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RemitONE and SendMoneyHome help remittance businesses offer world’s lowest transfer fees
RemitONE and SendMoneyHome helps remittance businesses offer world’s lowest transfer fees
June 2010
Today in the rapidly evolving remittance industry, banks and MTOs are using technology platforms from money transfer software system providers such as RemitONE to empower their customers to send money when, where and how they want at highly competitive prices. Several banks and MTOs are using RemitONE solutions to run their daily remittance operations efficiently; offer their customers the ability to execute transactions from branches, over the Internet, via SMS on mobile phones and by using prepaid card systems; and significantly cut costs.
The World Bank’s Payment Systems Development Group (PSDG) is using its experience and role in the international payment system community to lead an effort to address the G-8 request to enhance the efficiency of remittance markets and reduce costs.
In many cases, the cost to remittance senders is expensive relative to the often low incomes of the migrant workers, the amounts sent, and the income of the remittance receivers. Therefore, any reduction in remittance transfer prices would result in more money remaining with the migrants and their families, and would have a significant effect on the income levels of remittance families. The World Bank states that if the cost of sending remittances could be reduced by 5 percentage points relative to the value sent, remittance recipients in developing countries would receive over $16 billion dollars more each year than they do now. This added income could then provide remittance recipients more opportunity for consumption, savings, and investment in local economies.
Reasons for the high remittance transfer fees are due to various factors including migrant difficulty in obtaining the required identification documents, lack of access to banking services, limited competition, regulations and underdeveloped financial infrastructure in some countries.
According to the World Bank, the average global cost for sending remittances through commercial banks was 12.4 percent in the first quarter of 2010 for a $200 transfer, making them the costliest channel, while the average cost at post offices and MTOs was the cheapest at 6.72 percent and 7.1 percent respectively.
The mean total cost of sending remittances to nations in Central Asia, Europe, Latin America and South Asia was lower than the average global cost. In parallel, the mean total cost of sending remittances to East Asia and the Pacific, Sub Saharan Africa and the MENA was higher than the global mean. On the other hand, transferring remittances to South Asia and Latin America was the least costly among all regions.
The World Bank notes that the costliest corridor for remittances was from Australia to Papua New Guinea at 43.32 percent for a $200 transfer, followed by Tanzania to Rwanda at 40 percent, while the cheapest corridor was from Singapore to Bangladesh at 4.48 percent followed by the UAE to Pakistan at 4.87 percent. More information can be found at the Daily Star Lebanon page.
The latest data from the World Bank is testimony to the fact that leading Bangladeshi financial organisations such as Agrani Bank and Prime Bank operating in the Singapore-Bangladesh corridor are able to utilise money transfer technologies such as those provided by RemitONE to reduce their operational costs and generate profits and pass the savings on to their customers. Technology is making it possible for these banks to offer a variety of cash delivery services, including spot cash, to both the banked and the unbanked segments of the population, thereby ensuring customer loyalty and generating increased revenues due to customer experience. For example, Ali Hussain Prodhania, CEO of Agrani Exchange Singapore, says “…We have witnessed a 25% increase in revenues within three months of adopting the (RemitONE) system…”
A key advantage of using these technology platforms is that these banks’ employees at the source, head-office and delivery branches are all empowered with instant access to business critical information to serve a multitude of customers within a short time-span, thereby ensuring enhanced customer experience.
The remittance industry is in the growth phase of the industry life-cycle and initiatives by the World Bank, awareness by International Association of Money Transfer Networks (IAMTN) and technology by RemitONE and others together are making it possible for remittance businesses to offer cheap money transfer rates to senders and receivers across the globe. Hopefully, the World Bank’s goal of helping remittance receivers worldwide receive an extra $16 billion a year will be realised soon.
RemitONE also works very closely with SendMoneyHome (the leading price comparison website for foreign exchange). SendMoneyHome (SMH) has also recognised the disparity in the remittance industry between the bank levies and the subsequent amount of money that migrants can send home. RemitONE is committed to providing technology solutions to the remittance industry whilst SendMoneyHome is committed to providing comprehensive information on the services consumers can benefit from. This is why SendMoneyHome created the first dedicated price comparison site for foreign exchange, where consumers can compare fees, exchange rates, speed and method of transfer from a around the globe including rates from banks, foreign currency specialists, prepaid cards and MTOs.
It is this relationship that has allowed both businesses offering remittance services and their customers to reduce overall costs. In an effort to further reduce the costs associated with the industry, SendMoneyHome has recently launched an online directory as part of the SMH brand so that consumers can enjoy even more choice when it comes to remittance and money transfer services.
