TEST

Even with digital innovation, it’s still not always easy to establish a new financial home base when working, studying or living in a new country. I experienced this first-hand when I migrated to the U.S. more than a decade ago. I had to move my savings for graduate school from my bank account in Colombia to a new bank account in the U.S. This proved difficult as I hadn’t opened my bank account in the U.S. before traveling to start school.

Thankfully, today there are more options than when I migrated, but there still can be challenges and friction when it comes to transferring money between accounts across borders—a global market estimated at $23 trillion.⁵

Long delays continue to be an issue with 65% of surveyed account transfers globally taking up to 3 to 5 days.⁵

Foreign exchange (FX) fluctuations often present additional challenges with cross-border money transfers. FX rates change constantly, and delays in transferring money between accounts can create uncertainty about the amount that will ultimately be deposited into an individual’s account.

In addition, account transfers across borders are often riddled with complexity and inconvenience. For instance, some banks, even today, require an individual to appear in-person to transfer large amounts of money—either in their new country or back in their country of origin, where they are sending the money from—due to anti-money laundering and fraud policies or other requirements.

Finally, as the incidence of fraud and financial crime continues to grow, security remains an important concern and priority for customers. Individuals want the assurance that their money will arrive securely at its intended destination.

 TEST

Even with digital innovation, it’s still not always easy to establish a new financial home base when working, studying or living in a new country. I experienced this first-hand when I migrated to the U.S. more than a decade ago. I had to move my savings for graduate school from my bank account in Colombia to a new bank account in the U.S. This proved difficult as I hadn’t opened my bank account in the U.S. before traveling to start school.

Thankfully, today there are more options than when I migrated, but there still can be challenges and friction when it comes to transferring money between accounts across borders—a global market estimated at $23 trillion.⁵

Long delays continue to be an issue with 65% of surveyed account transfers globally taking up to 3 to 5 days.⁵

Foreign exchange (FX) fluctuations often present additional challenges with cross-border money transfers. FX rates change constantly, and delays in transferring money between accounts can create uncertainty about the amount that will ultimately be deposited into an individual’s account.

In addition, account transfers across borders are often riddled with complexity and inconvenience. For instance, some banks, even today, require an individual to appear in-person to transfer large amounts of money—either in their new country or back in their country of origin, where they are sending the money from—due to anti-money laundering and fraud policies or other requirements.

Finally, as the incidence of fraud and financial crime continues to grow, security remains an important concern and priority for customers. Individuals want the assurance that their money will arrive securely at its intended destination.

 TEST

Even with digital innovation, it’s still not always easy to establish a new financial home base when working, studying or living in a new country. I experienced this first-hand when I migrated to the U.S. more than a decade ago. I had to move my savings for graduate school from my bank account in Colombia to a new bank account in the U.S. This proved difficult as I hadn’t opened my bank account in the U.S. before traveling to start school.

Thankfully, today there are more options than when I migrated, but there still can be challenges and friction when it comes to transferring money between accounts across borders—a global market estimated at $23 trillion.⁵

Long delays continue to be an issue with 65% of surveyed account transfers globally taking up to 3 to 5 days.⁵

Foreign exchange (FX) fluctuations often present additional challenges with cross-border money transfers. FX rates change constantly, and delays in transferring money between accounts can create uncertainty about the amount that will ultimately be deposited into an individual’s account.

In addition, account transfers across borders are often riddled with complexity and inconvenience. For instance, some banks, even today, require an individual to appear in-person to transfer large amounts of money—either in their new country or back in their country of origin, where they are sending the money from—due to anti-money laundering and fraud policies or other requirements.

Finally, as the incidence of fraud and financial crime continues to grow, security remains an important concern and priority for customers. Individuals want the assurance that their money will arrive securely at its intended destination.

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