3 ways covid-19 is changing how we transfer money abroad
Covid-19 has disrupted almost every aspect of our lives and the money transfer sector is no different. With a new study by the United Nations University’s World Institute for Development Economics Research warning that half a billion people could be pushed into poverty around the world, it’s more important than ever that we are able to support family and friends abroad.
A BBC report explained this well. With the country in lockdown overall transport use has fallen by 60% between early February and the beginning of April. In this same period, with people concentrating on buying essential goods and spending less time in shops, supermarket sales of non-food products have fallen by 45%.
During this difficult time, it’s still crucial for many of us be able to transfer money overseas and we therefore need to understand the impact Covid-19 is having on our ability to do so. Here are three ways that we are seeing the pandemic spill over into money transfer and what we at Small World are doing about it.
1. Customer Communication
As the situation changes daily, communication is more important than ever. While government updates, at home and abroad, and the news are essential resources for individuals and businesses, Small World is also determined to provide you with details on how Covid-19 is affecting our customers and the money transfer industry.
Our social media sites and the service status update on our website are crucial sources of information. Not only can you read a message from Small World’s CEO Nick Day on what we are doing to enable you to send money abroad, you will also find specific information on:
- Destination countries with service changes
- Potential scams and frauds to be aware of in the current climate
- FAQs regarding how Covid-19 is impacting Small World customers
By staying in touch as much as possible we will be able to minimise the impact of this pandemic and allow you to continue sending money to those who need it.
2. Branch or agent closures
We all understand the need for social distancing as a way of preventing the spread of Covid-19. As a result, there are inevitable consequences for those wanting to send money abroad.
Of course, it’s very easy to make your money transfer without having to visit a branch or agent. For example, many of our customers send money in one of the following ways:
- Send money online through our website
- Transfer money in 3 simple steps via our app
- Make your transfer with one simple phone call to a Small World operator
Where these digital solutions are available, they allow your transfers to happen in seconds without human contact, helping you to adhere to government social distancing guidelines. The added benefit of digital payment solutions is that they are available to use 24/7 worldwide.
However, if you need to transfer funds via a branch or agent, then this service is still possible. Our Branch Locator provides information on current opening hours. As a business, we are working hard to ensure the health and safety of both our customers and employees. If you usually use an agent, then it would be worth contacting them directly, in advance of making a transfer to ensure that they are open.
3. Exchange Rates
The uncertainty that Covid-19 is bringing to our lives is having a similar impact on exchange rates, leading to decades-high levels of fluctuation and unpredictability.
With rates changing quickly, what does that mean for you?
While we continue to offer low fees and great rates that are constantly checked against our competitors, you will need to keep a check on live exchange rates. This way, you will be in an informed position and able to determine the best time to make your money transfer.
You can check the latest rates via your Small World account or by contacting the relevant Call Centre for your country.
Despite these changes and the challenges facing us all due to the Covid-19 pandemic, we are committed to transferring your money abroad safely, quickly and efficiently. Stay in touch with Small World for all the latest relevant updates and information and thank you again for choosing us to support your loved ones.