For more information please contact Stuart May (Sendmoneyhome) or Aamer Abedi (RemitONE).
Stuart May
E: stuart@sendmoneyhome.org
Aamer Abedi
E: Aamer.abedi@remitone.co.uk
Web: www.remitone.co.uk
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Can Your Small Business Afford Not To Have A Net Website?
I’ve been accused of being opinionated by more than one particular person in my life, but attempt as I’d to work on that a part of my character, it stays just about the same. So, in this article, I’m going to debate my “opinion” on one purpose why, even when your goal market is strictly native, your small enterprise can’t afford not to have an online site.
A few statistics from Statistics Canada to start out us on our approach-. In 2003, there have been about 12 million households in Canada, and of those 8 million had regular access to the internet from work, dwelling and/or school. Around 60% of the total households had a computer and web access at home.
Ok, so now we know how many households had entry to the web, but what had been they utilizing it for? Virtually ninety% used the web for browsing, however extra importantly for our discussion- 34% used the web for purchasing items and companies, and by the way, that’s virtually double 1999 figures for purchasing items and companies on the internet.
Business Canada reports that in 2000, Canadian ecommerce sales had been $7.2 billion, a whopping seventy three% increase over 1999 numbers. And no, it’s not a typo, it really is $7.2 BILLION! I’d say there’s a pattern brewing—internet usage and gross sales are increasing rapidly.
And, in accordance with Trade Canada, Canada captured only about 4% of worldwide e-commerce in 2000. Now, numbers is probably not my sturdy go well with, so be happy to right me if I’m flawed, but doesn’t that mean there was a hundred and eighty billion {dollars} spent globally in ecommerce?
Let’s look for a second to the United States. www.tamingthebeast.web reviews statistics and forecasts collected throughout December 2001—157million on-line customers forecast to spend $47.8 billion in online retail income in 2002. By 2006, the forecast is 210 million users spending $one hundred thirty billion in retail revenue.
The numbers alone will most likely persuade many people to put money into a small business web site, particularly if they’re in an business the place their goal market isn’t restricted to a purely local one.
However, you say, my enterprise is just a little local shop. Why should I get a site for my small business? What good will the internet do me? I’ve heard that one before. In fact, the man I’ve heard it from most is David.
He’s the guy with the auto store in my article “I Don’t Want a Enterprise Plan—Do I?” Long story brief, his mom in law finally convinced him to write down a marketing strategy and his enterprise is making some cash, but in my view, it may do better with some marketing. I’d really wish to convince him to spend some advertising {dollars} (he’s slightly low cost generally), but to date, no dice. Anyway I digress.
Let’s use David’s enterprise as an example. So, his enterprise is in Saskatoon, a city with a inhabitants of simply over 200,000 over 5 years of age and nearly 90,000 households in 2001, in accordance with Statistics Canada. Nearly every household has at the least one automobile in Saskatoon, so meaning there are around ninety,000 potential automobile problems for David’s shop.
After all, not each vehicle goes to interrupt down in a year, and David isn’t going to get all of them to use his store, however you get the idea. And thoughts you, a few of them will break down more than once. A sure 1988 Jeep YJ comes to mind…
In Saskatoon, 72.5% of households had access to the internet in 2003, so round sixty five,000 households had internet access. And that’s not including the rural population surrounding Saskatoon who also have autos that need a mechanic from time to time. Now, let’s say David goes advertising-crazy and spends $2500 for his website online (which in my view is method too much money for a static small business web page).
However it does no good to have a website online if it isn’t found. Statistically, when folks enter a word or phrase right into a search engine, they’ll cease looking after the third page. Meaning, that to ensure that your web page to be positioned so folks will actually click on on it, it must be in the prime 30 web sites to your particular key words or phrases.
So, lets assume that the $2500 David spent includes some good search engine optimization. His website copywriter makes positive to analysis and discover relevant keywords, and uses them effectively in his site.
She provides his web site to small business directories, and does extra of her seo magic, and low and behold, three months in, David’s web site comes up #2 in a Google seek for “auto restore Saskatoon”. Now there are a potential sixty five,000 purchasers for David’s enterprise as a result of they’ll discover it in a search engine.
If he only reaches .1% of those sixty five,000 (not 1%, but point 1%), he may have 65 new clients, and you know your invoice goes to be greater than one hundred bucks every time you’re taking your automotive to the store, but assuming just $a hundred for an average bill, he’ll gross $6500, making that $2500 web page money effectively spent. I’d be keen to guess he’d make that much on upkeep alone, by no means thoughts repairs.
