Given the fact that the 21st century continues to become increasingly interconnected thanks to digital and internet-based technologies, it should come as no surprise that the rate of international money transfer has expanded in kind. The international money transfer industry has blossomed as both professional and personal use of these particular services has experienced healthy growth over the last decade.
That being said, very little attention has been devoted to developing a comprehensive survey of international transfer trends until now. Recently, researchers from Azimo, a popular money transfer service, compiled a series of data points and metrics related to the contemporary world of international money transfer for presentation at the upcoming World Money Transfer day. While some of the information presented will most likely be expected, readers may be surprised by particular snippets of data included in this survey.
Take, for example, the current trends amongst individuals between the ages of 18-34 when engaging the help of a money transfer organisation. Although this generation is commonly considered to be the most “plugged-in” in all of history, the majority of those polled stated that they would first approach a bank for their international money transfer needs before using an online service.
It was also discovered that 85% of those polled believed that anything higher than a 2.4% commission fee was “unfair”, sentiments that seem rather curious considering the fact that the vast majority of global corporations engaging in international money transfer currently charge between 8-10% commissions on all exchanges.
Perhaps a more expected observation could be the fact that the number of money transfer transactions requested through mobile devices in 2015 more than doubled over the previous year. This, of course, coincides directly with the rise in e-commerce and mobile web browsing that is fast replacing desktop computers and other bulkier devices.
Ultimately, curious individuals who are eager to learn more about the current state of international money transfer will likely find that this new report is truly comprehensive. Those who make it their business to stay abreast of international money transfer news would do well to peruse a copy at their earliest convenience.