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Global Remittance Market

The global remittance market is not a new phenomenon that bloomed out of nowhere. From the time people started immigrating to foreign countries for better career opportunities and living conditions, there has been a steady demand for the need to send money across the national borders. This expanded the scope and reach of the global remittance market beyond measures. <br>

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Global Remittance Market

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  1. Global Remittance Market

  2. . The global remittance market is not a new phenomenon that bloomed out of nowhere. From the time people started immigrating to foreign countries for better career opportunities and living conditions, there has been a steady demand for the need to send money across the national borders. This expanded the scope and reach of the global remittance market beyond measures.

  3. . To recall the past, the remittance industry was not technologically advanced at the initial stages. In the beginning, it was all about never-ending chains of middleman and manual paperwork, making it too complex, and hidden charges, making it more expensive. Fortunately, the situations are far too good today with technological nuances. Now customers can send money online at ease.

  4. . For a long period of time, migrants conducted international money transfers solely through banks. However, with the rise of the Money Transfer Operators (MTOs), defined by IMF as “financial companies (but usually not banks) engaged in cross border transfer of funds using either their internal system or access to another cross-border banking network”, there has been a significant shift in remittance industry.

  5. People readily became aware of better convenience and transparency of MTOs and started trusting their services for money transfer, leading to the massive emergence of money transfer agencies in all parts of the world. Out of all the countries receiving remittances . here is the list of the top 5 countries yielding the best from remittances: India (83.1 billion) China (68.4 billion) Mexico (38.5 billion) The Philippines (35.2 billion) The Arab Republic of Egypt (26.8 billion) ● ● ● ● ●

  6. . The more a country receives remittance inflow, the better its economic standards are raised in the forms of Gross Domestic Product (GDP), foreign investments, development of infrastructure and living standards etc. With almost everyone having bank accounts and steady internet connection, people today choose the best online money transfer in Australia for faster, cheaper and convenient money transfers. Agencies take considerable effort in offering the highest exchange rates for their valuable customers, so why not take advantage of the best?

  7. THANK YOU

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