The Importance of Online Money Transfer Services During the COVID-19 Pandemic

Why are online money transfer services so important right now?

Millions of people around the world use money transfer services to support families abroad, helping them to pay for the likes of education and childcare to everyday goods. This global crisis has presented plenty of new challenges for individuals and businesses, with industries severely impacted – meaning regular income and financial security is in doubt for many families.

So, fast and safe ways to send money abroad to loved ones is a high priority for the diaspora community around the world. There is a range of online money transfer services and remittance apps available to the diaspora which are proving crucial for families during the COVID-19 pandemic. 

Using online money transfer solutions allows people to send money quickly and securely from the safety of their homes, without needing to go out to banks or remittance agents, or use cash for transfers abroad. Online money transfer services and mobile remittance apps are a cheaper option too, as the majority charge smaller fees on money transfers to different countries. 

Sending money abroad to loved ones during the COVID-19 pandemic

Different nations around the world are at different stages of the pandemic and the restrictions and lockdown measures vary from country to country. So, when sending money to loved ones abroad, make sure you’re choosing the safest option. You may be used to transferring money in-person rather than online or via mobile, perhaps using cash to wire money to family abroad.

However, we recommend using online money transfer services during the coronavirus pandemic, even if it’s a change from the norm and if you (or your family) are not used to using online methods of managing your finances.

Most online money transfer platforms are very easy to use and make sending money abroad a simple process, that’s easy to track and manage, without needing to leave your home.

Please follow your government’s latest guidance on how to protect yourself and others around you – especially those who are most vulnerable.

Using a mobile remittance app for global money transfers

Considering the increasing popularity of mobile banking, the growth of mobile remittance has been inevitable. Traditional remittance solutions are outdated – the digital age demands quick and convenient solutions for sending money abroad. 

Mobile money transfer apps have emerged as a popular modern method of money transfer, and the global pandemic has triggered a surge in FinTech app usage.

If you haven’t used a money transfer app before for global remittance, there is no better time than during the coronavirus pandemic, where we are encouraged to stay at home and keep our distance from other people.

Mobile remittance apps offer the following benefits:

• Speed – quick to set up and send transfers
• Reliability – more reliable, transparent and fewer delays
• Security – money transfer apps use enhanced payment protection tools
• Convenience – send money whenever and from wherever you like
• Flexibility – most remittance apps offer flexible payment and payout methods
• Cost-savings – you’ll often see much lower fees than traditional remittance methods
• eWallet features – mobile wallets save you time and offer additional security

For more details about the benefits of mobile remittance apps, check out our blog: Why Using a Mobile Money Transfer App is the Future of Global Remittance.

Where possible, send money to bank accounts and mobile wallets

Due to government-enforced restrictions on movement and stay-at-home orders, online money transfer services and mobile remittance apps like TalkRemit are the ideal solutions for getting money to those who need it without having to leave your home.

When it comes to your recipients abroad, you may be worried about their safety using cash collection, if that’s their preferred payout method. The safest way to transfer funds abroad right now is by sending money to bank accounts or mobile wallets, where possible.*

If you have to send money to cash pickup locations abroad, we advise you to check the current restrictions in your recipient’s country and whether their local collection venue is still operating.

*For certain countries this may not be possible if cash pickup is the only available payout method for money transfers.

How TalkRemit is helping the global diaspora to send money abroad safely during the COVID-19 pandemic

During this global pandemic, we’ve been supporting our customers as best we can, offering advice, guidance and keeping our remittance fees low – we offer the lowest fees on the market for global money transfers. In fact, currently, all money transfers abroad are fee-free with TalkRemit during Ramadan – scroll down to the end of the blog for more details.

We have a section on our website’s Help pages offering guidance about sending money abroad during the coronavirus pandemic. This covers key information and advice and details about support and service availability.

The TalkRemit team is working hard to respond to the COVID-19 pandemic to continue supporting your remittance needs. Our online money transfer service is currently running as expected, but if you have any issues, we have a 24/7 Customer Service Team ready to help!

Browse our Coronavirus FAQs to learn more and check the list of countries where TalkRemit is available and destinations you can send money. 

Summary

As discussed, online money transfer services and remittance apps are proving vital during the coronavirus pandemic – they’re the safest way to send money abroad right now. We don’t know how long the coronavirus will impact our lives and there will be a knock-on effect long after the crisis eases. Getting used to using online platforms and apps to manage your finances and transfer money safely abroad will take a lot of pressure off you and save you time and money.

If your current remittance services have been affected or you need advice, get in touch with our friendly Customer Service Team, or visit our Help page. 

If you’d like to give TalkRemit a try, register online here or download our money transfer app via the App Store or Google Play.