Fintech International Money Transfers Ignite
The explosive growth of the FinTech industry has facilitated efficient, cost effective ways of transferring money across international borders. FinTech enterprises have picked up the slack where banks and traditional financial institutions have failed. The un-banked and under-banked sectors now have a voice with FinTech. There are many reasons why these innovative companies have experienced explosive growth, notably the dramatically reduced fees, no middlemen, and lower spreads than banks.
Many of these FinTech companies have stockpiles of cash all over the world, making it much easier to simply pay out in each country. Banks rely on old school methods of purchasing currency and then converting that currency into foreign currency. When transferring money abroad with FinTech enterprises, these companies have established operations in foreign countries where the equivalent figure is simply paid out in the receiver’s currency on the other side.