- Remittances, or the transfer of money from one country to another, are an important part of the global economy. According to the World Bank, remittances to low- and middle-income countries reached $540 billion in 2020. However, despite the growth of the remittance market, there are still several bottlenecks that can make sending and receiving money across borders a challenge.
One of the main bottlenecks of remittances is the high cost of sending money. Traditional remittance services often charge high fees and offer unfavorable exchange rates, which can eat into the amount of money that the recipient ultimately receives. Additionally, many people who send and receive remittances are in low- and middle-income countries, where access to financial services is limited and fees can be even higher.
Another bottleneck of remittances is the lack of transparency in the process. Traditional remittance services can be slow, with transactions taking several days to complete. During this time, it can be difficult for both the sender and the recipient to track the progress of the transaction and ensure that the money is being delivered as expected.
Finally, there is the issue of limited payment options. Many traditional remittance services only offer a few payment options, which may not be convenient or accessible for everyone. For example, some services may require the sender or recipient to have a bank account, which not everyone may have.
This is where PEXBANK comes in to provide a solution. PEXBANK is a tech-enabled platform that provides multiple payment options to help you receive or send cross-border payments through a network of people around the globe. PEXBANK creates possibilities for local payment support for remittance using preferred payment options across worldwide locations through people living in the diaspora.
PEXBANK offers competitive fees and exchange rates, which can help reduce the cost of sending and receiving money. Additionally, PEXBANK’s platform is transparent, with both the sender and recipient able to track the progress of the transaction in real-time. This helps ensure that the money is delivered as expected and provides peace of mind for both parties.
Finally, PEXBANK offers a variety of payment options, including bank transfers, E-transfers, cash wallets, checkout services and cash pickups. This means that senders and recipients can choose the payment option that is most convenient and accessible for them.
In conclusion, remittances are an important part of the global economy, but traditional remittance services can have several bottlenecks that make sending and receiving money across borders a challenge. PEXBANK is a tech-enabled payment exchange platform for remittance that connects people to break the limits of global cross-border payments. By offering competitive fees, transparent transactions, and a variety of payment options, PEXBANK is helping to make remittances more accessible and affordable for everyone.