International money transfer industry is tomorrow’s golden bird for the world. It has enabled people to work all around the world without the fear of losing their money while sending to their home. With the help of international money transfer facilities collaborated with the advanced technologies has snatched the fear of losing their money. With the change in technological factors, we have witnessed many transformations in the money transfer process and technology. There was a time when the money was supposed to be sent from one country to another country rarely with using the physical channel of transition where a person was appointed specially to borrow the money of money equalling from one country to another country. Later the technology took place, and the money has started to be transferred through banking transactions. There was a lot of time taken while sending money from one country to another country. It was supposed to take around a month to send money from one country to another country. Again one more time the technology in remittance industry took a shift and the banking transaction were again transformed into the online money transfer through different private sector players which led to decrease the transaction time of money transfer. With the help of advanced technological process of money transfer, remittance companies are in the position to transfer the money from all around the world to any corner of the world within some hours of a day.
Remittance Industry at a Glance
That was the time when the most crucial though in the mind of the people who work in other countries was that how to send money from working country to their own country. But with the change in the process and advancement in the money transfer technology people do not even think twice when it comes to sending money from one country to another country. Remittance industry with the advanced money transfer technology is helping people to enable them to work in other countries. The money transfer can take place within some hours of a day or two only. You can also transfer money overseas using bank HDFC bank account, or any any other bank account with ease. With the ease of transferring money from one country to another country, the rate of international employment has increased very fast. People are helping the national economy to work outside country and bring foreign currency into the country which leads to increase the value of the domestic currency in the international market. Along with the employment, the percentage of students studying in outside universities and students from other countries are coming into the country, has increased at a very rapid rate. Money transfer has also helped people to spread their business outside the physical boundaries of the nation. Now, people are conducting their business process in more than one country and selling and purchasing in more than one country.
Future of Remittance Industry
This industry has helped the nation and the world to get closure with each other. The growth of the remittance industry is directly proportionate with the growth of the other industries. Remittance industry has helped the world to get closure with each other by facilitating the transfer of money from one country to another in some hours or a day. This has helped the concept of globalization to come into reality. With the help of remittance industry, people have to get rid of the fear of losing their money while sending to home. The growth of the remittance industry has been addressed multiple in recent years. And it is expected to go beyond the sky in a concise period of future. There is an excellent number of the players who are providing excellent money remittance service all around the world. Some of the global players in international remittance money transfer industry are Western Union Money Transfer, InstaReM, etc.
It can be said that the growth of the money transfer industry is going to be the witnessed with multiple time in the short period of future time.