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How Are Startups Disrupting The International Money Transfer Industry

The increasing thought of globalization all over the world has grown over the years. It led the increase in the remittance of the money from one country to another country. There are a lot of people who go to work in other countries and send money to their families. Another reason for the increase in the international money transfer is people all around the world, purchase for their personal as well as business use.

Three of the most common reasons of increasing remittance industry is as given below

Immigration

This is the first and the most important factor that is increasing the size of the remittance industry day by day. People from under developed countries, developing countries, and also from the developed countries, go outside their country to earn money. They send their earned money to their family that increases the size of the money remittance industry at a global stage.

International purchase

This is another important factor behind increasing the size of the remittance factor. With the sense of globalization, people make their purchase all around the world. They pay the seller in their own country which has to be converted into the currency of the country from where you are making the purchase. People purchase for their personal use and also for their businesses.

Government purchase and scheme

This is another important factor behind increasing the size of the remittance market. It is said to be the most important factor that influences the remittance market at huge because the government makes the purchase of different products in a lot.

The increasing size of the remittance industry size makes it hot cake for the start-ups all over the world. It is the golden period for the start-ups in any countries. Most of the countries are promoting young population to start their businesses. International money transfers industry seems to be one of the growing internationally, and it appears to be promising for the longer time.

Good interaction in start-ups can be seen around to words towards the international money transfer industry. The start-ups are getting tremendous response and growth in money transfer industry.

Start-ups, in money transfer industry, have revolutionized the way money is transferred internationally. There are lots of changes happening in international money transfer day by day. Some of the ease of money transfer in global market factors are given below

Digital money transfer

Unlike the traditional money traditional money transfer methods, transfer money digitally is safe and fast. The money in these days is transferred electronically.

Fast transfer processing

Unlike traditional method, modern methods of international money transfer methods are fast. The money can be transferred internationally within hours or day.

Secure

This is one of the important factors which make the modern technique of money transfer favourable for more people. There is no fear of damage to currency notes, cheque, money order. The money today is transferred electronically.

Hassle free process

In the traditional method of international money transfer, money sender has to fill a lengthy forms, and he or she has to be more precise and accurate about the transfer fee and many other formalities, but with modern methods sender is no more concern about calculating transfer fee because it is automatically calculated and deducted after the approval of the sender of the money.

With many advantages in modern techniques of international money transfer, there are many Start-ups who have made their stand in international money transfer industry, as given below:

M-Pesa

Instarem

TransferWise

Xoom

WeSwap

PeerTransfer

Send money.ph

WorldRemit

Remitly

Azimo

TransferGo