A remittance transfer is a system of international electronic money transfer mode that has become indispensable for individuals to send money to their friends or family across borders conveniently and quickly. People must adapt as the global economy continues to rise and job opportunities are cropping up across borders. Rather…
A remittance is a transfer of funds from one person to another. Remittances can broadly be defined as any payment made in response to an invoice or bill. The term is now, however, most frequently used to refer to a sum of money that an individual working abroad sends to…
Did you know, that in 2020 Australia received US$1.1 billion in remittances and sent out US$4.3 billion in remittances to foreign countries? This data shows that there are plenty of migrants in Australia who are sending out large amounts of money to their families back home. With such high demand…
International money transfers in earlier times took weeks and months to reach the hands of the friend or family member or business partner in the other country. Now a significant change has occurred in terms of the speed at which international money transfer gets processed. However, there are many factors…
The remittance industry has been trending in the new era. Rising numbers of foreign remittances are a boon to the receiving country’s economy at both large and small levels. Especially for the developing countries like India, Pakistan, Bangladesh, Sri Lanka etc. remittances play an important role as a stable source…
If you have ever done an international money transfer, it is a sure thing that you have heard about “the SWIFT network”. So, for your better understanding of the term, let us dive deep in so that the next time you do an international money transfer it is no longer…
What do you understand about the term international money transfer? Transferring money from one country to the other for family needs, financial assistance, business operations etc. All international money transfers involve selling one currency to buy another at a specified exchange rate. When you transfer money online from Australia to…
Foreign settlers indeed do a great sacrifice by being away from their homes, yet supporting their families and communities of origin by sending money home as an international money transfer. The whole world honours them every 16th June, as it’s the International Day of Family Remittances (IDFR). Remittances matter more…
I assume that you are ready to send money overseas and wish to know what exactly is a cash-pick up facility! Well, a cash pickup option is a convenient way in which the recipient of an international money transfer can collect their funds from a physical location. It is very…
Recent decades have seen a spectacular rise of the remittance industry, drawing maximum eyes and attention upon it. International money transfer has the greatest benefits for the economy of the receiving countries due to abundant monetary inflows. These benefits of the remittances fall under two broad categories: Micro-level impacts (individual…