Traditional cross border payment via SWIFT and Wire Transfer tend to be time-consuming and costly, but not anymore! Presenting you a more convenient alternative is Digital Outward Remittance Platform RemitOnTime. Now, can transfer money online to your friends and family anywhere and anytime across the world instantly and securely.
Remittance is referred to as the transfer of funds by migrants back to their origin country. Since the 90s, this has played a significant role in raising the GDP of developing nations. Global remittances constitute an entire segment within the financial services and payments industry, growing rapidly. According to Allied Market Research, the global remittance market, which was valued at $682.60 in 2018, is projected to surpass $930.44 billion by 2026 at a 3.9% CAGR. The USA happens to be the highest generator of remittances, with India, China, Mexico, the Philippines, and Egypt as its top recipient countries.
International students, immigrant workers, travel agents, and likewise are the ones who mostly take part in remittances. While it has great relevance in balancing the global economy, some significant cracks and loopholes need filling. The traditional avenues for transferring cross-border funds such as SWIFT, wire transfer, electronic payment system, draft, or check, take-up a lot of time with the risk of payment failures and chargebacks, not to mention flawed with security discrepancies.
Things have been that way for a long time, till the emergence of digital outward remittance platforms like RemitOnTime. It offers trusted outward remittance services for immigrants, students, travel agents, and others actively engaged in transactions across the border. It is a faster, transparent, more convenient method of sending money to friends and family globally. Here’s delving deeper into the mechanisms of RemitOnTime.
How to use RemitOnTime for outward remittance?
RemitOnTime works seamlessly and conveniently is four simple steps:
You need to sign-up on the RemitOnTime portal by entering all the necessary identification details.
Registration has to be followed by completing the KYC process, after which the user needs to add the details of the beneficiary to the account.
Once done with the registration, KYC, and adding the beneficiary, the platform allows you to check the exchange rate in real-time, following which you can start remitting money to anywhere in the world.
The RemitOnTime outward remittance ensures a secure passageway for funds transfer, instantly and conveniently.
What are the benefits of outward remittance through RemitOnTime?
As simple it is to send outward remittance through RemitOnTime, the benefits are equally lucrative as well.
Cross border remittances demand adherence to multiple regulatory compliances that can be quite hassling for an individual. Compared to that, RemitOnTime requires minimum documentation and a reasonably straightforward process. All one has to do is creating his/her account on the digital remittance platform, with minimal documentation and a simple KYC process, and get going. The process is easy, simple, less-time taking, and convenient for anyone to understand and initiate fund transfers beyond the borders.
Reliable and secured
RemitOnTime puts security as its utmost priority, with strict abidance to the international monetary and regulatory compliances. The platform is secured by advanced data encryption that ensures the transactions’ security and prevents any breach from protecting the user’s data.
The traditional methods like SWIFT, wire transfers, draft and check, can take days and even weeks to get through. Even then, there are instances of chargebacks and the failure of transactions. RemitOnTime, on the other hand, offers fast money transfer solutions, always on time.
Currency exchange rates tend to fluctuate, which can make remittances quite costly. When you are using RemitOnTime, the platform will offer you the best exchange rates along with a live currency rate, with zero hidden costs or transaction charges, making sending money globally affordable as well.
Unlike other avenues of outward remittances, RemitOnTime allows you to track your transaction in real-time on the platform. It is easy to check your transaction status to be sure that the amount has been sent and received by the beneficiary.
Who can benefit from RemitOnTime?
RemitOnTime has been designed keeping the transactional needs of
- International students need a convenient and secured platform to transfer tuition fees to the educational institution and get monthly expenses from their parents.
- Educational consultants who can avail the platform to get paid for their service to clients spread across geographies.
- Travel agents with a significant number of foreign tourists as clients can leverage RemitOnTime to get paid for their services conveniently and promptly while following all the necessary compliances.
- DMCs or Destination Management Companies, allowing them to transfer funds to their respective affiliate travel agents without any hassle.
Living in the technologically advanced era, it only makes sense if we utilize it to the full by making the best of all the smart and seamless services available for a better living. So, what are you waiting for? Get rid of your cross border payment worries with RemitOnTime. Register your account today!