The overseas remittance, currency exchanges cost and time

Overseas remittances are essential to the global economy. However, remittances sent by senders do not reach 100% of the recipients. Overseas remittances have been monopolized by banks for a long time, so there are many inefficiencies. In the case of overseas remittance through a bank, the remittance is carried out through the SWIFT network. At this time, the remittance is carried out through various intermediary banks, so the commission is very high. SWIFT (Society for Worldwide Interbank Financial Telecommunications) refers to the International Association of Interbank Financial Telecommunications. It is a system in which remittance is made in several stages of transmission through several banks using a coded message system. The SWIFT system, which consists of multi-level transfers and messages, is rather complex. One transfer, which should be simple between individuals, has to go through several detours. Therefore, the SWIFT method causes a lot of delays. It may take several days for the transfer to be completed. In addition to the fees paid to the bank, there are additional charges such as wire transfer fees and currency exchange fees.