Working abroad for a certain period of time that could not be considered a temporary business trip is as old as the history of civilization. From legionnaires and mercenaries to commissioning medieval artists, people reluctantly or out of pure enthusiasm, found themselves in communities and cultures sometimes completely alien to them so that they could get better pay or some pay which is better than nothing at their homelands. Although the term expat, short for expatriate, has a wider meaning that blankets anybody residing in a country other than their native one in its core definition, modern times saw it being used for professionals specifically in diaspora not having tragic grounds. International money transfer is less of a burden against the medieval and ancient times naturally. Globalization of economies enabled opportunities otherwise unimaginable – you could be working in Belgium and be purchasing a property in Brazil or owning a business in Malta would not bar you from making an expenditure for a holiday in Bali. Modern times came with their facilitation of the mobilization of people, capital, and goods and the rewards reaped translate as examples listed above, especially for people working in foreign countries.
Best International Money Transfer Options
Before our beloved millennium kicked in with all its internet-powered might, money transfer abroad could largely be executed via mainstream banks around the globe. Any kind of payment that went through, it went through via banks, mortgage installments, or tiniest utility bills – banks made it all happen. Such monopoly always arrives with its drawbacks, nevertheless – fees sometimes as high such that they could be qualified as exorbitant and process times that could prove vital or fatal work diametrically opposite of the benefits such services are supposed to provide.
Overseas money transfer via banks takes no less than 5 to 7 working days, sometimes it takes a couple of weeks for such transfers to clear. Now assume that your family is in dire need of the money you will be sending them and the quickest they can grab it starts from 5 working days. In the case of intermediary banks involving money transfer for expats, it only gets even more costly since your money hops more stops along the way to reach its destination, effectively multiplying expenses that make such a transaction a true headache.
How to Send Money Abroad
Thanks to the emergence of fintech companies, though, this is no longer the case, nor is it the norm. From e-wallets to bankless transfer systems, money transfer abroad has been the expertise of many new-gen startups most of which turned out to be unicorns eventually. Jeton, for instance, is an e-wallet that can be topped up via credit/debit cards recognized worldwide or JetonCash vouchers, and transfer of money via Jeton clears almost instantly, minimizing the time and cost involved to ridiculously low levels. Now that internet penetration is generally more than half of the population in almost every country and mobile phone availability is not an issue anymore, e-wallet apps bring even more accessibility and ease of use that ensures international money transfer is not as severe as a diplomatic crisis anymore – it’s just another easy chore you could be doing any time of the day at your convenience.
In Jeton, we create customized sending money abroad solutions for our clients. Thanks to our conventional Jeton application, it is a blink of an eye to operate hassle-free international money transfers no matter where you are and when it is. Create a Jeton account today and ease your life as an expat significantly!