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How Money Transfer Businesses Are Reforming The Commercial Sector

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How Money Transfer Businesses Are Reforming The Commercial Sector

The commercial sector is an important sector of any economy. There is no world economy that can survive without the commercial sector. The commercial sector includes firms that are not associated with farming, manufacturing, and transportation. Money transfer is one of the businesses that are reshaping the look of the commercial sector.

Since the introduction of money transfer business in the commercial sector, a number of things have changed in this important sector of the economy. The majority of the changes that have occurred are positive to the economy. In this article, we will look into some of the most important reformations the money transfer businesses have done to the commercial sector and to the economy in extension.

The Benefits of Money Transfer Businesses

By looking at the benefits of money transfer businesses in the commercial sector, we will see that the reformations this business is contributing not just in the commercial sector, but the larger economy overall.

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Ease of use

One of the most important reformations the money transfer business is bringing to the commercial sector is the ease of transferring money. Previously, transferring money from one sector of the economy to another was quite stressful. The money transfer business is here to address this issue finally.

It is quite easy to transfer money to different places using money transfer agencies. You can even use your mobile phone to transfer money. In addition to that benefit, there is also an online option that users of money transfer services are given. This makes it easy for people to transfer money in multiple ways.

Same Day Money Transfer

Another important thing that money transfer businesses are doing to the commercial sector is allowing for the same day money transfer. With money transfer businesses booming all over the world, business people can now make transactions all over the world and expect the transactions to be received within the same day.

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Transfers of money within the same country are instant, thanks to money transfer businesses. This is improving the commercial sector, since businesses are able to operate without delays caused by the long wait for money transfers to be effected. Banks are still lagging behind due to paperwork involved thus, making money transfer businesses the better option for transferring money.

Cheap Options

The commercial sector has, for a long time, been lacking a cheaper option to transferring money locally and internationally. Money transfer businesses have provided a cheaper option that the commercial sector has been lacking.[1] Nowadays, people have various options when they want to send or receive money.

With the many options available, one is bound to get a cheap option that is suitable for this specific type of transfer. In the long run, this makes more people participate more in money transfer, thus, boosting the economy.

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The Best Exchange Rate

For people who are doing an international money transfer, the money transfer business is of great help because they are able to get the best exchange rates for their money. Since the money transfer business is an open and competitive business, people get the best exchange rates, making it advantageous to the commercial sector since more people will be involved in the process of exchanging currency. The exchange rates of money transfer businesses are updated on a daily basis so one is bound to have the best exchange rates.

Flat Rate for Transfer

The commercial sector has been suffering when it comes to the rates of transferring money. The money transfer business has, however, transformed this and now people can enjoy flat rates for their transfers. You do not have to pay a percentage of the total as your transfer fee. Many money transfer agencies offer money transfer services at fixed rates, making it easy for users to budget for their finances.

From the benefits mentioned above, it is very clear that the money transfer business has reformed the commercial sector in different ways, making the commercial sector better than it was before.

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Featured photo credit: flickr.com via flickr.com

Reference

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Sherrie Campbell

Psychologist

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Last Updated on January 5, 2022

33 Painless Ways to Save Money Now

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33 Painless Ways to Save Money Now

In a difficult economy, most of us are looking for ways to put more money in our pockets, but we don’t want to feel like misers. We don’t want to drastically alter our lifestyles either. We want it fast and we want it easy. Small savings can add up and big savings can feel like winning the lottery, just without all of the taxes.

Some easy ways to save money:

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  1. Online rebate sites. Many online sites offer cash back rebates and online coupons as well. MrRebates and Ebates are two I like, but there are many others.
  2. Sign up for customer rewards. Many of your favorite stores offer customer rewards on products you already buy. Take advantage.
  3. Switch to compact fluorescent bulbs. The extra cost up front is worth the energy savings later on.
  4. Turn off power strips and electronic devices when not in use.
  5. Buy a programmable thermostat. Set it to lower the heat or raise the AC when you’re not home.
  6. Make coffee at home. Those lattes and caramel macchiatos add up to quite a bit of dough over the year.
  7. Switch banks. Shop around for better interest rates, lower fees and better customer perks. Don’t forget to look for free online banking and ease of depositing and withdrawing money.
  8. Clip coupons: Saving a couple dollars here and there can start to add up. As long as you’re going to buy the products anyway, why not save money?
  9. Pack your lunch. Bring your lunch to work with you a few days a week, rather than buy it.
  10. Eat at home. We’re busier than ever, but cooking meals at home is healthier and much cheaper than take-out or going out. Plus, with all of the freezer and pre-made options, it’s almost as fast as drive-thru.
  11. Have leftovers night. Save your leftovers from a few meals and have a “leftover dinner.” It’s a free meal!
  12. Buy store brands: Many generic or store brands are actually just as good as name brands and considerably cheaper.
  13. Ditch bottled water. Drink tap water if it’s good quality, buy a filter if it’s not. Get 
      a reusable water bottle and refill it.
    • Avoid vending machines: The items are usually over-priced.
    • Take in a matinee. Afternoon movie showings are cheaper than evening times.
    • Re-examine your cable bill. Cancel extra cable or satellite channels you don’t watch. Watch the “on demand” movie purchases too.
    • Use online bill pay. Most banks offer free online bill paying. Save on stamps and checks, and avoid late fees by automating bill payment.
    • Buy frequently used items in bulk. You get a lower per item price and eliminate extra trips to the store later on.
    • Fully utilize the library. Borrowing books is much cheaper than buying them, but in addition to books, most local libraries now lend movies and games.
    • Cancel magazine/newspaper subscriptions: Re-evaluate your subscriptions. Cancel those you don’t read and consider reading some of the other publications online.
    • Get rid of your land-line. Do you really need a land-line anymore if everyone in the family has a cell phone? Alternatively, look into using VOIP or getting a cheaper plan.
    • Better fuel efficiency. Check the air pressure in your tires, keep up with proper auto maintenance, and slow down. Driving even 5MPH slower will result in better fuel mileage.
    • Increase your deductibles. Increasing the insurance deductibles on your homeowners and auto insurance policies lowers premiums significantly. Just make sure you choose a deductible that you can afford should an emergency happen.
    • Choose lunch over dinner. If you do want to dine out occasionally, go at lunchtime rather than dinnertime. Lunch prices are usually cheaper.
    • Buy used:  Whether it’s something small like a vintage dress or a video game or something big like a car or furniture, consider buying it used. You can often get “nearly new” for a fraction of the cost.
    • Stick to the list. Make a list before you go shopping and don’t buy anything that’s not on the list unless it’s a once in a lifetime, killer deal.
    • Tame the impulse. Use a self-enforced waiting period whenever you’re tempted to make an unplanned purchase. Wait for a week and see if you still want the item.
    • Don’t be afraid to ask. Ask to have fees waived, ask for a discount, ask for a lower interest rate on your credit card.
    • Repair rather than replace. You can find directions on how to fix almost anything on the internet. Do your homework, and then bring out your inner handyman.
    • Trade with your neighbors. Borrow tools or equipment that you use infrequently and swap things like babysitting with your neighbors.
    • Swap online. Use sites like PaperBack Swap to trade books, music, and movies with others online. Also, look for local community sites like Freecycle where people give away items they no longer need.
    • Cut back on the meat. Try eating a one or two meatless meals every week or cut back on the meat portions. Meat is usually the most expensive part of the meal.
    • Comparison shop: Get in the habit of checking prices before you buy. See if you can get a better price at another store or look online.

    Remember that saving money is not about being cheap or stingy; it’s about putting money into your bank account rather than giving it to someone else. There are many ways to save money, some you’ve never thought of, and some that won’t appeal or apply to you. Just pick a few of the ideas that sound doable and watch the savings add up. Save big, save small, but save wherever you can.

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    Featured photo credit: Damir Spanic via unsplash.com

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