International Money Transfer Market

International Money Market has been through many transformations and development. Let’s understand the process of foreign money transferring available now.

International money market, which facilitates international money transactions between numerous central banks of different countries, is the fastest evolving global market today. The reason behind this ever-changing international economy is the major technological reformation in the money transfer market. This advancement enabled international money transfer while sitting across the sea for the big financial institutions and large corporations along with the small business setups and individuals.

Even though the international money transfer system was evolved to facilitate the overseas transactions, the task of transferring money is considered burdensome for small to mid companies and individuals with the extra expenses that came along with the middlemen and paperwork and not to forget the other hidden charges.

Where the large corporations, government bodies and central banks did not suffer the extra burden because of their direct access to foreign exchange market, the smaller companies and individuals suffered through the process. But, with the recent developments in the money transfer industry this grinding task has become much more convenient for small companies and individuals who now can enjoy affordable, faster, reliable and value added foreign-money transfer services.

 

Evolution of International Money Transfer

 

Crossing the stages of International Money Transfer like the Hawala System, wire transfers and SWIFT, we have come far in the evolution of the Money Transfer System. Today, with the involvement of the internet services, we are provided with various options to aid the process of foreign money transferring.

Let’s take a look at some of the recent evolutions of the past two decades in the money sector:

●       PayPal - First ever company to make good use of the internet for money transfers, PayPal dealt with online money transfers in return for a small cost.

●       Digital Banking - Quickly following the steps of PayPal, the banking sector involved the internet for the online money transferring services.

●       Fintech - Financial technology, also called Fintech, is an industry of companies that uses software and other modern technologies to provide automated and improved financial services. Fintech is behind all the innovative technologies we use today from buying and selling cryptocurrencies to mobile banking.

Different Money Transfer Options Today

Some of the basic options available to remitters today are:

1.      Bank to bank: Online Money Transfer - The trust we have in banks is unmatchable. Based on this trust, Bank to Bank Transfer is the safest option available today. This easy method is done securely with the money transferring services offered by the different banks.

2.      Credit Card Transfers - You can just easily use your Credit Card for making payments via the online media, the only disadvantage is it being more expensive than the other available options.

3.      Mobile Wallet - A mobile wallet or e wallet is an app consisting of the debit card and credit card details, to make the payments digitally through mobile devices. This is the most effective option present today to facilitate those without nearby banking infrastructure.