Hearing about personal money transfers, we often have an image of a person working in a foreign country and sending earned money to loved ones. In practice, after all, transfers of funds are also transfers that many of us carry out on a daily basis. We live faster and faster, and every improvement that saves our time and money is worth its weight in gold. Regardless of whether we make them between different countries or locally.
How to reduce the costs of international transfers?
International money transfer services are offered by many market players. It would seem, therefore, that with increasing competition, their price should decrease. However, as practice shows, there is still much to be done in this regard. World Bank data shows that in March 2022 the average cost of sending $ 200 to low-middle income countries was 6.09%. Experts estimate that for each 1% drop in remittance prices, approximately $ 6.89 billion per year would remain in the wallets of migrant workers.
In the search for alternatives to traditional money transfers, many customers are turning to companies from the fintech industry. The latter offer faster and more profitable international transfers, just like Rebell Pay. Transactions made through this app are free - no commission or hidden costs. What's more, they reach the recipient even in a few minutes.
How to make a domestic transfer quickly and cheaply?
Consumers clearly indicate the need not only for faster international money transfers, but also domestic ones. You still have to wait for transfers to a bank other than the one you use. The system has fixed hours of booking transactions and despite the facilities provided by mobile applications, you have to take into account that the transfer will be delayed. Of course, the Express ELIXIR option is available in most banks, but it involves additional fees for the execution of the transaction. In today's reality, we are looking for simple solutions that save our time and money. This trend seems to be confirmed by the Infosys report "Global trends in cards and payments industry 2020". According to it, the industry estimates that in 2018-2023 the payments market will grow at an annual rate of 50 to 80 percent.
What are new generation transfers?
43 million - this is how many payment cards, according to NBP data, were on the Polish market at the end of 2021. This is 6 million more than the population of Poland at the same time. This means many of us have more than one card in our wallet. However, not everyone knows that in addition to everyday purchases, they can also be used for quick transfers, also between your own cards. This type of card-to-card transfers are offered by Rebell Pay.
This solution will work not only in the case of foreign transactions, but also on a daily basis, when we need the funds sent to the recipient immediately, without unnecessary formalities and hidden costs. We can also send funds in this way between our own accounts, if we have them in other banks. All you need to do is download the free Rebell Pay application, available on Google Play and the App Store, and then register and connect the selected Visa or Mastercard card. In just a few minutes, we can start transferring money in a way that suits our time - instantly, unlimited and with full payment transparency!