11 Oct 2024
How can you keep up with the ever-evolving world of remittance transfers? As a Nepalese expatriate living in Belgium, finding a secure and cost-effective method for sending money back home is always a top priority. Yet traditionally, many expats relied on banks to send money to Nepal from Belgium for very long. The emergence of online service providers in the international remittances industry has disrupted this norm.
With evolving remittance technologies, multiple avenues are now available to financially support your families across borders. However, to make the most of these advancements, Nepalese expats in Belgium must familiarise themselves with each method. This blog will guide you through the various options and empower you to make informed decisions about your remittance transfers. So, without any further ado, let's start by looking at what old methods offer.
Until recently, traditional remittance services were the primary means for Nepalese expats to handle their finances abroad and support their families. Here are the most prevalent forms of conventional remittance services.
Money transfers across borders were first introduced by banks. That's why bank transfers have long been a preferred method for sending and receiving money. Known for their reliability and efficiency, banks often have a simple process and easy accessibility.
Plus, banks ensure the privacy of transactions by not sharing the sender's information with the recipient — which effectively minimises the risk of cash loss and theft. However, a notable drawback of bank transfers is their costliness. Banks commonly apply fixed exchange rates and involve third-party markups which result in higher costs
Bank transfers can also be time-consuming as they can take around 4-5 working days to complete. This might not be suitable for urgent money transfer from Belgium to Nepal in the modern fast-paced world — especially during weekends or holidays when banks operate on limited schedules. Let’s look at two types of bank transfers.
For individuals who share the same banking institution as their recipient, intra-bank transfers can offer a faster and more cost-effective solution. Transactions between accounts within the same bank network provide swift fund transfers at lower fees compared to inter-bank transfers.
External transfers, also known as inter-bank transfers, enable Nepalese expats to send funds between different banks. While advancements in banking technology have streamlined this process, external transfers may still involve longer processing times and higher costs. Besides, you might need to provide routing numbers and bank account details for successful fund transfers.
Paper cheques, an age-old method for transferring funds, is still around in various countries. By authorising your bank, you can transfer money to another account or make payments through checks. While paper checks provide security, the movement of funds is slower which could prompt you to consider faster and more efficient remittance options.
Similarly, money orders through postal services offer secure transfers across borders. However, due to their slower processing times, you might want to seek faster and more efficient remittance alternatives.
Wire transfer, a specialised and modified bank transaction, is reliant on Society for Worldwide Interbank Financial Telecommunication, SWIFT. And this method has been the most widely used for transferring funds to Nepal. You can initiate a wire money transfer using your phone or an online transfer service, and in some cases, even over a phone call. These transfers are safe, reliable, and typically not subject to limitations on the amount sent, despite potential government or financial institution restrictions.
However, this convenience comes with higher fees, which makes wire transfers cost-effective. These fees vary depending on the banks and whether the transfer is international or domestic. And despite the perceived speed of wire transfers, they can take three to five business days to process.
Now, digitalization has led to the introduction of modern remittance services like digital banking, online transfer services, and digital wallets. Leveraging advanced technologies, these services cater to various needs and reflect the evolution of remittance methods. Let’s look at how technology has evolved remittances for expats in Belgium.
Digital banking employs advanced technology for quick international money transfers, unlike traditional methods. Transactions can be completed within minutes, offering convenient financial management through digital banking applications.
The increasing dominance of Artificial Intelligence is revolutionizing modern money transfer methods. Many online companies are embracing FinTech, such as ACE Money Transfer, are introducing smartphone applications to facilitate hassle-free fund transfers to bank accounts. These apps and web services further streamline your transfer process by enabling direct transfers to your family within the same platform.
These online money transfer apps are compatible with both Android operating systems and iOS. And the user-friendly apps guarantee effortless setup and operation. So, regardless of location or mobility, you can conveniently initiate transactions as long as you have the app installed on your smartphone and have access to a secure internet connection.
Read More: Remittances Made Simple with ACE Money Transfer Mobile App - Learn How.
