July 25, 2024

Know About the Role of Technology While Making Money Transfer to Overseas.

Over the past few years, online shopping has made many things procurable. There is no longer a need to go to Paris to buy trending clothes or to go to South Korea to buy beauty products. Social Networking has connected from people across the world. Any conversation is a few clicks away – be it a text message or a video chat. But most people still fear overseas money transfers. The main concern is whether the money is safe. People work hard for their money and do not want to see it getting stolen by a hacker or a con artist. For the most part, it is easy to sympathize with this line of thinking. Nowadays there are very reputable financial services that take care of such things. Services such as Western Union, PayPal, and InstaRem are giants in this field. They send and remit finances across many banks in various countries all over the world. With fast, secure services and low transaction fees, these giants bring a seal of trust to the table making it easy to send money to Nepal, Sri Lanka, India and may such countries. The best thing about these transactions is the safety. The bank account used from either end stays hidden and protected. This brings a peace of mind to wary customers. In most cases, the transfers are quite simple. After setting up an account, one can send money to anywhere in the world.

How Is TechnologyMaking Overseas Money Transfer Simple?

Technology has made many things easier in our day to day life. Finances are no exception. PayPal, Western Union, and InstaRem are all only intermediaries that facilitate money transfers. Every country has their own mode of money transfer within their borders. There are other networks facilitating international payments. For instance,SWIFT, the Society for Worldwide Interbank Financial Telecommunication, is instrumental in overseas money transfers. SWIFT does not have to really move money around. They communicate with banks via messages that sanction transfers between banks. To optimize security, only the SWIFT numbers are used during transfers instead of bank accounts. All this has been facilitated by technology. Here are some of the top ways in which technology has influenced international financial transfers:

  • Convenience: With the advent of Android and web apps, all functions have been made much simpler. Opening accounts, verifying identities, sending and receiving money, and conducting overseas businesses can all be done at home. What is even better is that they can be done via the same interface.
  • Connectivity: Everything is done online. Without an actual paper trail, a lot of time is saved, making most transactions almost instant. Banks across different continents are connected via intermediate messages.
  • Safety: While there are certain services that can transact funds anonymously, most banks and governments keep a strict check on financial activities. This ensures a certain amount of protection as is. That apart, most financial services employ stringent rules that prevent financial frauds, scams, and ensure cyber security. The financial data for any online transfer is heavily encrypted. This ensures cyber safety as well.
  • Cashless Transfers: There is no need to actually move money around for overseas transfers. The entire transaction is cashless. This prevents funds from getting misrouted, misplaced, or stolen.

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