Growth in the money transfer business is more than just a numbers game—it’s about building stronger connections and empowering communities.
Much like Conversion Rate Optimization (CRO) enhances user experience and business results, in our industry we focus on refining every interaction to ensure that sending money worldwide is both easy and secure for customers. So, how do we maximize our CRO efforts to turn users into loyal customers? How can a marketing technology stack boost our CRO and why should it be an integral part of a business strategy?
In this post, we will cover CRO, its importance to businesses and how a robust marketing technology stack can amplify CRO efforts. We’ll also discuss the integration of payback period with CRO and the marketing technology to maximize return on investment (ROI), enhancing user experiences and driving business growth.
Conversion Rate Optimization: What it is and why it is essential for users and businesses
Conversion Rate Optimization focuses on optimizing each touchpoint of the user journey, which is the interaction a customer has with a business. These touchpoints happen at different stages as the customer moves from discovering the brand to making a purchase or completing another action.
For example, in a money transfer service, touchpoints might include seeing an ad, visiting the website to check rates, completing the payment or receiving follow-up emails or messages.
Each time the customer interacts with the business, that’s atouchpoint. By improving these moments, we make it more likely that the customer will complete the desired action.
Understanding users’ behaviors and removing potential obstacles is key if we want to boost what we call conversion rate. This is the percentage of users that complete a desired action, such as logging in or making a transfer. A higher conversion rate means users are being guided more efficiently toward the business goal, making it crucial for both businesses and customers.
Enhancing the customer’s journey and experience
Ensuring that every money transfer is smooth and hassle-free is paramount for us at Ria. By refining the touchpoints, we can increase user satisfaction and reduce friction, making transactions more efficient and enjoyable.
In essence, we use CRO to help identify pain points and quickly resolve issues that might cause users to abandon their transfers. .
By continuously testing and optimizing, any inconsistencies or issues can be addressed, which helps us provide a more reliable experience and boost confidence among users. There are many moving parts when it comes to improving the customer journey, from analyzing performance and identifying low-conversion assets to optimizing resource allocation by improving conversion rates. At the same time, you can’t lose sight of user experience, which involves researching customers, learning what they want and how they interact with your business, and optimizing content for conversions to make sure the business is communicating effectively with its audience.
Benefits of Using CRO for businesses
As CRO directly influences key business outcomes such as revenue growth, customer retention and operational efficiency, it is crucial to set up and align conversion goals with business objectives.
By optimizing the user experience and removing barriers to completing transfers, CRO increases the likelihood that users will complete their transactions, leading to higher transaction volumes and increased revenue.
Moreover, a smooth and satisfying user experience encourages repeat business by developing stronger customer relationships with higher retention rates and long-term revenue growth.
In order to do that, we have to use CRO to gain valuable insights into how users interact with the service. This allows for targeted strategies and customizable user experiences with tailored services and communications.
CRO also allows us to stay agile and adapt to the constantly changing market conditions and customer needs. Ensuring that products and services remain relevant and responsive will lead to higher customer retention, which is vital for long-term success.
How martech stacks boost CRO efforts
A marketing technology (martech) stack is a collection of tools and technologies that create a powerful ecosystem that supports your marketing activities, including CRO.
Martech can provide advanced analytics and insights through tools like Google Analytics and ContentSquare, offering deep data on user behavior. These tools help track key metrics, such as session duration and abandonment rate, while identifying where users drop off. With this information, you can implement targeted changes to improve conversion rates and make more informed decisions on where improvements are needed.
Personalization and segmentation can also be achieved with martech stacks through the enabling of unique user experiences built on targeted messaging. This way, companies can deliver customized content to specific user segments, increasing engagement and conversions.
When it comes to experimentation, platforms like Optimizely and VWO can facilitate A/B testing, which allows us to experiment with various elements of an app or website. Continuous experimentation helps identify the most effective strategies for improving conversion rates.
Marketing automation enables us to bypass repetitive tasks and nurture customers with tools like Braze, which can set up automated inbox sequences to follow up with users who abandoned a relevant action, encouraging them to complete it. Automation ensures that no potential customer is left behind and that every opportunity to convert is maximized.
Finally, integration with Customer Relationship Management (CRM) systems make customized follow-ups a possibility. CRM data can be used to tailor CRO efforts based on customer behavior and preferences, helping to maintain a comprehensive understanding of customer interactions, enabling more personalized and effective marketing efforts.
Integrating Payback Period with CRO and Marketing Technology for Enhanced Business Growth
Understanding and Improving the Payback Period
The payback period shows businesses how long it will take to recover the money they spent on improvements. A shorter payback period means the business can start seeing profits sooner, helping it grow faster.
Businesses use insights from CRO and marketing technology to calculate how long it will take to recover their investment. For example, if a business spends $50,000 on improving conversion rates and marketing, and this results in an extra $10,000 in monthly revenue, it would take five months to break even. This helps the business understand when it will start making a profit.
Implementing high-impact strategies identified through CRO and marketing technology can significantly speed up revenue growth and accelerate ROI. For instance, if specific strategies lead to a higher increase in conversions and sales, the payback period might shorten, allowing the business to see returns sooner.
Enhancing Customer Acquisition Cost (CAC)
Customer Acquisition Cost (CAC) is the amount of money a business spends to acquire a new customer. This includes costs for marketing, advertising, and sales efforts. In essence, it’s how much a business pays to convince someone to start using the product.
CACcan also be lowered through improved efficiency. CRO efforts that enhance the conversion process help reduce the cost associated with acquiring new customers. For example, by optimizing the user journey and increasing conversion rates, companies can attract and convert customers more effectively.
