The team at Paysend notes that “remittance” is defined (according to Merriam Webster) as a transmittal of money to a distant place such as another country.
As noted in an update from Paysend, this transmission of money may be done via traditional money management methods like a bank or via modern solutions such as a digital money transfer platform.
As we continue into the new year, the remittance market is “expected to expand despite a slight decrease in the amount transferred due to the COVID-19 pandemic.” In fact, in 2022, experts “project remittances to grow at nearly 5%,” the Paysend team wrote in their blog post.
Whether for paying bills in a foreign country or supporting organizations abroad, a remittance may be “sent for several reasons, but more often than not, money is sent to financially care for loved ones living internationally.”
For example, over the past two years, remittances were “used as a lifeline to stay connected to loved ones during the pandemic when travel restrictions were implemented across the globe,” the Paysend team explained.
They also mentioned that “moving forward, the act of transferring money to friends and family living abroad is anticipated to increase as businesses financially recover and people recuperate and plan for a financially healthier 2022.”
Paysend also pointed out that transferring money abroad has “never been more convenient.” Through digital methods, people are “granted more transparency, visibility, and power over when and how they want to send money.”
The company added that remittances are “especially beneficial in less developed countries where economic inequality has left many less-financially sound.” As a result, remittances to low- and middle-income countries “are projected to grow.”
Why choose Paysend’s remittance platform?
The firm claims that its digital money transfer platform “makes sending money home to a loved one”:
- Easy. Instead of having to commute from your home to a bank, remittance outlet, etc. to then wait in line to speak to a cashier to transfer money, Paysend users can send money right from the palm of their hands anywhere, anytime.
- Fast. Transferring money through a bank may sometimes take more time due to slower processing times. With Paysend, transfers usually arrive to a recipient in close to real-time.
- Affordable. Paysend charges a flat fee of just $2 when transferring money internationally from the US.
For more details on this update check here.