1 / 5

The Actual Cost of Digital Remittance and What It Means for Money Transfer to India

The World Bank saw a surge in digital remittance technology during the pandemic. Therefore, many people expected that since communities were made vulnerable by Covid-19, we would see a considerable drop in money transfer to India and abroad.<br>

tangopayuks
Télécharger la présentation

The Actual Cost of Digital Remittance and What It Means for Money Transfer to India

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. The Actual Cost of Digital Remittance and What It Means for Money Transfer to India The World Bank saw a surge in digital remittance technology during the pandemic. Therefore, many people expected that since communities were made vulnerable by Covid- 19, we would see a considerable drop in money transfer to India and abroad.

  2. Digital Remittance vs Traditional Banking What is a digital remittance? Put simply, digital remittance means sending money online via the internet using a money transfer website or an app. With traditional banking one needs to have a bank account and the transfer of money is done from one bank account to another. The problems with traditional banking There can be several charges associated with sending money online with traditional banking. For example, when you send money from the UK to India, your currency must be converted to the local exchange rate. This is the value of one country's capital against another.

  3. Banks use an interbank rate rather than converting money directly against the exchange rate. An interbank rate means one bank will loan another bank money in the currency it needs to lower its exchange cost. While this may benefit the bank, it doesn’t necessarily benefit customers. Because the banks are all lending to each other, they can save money on their own exchange rate while charging a higher premium to customers. The benefit of digital remittance However, a digital remittance exchange rate will be closer to the currency's actual value. This is because digital remittance services have the same access to wholesale currency rates. Whilst the money is moved digitally in digital remittance, your recipients don’t necessarily need to have a bank account. TangoPay also has an option for its users to visit one of their collection points in India to receive their money through a cash pickup. This means you lose none of the flexibility whilst accessing better rates with TangoPay.

  4. Takeaways As we have discussed, there are financial benefits for choosing online banking over traditional banking. For example, suppose you need a money transfer to India quickly. In that case, digital remittance is blazing the way in terms of speed and affordability. Find out today how TangoPay can make sending money abroad a breeze!

  5. Contact US Elizabeth House, 2nd Floor, 54-58 High Street, Edgware Middlesex United Kingdom Mail ID - info@tangopay.co.uk Website : https://www.tangopay.co.uk/

More Related