Mobile Credit vs Money Transfer

Transferring money overseas can be easy and difficult at the same time. Questions arise as to whether the recipient can access the money you send and whether it is actually safe to send. The movement of people around the globe has risen with globalization. People moving to a new country want to be able to keep in touch with and support their family and friends that they left behind. In the UK, many people have come from developing countries and they want to send money to their family but they want to ensure that the money is received properly and in good time. Mobile money transfers have grown incredibly due to the ease of use and the immediacy of the transfer. 

 

Due to a technological revolution in developing nations, mobile phones are no longer a luxury. They are a necessity, in order to keep in touch with and receive money from those who have moved away. There are many remote areas in developing countries that do not have land-lines installed but mobile phones can be used. Mobile transfers mean that they do not have to try and make their way to a larger metropolitan area to receive money or talk to their loved ones.

One way to help your loved ones in a developing country is to top-up their mobile with airtime. This can be done very quickly and small or large amounts can be sent. Sending a top-up to someone’s mobile means that person does not have to worry about having to travel anywhere in order to put money on their mobile themselves. If they were unable to receive top-ups they could find themselves unable to travel to an area where they must first access money from a bank or money-transfer company, proceed to the mobile company to put money on their mobile and all of this might not be very easy. Top-up companies often have promotions for the sender, during a certain period, when the sender can send an amount of money to top-up a mobile and the receiver will receive an additional amount of air time. 

Being able to send small amounts helps the senders and their pocketbook. There is no cost, usually, to send these top-ups and a £10 money transfer or top-up costs as much as a £100 transfer. There is no difference dependant on the amount sent. Being able to pay bills for your family in another country is also a big draw for mobile money transfers. You are able to pay a bill directly to the company, avoiding the pitfalls of transferring money to your family so that they, then, must retrieve the money from the transfer and somehow pay their bills in person.  Living in the UK, away from your family and friends, often means wanting to stay connected and mobile transfers are one such way. All with a few swipes on your mobile.

Many people still use one of the many money transfer businesses in the UK to send money home. It is fairly easy to do and it appears to be very safe. The problem with this can be the question of whether the recipient is able to access the money you have sent them. In India, for example, there is very little liquidity of money and the receiving agent might not have the actual cash to give out. You must also keep in mind how the recipient can access the money you sent. Do they have a bank card or debit card? The use of money transfers to India have virtually stopped due to these problems. Using mobile transfers, you can avoid these problems and be assured that your family member or friend received the money. 

 

 

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Isuru Karavita

He graduated from the university of Hertfordshire with a BEng(Hons) in Digital Communication and Electronic Engineering. 

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