Transferring money has never been as easy as it is now. But till about a few decades ago, international online money transfer was considered to be a necessity, the technology for which had yet to be developed.
Today, however, the whole scenario has changed. While banks were the first to come up with this technology, today they charge a mark-up of about 5 to 6% on the currency conversion rates. They are, thus, fast losing out to the fintech companies who are currently offering much better rates, greater savings, enhanced security and hassle-free money transfer.
Peer to peer pressure is another major contributor to fintech companies gaining popularity. But it is necessary to conduct a money transfer comparison in real time to know which fintech company is best suited for the transfer. Some of the important metrics which need to be met by these companies are: