London, UK, June 13, 2023 – Sending money abroad has become an important practice in many people’s lives who reside abroad. Supporting loved ones, planning a future with a partner, or developing a business requiring a rapid and cost-effective overseas money transfer solution.
However, the majority of consumers are frequently unaware of the exact expenses of sending, spending, or receiving money across borders.
How many people have lost to hidden costs in transactions?
The cost applied to remittance or hidden fees during transactions has negatively affected millions of people around the globe. Despite remittance being important for many families and communities, getting paid by their daughters, sons, husbands, wives, and partners who are working abroad. The global average cost of sending money across borders remains high at 6.3%. To bring this issue to light and solve the problem the United Nations has set a goal to bring these costs down to less than 3% on average by 2030, as part of the Sustainable Development Goal 10c.
One specific example of hidden costs can be seen in the United Kingdom, according to the Wire UK, an estimated £5.6 billion is lost annually due to hidden exchange rate markups.
The law Cross Border Payments Regulations require banks and transfer providers to disclose the total cost of international money transfers, including any hidden fees associated with exchange rate mark-ups.
It becomes important for all of the transfers happening from the UK to India to have transparency, also including the transfers which happen worldwide. This will eventually ensure the people about the true cost of the transactions and can make more informed decisions when sending money out of the country.
By enforcing stricter regulations and extending transparency requirements to cover all currency exchanges, more people will be protected from hidden costs and have access to affordable remittance services.
This would contribute to achieving the UN’s Sustainable Development Goal 10c and help improve financial inclusion and economic opportunities for individuals and communities around the globe.
Why does transparency play an important role for Xmonies?
Recognizing the growing customer expectations and the need for greater transparency, Xmonies is found to be a frontrunner in transforming the international money transfer landscape.
By prioritizing open communication (customer service), Xmonies aims to empower customers with the knowledge they deserve when it comes to their cross-border transactions. That the connectivity is now at the fingertips, the world has become a smaller place.
In business, conducting commerce across borders was once the dream of large international corporations. However, the advent of digital platforms has opened doors for workers and small businesses, enabling them to engage in international transactions with ease.
Xmonies stands at the forefront of this digital revolution, leveraging top financial technology to offer complete transparency and reliability in international money transfers. Alas, the days will be gone of hidden fees and ambiguous exchange rates.
With Xmonies, customers gain full visibility into the entire transaction process, ensuring that they can make informed decisions and have surveillance over their financial resources.
Moreover, Xmonies goes beyond transparency to prioritize customer experience and security.
Robust security measures, including encryption protocols and compliance with stringent regulatory frameworks, are embedded into the company’s operations. Customers can trust that their funds are protected throughout the entire money transfer journey.
Contact:
Company: Xmonies
Name: Chris John
Phone: +44 2035 829 516
Email: support@xmonies.com
Website: https://www.xmonies.com
Address: London, UK
