online money remittances - sending US dollars -?
i am from australia.
work in US.
always tranfer money to my family in asian countries.
through some online remittance service..
how do these services make money..and what is the need for these services to get dollars and pay in local currency.
is the US not concerned about loosing dollars going out of the country..or is the US govt actually benefitting out of this
- 9 years agoFavorite Answer
They make money on the fees they charge you (if any) and the foreign exchange margin they apply when exchanging your money.
About the remittance flow this is a much wider topic. For instance such flows of capital are the biggest inflow of foreign capital for some less developed countries so clearly there are advantages of letting the money get to where is most needed. Also the US also receives a lot of money via remittances, although probably for different purposes.