According to surveys and studies, about £7.8 billion was sent abroad from the UK in 2018. Currently, Nigeria receives the most money (15.5%) from the United Kingdom compared to other countries. Other countries on the list include India with about 14.8%, France with nearly 6.8%, and Germany with 5%.
Aside from the sending percentage, we have discovered that most of the people who send these funds are students followed by business owners. Many of them are within the age range of 18 and 40 years with men taking up most of the population.
Recently, we curated excerpts from our customers of why they send money to their beneficiaries and we discovered different reasons. You want to read this article to know why people send money to their beneficiaries.
1. Personal And Family Reasons
The primary reason why people send money across international borders is for themselves and their loved ones. It could be to support their younger ones through school, send stipends to their parents, or gifts to friends and family members.
2. Business And Logistics
Business payments and logistics come next after personal and family reasons. Speaking of businesses on a global scale, technology has unified the world just as increased demands have expanded businesses beyond borders. People now send money internationally to fund their businesses all over the world. At the same time, customers pay for distant products, services, and deliveries from the comfort of their homes and receive them in no time.
3. School Fees And Academic Bills
These days, several people travel overseas because of academic pursuits. While some individuals receive fully-funded scholarships, others receive partial or no scholarships. As expected, those in the second and third segments will need to transfer and exchange funds at intervals. This is where Kyshi comes in perfectly. They can easily send funds between Africa and the UK at their own exchange rates and extremely low charges. This is really amazing.
4. Account Topup And Investment
Kyshi helps you keep your money without incurring charges for as long as possible. It is summer, and many people would need to keep funds in their accounts for summer flexing. Some users also keep their funds to prepare for the new academic session. They can receive money in dollars or currencies from about 20 African countries and stock them in Pounds.
On the other hand, some Kyshi users also invest in several establishments from around the globe.
5. Low And Affordable Fees
A report from the UN revealed that the average cost of sending $200 costs 7%, which is $14. This statistic is against the world’s goal of achieving a transaction cost of 3–5%. However, in light of the UN’s objective, Kyshi offers a relatively lower cost on transactions. When you use Kyshi, you pay a ridiculously low charge of 1% on your transactions. Yes, really low. This is because we are focused on making international transactions very easy. So, instead of paying $14 in a $200 transaction, you only pay $2. Yeah, really cool. This is Kyshi value. It has never been easier to send money online across borders.
6. Favourable Exchange Rates
We are proud to boast of unbeatable exchange rates in our marketplace. There are hardly any rates as favourable as ours. We are focused on bridging the transactional gap between countries and continents, creating borderless banking between Africa, the UK, US and beyond.
While we offer our users exchange rates they can trust, we also give them the liberty to choose their exchange rates. This is not a common practice among foreign exchange marketplaces. So, on Kyshi, you are guaranteed to transact at rates that suit you.
7. Easy And Speedy Services
When you think Kyshi, you think of speed and ease. With Kyshi, it is a norm to make an instant transfer as transactions on our marketplace are done at the speed of light. Our platform is also user-friendly– it does not have complex features and functions.
Conclusion
Sending and receiving money with Kyshi is usually preferable for our users because Kyshi offers good value at low costs. While other means of foreign exchange may exist, Kyshi still stands out as the best way to transfer money internationally.
