U.S. Economy And Money transfer

US Economy
The United States represents the world’s largest economy. With 22% of nominal Global GDP and 17% of global GDP (PPP) it is the frontrunner in world economy. Being a major player in almost all sectors of manufactured items and with an impeccable record of exports and imports it is undoubtedly the global hotspot for investment and trading. Traditionally US have adopted a mixed economy ensuring control and competitiveness which has greatly influenced its culture of productiveness and optimization. With a very stable and well regulated GDP growth rate, strong R&D base to increase productivity, abundance of natural resources and the world’s largest and most influential stock exchange, US economy has soared to great heights. No doubt it has influenced investors from other nations to show interest in US market and has attracted the influx of numerous immigrants into the US over the years. With this Global widespread of economy the issues of money transfer and remittance has become so very important.

Global remittance and money transfer
The issues of remittance and money transfer are almost similar yet there is a fundamental difference. Remittance is mainly the kind of money transfer made by an immigrant back to his home nation while money transfer is generic and involves any kind of money transaction across the globe over the international borders. Both of this involves basically transfer of money from one nation to the other and hence from one economy to another. Since no economy is similar or inclusive, every country has an exchange rate which is relative and depends on the difference of economy between the two involved nations. So money transfer across borders is a complicated issue which has to be monitored very carefully.

Issues with money transfer
But the main issue is why people do not get the same amount of money upon a transaction. Suppose someone send money abroad from the UK or somebody transferred a sum of money from US to Australia. The money at the end will always be considerably lower. This is not something due to the economic design but due to the hefty percentage cuts that are implied upon your money by the established global money transfer companies and international banks. Considerable parts of your money are deducted as charges for the transfer process. You will never be able to determine whether the service that was provided to you was worthy enough for the money that was deducted from your capital as service charges.

Solution
So what is the solution? We have experienced over the ages that whenever big corporate banks and renowned global money transfer companies are involved, people are losing their cash. And this tendency is ever increasing. The solution to this problem is very complicated as it will require a major makeshift of ideologies and a strong collective intervention of the governments or regulatory bodies across the world. But there is another way and that way is fast growing. A large number of money transfer companies are evolving globally which transfers your capital efficiently and in a hassle free manner and you are required to pay a very nominal charge. You must visit the moneytransfercomparison.com website to have a detailed comparative analysis of such money transferring companies. So no doubt more and more people in the US and EU are adopting such companies and the trend is fast spreading across the world.

Conclusion
In this age of global economy money is flowing rapidly across the geographical borders. Internet and Mobile banking has accelerated the process to an unprecedented height. The rapidly developing payment technologies have made money transfer easier than ever. So what is the point in losing that fraction of the total sum of money which can be completely yours? It’s time that we must think twice and break all the shackles of bygone eras in order to usher into a new age of world economy.