In a matter of months, the pandemic changed the world’s functions. Remote work immediately became a fixture of modern life, travel grew increasingly rare, and the ability to visit friends and family was also greatly impacted. And yet, while economic growth slowed down, one area of commerce remained remarkably resilient: money transfers. This proved true both for individuals sending remittances and for businesses completing cross-border transfers.
While financial forecasters predicted a 20 percent drop in remittances during the first wave of the pandemic, the international flow of money fell little more than 1 percent from 2019. These statistics shocked the world.
According to Dilip Ratha, Head of KNOMAD,
“The resilience of remittance flows is remarkable.
Remittances are helping to meet families’ increased need for livelihood support.”
Then, in 2021, personal money transfers accelerated to reach an all-time high. According to the World Bank, remittances grew 7.3 percent to hit nearly $590 billion. In the corporate sector, money transfers followed the same stratospheric trends. In fact, nearly 40 percent of small businesses sent and received more cross-border payments in 2021 than in 2020.
What precipitated this surge in money transfers? Simply put, the pandemic turned money transfers from an accessible feature into an essential one.
The total transaction value of money transfers remains on the rise. In fact, studies show they could reach $40 trillion by 2026. A staggering one billion people, or one in seven in the world, are involved with remittances, either by sending money transfers abroad or receiving them. One in seven people in the world benefits from these flows, which amounts to nearly 800 million people.
While money transfer services have long been popular, the pandemic only accelerated their appeal. Four years of growth has been compressed into two months in the money transfer space. Those two months in March and April 2020 have set the stage for the next decade.
As reliance on money transfers increases, modern consumers will only continue to seek out businesses that provide the services they need to support their loved ones.
Essential Reasons for Offering Money Transfer Services
Convenience is king, especially in 2022. After all, the age of digitization has dramatically increased the average consumer’s expectations. When it comes to payments and money transfers, people aim to do what they want, where they want, and how they want.
While they may have different end goals, the individual consumer and the business owner share one overarching value: they want maximum autonomy in everything they do. In fact, recent studies show that people value payment option convenience above almost every other factor (including sales/discounts and proximity to home).
In other words, if you’re offering money transfer services at your business, more customers will come calling. On the one hand, you’ll distinguish your business from the competition by giving your customers financial access to the world at large. Plus, beyond the obvious fiscal benefits — and the ability to earn additional income with every single transfer completed through your business — you’ll also establish a powerful rapport with your current customer base.
Over time, your clients will begin to associate your business with a place that enables them to support the things in life they cherish the most — whether it’s their family, their friends, or a business venture overseas.
Partnering With UniTeller
When it comes to transferring money and international bill payments, UniTeller maintains the highest standard of excellence. As a fully-licensed money transmitter in the United States and soon to be in Canada, UniTeller remains intensely committed to providing payment services with a transparent and flexible business model. To that end, businesses have minimal to no upfront investment to get started with UniTeller.
In fact, our professional team will provide in-depth training for you and your team, so you can see how the process works and begin completing money transfers right away. By partnering with UniTeller, you’ll also gain access to our multilingual Customer Service department, available seven days a week.
As a UniTeller Selling Agent, you will have total confidence in the speed and safety of the money transfer and international bill payments services you provide. Also, you’ll have access to our extensive network of over 200,000 paying locations and billers in over 70 countries worldwide.
And it’s trusted by countless customers and business owners across the United States.
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