Money

Remittance Industry Reaching Exaltation Due to Online Money Transfer Service

May 25, 2020

A recent report declares that about half a million Senegalese migrants who live abroad send $2,212,627,000 remittance to Senegal every year on an average. Payment to Senegal recorded in 1974 was $8516661, and from that time till 2020, it is only increasing.

Have you noticed why this is the reason?

Why the remittance record in 1974 was minimum, and it keeps on increasing? What caused this change?

Let’s Understand the Reason?

Going back to 1974, it was the time when the overseas migrants earned hard in a country as a third world citizen for their family back home, and when the time came to send money to Senegal, they had to find a reliable source of money transfer. The challenge was, how to find the right money transfer service. The technique they found for money transfer to Senegal caused them to suffer most of the time. 

A number of overseas Senegalese quit living abroad due to the hurdles they faced. These hurdles were:

  • Whenever it’s time to send money, the migrant used to visit the transfer service firms and took long hours from their duty hours.
  • That’s not the only visit – they had to come multiple times until the remittance got completed.
  • Moreover, when the recipient received the money from the other side, it was not the same as told by the host. Where had the money gone then? Usually, their money got snipped on the name of the massive transfer fee, and when it reached home, it was not enough to meet family expenditures.
  • Furthermore, conventional money transfer services were not reliable and trustworthy, as they didn’t provide money security policy to their customers. The transfer was not trackable, so the sender had no idea about the progress of the transaction.
  • It took weeks and sometimes even months for the receiver to get the money. Therefore, if God forbid, there was any type of urgency in which the money had to be sent immediately, it was not possible.

These reasons were enough to frustrate the migrants and caused them to return.

Revolution to Remittance Industry Due to Online Money Transfer:

Source:wwportal.com

Online money transfers paved the way to the exaltation of the remittance industry. This was one of the biggest reasons why remittance to Senegal kept on increasing from 1974 and recorded highest in 2018. Online transfer is a new way that provides a convenient, reliable, fast, cheap, and secure way to transfer money.

The following are the reasons which the remittance industry exalts. A total of $95,959 million amount was remitted worldwide in 2020.

Fast Remittance, Money Security, and Relaxed Approach:

The online system provides instant transfers to Senegal due to the working methodology of this service. The money transfer service works in a way where data is transferred, not paper money.

Thus, the three aspects are taken care of, i.e., money security, quick transfer, and comfort. Well, there is no need to move from your place anywhere, anytime, just due to online services. In order to send money to Senegal through online mediums like ACE Money Transfer, all that one needs to do is to visit a link like acemoneytransfer.com. If it is your first time sending money, you will be asked to sign up for an account, but if you are a returning customer, you simply need to login to your account. The entire process is simple and convenient.

Low-Cost Remittance and Better Exchange Rates:

Source:twitter

The two main features that contribute to the expense involved in sending money abroad are the exchange rates of the currencies involved and the transfer fee that will be charged by the service provider. With the advancement of technology, now transferring money to Senegal through online money transfer service demands zero or minimal transfer rates. In addition to that, you can receive better exchange rates, because the competition in the industry between companies is higher to facilitate their customers. Also, a number of companies are helping you meet the daily expenditure because of the minimum transfer fee.

Quick Money Transfer:

Unlike the conventional and outdated methods of sending money abroad, which took a lot of time, the online transfer mediums are very quick. Since the money is transferred via online mediums, therefore, the maximum time that a transaction may take to complete would be no more than three business days. Therefore, no matter if you are sending money back home under normal conditions or in case of urgency, you can be certain that the money will reach the destination quickly.

Multiple Payout Options:

With online money transfer services or companies, another ease and convenience for the receivers is the availability of multiple payout options. You can choose between bank transfer and cash pickup. No matter which payout option you choose, you can be a hundred percent certain that your money is in the right hands. The payments are trackable, and only the most secure and safe channels of money transfer are used. In this way, the money can be delivered to your loved ones without any type of risk. 

Source:imtconferences.com

Wrap up:

Online money transfer became the cause of revolution in the remittance industry – after all, it is giving ease to the immigrants due to its bona fide services. Along with the features discussed above, reputed companies provide professional customer service to their customers 7 days a week. Moreover, the transfer is secure, quick, and affordable too.

The sole purpose is to keep the trust of overseas customers – what else do you need!

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