Month: June 2021

Covid e-commerce
ArticlesFinance

E-commerce In Post-COVID Economy: What Has Changed?

Covid e-commerce


Fintech innovations during the pandemic have been a crucial driving force for businesses worldwide. A number of solutions launched or quickly adapted to aid the growing global payments demand, contributing to growth of the e-commerce sector by 26% globally.

Fintech startups played a significant role in the global financial industry during the pandemic. Payments companies especially, have brought rapid solutions to aid the transition in commerce, which shifted from physical to digital in a matter of months. Many brick-and-mortar businesses began to offer online services, which led to a significant 26% jump in global e-commerce activity last year. That said, the question whether the need for e-commerce-boosting Fintech solutions will remain after the pandemic still lingers.

Payments industry experts expect the increase of Fintech solutions to continue driving the growth of e-commerce for the foreseeable future, citing the change in user behaviour. To further this, Frank Breuss, CEO and co-founder of Nikulipe—a Fintech company creating and connecting Local Payment Methods (LPMs) in the Fast-Growing and Emerging markets—has noted that some challenges, which have undermined e-commerce before, remain unsolved and so the need for Fintech solutions will remain for the foreseeable future.

Breuss explained that the pandemic highlighted one of the main challenges that e-commerce faced for years prior to 2020—the willpower to move towards digital payments. The pandemic restrictions, in turn, have forced many companies to accelerate the implementation of digital payments and virtual customer support in their businesses.

“Prior to COVID-19, many retail companies around the world had been mulling over digital service offerings. However, a relatively small segment of early adopters treated it as an urgent need. The pandemic effectively drove many companies that previously relied on brick-and-mortar stores to explore digital channels to ensure business continuity and survival.”

E-commerce platforms like Shopify, WooCommerce and others allowed even small businesses to make a quick digital switch without going through huge infrastructural investments. They offer easy creation of an e-shop, as well as access to payment gateways and plugins, which enabled business owners to manage essential customer relationship management (CRM) tasks like making appointments, creating a contact list and managing orders in real time.

During this time, Fintechs working in the Payments industry have also introduced various services and solutions to ease the financial burden on consumers during the difficult economic situation. As an example the ‘Buy Now Pay Later’ (BNPL) option, which allows shoppers to pay in installments, was made available to many more customers in recent years. Mobile payments have also shown a dramatic growth, becoming a lifeline for the Emerging markets as mobile phones are more widely accessible than bank accounts. Experts regard this as a giant step towards achieving financial inclusion globally.

According to Breuss, low financial inclusion has been and continues to be a significant impediment to the growth of e-commerce, especially in Emerging markets. As a result, over 2 billion people worldwide are unable to participate directly in global online trading. In Africa, where about 60% of the population remain unbanked, Fintech companies have come to the rescue. Many African countries recorded huge Fintech investments last year, peaking at $1.35 billion by Q4 2020. This is expected to see Africa’s contribution to global trade rise significantly over the next few years.

“At Nikulipe, we are working on meeting consumers’ needs to be able to pay with the Local Payment Method of their choice—not just at their local but also at global merchants. This became even more relevant since the COVID-19 crisis,” explained Breuss. “During the last one and a half years, Fintechs working in the Payments industry came up with a number of solutions to ease e-commerce tool adoption and they still have a significant role to play in the growth of e-commerce and global trends over the next decade,” he added.

As the world begins to make a gradual return to normalcy, e-commerce will have to continue solving the challenges it faces. While the move to digital payments has seen significant progress, a majority of LPMs still exclude global merchants, limiting consumer choice. Financial inclusion has moved forward as well with BNPL and mobile payments gaining popularity, but suitable LPM solutions and internet accessibility remains restrictive to the wider inclusion. Region-specific regulations remain another hurdle to figure out, and these ongoing challenges could be solved only with continued Fintech involvement.

TikTok
ArticlesFinance

Expert Warns Against the Dangers of TikTok Investing Craze

TikTok


By Ben Hobson, Markets Editor, Stockopedia

When users of the online discussion site Reddit banded together recently to bid up the price of shares in GameStop Corp., it showed just how influential – and risky – some online investing communities can be.

But Reddit isn’t the only online resource that’s proving popular with investors. Social media platforms are attracting large audiences looking for ideas – including TikTok.

Videos with the hashtag #Investing have so far racked up over 2.2 billion views on TikTok, opening up a world of investing to millions of younger people. But it comes with big risks – there is a very real danger of losing money if (and when) things go wrong.

