According to the World Bank, almost 689 billion dollars were transferred internationally out of which 528 billion dollars were sent to developing/under-developed countries. The smooth money transfers have played an important role in increasing the transfer ratio. In older decades, people had many difficulties in sending cash around but, in the present era, if you want to send money to Nepal, then it can be done with a few clicks only.
IMT’s are helping people transfer their payments easily
There are different IMT providers, working around the globe, which is helping people to transfer their payments smoothly. Conventionally, only banks were trusted for making transfers but now, many efficient companies such as Ace Money Transfers have stepped in the industry to give more credible services, optimized exchange rates and quick transfers to the people.
A huge population of employees, businessmen and many other working people are settled in different countries. Due to increasing poverty, inflation rate and other problems, people are compelled to earn in other currencies. The rate of migrating people is higher in underdeveloped countries because their currencies are devalued and people are not able to earn enough money for taking care of their families or loved ones.
Amazing Facts of International Money Transfers
Despite all this, there are many amazing facts that you didn’t know about international money transfers. Especially, if you want to send money to Nepal online, these facts will help you out. Have a look below to give your brain some shocking insights.
- More than 800 million migrants send money to their home countries on a regular basis. A huge percentage uses bank transfers but the majority of people use money transfer companies for sending payments safely.
- On average, each migrant sends 200-300 dollars to their families and this amount is used to carry out 60% of their household expenses.
- The money remittances grew by a tremendous rate of 10% in 2018. But, keeping in view this ever-increasing necessity, it is expected to grow by a rate of 3.9% in 2019.
- The amount of international transfers made to developing countries is approximately three times greater than the international fundings.
- The money Transfer system is helping nations to complete minimum 7 of the 17 Sustainable Development Goals. It is a significant factor in every nation’s GDP curve and has a direct impact on annual policies.
- More than half of the total international transfers are sent to underdeveloped or developing countries such as Nepal and The Gambia. It is expected that the amount of money transferred to these nations will reach 1 trillion dollars in the next five years.
In this age of science, every technology is progressing at a blistering rate. Same is the case with international money transfers. From these facts, it's obvious that conventional doubts and misconceptions about overseas transfers are gone now. No doubt, many people are still hesitating in using this amazing service but in some years, their brains will be clear too!