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Make Remittance Payments Online - Instant Money Transfers

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Western Union
FCA Regualted: FCA Regulated
Margin Rate: 4%
Rate Per Single Unit: 1.135
Exchange Rate You Get: 5,676
Transferwise
FCA Regualted: FCA Regulated
Margin Rate: 3%
Rate Per Single Unit: 1.147
Exchange Rate You Get: 5,735
Currencyfair
FCA Regualted: FCA Regulated
Margin Rate: 2%
Rate Per Single Unit: 1.159
Exchange Rate You Get: 5,794
Travelex
FCA Regualted: Not FCA Regulated
Margin Rate: 5%
Rate Per Single Unit: 1.123
Exchange Rate You Get: 5,617
The Post Office
FCA Regualted: FCA Regulated
Margin Rate: 2%
Rate Per Single Unit: 1.159
Exchange Rate You Get: 5,794
PayPal
FCA Regualted: Not FCA Regulated
Margin Rate: 5%
Rate Per Single Unit: 1.123
Exchange Rate You Get: 5,617
Xendpay
FCA Regualted: FCA Regulated
Margin Rate: 1%
Rate Per Single Unit: 1.171
Exchange Rate You Get: 5,853
ClearFX
FCA Regualted: FCA Regulated
Margin Rate: 1%
Rate Per Single Unit: 1.171
Exchange Rate You Get: 5,853
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Make Remittance Payments Online - Instant Money Transfers

The 21st century is going to be the "Mobile Decade." There is no question about that. All across the globe banks and others are churning out mobile payment applications (among others of course) at a speed that has become so rapid that it is increasingly hard to keep up. In a word, the pace of change has become "dizzying."

In Africa, the mobile phone is being seen as the tool that can bring so much good, cheaply and rapidly to this long-suffering continent. A popular application for this wonder tool is in the field of Migrant Worker Remittances and small value Payments.

Amid all this excitement, there is, however, two shadows on the horizon. And if these potential problems are not addressed they could both become showstoppers. These problems are what I collectively term the "Driver Issues." As I said there are two of them; "Technology Drivers" and "Regulatory Drivers." Let me explain.

Technology Drivers

Leading edge developments, especially in the banking industry, tend to be driven by the technologists. Banks were early adopters of Information Technology. Way back in the 1960s and 1970s banks saw the obvious benefits of the computer, initially for account and data processing and rapidly became the industry's largest users of this new way of doing business and processing transactions. Anything that would automate the processing, storage, and retrieval of massive amounts of transactional data was sure to be a big hit - and it was!

So it was logical, that as the years passed, any new technology or application was quietly previewed to the banking industry. As someone heavily involved in R&D in electronic banking way back in the 1980s we were constantly being approached by the "big guys" and many smaller developers too, who had solutions to problems that they asked to find. It became pretty much an industry joke about "solutions looking for problems."

Mobile Payments and Remittance Payments - The Dangers Ahead

In this way, we were exposed to new technologies and processes such as contactless cards, foreign banking (before the Internet and the PC), smart cards, biometrics (fingerprint and iris), touchtone banking, long before the final products were ever announced never mind rolled out.

What the Technology vendors had done was to enter into an informal partnership with the financial industry, using them as a sounding board and as an idea generator for new products and processes. In other words, the banking sector in the fields of technology and data processing were actively driven by the technology who legitimately were creating their future sales through this informal partnership. Nothing wrong with this, particularly since the banks, were still very customer driven. I say this because in those days the bank-customer interface still had a human side to it. We saw our clients as real flesh, and blood people and then customer saw the teller or the loan clerk as the personification of the bank.

The problem, of course, is that this technology-driven approach has continued from the vendor side. Today, however, the banks appear to have largely forgotten that customers a human. To banks today, customers have merely become electronic impulses on the other side of a remote interface, be it an ATM, a PC or a mobile phone.

So as the technology changes the banks have become rapid adopters. Often though the real needs and the problems of the customers are totally forgotten.

