Here’s key remittance features list to achieve international remittance success

In a rapidly developing world, the demand for reliable and cost-efficient international remittance services is at an all-time high.

For anyone sending money to their country, or any business offering remittance services, you are already aware of the significance of cross-border payments. To make things easier, it is important to opt for a cross border payment platform that meets the needs of your customers.

If you are looking for an effective cross-border payment platform for remittance success, it is recommended to have a look at the key cross-platform payment features.

Let’s look at them one by one. First let's begin with the basics of international remittance.

Understanding International Remittance

International remittance can be explained as sending money from one country to another. It serves the lifeline of millions of families and is an essential part of the global economy.

People living in foreign lands find cross-border payment services a great relief to send money back home with the least deductions.

Even with cross-border payment platforms coming up to make transactions smoother for your business, there are a few possible complications such as expensive charges, long process durations, or changing foreign currencies to sabotage the performance of these platforms.

If you offer facilities like International Remittance to your users, here are some key cross-border payment features you’d like to recheck or learn before you choose a cross-border payment solution for your business.

Key Features of Successful International Remittance Services

1. Low Transfer Fees

High transfer fees are one of the major setbacks for international remittances these days. The cost of transactions sometimes becomes so high that users have to double-think their transfers. For successful remittance, offer your users competitive, transparent pricing without hidden fees.

• Transparency: Outline all costs involved. Do not charge any hidden fees.
• Competitive Rates: Aim to offer the lowest possible rates for specific transfer needs.

2. Favorable Exchange Rates

The value at which one currency is converted to another is known as the exchange rate, and variations in this rate have significant implications for the received amount. A remittance service is regarded as effective if it offers exchange rates that are close to the market rates.

• Market Rates: Choose a provider that offers exchange rates close to the interbank rate.
• Rate Lock-in Options: Some services allow you to lock in an exchange rate for a short period, protecting you from market fluctuations.

3. Speed of Transfer

Another important consideration is the time taken to receive the funds. With some cross-border payment platforms, one can transfer the amount immediately, but with others, it may take a while.

• Instant Transfers: Many modern services offer instant or same-day transfers, which can be particularly useful in emergencies.
• Varied Speed Options: Some services provide options for both quick transfers and slower, cost-effective transfers.

4. Security and Reliability

Protecting user’s money and personal information is very important. To establish yourself as a credible International remittance service provider you need to have strong security to ensure that your customers’ information and money are safe.

• Encryption: Integrate encryption technologies to protect your data.
• Regulation and Compliance: Get a license and certificates before you start the services, ensuring adherence to stringent security standards.

5. Accessibility and Convenience

For successful remittance services, service deliveries should have flexible platforms and enable various modes of sending money.

• User-Friendly Platforms: Create intuitive websites and mobile apps
• Multiple Transfer Methods: Offer multiple modes such as bank transfers, cash pickups, mobile wallets, and prepaid cards.

6. Wide Network Coverage

Having a wide network of payment service providers integrated with your solution is essential for sending and receiving money in many locations globally, especially for those in remote or underserved locations.

• Global Reach: Choose a service with an extensive network of partner banks and agents.
• Local Presence: Grow your presence locally in countries you want to serve.

7. Customer Support

Dealing with transaction issues or needing to ask about the services, it must be highly rated customer support to save on time and solve them efficiently.

• 24/7 Support: Offer round-the-clock customer service.
• Multilingual Support: For non-English speakers, offering support in multiple languages can be very beneficial.

8. Transparent Policies and Practices

The major features of any cross-border payment services are transparent policies and practices that reflect credibility. As your users avail of your international remittance service ensure they are aware of the

• Clear Terms and Conditions: Ensure that all terms are clearly stated and easily accessible.
• Upfront Disclosure of Fees: Full disclosure of all potential fees before completing the transaction is critical.

Conclusion

A lot of things like price, speed, protection and ease make up important factors in selecting an appropriate remittance service provider. Secure seamless transactions are key to customer satisfaction and confidence; it is therefore important that you learn more about the important characteristics of these services to have safe, secure, and efficient transactions.

DigiPay.Guru is a globally recognized fintech solution provider that offers advanced digital payment solutions to banks, fintechs, financial institutions, NBFCs, and businesses. Our comprehensive suite called DG Bank provides products and services such as Mobile Money, Agency Banking, International Remittance, eKYC, Prepaid Cards, Merchant Acquiring, and Scan & Thru.

We help businesses design solutions to revolutionize financial markets by building mature, flexible, customizable, and future-proof digital platforms. Our solutions are available in both “License Version” and “SaaS Model”.

Consequently, when thinking of expanding your service to include international remittance, you should consider integrating the best features while adhering to every rule and regulation.