How Paysend is already meeting worldwide remittance affordability goals
Over the past few years, digital remittances served as a lifeline to stay financially connected with loved ones living abroad during the COVID-19 pandemic. Now, despite moving into an era where people are more likely to travel and get together with friends and family, remittances are still expected to rise.
Digital transfer options are continuing to grow in popularity as they offer a convenient way to send money to loved ones living internationally. In fact, the remittance market is expected to grow nearly 5% this year.
In addition to convenience, cost is also a factor that people often consider when choosing between different services. So, why has the price of sending a remittance risen and what can be done to mitigate cost for you and your loved ones?
Remittances are growing, but cost and fees don’t have to
The global average cost of a remittance in recent years was a shocking 6.5%. Despite many digital remittance companies touting low transaction prices, people are still subject to spending more on money transfer costs due to hidden fees. Historically, there has been a lack of cost transparency within our industry that has resulted in people paying high fees for remittances.
There are several factors that hike up remittance prices – exchange rates that fluctuate, transfer fees, receival fees and more. These charges, often not accounted for at the beginning of a transfer setup, have caused billions of people to spend more money to make international transfers and payments than initially intended.
That’s why the United Nations set a worldwide mobility goal to make digital money transfers fees less than 3% by 2030. Experts believe that with greater price transparency throughout the entire transfer process, we can achieve lower remittances costs globally.
Paysend promises to make money transfers affordable for all
Here at Paysend, we understand the needs of our customers and aim to make digital money transfers accessible (and affordable) for all. Despite having several years left, we’ve already pushed to achieve the UN’s goal as we charge a flat $2 per transfer with no hidden fees.
We also make it easier for customers to view how much money will be spent on exchange rates using our Exchange Calculator.
“Paysend helped me and my family a lot by offering a low transfer fee and great service - very simple and convenient,” said a customer that transfers money to Uzbekistan.
Looking for a way to send money abroad without the confusion of hidden fees and unnecessary upcharges? Download the Paysend Global Transfers app* from the App Store or Google Play today.
*Standard data rates from your wireless service provider may apply.
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Sending money abroad shouldn't mean queuing in a bank branch and filling out forms with codes you may never have heard of. An international money transfer moves your money from your account, card, or wallet in the US to someone else's account, card, or wallet in another country, and, above all, it should be simple, transparent, and reliable enough that you don't have to think twice about it.
Whether you're supporting family back home, paying for something abroad, or sending a gift for a birthday you can't be there for in person, the reason you're sending matters more than the mechanics. If you're new to Paysend, your first transfer comes with zero fee and a special exchange rate, so more of what you send actually arrives, and we'll show you how to claim it.
Co miesiąc tysiące osób pracujących w Czechach wysyła część wypłaty do domu — wielu z nich to Ukraińcy wspierający rodzinę za granicą. A tradycyjna droga utrudnia to, co powinno być proste: przelewy bankowe wymagające IBAN i kodów SWIFT, opłaty, które widać dopiero, gdy pieniądze już zniknęły, oraz dni oczekiwania, podczas gdy ktoś w domu na nie liczy.
Pavel Štich od lat pomaga swoim czytelnikom rozwiązywać dokładnie ten problem. Jest współzałożycielem i redaktorem naczelnym ds. finansów w Moneyo.cz — niezależnej czeskiej platformie, która porównuje usługi przekazów pieniężnych, brokerów giełdowych i alternatywne inwestycje — a także Ambasadorem Paysend, co oznacza, że osobiście testuje wszystko, co poleca, wyjaśnia to prostym językiem i daje swoim czytelnikom ekskluzywne korzyści. Zapytaliśmy go, jak powstało Moneyo, kto je czyta i dlaczego wybrał Paysend.
