FROM ABROAD TO PAKISTAN: RISING OF MOBILE REMITTANCE APP!
Online money transfer services have seen dramatic changes with the evolution of competition in the financial markets. Once upon a time, standing in lengthy queues in banks or traditional exchange setups was a ritual for foreign remittances. Mobile apps have gradually changed how people send money to family and friends abroad. For a country with a large diaspora like Pakistan, all this has meant a more significant opportunity for Pakistanis to reap the benefits of the digital revolution. The speed, convenience, and economy for millions of Pakistanis abroad offered via mobile apps such as Speed Remit have eased the entire process.
The global remittance markets are worth billions of dollars, with Pakistan being one of the largest receivers of remittances. According to the World Bank, Pakistan stands among the top remittance-receiving countries in the world. Now, remittances are a significant contributor to Pakistan’s economy. With the advent of money transfer companies, transferring remittances has become more straightforward, accessible, and efficient.
In what way are mobile apps being a game changer? The details follow.
Mobile money transfer apps have made their first strides.
Sending money abroad must have been tedious in the past. It meant going to a physical location, filling out forms, and sometimes waiting for a couple of days for the funds to arrive. Then, with the coming fashion of money transfer apps, doing it fast became almost seamless. Be it a small gift abroad for a family member or a big load for some business, these apps would provide a swift and reliable solution.
2. Cost-Effective Solutions for Sending Money
The cost of sending money abroad is the chief concern. Traditional banks and money transfer services typically burden customers with exorbitant fees for remittance transfers, especially in countries like Pakistan. However, the evolution of mobile apps has positively impacted transaction costs, consequently providing cheaper options for sending money back home. Some top remittance companies, such as Speed Remit, provide low fees and competitive exchange rates via mobile apps.
3. Faster Transactions with Instant Transfers
Another factor aiding consumers is the speed at which money can be sent using an online money transfer provider. Traditional methods take two to three days or more for fund transfers, especially for international transactions. Nowadays, instant transfers to a destination like Pakistan have become common due to many international money transfer apps, allowing recipients to access their funds immediately.
4. Improved Security and Convenience
Security comes first when sending money abroad. Mobile Remittance apps employ sophisticated encryption technology to protect users’ data and money transfers from fraud and theft. Top mobile money transfer apps like Speed Remit feature added protection measures like two-factor authentication (2FA) and biometric login (fingerprint or facial recognition). In addition, these apps are easy to learn.
5. The Impact on Pakistan’s Economy
With most of the money that enters Pakistan coming from the Pakistani diaspora, sending money back home is an essential aspect of that economy. According to the State Bank of Pakistan, the volume of remittances from overseas constitutes a key source of foreign exchange reserves for the country. With many means of facilitation and access via mobile apps, sending money back home has become a choice for more Pakistanis living abroad, thus creating much-needed stability for their economy.
6. Enlisting the best in money transfer services
Finding the best money transfer services in Pakistan from Australia, such as Speed Remit, with many options may be overwhelming. However, considering factors like fees, exchange rates, transfer speed, and customer service will help users choose an online money transfer app that best suits their needs.
7. Future of Remittances: A Digital Transition
Indeed, the future of remittance is digital. With more people adopting smartphones and mobile banking, the demand for the best online money transfer apps is bound to increase. This digital transition not only facilitated remittances for others but also allowed others to carry out cross-border money transfers easily.
More innovations will be introduced in the coming years to lower transaction fees and speed up international money transfer.”
The Takeaway
A good number of mobile apps are changing how people send money out of the country, especially to Pakistan. The ease of Speed Remit online money transfer service, accompanied by competitive fees and quicker transactions, has changed the remittance landscape. While Pakistan is one of the beneficiaries of this digital transition, the future of remittances appears sunny. For the most part, the remittance game has changed: in the leading spot, mobile apps.
