It is often said that technology has reduced the world to a village, and every day this statement proves itself. It is not once that the convenience of technology has proved useful, and one of these ways is through international money transfers. Even in this big industry, there are some challenges that come by every day; here are some of the most common.
International Crime
As things have changed course from offline to online, so has the element of crimes. A lot of today's crime, including trafficking, is serviced by the easy availability of international transfers. One of the biggest crimes today is cybercrime which includes anything from conmen who masquerade as rich African princes to identity theft. Most of these crimes are only possible because of the ability to hide money anywhere in the world, which is where the proceeds from such crimes go. It has become harder and harder to track down some of these criminals.
The Rise of Cryptocurrency
Cryptocurrency has to be one of the biggest trends in the monetary world today. For most companies that deal in international transfers, their revenue is generated when there is a lot of traffic sending and receive money. However, there has been a notable reduction in the services since cryptocurrency became an alternative. Some people, especially in the cyber world, have almost entirely shifted to crypto. This, coupled up with changing values of foreign currencies, is causing some trouble in the international transfer industry.
Inaccessibility of A Transfer Service
Today there are thousands of apps and other international money transfer software promising a different level of convenience or lower rates. However, some of them are only accessible in some countries, making them inaccessible in others. Not all apps and services are available in every part of the world. This means that people can be promised affordable rates to send money online to another country while the recipient country does not have the app or service. Some of these services require apps that run on internet connectivity. Some areas of the world do not have internet connectivity.
Stiff Competition
The world of technology evolves every day, and, in the process, more innovators and creators get to test their abilities. This has led to the mushrooming of money transfer services around the world. For some of the dominating brands and names, this has become an avenue for competition. It has made some of them change their policies, invest more in marketing and reduce their rates in order to match their competition. This has also caused some friction as customers are always shifting preference from one service provider to another.
International money transfer is a convenience that anyone in the world can enjoy. It has made remote working and learning possible as well as broken down international barriers. Even with the challenges, it is still one of the best inventions of our time. Through moves such as regulation of the service providers and flagging of suspicious activities, governments can be able to curb the vices and ensure people use money transfer services without fear.
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