28 Aug 2024
Do you know that the emergence of blockchain technology is transforming global money transfer across the globe? The trend of remittance transfers is increasing nowadays. This is due to the significant number of expats around the world. Nearly 281 million expats live globally and support their families through remittance. In the lives of expats, remittance plays a significant role. It is the only way for them to connect with their families in different countries. The global flow of remittances is continuously increasing. In 2023, the total value of the flow of global remittances was USD 857 billion.
One of immigrants' greatest fears is the security of their remittances. Traditional remittance services, such as money orders or banks, were initially unsecured, but bank services have improved due to digitalization. Now, there are several remittance services helping expats send money online. The emergence of blockchain technology has secured the ways to transfer money. It has made remittance transfer easy, affordable, reliable, and efficient. Read the article to learn how blockchain technology has transformed remittance:
Blockchain technology has made an online money transfer more accessible for everyone. It keeps transaction records permanently. A system of ledgers stores information in the form of blocks, and no one can change it.
Blockchain technology starts working when a user makes a money transaction. The transaction is then sent to the network to check its authenticity. The network nodes validate whether the sender has enough bank balance to ensure this transaction. After meeting several validation conditions, a block is created to store the transaction information. The new block is added to the existing chain of blocks. Once the block is added, it cannot be edited or changed. Hence, people can monitor all their transactions and detect unusual activities.
Blockchain technology has made remittance affordable compared to traditional methods. Traditional methods have a transaction limit, but senders can make unlimited transactions at affordable prices with blockchain technology. Online remittance services require no third party and facilitate direct transactions between senders and users, hence their low cost.
There are numerous ways to send money online, but some lack security. You will find fake or illegal ways of sending money, which pose significant security risks. Blockchain technology ensures the protection of the remittance transfer by permanently securing the data as a chain. It helps create history so users can have authentic proof of their transactions in case of any issue.
Blockchain technology allows instantaneous transactions using decentralized networks. It supports money transfers within seconds instead of days or months, helping people make quick transactions in times of need or emergencies. Traditional remittance methods, such as money orders, were time-consuming as they required a minimum of 4-5 working days, but blockchain technology makes it easy for everyone.
The physical branches of banks or post offices were not near to everyone, and people used to travel a lot to send or receive money. Nowadays, everyone has a mobile phone, and blockchain technology has made it possible for everyone to make transactions with ease of hand. The emergence of banking apps has made remittance easier and simpler.
One of the most significant advantages of blockchain technology is its transparency. Blockchain technology records every transaction that is visible to users. This transparency ensures that both senders and recipients can track the status of their transactions in real time. It also reduces the risk of fraud and scams.
Blockchain technology has introduced numerous ways of making the money transfer. People can now remit through digital banks, mobile wallets, remittance services, credit or debit cards, Google Pay, or Apple Pay. To send money, you just need to connect your financial account with a remittance service. ACE Money Transfer is a blockchain-based remittance service that allows you to send money through various methods.
Traditional methods are used to restrict users by specifying limited transactions. Moreover, people are unable to remit massive amounts of money. With blockchain technology, all these restrictions have been removed from the users. They can make limitless transactions. Moreover, they can send a significant amount with blockchain technology within seconds.
Blockchain technology allows senders to convert currencies through apps. You don't need to visit any financial institute to convert your currency because the apps will do it through digital converters. It facilitates on-time conversion with stable rates to reduce the hassle for the users.
Many digital banking and online remittance service apps work with blockchain technology. Let's discuss the apps based on blockchain technology and its features:
ACE is one of the leading remittance transfer services with blockchain services. The following are the features of ACE:
Blockchain technology has empowered all the remittance platforms. It has transformed remittance into a new and different experience. With the emergence of blockchain technology, all the complications of traditional remittances have been removed, and now senders can plan their remittances anytime from anywhere. The expensive nature of the transaction and lack of security were the main challenges for traditional remittances. Digital remittance services are legal, registered, safe and affordable. Depending on your chosen services, it requires just a few dollars or less. ACE is one of the most affordable and secure remittance services.
Blockchain technology is revolutionizing the remittance industry by effectively solving all the problems. Due to its high security and affordability, it has made remittance transparent. People can now send money online to any country in a few seconds without worrying about security. The permanency of records and the uneditable nature of blockchain have gained people's trust, which has significantly increased the number of transactions.
Blockchain technology has made remittance transactions accessible to everyone. People can get their money instantly in their digital wallet, and they can withdraw it anytime. The mobile app of ACE Money Transfer also works with blockchain technology and has facilitated more than 2 million customers worldwide. It has a transparent fee structure with no extra charges and is safe for anyone wanting to send money to a different country.
Blockchain technology is a system of digital ledgers that records transactions and sender details in a network. It increases transaction security and transparency by providing real-time translation tracking.
Different remittance services and banks work with blockchain technology, but ACE Money Transfer is one of the most dominant services that follow it.
Blockchain technology has improved remittance services by reducing transaction fees, increasing transaction limits, enhancing transparency, and providing a secure path for global money transfers.
Blockchain technology secures remittance transfers through the permanent record-keeping system. Each makes a block of each transaction and saves all the necessary information in the same block so nobody can make changes. Moreover, it allows users to track their transactions and detect unusual activities.
ACE provides real-time exchange rates by dealing with multiple currencies. It allows users to convert money into their desired currency during the transaction.