 

Ben Hobson, Markets Editor at Stockopedia talks about some of the dangers of the TikTok investing craze and how to avoid the risks…

More and more young people are turning to social media platforms like TikTokto find investments with the promise of life-changing profits. 

Economic turmoil and low trust in financial institutions has left a generation of investors thinking differently about where they invest and who they listen to. In fact, according to brokerage Charles Schwab, 80 percent of millennial and Gen Z investors believe recent economic difficulties are making it harder to get good investment returns.

With social media platforms like TikTok enjoying huge global reach, it’s no surprise that they’re now influencing the investment decisions of millions around the world. 

Earlier this year, the now infamous trading frenzy in US games retailer GameStop Corp, showed how “viral” trends can have a huge impact on individual securities. That was intensified by TikTok videos encouraging viewers to take considerable financial risks in return for what they portrayed as a guaranteed win. For many, the episode simply resulted in losses.

Events at GameStop and other stocks like it have raised fears that apps like TikTok are a new frontier for the kind of stock market manipulation regulators have been battling for decades.

Recently, the Financial Conduct Authority has specifically warned that videos on apps like TikTok are a major risk to young and inexperienced investors.

Part of the problem is that the sense of community on social media platforms can lead to herd mentality. This psychological togetherness is what makes the apps popular. But it’s a huge risk in investing and it’s often blamed for whipping up manias and bubbles.

Sadly, it’s the unprepared amateur investors that are most likely to be left with stomach-churning losses when the frenzy dies down.

 

Beware of scams

Beyond videos that overpromise, there are also outright scams. And TikTokhas been a lucrative target for criminal groups.

These scams range from the notorious ‘Money Mule’ money laundering scam to much more common ‘day trading’ cons and even celebrity-endorsed money-making schemes.

Videos from these accounts often promise high returns for following their advice and signing up for exclusive subscription services to get ‘insider knowledge’ on the markets. 

Users can find themselves enticed to visit websites that often have very little information about the company’s management, location or details about what they do. These are serious red flags and should be avoided at all costs.

 

Be careful who you trust

Social media has created a revolution in the way consumers connect and interact. But the risks for investors tempted by the promise of quick wins are very high.

Excessive promotion, clickbait, herd mentality and even criminal scams are not always easy to detect. So be wary of these risks. 

Always double-check any advice you find on social media using a trusted, independent source. With additional research, you can make an informed risk versus reward calculation to see if something is worth investing in while guarding against false claims or scams.

 

Here are some top tips to remember:
  1. Be wary of users that promote high-return investments. Remember that risk and reward go hand-in-hand, so if what is on offer seems too good to be true, it probably is.

  2. Investigate investment ideas by doing your own research. There is no easy button in investing but doing your homework can pay off. There’s no such thing as a perfect investment, but financial data will tell you what you are dealing with.

  3. Remember the age-old warning about consulting a financial adviser. At the very least, discuss your ideas with someone you trust before parting with cash.

  4. Never open an e-currency account to transfer money to an investment scheme. This is an unregulated space that fraudsters use to avoid detection.

  5. If you’re keen on becoming a successful investor, consider signing up to a reputable investment platform for expert guidance, ratings and portfolio management support.

  6. If you’re in any doubt at all, swipe-up and walk away.

SME Investment
ArticlesFinance

Almost a Third of SMEs Invest to Make Businesses Safe for the Summer

SME Investment
  • Nearly eight out of ten small businesses are confident of a summer boost in trade
  • But over a third are worried about the impact of continued social distancing

 