Now that I think about it, I’ve never approached David about a site from this angle. I believe I’d present him this article. He’s a logical form of man, and it just may persuade him to get one.
Find Out More:
Can Your Small Business Afford Not To Have A Net Website?
I’ve been accused of being opinionated by more than one particular person in my life, but attempt as I’d to work on that a part of my character, it stays just about the same. So, in this article, I’m going to debate my “opinion” on one purpose why, even when your goal market is strictly native, your small enterprise can’t afford not to have an online site.
A few statistics from Statistics Canada to start out us on our approach-. In 2003, there have been about 12 million households in Canada, and of those 8 million had regular access to the internet from work, dwelling and/or school. Around 60% of the total households had a computer and web access at home.
Ok, so now we know how many households had entry to the web, but what had been they utilizing it for? Virtually ninety% used the web for browsing, however extra importantly for our discussion- 34% used the web for purchasing items and companies, and by the way, that’s virtually double 1999 figures for purchasing items and companies on the internet.
Business Canada reports that in 2000, Canadian ecommerce sales had been $7.2 billion, a whopping seventy three% increase over 1999 numbers. And no, it’s not a typo, it really is $7.2 BILLION! I’d say there’s a pattern brewing—internet usage and gross sales are increasing rapidly.
And, in accordance with Trade Canada, Canada captured only about 4% of worldwide e-commerce in 2000. Now, numbers is probably not my sturdy go well with, so be happy to right me if I’m flawed, but doesn’t that mean there was a hundred and eighty billion {dollars} spent globally in ecommerce?
Let’s look for a second to the United States. www.tamingthebeast.web reviews statistics and forecasts collected throughout December 2001—157million on-line customers forecast to spend $47.8 billion in online retail income in 2002. By 2006, the forecast is 210 million users spending $one hundred thirty billion in retail revenue.
The numbers alone will most likely persuade many people to put money into a small business web site, particularly if they’re in an business the place their goal market isn’t restricted to a purely local one.
However, you say, my enterprise is just a little local shop. Why should I get a site for my small business? What good will the internet do me? I’ve heard that one before. In fact, the man I’ve heard it from most is David.
He’s the guy with the auto store in my article “I Don’t Want a Enterprise Plan—Do I?” Long story brief, his mom in law finally convinced him to write down a marketing strategy and his enterprise is making some cash, but in my view, it may do better with some marketing. I’d really wish to convince him to spend some advertising {dollars} (he’s slightly low cost generally), but to date, no dice. Anyway I digress.
Let’s use David’s enterprise as an example. So, his enterprise is in Saskatoon, a city with a inhabitants of simply over 200,000 over 5 years of age and nearly 90,000 households in 2001, in accordance with Statistics Canada. Nearly every household has at the least one automobile in Saskatoon, so meaning there are around ninety,000 potential automobile problems for David’s shop.
After all, not each vehicle goes to interrupt down in a year, and David isn’t going to get all of them to use his store, however you get the idea. And thoughts you, a few of them will break down more than once. A sure 1988 Jeep YJ comes to mind…
In Saskatoon, 72.5% of households had access to the internet in 2003, so round sixty five,000 households had internet access. And that’s not including the rural population surrounding Saskatoon who also have autos that need a mechanic from time to time. Now, let’s say David goes advertising-crazy and spends $2500 for his website online (which in my view is method too much money for a static small business web page).
However it does no good to have a website online if it isn’t found. Statistically, when folks enter a word or phrase right into a search engine, they’ll cease looking after the third page. Meaning, that to ensure that your web page to be positioned so folks will actually click on on it, it must be in the prime 30 web sites to your particular key words or phrases.
So, lets assume that the $2500 David spent includes some good search engine optimization. His website copywriter makes positive to analysis and discover relevant keywords, and uses them effectively in his site.
She provides his web site to small business directories, and does extra of her seo magic, and low and behold, three months in, David’s web site comes up #2 in a Google seek for “auto restore Saskatoon”. Now there are a potential sixty five,000 purchasers for David’s enterprise as a result of they’ll discover it in a search engine.
If he only reaches .1% of those sixty five,000 (not 1%, but point 1%), he may have 65 new clients, and you know your invoice goes to be greater than one hundred bucks every time you’re taking your automotive to the store, but assuming just $a hundred for an average bill, he’ll gross $6500, making that $2500 web page money effectively spent. I’d be keen to guess he’d make that much on upkeep alone, by no means thoughts repairs.
Now that I think about it, I’ve never approached David about a site from this angle. I believe I’d present him this article. He’s a logical form of man, and it just may persuade him to get one.
Find Out More:
