Living in a digital world comes with many perks and one of which is the ability to connect to more than a million people around the world either through mails, social media or cryptocurrency. Now we can not only send messages around the world but also money to loved ones across the country in one click of your mobile phone. You can also receive money from miles away and this type of money transfer which has become popular in recent times is known as remittances. In this article, you will be shown what remittances means and how to send one.
Remittance : What does it mean?
Remittance is coined from the word remit which means to send back. It is the transfer of money from one account to the other, either for services rendered, account or bill payment. The term however, has been adopted majorly for money sent back home by people working abroad. In most cases, a foreign worker having to send money home to a family member in their home country.
Remittances cuts across several meanings and examples: It can be attributed to payment of bills and invoices at home, it can be called the payment of service providers in another country on behalf of a relative, it can also be sending a one-off gift of funds across the country. It can be international students using money transfer services to make payments between countries.
The most important things about these is that there have been a huge rate of migration of people abroad seeking for better work opportunities and standard of living. These migrants send in part of their funds to their home country after a while to support their families at home. These remittances help the economy of low income and developing nations.
How do you send one?
If you’re looking to send money from Uk to Nigeria, you have to first pre-fund your bank account with your local currency. It’s like you sending $10,000 dollars from UK, you have to first have $10,000 dollars in your UK account. Then when the money reaches the bank in Nigeria, the receiver has to contact their local bank to get that day’s foreign exchange rate. That rate is then used by the receiver’s bank to convert the remittance you sent into the local currency. Of course charges will be deducted from the money eventually after all these process reducing the value of the money significantly from what it was when it was sent from UK.
A long process. Too many checkpoints, credit card processing and charges. What if there was a simpler method?
Solve all challenges with one method
Considering the traditional method of remittances from foreign countries to home countries, the advantage favors the banks of the recipients of the funds more than the recipients themselves. The value of the money is lost and the time that is used to get the money across makes the whole wait unbearable. Centiiv has introduced a unique online payment system with the pay app which allows to make payments across the globe in one tap through cryptocurrency.
Unlike the usual processes, there are no needs for intermediaries. The process is relatively simple and fast, you can make a transfer across the country for as low as one dollar in less than a few minutes.
All you need do to get started is download the app and register your account. Then you can begin your payment journey. Smooth, effective and secure payment. No one likes receiving less value of their money worth, this is why Centiiv makes cross border payments and remittances a walk in the park.
Centiiv Pay will be available for public usage soon. Visit www.centiivpayapp.com to join our waitlist before public launch. As an early user, you stand the chance to share a pool of $5000.