 
SMEs are increasing their investment in protective measures for both customers and staff as they remain cautiously optimistic that the summer will bring a boost to trade, according to research by Recognise, the UK’s newest SME bank.
Almost a third (30%) of smaller firms told Recognise they would be spending on PPE or protective measures for staff, while one in five (22%) of SMEs said they would be investing in protective measures for customers.
Overall, nearly eight out of ten (78%) SMEs said they were confident of a boost in business in the summer if Covid restrictions were removed completely, an 11-percentage point increase on the 67% of smaller businesses who said they were confident of a seasonal uplift when questioned by Recognise in March this year.
Confidence is highest in the retail sector, one of the areas most impacted by lockdown measures, with 86% of smaller retailers telling Recognise they are confident of increased trade in the summer, compared with 60% in March.
But Covid is still causing concern for smaller businesses. Recognise found that over a third (37%) of SMEs said they were concerned that restrictions, such as social distancing, could hamper trade or reduce customer numbers. The figure increased in the hospitality sector where more than half (52%) of SMEs said they were worried  that continued restrictions would dampen business.
Less than a third (30%) of SMEs said they were worried that customers would be too afraid to shop or do business with them because of the fear of catching Covid-19, compared with 20% in March.
As a result, many SMEs are increasing their spending to ensure they can make the most of summer trading, whatever the circumstances. Recognise found:
  • 41% of SMEs in the hospitality sector had already, or said they were planning to invest in outside seating
  • 35% of all SMEs said they would be investing in new equipment including IT, up from 22% in March
  • 30% of smaller firms said they would be spending on PPE or protective measures for staff, up from 25% in March
  • 22% of SMEs said they would spend on PPE or protective measures for customers, up from 20% in March
 
However, previous concerns around the long-term impact of Covid lockdowns on business seem to have diminished. The number of smaller firms worried about replacing customers lost during lockdown has fallen to 20% (down from 26% in March), while worries that customers will have taken their business elsewhere have dropped to 14% of all SMEs (compared to 18% in March).
According to Jason Oakley, CEO of Recognise, the latest findings reveal the resilience of the UK’s SME sector. He explained: “SMEs remain cautiously optimistic that business will continue to improve as we get closer to the summer. If that means continuing to operate within certain restrictions, you can be certain they will adapt their businesses to welcome as many customers as possible.
“This can-do attitude is shown by the growing number of SMEs planning to invest in their businesses in readiness for the summer. While expenditure on protective equipment is to be expected, higher spending on marketing and promotional activity suggests that smaller businesses are coming out of lockdown with ambition and plans to win customers.”
Recognise’s research found that using cash surplus remains the most popular option for funding the investment in business, as indicated by 20% of all SMEs (up from 14% in March). 17% of smaller firms said they planned to use government loan schemes to fund spending (up from 14% in March), while 15% intended to borrow from their bank (up from 13% in March). A further 6% of SMEs surveyed said they would borrow from a lender other than their bank, the same as in March.
Recognise provides lending to the UK’s SME sector via a network of regional Relationship Managers in London, Midlands, Manchester and Leeds, backed up by the latest cloud-based technology to provide quick lending decisions and fast access to funds.
The bank aims to provide more than £1.5 billion of business lending over the next five years. Business and personal savings accounts will be launched later this summer.
Issues

Q2 2021

Welcome to the 2021 Q2 edition of Wealth & Finance International Magazine. As always, we endeavour to provide fund managers, institutional and private investors with the very latest industry news in the traditional and alternative investment spheres.

After a year that has been shaped by a global pandemic, the predominantly successful roll out of vaccine programmes across the world has meant that the much-anticipated arrival of ‘life after lockdown’ seems finally to be on the horizon. Consequently, businesses of all size across all industries have been gearing up for the reopening of global markets that will mark the beginning of a new economic era.

This preparation for the reopening of the world is a consistent theme of the companies featured in this edition of Wealth & Finance International. From high street retailers regaining traction after months of online stores dominating the commercial landscapes, to the at times challenging but client-centric decisions made by our cover feature company, Fairbanks Insurance Brokers, the Q2 edition of Wealth and Finance is rife with stories of resilience and innovation demonstrated by companies throughout the global financial service and wealth management sector over the last year.

We wish you all the best for the months ahead and hope that you stay safe and well until we meet again in the next edition of Wealth and Finance International Magazine.

Cash Flow
ArticlesBankingCash Management

How To Improve Your Business’ Cash Flow Through Invoice Factoring

Cash Flow


Managing business cash flow can be difficult. It involves more than looking at profits and losses. It’s also about looking at revenue streams as a whole and the factors affecting them. Sometimes, an enterprise will have to wait for a few weeks for payments, and this can negatively impact your operational expenses on a daily basis.

Luckily, invoice factoring may be an option for organizations that want to quickly ensure steady cash flow. Under this scheme, you can raise funds to cover regular expenses such as fuel, rentals, taxes, and employees’ salaries.

If you think your business can benefit from giving invoice factoring a try, read on for more information about this particular financial method. In this article, you’ll discover how invoice factoring can improve your cash flow while you’re waiting to be paid by your customers.

 

What Is Invoice Factoring?

