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Saturday, May 28, 2011

Online Banking vs Remittance Centers (Centres)

Remittance Center @ Orchard Road, Singapore

In my previous article published in F Magazine, I wrote that one of the preoccupation of overseas  workers immediately after payday is to send money back home to their love ones. May it be for the tuition fee of their kids, payment to their home loans or to buy basic commodities for their families, expatriates or overseas workers must adapt a simpler and inexpensive way to transfer or to wire their hard earn money. I recently transferred  thru a remittance center and I find their rates still expensive.

China, India, Mexico and the Philippines are the major recipients of remittance. These are hard-earned money that contribute and help propel the economies and businesses of these countries.
Anytime, Anywhere Online Transaction

A quick demonstration that will educate non-online bank users to shift to “do-it-yourself” online transfer from the more traditional process will definitely benefit the money sender. A lot of those who patronize the remittance centers already know how to use the internet and also have smart phones. So, it wouldn’t be so hard to adapt to a newer ways.

Online banking is a faster and a more convenient way. The more people become convince of online transfer, the more will shift doing this regularly and going to remittance centers will be less likely an option.

In areas where there are no ATMs or no banks, this is where remittance centers can exploit and still make business. It’s a premium service they can deliver to remote locations. However, be prepare to pay more. So, if you live in towns with banks and ATMs, consider moving to online banking. More convenient and a cheaper way of sending and receiving money to you love ones. (F MAGAZINE)


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