The remittance industry has been flourishing in recent years and has established itself as the top mechanism of moving money abroad, even most trusted than bank transfers. With the rise of these online money transfer services, Australian settlers can send money online to their respective home countries through a web portal or mobile app.
Now here is the question, who actually benefits from an international money transfer? In this article, let's explore who are the actual gainers.
- Sender: The most obvious party who benefits from conducting a remittance is the person who sends the money - the sender or the remitter. Why so? Because this money transfer fulfils one of his/her clear intentions to use the money for a specific purpose.
The goals of sending money will doubtlessly vary from individual to individual and from business to business. Whatever reason is behind the money transfer; they can complete it stress-free.
- Recipient: The next benefiter of an international money transfer is the receiver or the recipient or the beneficiary. All money the recipient receives from their foreign relative or friend is directly used for financial benefits of family maintenance, paying bills, etc.
If the receiver is a business partner getting foreign investment, the money gets utilized to boost business further and pay salary to the employees, and so on.
- The economy of the receiving country: Another beneficiary of global remittances is the economy of the receiving country, that is, the country in which the recipient lives. On account of the global scale of remittances, it is evident that remittances offer a significant contribution to the GDP of receiving countries. India, China, Mexico, the Philippines etc., are among the top recipient countries of global remittances, thus, it forms a part of their GDP.
There you go, now we know the beneficiaries of international money transfer. If you have signed up with the best online money transfer in Australia like ERemit, no doubt you are going to get additional benefits offered by the agencies, such as the unbeatable exchange rates, amazing gifts and rewards and many more.