companies and keep regulatory bodies who can check the performance of all such companies.
But, till this process is not completely implemented the people may help themselves by closely analyzing the provider that they’re going to hire. For instance, if you have to send money to Nepal, look for the top-10 companies such as MoneyGram and Ace Money Transfers. Monitor their customer reviews and after whole satisfaction, send money to Nepal online by using the platform of your choice.
Enabling Environments: Governments can help in creating a productive environment for international money transfer companies so that they can flourish and gain a healthy public or private-sector competition. All IMT platforms can be broadened by business and trade along with imports and exports. Governments can make enabling policies in their states, which can make people, to be more socially engaged with transferring money to their origin countries without extra efforts. Such as tax breaks, financial remittances, financial literacy, and saving products.
Transparency in the Market: There are more than 3000 IMT companies working around the globe till now. Due to lower exchange rates and reduced fees, people are using companies such as Ace Money Transfers away more than banks. It is creating a condition of flux in every state. But, many of the IMT companies are facing social challenges due to restrictive immigration policies. Governments can help trusted companies by creating flexibility in such policies and smoothing all money transfers.
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