29 Aug 2023
You can get here in your remittance transfers that you cannot elsewhere!
One of the biggest concerns of expatriates who earn a living abroad and send money online back home to offer financial aid to their families is to save money when they transfer funds.
A closer look at the movement of expatriates reveals that a majority belong to developing countries. They do not find reasonable means of rearing in their native countries and, thus, suffer financially.
They, therefore, travel to developed countries with robust and expansive economies to find employment opportunities with better financial prospects. In almost all instances, expatriates find jobs in developed countries provided they have what it takes to get employed – education, experience, and skills.
But where the challenge of getting employed in a foreign land is overcome with relative ease, getting the best deals in your money transfers back home remains a challenge.
But don’t you worry anymore!
This blog will throw light on how to get the best deal on your money transfers back home, how you can get the most competitive currency exchange rates, and which service provider can be of help in this regard.
An IOM UN Migration report revealed that in 2020, about 281 million migrants lived across the world. They accounted for about 3.60% of the total global population at the time. Their financial contribution to their respective economies has been significant for the past several years.
A report by Mint, sourcing its data from the World Bank, said that remittances to low- to middle-income countries (LMICs) grew by about 5%, with the quantum reaching $626 billion in 2022.
People from developing countries travel to developed countries or other foreign countries, for that matter, for a host of reasons. But one of the major reasons that almost all expatriates share is the financial challenges they face in their native countries, due to which they leave their families to earn a living and offer financial support through a repeated money transfer from overseas.
Since one of the biggest reasons to leave your family behind and work abroad against all the odds is financial, it is essential that you must know about the Countries That Pay The Most To Expatriate Workers.
Let’s now look at some of the reasons that lay behind migration.
You can migrate because of any reason that can be personal or otherwise. Even you can migrate for no specific reason, but that is rare. In normal cases, you will have some pressing reason to travel abroad, and some of the following may resonate well with you.
Most developing countries have a grave issue with offering high-quality education to the population. And let’s face it.
For the poorer segments of society, education is a resource they can rely on and build their future upon. And a high-quality education can guarantee a bright future in terms of finding a prospective job. But its absence can keep the people struggling on many fronts.
As mentioned above, developed countries offer innumerable work opportunities. Whatever your education and skills, you will find some work accordingly. It is a challenge in developing countries due to the saturated job market, which leads to extremely tough competition to get jobs.
The absence of jobs has the potential to push people further deep into poverty. It is one of the reasons that the incidence of poverty in developing counties is more than in developed countries. The vicious circle of poverty continues unabated due to a lack of opportunities and is compounded by the lack of quality education which can shut down the opportunity windows.
Imagine where putting food on the table is a luxury; how could one manage savings for the future? Whatever is earned is exhausted in fulfilling the basic needs, leaving little room for savings.
Additionally, some other factors include seeking better healthcare, escaping conflict zones, seeking a high quality of life, and a better environment.
All of these factors prompt migration.
How about learning a few interesting facts about international migrants?
Let’s take a quick look.
Let’s now take a look at how ACE Money Transfer helps you get the best exchange rates and other benefits.
You will get the following benefits from the firm.
The company offers you live and market-competitive rates and even allows you to request the current rates at the time of transfer. It helps you get the best rates, and given that the rates are live, you can initiate a transfer when the rates move in your favour.
The firm charges a low fee which is a small percentage of the amount being processed. It helps you save and send more.
You can request a new payment method to send funds if you do not find the existing methods suitable.
Similar to the payment method, you can also request the addition of a new country for sending or receiving funds if a country is not listed on the firm’s app or website.
The firm’s transfers are protected by several security layers, in addition to the speed that makes it impossible for scammers to attack you.
The firm’s services are available in over 100 countries worldwide, which makes it easy for you to access its services round-the-clock and anywhere.
Your global money transfer with the firm will get you all of the benefits listed above from just one stop. Additionally, joining the firm’s campaigns meant to dole out exciting prizes can help you get more benefits in simple yet unique ways.
Frequently Asked Questions (FAQs)
How to get the best exchange rates for my remittance transfers?
Ans. Firstly, compare the currency exchange rates of different service providers. Secondly, check if the rates are fixed or live and fluctuating. Thirdly, check if the exchange rates are linked with fees or not, as some service providers may charge you extra for offering better rates. And finally, see that a service provider offers a guarantee for the rates they offer so the rates remain the same as quoted even if there is a change at the time of the transaction.
What are the different methods for sending remittances?
Ans. You can send remittances through your mobile phone, a bank account, credit or credit cards. You can even visit a company’s office in person and make arrangements to send remittances.
How much time do remittances take to reach the destination?
Ans. The speed depends on several factors, such as the destination country, the volume of money and the time of a transaction. On average, however, ACE Money Transfer delivers funds faster than others.
It can deliver funds to Pakistan from anywhere in just 7 seconds.
What are the different fee types associated with a remittance transfer?
Ans. The different fee types are the transaction fee, the currency exchange rate fee and the fee the recipient of the funds has to pay at the time of collecting the funds.
What security measures are in place to secure a transaction?
Ans. Online remittance transfers are an easy target for scammers. Therefore, strict safety measures are essential, like end-to-end encryption, two-factor authentication, speed of the transaction and care on your part.
Resources
(Interactive World Migration Report 2022 (iom.int)
(World Bank says remittances up 5% in 2022, but growth to slow to 2% next year | Mint (livemint.com)
(6 Facts About Migration You Should Know | unfoundation.org)
