It’s that time of year when people want to share with those they love, and not least, those who are living away from home. Yet with so many ways to transfer money across borders, it’s crucial to know which channels offer the most value to both the receiver, and sender.
Andrew Hagger, Financial Researcher at MoneyComms recommends using platforms such as Azimo for the lowest fees and transfer rates.
Following the recent launch of services with HomeSend, Azimo customers in 20 European countries can now send funds easily to those throughout Africa and Asia-Pacific, particularly to mobile wallets. HomeSend, a global payments hub with unparalleled coverage of mobile wallets, also this week announced a new partnership with Hello Paisa in South Africa.
With these types of services more readily available transferring money to countries with less financial access, has never been more simple or cost effective. International mobile money transfer services provide a lifeline for the increasing number of people who live outside their country of birth.
This number will likely continue to increase in coming years due to the recent global forced displacement, which will prompt efforts over the coming festive period to give, not only to family and friends, but to those in need.
“Remittances generally reduce the level and severity of poverty and lead to higher human capital accumulation; greater health and education expenditures; better access to information and communication technologies; improved access to formal financial sector services; enhanced small business investment; more entrepreneurship; better preparedness for adverse shocks such as droughts, earthquakes, and cyclones; and reduced child labor.”
Whether sending to relatives or donating to a worthy cause,“people all around the world depend on help they receive, and remittances are a critical part of their efforts to overcome poverty”, states Scott Paul, senior humanitarian policy adviser for Oxfam. Adding: