For South Africans, navigating the international finance system can feel incredibly complex, particularly when it comes to transferring money or making payments across borders.Every international transaction involving the transfer of funds into or out of the country will have to clear hurdles such as central bank and tax authority compliance. That’s to say nothing of the technical and security challenges associated with connecting different financial systems.
While automation should be implemented as extensively as possible across the international money transfer process, there are a couple of areas where it’s particularly impactful. Take the forms that must be filled out for any international money transfer, for instance. Another area where automation can help reduce inefficiencies is with complexities such as SARS and Reserve Bank approvals or BoP codes. Unfortunately, many traditional international money transfer providers haven’t bothered to provide automated assistance with these requirements.
Unfortunately, many traditional international money transfer providers don’t do this very well. Many rely on the same contact centre agents they use for every other transaction, who likely have no expertise when it comes to international money transfers and probably don’t work directly for the provider either.
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