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buy apple developer account (buyappleacc.com):Moving money beyond borders

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,CIMB Bank is running a campaign with cashback for money transfers overseas for up to RM50,000. HSBC offers zero cable fees for telegraphic transfers via online banking and several other banking groups have their own offers.

HAWALA used to be an ancient and informal way of transferring money across borders where there was no physical money movement.

It is said to be based on a huge network of money brokers. Even though it is deemed illegal now, it does exist in some parts of the world.

That aside, telegraphic transfers have been used for decades to transfer money beyond borders.Of late, fintech has given rise to new ways and new players have emerged with various offerings, including transfers via mobile phone and e-wallets.

This has shortened the time of transfers to several minutes from days earlier depending on location, amount and provider.

“If you are sending ringgit to pounds, you pay ringgit into our Malaysia account, and we pay out to your recipient from our British account,’’ said Wise (formerly Transfer Wise) country manager Lim Paik Wan.

She added that “as much as possible, money does not cross borders. Today, 38% of all our international transfers globally are instant, delivered in less than 20 seconds.’’

WorldRemit country director for Malaysia and head of Asean business Ridzuan Aziz said “over 90% of transactions are made within 10 minutes due to the digital nature of our business.

“Our customers are also able to track their transfers in real-time so they have full visibility of their money throughout the remittance process,’’ he added.

A money transfer involves the sender, the recipient and the channel used for transfer and in this case it can be via banks for non-bank providers.

There are several non-bank providers apart from Wise and WorldRemit. They include Western Union, MoneyGram, Paypal and Remitly. Several banking groups also ride on some of the non-bank providers to transfer money.

Whatever the way, the market of global money transfers continues to grow with people sending money for various reasons, be it for their children’s education or business, including migrant workers remitting money back home.

Last year, RM26.5bil worth of remittances were sent out according to the Fintech Malaysia Report 2021.

The report said the e-remittance market share grew from 14% to 25% and this showed that Malaysians may be opting for new age, lower cost e-remittance providers compared to traditional providers.

With the rise in transactions and providers, the fight for market share between the banks and non-banking groups continues to heighten.

Since July, Ambank has been offering food e-vouchers for foreign remittances of a minimum of RM50,000 for a limited period.

Similarly, CIMB Bank is running a campaign with cashback for money transfers overseas for up to RM50,000. HSBC offers zero cable fees for telegraphic transfers via online banking and several other banking groups have their own offers.

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