This involves a business ‘selling’ its unpaid invoices to factoring businesses. In return, the latter pays a portion of the invoice values and returns the rest after the customer has paid. Some businesses may be discouraged from turning to invoice factoring since it can significantly reduce your profit margins. However, if you prefer to have a steady cash flow without resorting to loans—which may hurt your finances further with their exorbitant interest rates—this may be a good option to consider.

Besides, in selling your accounts receivables to a factoring company, you may still get up to 98% of your invoices’ total value. Most factoring companies take charge of the billing and collections, saving you time from chasing after customers and minimizing the risk of incurring bad debt.

 

Why Is Cash Flow Management Important For Your Business?

Without steady income, a business can’t operate smoothly. Relying solely on customers for cash inflow can cause several problems. Your employees won’t be able to work properly if they’re not paid. Government offices will run after your business for not paying taxes on time. Simply put, your business can’t grow.

Proper cash flow management is crucial in any business organization. What many don’t understand is that it isn’t limited to earnings and losses. Cash flow covers all aspects of your business income streams along with the factors influencing them: expenses, debts, payables, receivables, and inventory.

 

How Does Invoice Factoring Improve Your Business Cash Flow? 

Having a steady cash flow is crucial in business sustainability and growth. Enterprises should aim for more cash inflows and shouldn’t have to wait for customer payments to finance operations. Invoice factoring improves business cash flow in the following ways:

  • This method allows you to meet your financial obligations on time, preventing your business from incurring penalty fees and overdue charges.

  • Instead of getting loans that require collateral plus out-of-pocket application costs and come with high interest rates, your business can save cash with invoice factoring. The money you save from loan-related fees may not be substantial, but it can still help improve your cash flow.

  • Being free from chasing non-paying customers, your finance department can perform other important tasks and increase productivity.

  • Paid on time and working in great conditions, your marketing staff will be able to focus on your company’s promotional strategies and attract more customers, increasing your income potential.

  • Because your business will no longer suffer from delays and shortages due to limited cash flow, you can take in more customers and, consequently, see your profits rise.

  • With enough money on your hands, you can consider expanding your business. Consider buying new assets or pieces of equipment to make your business more efficient.

  • Having extra cash at your disposal allows you to prepare for contingency. Reliability increases your brand reputation, and more customers are inclined to transact with you as a result.

  • As your brand reputation increases, an increasing number of customers would be willing to purchase your offerings.

  • A steadier cash inflow allows your business to take on more projects, including expansions and partnerships, which in turn would allow your business to have a more stable financial standing.

Invoice factoring is an attractive prospect for businesses without a credit score or even those with poor credit scores. Banks and lending institutions look at a borrower’s credit score before deciding whether to approve or reject an application. Comparatively, factoring companies don’t look at your business’ credit scores but rather those of your customers, who now owe them money.

Additionally, some invoice factoring companies offer longer payment terms, which may work to your advantage. Check out this article if you want to learn more about invoice factoring and its benefits.

On the other hand, invoice factoring may have hidden costs, so taking this route is more costly than choosing government-backed financial programs. What’s more, your business may still be held liable if your customers default on their payments.

In choosing the best factoring company, a good rule of thumb is to carefully look into their terms and conditions. Make sure there are no hidden fees, and they should have a dispute resolution system. 

 

The Wrap-Up

Invoice factoring can be an attractive option for businesses that need immediate cash flow. If you’re struggling to collect payments, consider invoice factoring in order to finance your daily business operations. Just make sure that your customers are able to pay promptly in order to avoid headaches.

When used properly, this alternative business financing method can help enhance your business cash flow without pushing your business into a financial sinkhole.

FinTech Payments
ArticlesBanking

Emerging Markets Lead in Adoption of Latest Fintech Payment Solutions

FinTech Payments

While the changes in the Fintech Payments industry, brought on by the pandemic, were seen across all markets, Fast-growing and Emerging economies have experienced the biggest shift. Increased use of mobile payments have put them at the forefront of the new payment technologies adoption.
 
It is now clear that the coronavirus pandemic served as a significant catalyst for growth in the Fintech Payments industry. The changes in consumer behavior the pandemic imposed, alongside the massive expansion of e-commerce, brought new consumers into the market, increased the volume and variety of purchases, and promoted new payment methods. While the changes were felt across all markets, Fast-growing and Emerging economies have had to adapt the most, and seems to be leading the way in the adoption of new payment technologies.
The coronavirus pandemic has had a significant impact on how buyers shop online. In the developed countries, the volume of online purchases increased—amounting to $4.28 trillion —as has their scope. Consumers started shopping online for a wider range of goods, including bulky ones such as furniture and tools alongside groceries.
‘Instant delivery’ services pair with contactless payments
The share of goods traded across borders increased, both regionally and globally. More shopping is now conducted through “instant delivery” services, which deliver goods within minutes rather than days. Contactless payment options became more popular, as cash and card machines were identified as a pandemic risk. With such changes, new user groups have entered the market as well, especially the older generation, which long resisted the shift to Fintech.

 

Rise of online purchases in Emerging Markets

While generally trends differ from continent to continent, Emerging markets saw some of the same trends as the Mature markets. Online purchases were on the rise, as was the demand for international goods and services. There was also a significant increase in the number of people that purchased online. For example, 68% of South Africans were spending more time shopping online than prior to the pandemic—most common items bought through e-commerce platforms in 2020 were clothing and groceries.
“The pandemic has caused a behavior change that will be difficult to undo,” notes Frank Breuss, co-founder of Nikulipe, a fintech company connecting Fast-Growing and Emerging Markets with the global payments industry. “These changes are not localized or specific for a number of countries, as it usually is. Once people have made the shift to more convenient payment methods, they are unlikely to go back, and we are seeing this happen for more than a year now.”

 

Mobile payment—key to e-commerce success

The move to new payment methods gave rise to the trend of the increasing popularity in local payment methods (LPMs), such as the various mobile payment systems operated by national telecom companies. Breuss singles out two main reasons why mobile payments are becoming that much more popular: many buyers in Emerging markets, like in Mature economies, still wish to keep the physical contact to a minimum—and will continue to do so; buyers are also without access to credit cards, which makes mobile payments more widely accessible.
Such and similar technologies allow them to deposit money on their account and send it to anyone else on the network, including merchants. That is why LMPs are being called the key to e-commerce success in Emerging markets. 

 

Pandemic-influenced trends are here to stay

Breuss identifies the development of multinational LMPs as a key opportunity in the industry, as cross-border payments are growing rapidly.
“It is critical that Fintech firms seize the momentum and continue to push for new and better technology,” explains Breuss. ”Interestingly enough, Emerging markets seem to be leading the way with mobile payment systems that are much more ‘instant’ than what we have in Europe or the U.S. It’s something worth keeping an eye on, as businesses seem to be slowly moving back to normal.”
The coronavirus pandemic has brought significant changes to consumer behavior and what has been thought of as trends, set in motion by the pandemic, seem to be truly global, affecting the markets worldwide. As consumers in both Mature and Emerging markets get used to more convenient means of payment, the continuity of such behavior could stay much longer than anticipated.
Business value
ArticlesFinanceWealth Management

How To Increase the Value of Your Business

Business value


If there is a possibility that you may sell your business at some stage in its life, no matter whether that is in 3 years or 30, you need to consider increasing its value. By doing so, you increase your chances of securing a more profitable sale in the future.

Selling a business can be tough. If you have put years of effort into building yourself a profitable company, you’ll want to be secure in the knowledge that you will eventually complete a worthy sale.

Here we provide a range of tips that will each help you to not just maintain the value of your business, but steadily increase it over the years up until its sale.

 

Understanding your business’s current value

Knowing where you currently stand in terms of business success and value, is vital. If you have a clear starting point, you have a base in which you can prove your growth in the future to your buyers. It is always worth you finding out the current value of your business in order to identify areas in which you have grown over the following years.

A buyer will be interested in a clear depiction of growth with sufficient evidence being provided – this represents great business value. If you spend a decent amount of time looking into every element of your business and analysing where it provides you with value, you can use this knowledge to your advantage.

 

Taking the right steps towards improving business value

Along with the efforts that you are currently making to ensure that your business is successful, you can follow a few simple steps that will help to secure that value. By doing these as additional steps, you boost your chances of success in a future sale.

  1. Ask for advice

There are plenty of experts out there who can help to advise on improving your business, managing cash flow and keeping financial troubles at bay. Professional help could make the difference between you maintaining value and gaining value.

If you are facing financial trouble, it’s always best to get this under control before you consider selling your business, if you can. A valuable business is a profitable business.

 

  1. Invest and update

Actively investing in new equipment, machinery or whatever it may be that your business relies on in its day to day operations, is important. The more outdated your business operation becomes, the more that your overall value reduces over time.

