What is remittance and why use DETRACASH?
The remittance industry refers to the business of transferring money from one location to another, typically from a developed country to a developing country.
There are several key players in the remittance industry, including traditional banks, money transfer operators (MTOs), and online or digital platforms. A few MTOs, dominated this industry for many years due to their extensive network of physical locations. However, with the rise of digital platforms such as DETRACASH and others have disrupted the industry by offering cheaper and more convenient transfer alternatives to traditional methods.
One of the biggest challenges facing the remittance industry is the cost of transfers, which can be high due to various fees and exchange rates. To address this issue, many companies have begun offering low-cost or even free transfers, relying on alternative business models such as cross-border payments and currency exchange.
Remittances play an important role in the global economy, as they provide a significant source of income for millions of people in developing countries. According to the World Bank, global remittances reached an all-time high of $698 billion in 2019, with a significant portion going to countries in Africa, Asia, and Latin America.
In recent years, the remittance industry has faced new challenges due to the COVID-19 pandemic, which has disrupted global economic activity and led to a drop in remittances. However, the industry has been able to adapt by pivoting to digital channels, which have become more widely accepted as a result of the pandemic.
Overall, the remittance industry continues to play a crucial role in the global economy, connecting people across borders and providing much-needed financial support to families and communities around the world.
Why use an MTO such as DETRACASH to send money to your love ones and friends?
- Convenience: MTOs allow for easy and quick transfers from the comfort of your own home or office.
- Competitive exchange rates: When compared to banks and other traditional financial institutions MTOs provide better/competitive exchange rates.
- Wide coverage: Remittance companies such as DETRACASH have a wide network of partners, allowing for transfers to be made to almost any location around the world.
- Security: Reputable transfer operators have secured systems to protect both sender and recipient’s information and funds.
- Speed: A majority of transfers executed from an MTO site are completed in a matter of minutes, allowing for quick access to funds by the recipient.
- Low fees: Compared to traditional banks, MTOs charge lower fees making them a cost effective preferred option for sending money abroad.
