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How does remittance affect Australia_

Best online money transfer in australia

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How does remittance affect Australia_

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  1. How does remittance affect Australia?

  2. . According to the information revealed by the AUSTRAC regulatory body, there are around 6,400 providers of remittance services within the borders of Australia. Among them, around 400 remittance providers are independent operators who use their own systems and processes to facilitate international money transfer. Better living standards, abundant job opportunities, reasonable remunerations and favourable climatic conditions attract many into the borders of Australia from developing countries such as India, China, Philippines, Sri Lanka etc. Rising immigration has subsequently hiked the size of the remittance industry in Australia.

  3. . Well, there aren’t any official figures clearly defining the contribution of the Remittance to Australian GDP. However, the ball-park estimates of the Australian Centre for Financial Studies are between AUD 336 – AUD 588 million per annum. So, remittance contributes a significant amount to the Australian economy, inclusive and sustainable development etc. Thus, the Australian Government is full-on support to ensure accessible and affordable remittance flows by: Increasing market competitiveness Harnessing new and emerging technologies Enhancing transparency by initiating remittance price comparison websites. ● ● ●

  4. . Encouraging supportive regulatory environments. Reviewing the impact of Australia’s anti-money laundering and counterterrorism (AML/CTF) legislation on remittance transfers. Improving financial system infrastructure and pursuing favourable policies. Ensuring customer protection by safeguarding their personal and financial data. ● ● ● ● The diverse variety of Australian migrants highly require remittance service providers to offer fast, efficient, fairly priced and flexible services, so that they can conduct overseas transactions very often, occasionally or in emergency needs.

  5. . Technological advancements leading to the birth of the best online money transfer in Australia helps Australian settlers to send money across borders with a few swipes or a few clicks, how convenient? Who goes back to the physical stores and banks after experiencing online money transfers at the tip of their fingers. Australians have realized the ease and comfort of digital payment platforms and made a paradigm shift towards them.

  6. THANK YOU

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