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If you’re sending money to loved ones in the Dominican Republic, ensuring your transfer is fast, secure and easy is essential. Caribe Express is a trusted name on the island, making it one of the most convenient options for receiving funds. With Paysend, sending money to Caribe<\/p>
Express is so easy. Here’s how you can support your family and friends while enjoying seamless transactions.<\/p>
What is Caribe Express?<\/h2>
Caribe Express is one of the Dominican Republic’s most popular financial services providers, offering cash pickup, home delivery and bank deposit* options. With over 100 branches across the country, your recipients are sure to find a location close to them.<\/p>
Caribe Express is known for its reliability and flexibility, making it a great choice for those looking to send money back home and recipients wanting a convenient cash pickup option.<\/p>
*We will send your money in real-time, but it could take up to 3 business days depending on your recipient\'s bank<\/i><\/p>
Why choose Paysend for transfers to Caribe Express?<\/h2>
Paysend makes it simple to send money to Caribe Express with features designed to offer peace of mind and convenience:<\/p>
Low fixed fees: <\/strong>Paysend charges a low, transparent fee for every transfer — just $1.99 USD — so you can save more while sending.<\/li>
Fast transfers: <\/strong>Most transactions to Caribe Express are completed within minutes, ensuring your loved ones have access to the funds when they need them.<\/li>
Secure transactions:<\/strong> Advanced encryption technology ensures your transfer is safe every step of the way.<\/li>
Convenient access: <\/strong>With over 180 Caribe Express locations, recipients can collect their funds easily and securely.<\/li><\/ul>
How to send money through Caribe Express in 5 easy steps<\/h2>
Technological innovation and a changing customer landscape have transformed the banking world over the past decade. The acceleration of Financial Technology since the Global Financial Crisis (GFC) of 2008 has created a vast range of new and improved services that pose a favourable alternative to traditional business banks, significantly when serving small and medium-sized enterprise (SME) customers.
The fintech sector is revolutionising the financial services industry by simplifying transactions, reducing costs, enabling innovation, empowering customers, and enhancing security. There are currently over 1,600 firms operating in the UK fintech sector, a number projected to double by 2030.
There are two key reasons there has been an upsurge in UK-based fintech. Firstly, there have been technological advances, such as the impact of smartphones and improved levels of connectivity between businesses and their customers. The second factor is the way in which traditional banks – and financial regulators – reacted to the GFC.
A changing banking landscape
Stung by the losses of the crisis, banks around the globe drastically reduced their lending activity, whilst regulators made a number of changes aimed at increasing competition in the sector and diluting the power and influence of the major players.
At the same time, the biggest banks’ lack of market dynamism and aversion to risk meant they were slow off the mark when developing new services based on the latest technology and changing customer needs creating a significant gap in the market for alternative service providers and fintech firms.
Many mainstream business banking services have been, and in many cases still are, inefficient, slow and overly expensive. Against this backdrop, dynamic and innovative providers have developed new ways of serving the needs of an increasingly global, complex and mobile business community.
Among the areas where financial innovation has had the most impact are:
Lending: The rise of alternative finance providers has created a hugely valuable new source of business funding. Alternative lenders can pool deposits from individuals and businesses to loan to small companies. According to the British Business Bank [BBB Report], alternative lenders advanced more than £5bn to UK borrowers in 2021 alone.
Online and mobile banking: 24/7 bank account access has been made possible by the development of online services, available wherever and whenever the customer needs it. Some of the most successful new challenger banks provide digital-current accounts, incorporating other technology-based services that include financial management software in a single package.
Payment processing: This is an area where traditional banks perform particularly poorly. The process of transferring cash from one account to another – especially when it comes to cross-border transactions – has long been ripe for disruption. In a report published shortly before the beginning of the pandemic, the Bank of England said: “Fintech also has the potential to reduce inefficiencies in cross-border payments - regarded as expensive, slow and sometimes lacking in transparency compared to domestic payments. For example, they can cost ten times more than an average domestic payment and take up to three days to clear.” [BoE Report]
Ashley Mallet, head of business at Paysend
“The wealth of fintech services now accessible to SMEs in Britain means they can run their operations much more efficiently and at significantly lower cost – enabling owners and managers to focus on what really matters, which is growing the business and driving long-term success.”
What does this mean for small businesses?
Ultimately, the increasing availability of these new, improved services helps make life easier and cheaper to run a business. A recent report published by advisory service EY said the UK’s world-leading fintech industry “drives much-needed choice and new services for consumers and SMEs”. They added: “Fintech will be the catalyst for new services and ways of operating that can have a real impact on how consumers and SMEs operate, such as improving the productivity and ability of SMEs to scale.” [EY Report]
The availability of a cost-effective and efficient cross-border payment service, for example, potentially allows businesses to access millions of new customers in overseas territories. Another significant advantage of fintech services, in general, is the speed at which these businesses can complete the onboarding processes required: this can take a matter of minutes in many instances, compared to as long as several days when registering with a mainstream bank. Similarly, the speed and simplicity with which transactions are complete: faster cross-border digital payments, for example, give UK SMEs the opportunity to grow their customer base in international markets to diversify their supply chains to cut costs and improve operational efficiencies.
At this time, when smaller companies face unprecedented pressures, from rising costs and higher interest rates to skills shortages and complex supply chains, the cost savings and operational advantages offered by fintech services are more significant than ever.