Peer-to-Peer Transfers, commonly referred to as P2P transfers, rely on specific applications tailored for this exact purpose. Notable examples of these apps include Venmo, PayPal, and CashApp, each with its unique fee structure.
The transfer times and limits for these apps vary which can influence the user experience. It is essential to note that different P2P apps may have distinct processes for transferring funds into bank accounts. Each app enforces specific limits on the amounts that you can transfer, which could potentially impact their suitability for different financial scenarios.
The underlying technology of cryptocurrencies like Bitcoin, blockchain is offering multiple advantages that are ideally suited for the remittance industry. One key benefit is its capacity to facilitate rapid money transfers to Nepal at a significantly lower cost.
Enabling peer-to-peer transactions eliminates the need for intermediaries, which results in reduced consumer fees. Its transparency and immutability are also noteworthy, as transactions are recorded in a publicly accessible decentralized ledger. These features allow expats in Belgium for easily fund tracking. Once a transaction is documented on the blockchain, it remains unalterable and enhances user security.
Currently operating as virtual repositories, mobile wallets allow you to store funds and conduct transactions through their mobile devices. This evolution is a significant transformation from traditional banking services. E-wallets have particularly resonated in developing nations, where a significant proportion of the population lacks access to conventional financial infrastructure to receive an online money transfer from Belgium to Nepal.
The versatility of mobile wallets extends to bill payments, retail transactions, and crucially, international money transfers. So, due to their versatility, an increasing number of Nepalese expatriates in Belgium will soon be leveraging mobile wallets as a preferred method for remittance.
ACE Money Transfer, a leading fintech company, is significantly boosting remittance inflows to Nepal with its modern remittance service. Its user-friendly platform, combined with speed and security, has positioned it as a key player in the fintech sector.
To streamline remittances from the diaspora, ACE offers low transaction costs and competitive exchange rates. Its enhanced security, fast transaction speeds, and loyalty rewards make ACE Money Transfer the preferred choice for many Nepalese expats in Belgium.
Online banking offers multiple advantages over traditional methods for Nepalese expats in Belgium. The modern services provide convenience, accessibility, and enhanced security features. However, the choice between online and traditional banking is predominantly influenced by your preferences and banking requirements. Now, the future of remittance services appears promising and is expected to enhance the convenience, affordability, and security of international money transfers.
In this evolving landscape, modern remittance platforms such as ACE Money Transfer stand out for their convenience, affordability, and real-time exchange rate updates. With ACE, you can benefit from instant and cost-effective transactions. Boasting over a million satisfied customers, ACE Money Transfer offers competitive rates and a user-friendly experience. So, what are you waiting for? Join ACE today and send money online to Nepal from Belgium swiftly.
Before the advent of online service providers, Nepalese expatriates in Belgium primarily relied on traditional banking services such as bank transfers, paper cheques, money orders, wire transfers, intra-bank transfers, and external transfers to send money back home to Nepal.
ACE Money Transfer, a leading fintech company, has revolutionized the remittance experience for Nepalese expatriates by offering user-friendly platforms, lower transaction costs, competitive exchange rates, enhanced security features, fast transaction speeds, and loyalty rewards.
Peer-to-peer transfers, facilitated by apps like Venmo, PayPal, and CashApp, offer expatriates flexibility in transferring funds, varying fee structures, and different transfer times and limits. Each app has unique processes for transferring funds into bank accounts, and they may impose specific limits on the amounts that can be transferred.
Blockchain technology, primarily associated with cryptocurrencies like Bitcoin, provides advantages like rapid and cost-effective money transfers to Nepal. It eliminates intermediaries, reducing consumer fees while offering transparency and immutability through publicly accessible decentralized ledgers. Blockchain enables secure and easily traceable transactions to enhance user security and create a seamless remittance experience for expatriates.
ACE Money Transfer stands out due to its user-friendly platform, competitive exchange rates, low transaction costs, enhanced security, fast transaction speeds, and loyalty rewards. ACE provides real-time exchange rate updates, instant transactions, and a cost-effective experience. With over a million satisfied customers, ACE Money Transfer is a reliable choice for those looking to send money online to Nepal from Belgium swiftly.
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