Barriers to Money Transfers and How to Overcome Them

The world has evolved, and so have the various methods we use for money transfers. More people are embracing digital payment solutions. As a result, cross-border payment platforms are also on the rise.

Nowadays, the ability to make seamless international transactions is essential to businesses and consumers alike. However, although cross-border payments are important for financial inclusion, there are still many barriers to their efficiency.

Thanks to technological advancement, these barriers can be overcome with innovative solutions and appropriate strategies.

This post will walk you through the common barriers to money transfers and how to overcome them for seamless transactions. Keep reading.

What are the Challenges of Cross-Border Money Transfers?

Sending money across countries has been a challenge for many years. Here are some key barriers to sending money abroad:

Slow Transactions

We live in a fast-paced world; hence, speed is vital when it comes to money transfers. Cross-border payments via a traditional bank transfer usually take between 2 and 5 days to process.

Recipients need to be assured that they won’t have to wait for days before their money is credited into their accounts. Also, due to this delay in payment processing, many businesses may experience the burdens of cash flow. This can in turn be a threat to their survival in the market. 

If you’re looking for a swift and immediate transfer option, using an app like Changera is the way to go. Wire transfers usually take a while before they go through.

High Costs

Generally, cross-border payments are notoriously expensive due to the number of intermediaries involved in transferring money across countries. Apart from that, there are regulatory costs, compliance costs, and currency exchange rates involved. Choosing the wrong money transfer service can result in you paying more expensive fees than normal. Hence, it is important to know the best services to use for your international transfers. When it comes to international transfers, Changera offers the best fees without additional or hidden charges.

Lack of Transparency

There can be so many transparency issues with cross-border payments. This is due to the numerous intermediaries involved in the process. Businesses may have to go through a lack of transparency in terms of costs, speed, and arrival of payments. Consequently, tracking the payment is very difficult and may have hidden costs associated with it. This can severely affect the profits of the business.

Security Concerns

All businesses want to make secure digital transactions for cross-border payments. Unfortunately, there is always the risk of fraudulent attacks in international payment processes. One single weak point can be used to steal money before it enters the payee country.

One major problem with cybersecurity is that the regulations for every country can be different. As a result, there is no guarantee that both countries involved in a particular transaction will use the same security standards. 

Unreliable Services

Money transfer services to certain countries, especially developing ones, can be unreliable with frequent delays and errors. In addition, the lack of technological advancement and infrastructure in some countries makes it challenging to receive money quickly and efficiently. Also, some transfer services have limited coverage. This means that recipients in remote areas may not have access to send and receive funds as they wish.

About Changera

Changera is a social fintech app that provides cross-border transfer and remittance services to individuals and businesses globally. 

With Changera, you can send and receive money anywhere in the world at the tap of a button. Talking about the best transaction costs, exchange rates, and transfer speed, Changera is your best bet in all aspects. Additionally, the multi-currency wallet feature on the app makes conversions across different currencies easier and simpler. Now, you can avoid the complex processes and challenges many people face when sending money across countries. Changera remains the fastest and most secure route for international money transfers.

Why You Need Changera to Beat the Barriers to Money Transfer

If you’ve ever encountered problems while sending money, Changera should be your go-to payment platform for all transactions, and here’s why:

Seamless Money Transfers

With Changera, you can relax as funds leave or enter your account. There’s no need to worry about delays in payments or exorbitant charges.  Changera has got you covered! 

High-end Security

If you have concerns about the safety and security of this payment platform, don’t worry; your concerns are valid. However, you don’t need to worry. Changera’s bank-grade security ensures the security of your data electronically. There is digital encryption of all data and cards to prevent unauthorized access to sensitive information and protect you from fraudulent transactions.

Takeaway

Sending money domestically and internationally has become significantly easier than it used to be. You don’t even need to leave your house to do that anymore. All you have to do is find a reliable payment platform and you’re good to go. Don’t worry, we’ve done the major work for you. Changera is a reliable platform to use when you want to send money seamlessly. With Changera, you don’t need to worry about hidden fees, and the security of your transaction is always guaranteed. You can easily create multiple wallets and convert them across different currencies at the tap of a few buttons. 

Don’t forget to download the Changera mobile app on the Google Play Store or App Store and sign up to get started.