Everything You Need to Know About Overseas Remittance


Everything You Need to Know About Overseas Remittance

By: Priscilla Wee

What is overseas remittance, its importance, and why is Instamo so passionate about it?

What is remittance?

Overseas remittance is the transfer of money from a foreign worker to their family or other individuals in their home countries. Remittance constitutes a significant portion of many country’s gross domestic product or GDP.

Especially for a developing country's economy,overseas remittances play a crucial role. Remittances encourages people in less developed countries to open bank accounts, which in turn impacts economic development in that country positively.

With the widespread use of remittances as many choose to work in a country with more preferred job prospects than their home country, it resulted to the birth of many fintech start-ups such as Instamo.

How can I send a remittance?

Here at Instamo, we are passionate about solving the age-old problem of cross-border transactions and we want to make it accessible to anyone, anywhere at anytime.

With our prowess in advanced technology, we build on our strengths to revolutionize how money is handled around the world, making the process more user-friendly, as well as removing high costs associated with some traditional formats. In addition, we co-exist and co-operate with all traditional and new fintech companies.

So what are you waiting for? To know more about Instamo, partner with them, log on to their website https://instamo.io/ or drop them an email @ [email protected]

Sources: https://medium.com/@vincentlecamus/proptech-what-is-it-and-how-to-address-the-new-wave-of-real-estate-startups-ae9bb52fb128 & https://blog.remitly.com/finance/remittance-definition/

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