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International Currency Transfers in todays Techy world

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International Currency Transfers

In today’s world, sending money across borders has been made easy and faster by adoption of technological innovations that were unheard of a few years ago. Days when paper banking was the norm, are long gone. With the aid of just a mobile phone or laptop, huge sums of money can now be moved across the globe from the comfort of one’s living room or office.

With today’s businesses being “virtual organizations”, the need to move money swiftly across borders is absolutely necessary to ensure smooth operations. Firms that have a large migrant or expatriate workforce need online cash transfer services that are not only reliable but also safe in order to make remittances back home.

Conglomerates and even small businesses with a presence in many countries need online cash transfer services too. Purchase of raw materials from other countries, payment for professional services like audits, payroll or consulting that may be lacking in the home country, all necessitate cash transfers. Visa cards have greatly boosted international trade as merchants can easily go about their activities without worry.

Emerging markets.

As efficient as money transfer in the international market is, developing countries haven’t been left far off. Kenya, for instance, has been named a trailblazer in mobile banking with its revolutionary product M-pesa.It is now possible to send money from the UK to a recipient in Kenya in a matter of minutes. The Philippines too has made some remarkable progress on this front, with the ability to send money online via a mobile phone or a computer PC.

Some emerging markets like India with capital controls have embraced online transfers too. Remittances can be made around the world straight into the recipient’s bank account. Wire transfers or electronic funds transfers also come in handy in such instances.

Cross-border countries that have a long standing tradition of bilateral trade benefit immensely from this invention. Kenya and Uganda for instance, are two nations with a shared border while at the same time being the biggest trading partners according to a 2013 report on Kenya’s global exports;the figures are set to rise with the adoption of M-Pesa between the two countries (mobile money transfer system)

It is worth noting that remittances to developing nations is now nearly at par with money given in financial aid.
A whopping $436 Billion was remitted to developing countries against a total of $538 Billion worldwide, in 2014 alone. Individuals searching for prospective opportunities is a trend that has been existent for a while, but an upsurge of remittances has been noted since 2000,with transfers increasing threefold between 2000-2012.Consequently,the G8 summit in 2004 decided to lessen the cost of sending money back home, a move that was followed by introduction of the Remittance Prices Worldwide Database by the world bank in 2008.This tool allows for comparison and benchmarking and in turn piles pressure on remittance service providers to offer better and cheaper rates to customers.

Clearly, international money transfer has become easier, faster, safer and more reliable thanks to online and mobile money transfer services. This can only mean new and rewarding relationships for businesses in future.

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