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Maybe, you need to transfer money to your relatives or friends in other countries. Or, perhaps, you plan to buy a house somewhere and need to send money. It doesn't matter what the aim is, to send money, you need a good money transfer that you can rely on. This section will give you general information about the money transfer industry and some good systems.
The money transfer industry is a relatively new segment. Since its beginning in the early 80s, the industry has experienced a tremendous technological breakthrough. Ten years ago the international electronic payments were just developing. Such well-known money transfers as TransferWise, WorldRemit and Remitly were just starting. MoneyGram and Western Union had only 2% of digital transactions. With appearing of electronic payments, the traditional bank industry is in the middle of a revolution. If we look at Accenture's research, for 70% of clients, the relationship with the bank is more transactional. It means that the customers want faster service and a great digital experience. And today's money transfers can offer it to them.
Do Americans use money transfers? Oh yes, and the statistics prove it. The US was the biggest money transfer sender in the whole world in 2019 – the Americans sent $69.699 billion. Where did Americans send their money? Again, according to statistics, there are three popular countries where Americans sent money – Mexico ($34.704 billion); China ($14.252 billion) and India ($12.737 billion).
In 2020 because of the Covid-19 pandemic, the money transfers leaders in the segment with a 40.0% share of worldwide incomes. That's why money transfers can offer several advantages over traditional banks – lower transfer costs and speed of operation (money transactions are quickly initiated and can be done during one-two days). In terms of security and reliability, they're identical both for money transfers and banks.
As for online money transfers, here, the experts expect great growth. Online platforms of money transfer are very effective in managing transfers between companies as well as companies and their clients. The prom of these money transfers consists in straight access to money transactions and transfer process simplification. The other great thing is the user-friendly service that money transfers provide.
What are the best money transfers? There's a variety of them in the market. To save your time, we've created a small guide where you can know about top American money transfer providers. Below, we'll present you some of the best, and about the others, you can read after entering the section.
- PayPal is one of the most famous, quickest and simplest in using provider of money transfer in the world. It's one of the most global money transfers with availability in more than 200 countries. The company allows getting money in more than 100 currencies, withdrawing cash in 56 currencies and holding balances in 25 currencies.
- Western Union has been on the global money transfer market for more than 100 years. It's one of the biggest money transfer providers cooperating with more than 200 countries and 500,000+ agencies worldwide.