The history of international money transfers is rich and diverse, and it has evolved as technology has advanced and more people migrated to different parts of the world.
We are now more connected than ever, thanks to the development of increasingly advanced technologies, making international money transfers simple.
Foreign remittances are monetary lifelines for millions of people across the globe. It allows individuals living overseas to transfer funds to their family and friends who live in their home country.
Historically, the exorbitant cost of sending remittances, business monopolies, and inaccurate transfer records have all contributed to the need for electronic international money transfer services.
Since the beginning of the century, the fintech sector has grown significantly. The way we manage and transfer funds have evolved due to increased internet usage and digitalization.
Nowadays, we all prefer and seek secure, convenient, and reliable money transfer solutions. This is why relying on online money transfer apps would be ideal.
The Evolution of the International Money Transfer Market
Sending money overseas has typically been time-consuming and expensive, as evidenced by endless networks of agents, tedious paperwork, and hidden fees.
Fortunately, advancements in the market over the past few years mean that people and even small-to-midsized businesses can now take advantage of quicker, less expensive, and more reliable international money transfer services.
Cash transactions, the mainstay of traditional money transfers, have been replaced in recent years by modern contactless payment methods, such as mobile payment services.
According to Statista, the transaction value of the digital remittances industry is expected to reach $166,373 million by 2025.
Globally, digital methods have overtaken conventional ones for transferring and receiving international remittances. Such practices have not only shown to be practical and effective but also shorten transaction times.
The international money transfer industry is swiftly evolving to accommodate neobanks (banks that run online using AI and machine learning techniques) and fintech trends in digital payments, which are increasingly becoming fundamental forces.
Additionally, in both urban and rural areas of both emerging and developed countries, digital payment services conform to clients' needs and promote financial inclusivity.
How Can ERemit Help You Send Money Online Hassle-Free?
Today, many options are available to send money overseas, including smartphone applications that make it simple and hassle-free to transfer funds between banks online, both locally and internationally.
Many companies provide digital services for money transfers by leveraging modern mobile advancements. Businesses like ERemit use their reliable and user-friendly mobile app to transfer money using their global money transfer network.
With ERemit, transferring funds is quicker, more straightforward, transparent, and less expensive. We achieve this by eliminating the paperwork, agents, added hours, and costs associated with the conventional money transfer process.
