The current economic context has put us all against the ropes. As the income sources decrease, we tend to spend less and less to save more money. However, how much can you save simply by reducing expenses?
The answer is Not Much. And the reason behind it is that you always leak funds where you least expect it. For instance, you have to pay a fee simply for taking cash out of the ATM. The same goes for when you have to convert between currencies. The list goes on forever, just for one bank account. Now, if you sum up the costs of all your bank accounts, deposits, and credit cards, you will notice a substantial loss.
Fortunately, you can decrease and even eliminate this financial damage by using electronic payments more often. Here’s how that works!
Paying with cash costs significantly more than when you pay for something electronically. For example, a cash payment involves the printing of banknotes and/or coin minting. It also requires paying for distribution, security, and storage. All of these costs enter the money-making process. And, banks take it out of your payments in the form of transaction fees.
On the other hand, electronic payments do not require physical labor or manufacturing. The highest cost in this process goes to security, and rightly so. E-payments cut off plenty of middlemen in the transaction process. As a result, producing and exchanging money becomes cheaper for everyone.
Cash money always had countless disadvantages. After the advent of electronic money, we noticed how inconvenient cash can be at times. For example, when you have substantial sums in cash, you expose yourself to a higher risk of theft and crime.
Also, cash money may not become available in crisis periods. Banks and other financial institutions do not have all the physical bills and coins that they show on paper. So, in an emergency, you may find yourself unable to make payments because you cannot take out any money.
Conversely, electronic money is better to protect against theft and criminals. Also, in emergencies, you can always make payments without having to pass by the ATM first. It is quick to access, convenient, and available for cross-border transactions.
To ensure that you can always use your money safely, you should opt for electronic services like Globepax. This innovative financial platform provides an extensive suite of financial instruments. Use them to pay fewer fees on your payments and send or receive money anywhere in the world.
This service is available for both individual and business purposes. It brings the funds from all your accounts into one place for easier money management. Additionally, it helps you increase your savings by lowering your expenses on transaction fees and account administration commissions.
Start using Globepax today to save a significant percentage of your money while paying some of the lowest fees in the industry!