Spending money on new equipment and technology may seem like a large investment at first, but you will soon see the benefits. Don’t let the initial spending put you off – this is often what causes financial issues within companies. Some businesses will fail to modernise and as a result, become slow in their processes and start seeing losses.

 

  1. Repeat what works

If you know what already works well for your business, you can continue to do this and strive to improve it even further. Spend time assessing where your priorities lie and what you can afford to leave on the backburner.

If a part of your business is running efficiently and doesn’t require much attention, let it continue to be successful whilst you focus on other areas. If you can implement those winning processes in other areas, do so.

 

  1. Keep an eye on cash flow

Buyers will obviously pay close attention to a business’s cash flow. If your future cash flow projections show it being set to increase, you will automatically attract keen buyers. Document this growth clearly and go back to step 1 should you find yourself having problems with cash flow.

Cash flow is clearly important in any business. Make sure that you are dedicating enough time into managing this area before it becomes a major issue.

 

  1. Don’t forget the importance of customer service

Whether you have a large or small customer base, it is key that you keep those customers happy. If you have a good relationship with repeat customers and spend

time getting to understand the needs of new ones, you will please future buyers.

By documenting what you learn about your customer base, you have a valuable document of information that a future buyer will really appreciate.

There are clearly a lot of ways in which you can help improve the value of your business. What is important to remember, is that you need to have future value in mind at all times. If there is a chance that you may complete the sale of your business at some point, you need to be sure that you are offering buyers a valuable and profitable business.

If you can optimise your current processes to help increase value, then do so. It is unlikely that you will lose out by focusing on these areas, so allocate the time you need to really make it work.

Money transfer globally
ArticlesBanking

Five Things You Need to Know Before Sending Money Abroad

Money transfer globally

Millions of Brits provide financial support to their families overseas, with an average of £7.7 billion being sent from people in the UK to support loved ones each year.  

With money transfer apps becoming the new norm, it is now easier than ever to send money to family and friends back home. People can make payments from the comfort of their homes or on-the-go without having to enter a physical store or bank.

However, as with any modern apps, there are a few things to bear in mind in terms of online security whilst sending or receiving money from abroad. The experts at global cross-border payments company WorldRemit have compiled some top tips for any first-time sender. 

 

1. Secure your email address

Most companies require an email address to set up an account, therefore it’s important that you ensure that your email is protected with a strong password to prevent anyone from gaining access to not only your emails, but any apps you use via this address.

Strong passwords include a combination of lower and uppercase letters, numbers, and symbols, it’s also important to ensure that you don’t use the same password for multiple applications.

 

2. Avoid public wi-fi

Although it seems convenient to connect to a public wi-fi to make a quick money transfer, the open access can be a security threat, allowing unauthorised users to intercept your sensitive personal information or gain access to your device.

It is recommended to avoid logging into online banking or money transfer apps, or managing your mobile wallet using a public network.

Instead, either waiting until a secure wi-fi network is available, or using mobile data, is the safest way to use money transfer apps while you’re out and about.

 

3. Research the app you’re downloading

Before you download a money transfer mobile app, try to find more information about the company online. If there is little to no online presence, stay away from it. On social media, always look for the verified “blue tick” next to the business name. Last year, WorldRemit launched a Transfer Tracker App which allows recipients of money transfers to track their funds. The app is free to download through the Google app store in a number of countries including India and Nigeria.

 

4. Keep your operating system up to date

Whenever your smartphone’s operating system, internet browser or applications notify you that there are updates available, be sure to install them as soon as possible.

Many of these updates are fixing bugs or weaknesses in order to help you stay safe online.

 

5. Use a pricing comparison tool to get the best deal

The cost of sending money abroad takes numerous factors into account, for example, the exchange rate as well as any sending fees. 

Be sure to use a pricing comparison tool to ensure you’re getting the best deal ahead of making the commitment and sending the funds. 

 

A spokesperson from WorldRemit added: “Sending money overseas for the first time may seem like a daunting task, but it’s actually easier now than ever before. 

“With WorldRemit, you can send in 70 currencies to more than 130 countries worldwide, in a safe and secure manner, and it can be done within minutes – it’s as easy as sending a text message.

“If it is your first time sending money to your loved ones overseas, we have customer service advisers available to help 24/7, to make your money transfer journey as seamless as possible.”