Money, according to the old saying, makes the world go round. But what if you reverse the equation? How easy is it for money to go round the world? What are the obstacles on the financial journey from one country to another, and how much value will money lose along the way?
The answer depends on a number of things, such as your money transfer partner, the method of transfer, and the payment corridor. Today, thanks to the growth of digital technology and the versatility of money transfer operators such as Xpress Money, financial services are more global and inclusive than ever, and there are plenty of choices when you want to make international transfers.
Moving between currencies and countries
However, suppose you are travelling to more than one country. Maybe you are doing a round the world trip, criss-crossing time zones and continents, and need your money to ‘travel’ with you and be acceptable wherever you are. What’s the best way to move seamlessly and conveniently between currencies and countries? How do you negotiate the usual exchange headaches and high costs and ensure your money moves safely and effortlessly across international borders?
At one time, more than likely you would opt for travellers’ cheques, but they belong to a bygone era and are hardly used any more. Nowadays, credit cards and mobile payment apps might be your first thought, and while they certainly have their benefits, much of the world still isn’t geared-up for cashless travellers.
Read also: Golden rules to keep in mind before travelling abroad
Cash still counts
Neither your phone nor your cards are universal method of payments. In some countries, you end up being stranded without cash as you’re unable to pay for a hotel, transport or meals. And if you’re depending on drawing money from an ATM, you need to be sure there’s one within easy reach and that you won’t incur heavy charges. Sometimes it can be a problem just finding an ATM that’s working, plus ATMs have been disappearing worldwide as digital technology transforms financial services.
Perhaps it’s surprising to learn that, despite our increasingly digital world, cash is still wearing its crown. Indeed, if you’re travelling from country to country, cash transfers have many advantages. This is where Xpress Money can help your money go farther, and with greater speed, convenience and cost efficiency.
The convenience of cash locations worldwide
Xpress Money has a growing network of over 200,000 locations in more than 170 countries, which means that wherever you are, you’ll never be far from a partner agent where you can transmit or receive cash. And with Xpress Money’s agent locator, it’s easy to find your nearest cash location.
When you use Xpress Money to transfer cash, not only do you have the convenience of a network of agents in every city and town, plus the advantage of low transfer fees, there are no worries about carrying large sums of money. If you have a wallet full of cash, there’s always a risk you’ll be robbed or lose your wallet en route. Far safer to send your money to your destination country and then pick it up in the local currency when you arrive.
With Xpress Money, it couldn’t be easier. All you need to do to send and receive cash is provide a valid ID and use Xpress Money’s 16-digit XPIN for secure transfers. Whether you’re sending cash to someone else or, as in this case, forwarding cash to yourself while travelling, it’s a fast and hassle-free process. Take a look at the simple steps for cash transfers.
Money 2020 Payments Race
Thanks to fintech, money now comes in so many different forms, so it’s interesting to see how different payment methods compare for ease and convenience when people travel from country to country. For example, what happens when cash is pitted against cryptocurrencies and mobile money? This was the challenge that teams faced in the World Payments Race, a competition held by Money 2020 in association with Fintech Finance, a financial services media company.
In previous challenges, such as last year’s EU Payments Race, cash and cards came out top, with cash having the most trouble-free journey on a cross-border journey from Istanbul to Amsterdam. In the 2019 Money 2020 World Payments Race, which saw competitors set off from Trafalgar Square in London and head round the globe before arriving at Money 2020 in Amsterdam, there were four teams: Team Cash, Team Crypto, Team Card and Team Mobile.
Team Cash benefits from Xpress Money
Xpress Money sponsored Team Cash, which was led by Valentina Kristensen. Valentina completed the 24,900-mile trip by sending cash to the various competition destinations. She used nothing but local currency to buy everything during the race, from transportation and accommodation to food and drinks.
In Hong Kong, Valentina used an Xpress Money agent to send cash to Dubai, and in her Money 2020 travel vlog she comments on the ease of using Xpress Money and the benefits of the exchange rate. In another travel vlog she explains the convenience of receiving the Hong Kong dollars in dirhams at one of Xpress Money’s locations in Dubai. In particular, she notes that it took no more than five minutes to get her cash and that it avoided ATM charges and the high exchange rate charges at other outlets.
Whether you’re sending regular remittances or want to transfer money for the trip of a lifetime like the Money 2020 competitors, we have the answer. From rupees to euros, dollars to dirhams, Xpress Money puts you in control of your cash. Wherever you’re travelling, we’ll provide fast, secure and affordable international transfers.