In the case of Migrant Worker Remittances, these challenges and needs are two-fold. They are commonly referred to as a "First and Last Mile" issues. The "First Mile" refers to the problems that the sender faces in whatever country he is working in. These sort of challenges range from matters such as a lack of fluency in the local language, or not understanding local customs, or a lack of formal such as being an illegal immigrant or things like not knowing how or where to send money from. "Last Mile" issues relate to problems that the receiver in the home country faces and these are often equally daunting. These sort of problems range from the fact that the receiver may not have a bank account, or there may be excessive charges on the relatively low remittance or that the recipient may have to travel for literally days to collect a small amount from the closest bank branch.

Regulatory Drivers

Bank regulation fulfills a very important role in all financial systems. Banks have the ability to create money. To maintain a stable economy, it is vital that the bank's money creation ability are regulated. This is the prime reason for bank regulation, whatever form it may take. True there are a lot of other reasons for regulation, such as consumer protection. However rest assured, when someone may have the ability to "create money" such as through the deposit multiplier affect the local bank regulator quickly steps in. Often the line of least resistance is for the regulator to simply restrict all money transfer business to a licensed bank.

Doing this as has happened in many parts of Africa has a very negative effect on the on the development of new money transfer and payments mechanisms. Regulation restricts competition. We all know that free completion is vital to the offering of efficient, reliable and affordable banking services.

In many African countries, local banks not willing to compete against non-bank money transfer operators have run to the regulator and sought his protection. Often the regulator has slapped a blanket ban on the non-bank money transfer operator's activities. This ensures that the complainant banks retain their remittance and payments monopoly. It ensures that nothing much will happen and that the receivers "Last Mile" difficulties will remain. Irresponsible regulation such as this will have an extremely damaging effect on mobile payments opportunities.

Best online money remittance provider.
There are many online money remittance service providers, but the best is in India that can help you to transfer money with supreme ease in India and your personal bank account. These banks understand that as non-resident Indians ( NRIs), different people prefer different services and their needs are unique. The main job of these institutions is to make you India products and services. It can be at the time be investing or simply remitting money back home. Most of these institutions provide a one stop solution for all the banking and remittance concerns tailor-made for every client. These provide you options to remit to India at best exchange rates.

Online money remittance services are widely considered to be one of the most comfortable ways to send money to a beneficiary account in India or any other place in the world.Many people prefer the India one because it is the best online money remittance, provider. Mainly there are two types of Remittances, inward remittances, and outward remittances. In the process of Inward remittance, you just need to command your bank send cash to the local bank of your preference along with remitting bank and beneficiary details. It usually takes a day of 24 hours or two days of 48 hours for the cash to be credited to the account held with the correspondent bank once a funds transfer request has been placed.

After this process, every remittance service provider credits funds to the beneficiary account within a day receiving the money. It makes the process very fast paced and one of the easiest to remit money to India at best exchange rates. Customers can also transfer funds via wire transfer if they have correspondent bank details handy. It is another way of online money remittance and commonly used in India still.Most of the banks that provide these services enable you to conveniently send funds to your loved ones, friends or colleagues back home. Recent surveys and trends show that majority people prefer to remit to India at best exchange rates through online money transfer. This is because many people these days think about the exchange rate before exchanging the money because this massively affects their online money exchange. It has been announced as one of the easiest and fastest healthy ways to remit money to different bank accounts.

Many banks provide services that enable the beneficiary to receive money within 24 hours. That many banks avoid delaying with their transaction and may have the wrong view of it, members and customers.Many companies also offer fixed rate that is preferential exchange at the time of a transaction, zero transfer charges and much more. These banks also provide messages and mail updates on the status of the transaction, thus enabling you to remit to India at best exchange rates along with maximum safety and security. These are some of the features that have convinced majority customers to opt for online remittance services rather than the traditional techniques. Above are the reasons why many prefer India for online money remittance.Best online money remittance provider.

Conclusion

Unfortunately, the evidence so far from across Africa is pretty damning. Banks and regulators in most African countries tend to ignore what the migrant remittance issue is all about. Specifically, this relates to "Last Mile" problems. If the banks fail to address the "Last Mile" issue adequately and if the regulators are not prepared to soften their approach to the entry of non-bank participants to the financial system - both these issues, either on their own or in concert threaten to torpedo this budding African mobile payments revolution.

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