Cross-border money transfers have always been a challenge that people were forced to face from time to time. Not only did the transactions take ages to complete, but they were also pretty costly. The entire cross-border money transfer scene has however been transformed by the advent of mobile to mobile money transfers.
The arrival of cross-border money transfers has inarguably brought along several benefits. Some of the noteworthy benefits of mobile to mobile cross border money transfers include the following:
Convenience in Money Transfers
Cross border mobile to mobile money transfers make it possible for one to send money across borders right from where they are. With these services, you can send money at any time of the day or night. This is pretty convenient for anyone that seeks to make international money transfers. These services are also convenient because the transaction can be done from anywhere and as a result, there is no need to make long trips to the banks or to find a money transfer agent.
Both senders and receivers do not even have to worry about long queues or operating hours. Receiving the money is also convenient for the receiver as they will be able to receive whenever and wherever they are.
Faster Money Transfers
Prolonged transaction durations were a common challenge that people faced with cross-border money transfers. It would take several hours or even days before the money got delivered to the recipient’s account. This is another problem that mobile money transfers provide the ultimate solution to. Cross border mobile to mobile money transfers are considerably faster. For most of the available services, the money is remitted immediately after sending. This saves you the waiting time and the delays that are pretty common with transferring via a bank.
Safe and Secure Transaction
The safety and security of your finances is another benefit that mobile to mobile cross border transfers offer. Over the years, mobile money transfer has proven to be one of the safest ways to send money not only domestically, but across borders as well.
By requiring authentication before accessing your mobile money accounts, these services protect your finances from unauthorized access. The money is also remitted to the actual receiver’s account, one is also required to provide an authentication, PIN or Password, before getting access to the money. You can thus send cash anywhere without worrying about its safety and security.
Sending money across borders through the mobile money platform provides transparency guarantees. Due to the fact that mobile money service providers offer access to the service charges, you can check on the costs of transfers prior to making one. You are, as a result, assured of transparency on the part of the service provider as there will be no hidden costs or additional charges. This makes cross border mobile to mobile money transfers a better option as compared to using money transfer agents or banks for your transfers.
One of the benefits of cross border mobile money transfers that makes it a popular option among users is its affordability. In contrast to bank transfers whose charges are often high, international mobile money transfers are a much more affordable option. The fact that you handle the transaction all by yourself also helps you save on commissions and transaction charges that you would otherwise be charged if you had used the services of a transfer agent.
Promotes Cross Border Trade
To a country’s economy, cross border mobile money transfer is beneficial as it helps in boosting cross border trade. By providing a safe platform for fast and efficient money transfers, these transfers makes it easy to conduct trade without the borders. The trade in turn financially empowers the traders and helps in building the economy of a country.
Another notable benefit of international mobile to mobile money transfer rises from the fact that the service allows users control of their money and transactions. By having access to your finances anytime, anywhere, the mobile money transfers allow you to make your transactions whenever you deem fit. You can also check on the transaction charges before proceeding with the transaction and keep a close watch on your account balances.
As can be seen, there are quite a number of benefits that are attached to the use of mobile to mobile cross border money transfers. Besides the benefits these services bring to the users, they are also instrumental to the development of a country’s economy.
About TerraPay: TerraPay is the world’s first mobile payments switch – a B2B transaction processing, clearing and settlement service for mobile wallets. Our best-in-class technology serves as the interoperability engine that enables our partners’ customers to send and receive real-time transactions across diverse payment instruments, platforms and regions.