By analyzing customer data and campaign performance, marketing strategies can be refined to target the most cost-effective channels and audiences, increasing productivity. This targeted approach also reduces CAC and improves overall profitability.
Increasing Customer Lifetime Value (CLTV)
Boosting Customer Lifetime Value (CLTV) with Personalized Engagement: can lead to enhanced customer experiences and to higher satisfaction and retention, all driven by CRO insights and data. For example, personalized offers and targeted communications increase customer loyalty and repeat business, which is likely to increase the CLTV.
Meanwhile, an effective use of marketing insights allows companies to provide exceptional service and support, strengthening customer relationships. This improved customer experience contributes to longer relationships and possibly greater CLTV, as satisfied customers are more likely to remain engaged and make repeat transfers.
Throughout this post, we’ve explored Conversion Rate Optimization (CRO) at length and learned the vital role it plays in competitive markets such as ours. For us at Ria, user-friendly resources, security and efficiency are key to a long-lasting relationship with our customers.
Enhancing the user journey, building trust, and maximizing operational efficiency by improving automation, personalized experiences and targeted approaches are key to any CRO strategy.
By integrating marketing technology stacks and understanding how the payback period plays a relevant role in the day-to-day operation, CRM specialists can help organizations refine the effectiveness of their investments and accelerate growth.
Across the globe, small businesses play an essential role in spurring economic activity, often offering consumers vital services in their local vicinities. Be they newsagents, grocery stores or internet cafes, these enterprises also shape our communities by employing local residents and establishing a deep connection with their customer base.
This close proximity with the public provides small businesses with some key advantages. As the owner, you have the creative freedom to innovate and adapt your offering to better meet your customers’ needs and enhance your earnings.
With that in mind, let’s explore some curious ideas that could boost your income, while at the same time, allowing you to keep your core focus on your small business.
1. Rent out unused space
One of the biggest advantages of being a small business owner is the fact you have your own entity and are likely able to manage your retail space. If you have any unused storage space, vehicles or parking slots, consider renting them to other businesses in the area. Even if you use every inch of your premises, purchasing and then renting storage units can also translate into a steady stream of passive income. Unlike other real estate, these units have low operational costs and require very little maintenance. Before taking this step, be sure to analyze the local area. Typically, neighborhoods with a high apartment ratio tend to have a much higher demand for storage units.
2. Become a money transfer agent
With more people living outside their native countries than ever before, the need to send funds and support families and communities from abroad is steadily growing. In this sense, becoming a money transfer agent would not only boost your income but also provide a valuable service to migrants in your local area.
Becoming an authorized agent doesn’t require financial investment or lots of preparation. At Ria, we provide first-class training to ensure that all our agents are fully equipped to perform international transactions as well as offering continued support, including multilingual assistance. Additionally, Ria will actively promote and advertise the service on your behalf, helping you attract more customers.
Once you’ve established yourself as a money transfer agent, we recommend you use our custom-built Monthly Earnings spreadsheet to keep track of not only your commission fees but also your expenses and other sources of income.
3. Invest in laundromats and vending machines
Another popular source of passive income is placing laundromats in your store. Given the fact we always need clean clothes, these self-service facilities can provide you with year-round income. Better still, washing garments is not a quick process. While waiting, customers have time to browse and potentially purchase other products in your store. For this reason, contemplate adding vending machines to offer these consumers coffee as well as other snacks.
4. Become a drop-shipping point
Alternatively, if you have no excess space to utilize, you could develop a dropshipping business. Importantly, dropshipping doesn’t involve keeping any products at your business location. Instead, the role of the small business owner is to highlight products, either online or in their store, and then place orders with the supplier depending on demand. Upon receiving an order, the supplier will then ship the product directly to the customer.
This process, in effect, removes many of the challenges that typically come with running a small commercial enterprise, allowing you to expand your product range without large-scale investment. If you have a strong relationship with your customers and a good understanding of their needs, then dropshipping could become a reliable source of passive income.
However, before setting up, be sure to choose your suppliers carefully. As the seller, you will need to provide ongoing customer support, including organizing any refunds or product returns as well as resolving any supply chain issues directly with the wholesaler.
5. Take on side projects
With millions of companies adopting digital platforms during the Covid-19 pandemic, there is currently a huge global demand for skilled freelance workers. While strictly speaking not a passive source of income, freelance projects can help you harness your creative skills and earn additional funds, particularly during known quiet periods with low customer footfall.
Platforms like Freelancer and Upwork are full of creative writing, graphic design, web development and video editing tasks for freelancers to take on. Alternatively, consider longer-term side hustles that you could later convert into passive income. For instance, if you’re knowledgeable about a particular subject or have some amazing stories to share, consider producing an e-book for avid readers. Growing in popularity, e-books are relatively inexpensive to publish and the royalties you receive from sales could provide you with passive income for many years to come.
6. Sell products online
Sales shouldn’t be limited to those made in your store. Increasingly, consumers are buying more and more online with the eCommerce industry expected to be worth $9.3 trillion by 2027. Having your own online presence will enable you to highlight your existing products, including any leftover stock, to a much wider audience.
Equally, having a digital footprint would also help you set up a print-on-demand store. Typically, these online stores contain unique designs that can be placed on plain t-shirts, posters, cups and backpacks among other items. Similarly to dropshipping, this model allows you to offer customized products without the need for large amounts of capital or considerable storage space. Customers simply purchase a product on your website, automatically placing an order with your supplier, who will then add your design to the desired plain item and deliver the product directly to the customer.
7. Engage with the digital community
When introducing new sources of income, one of the biggest challenges small business owners face is maximizing the potential revenue, while at the same time, continuing to deal with the natural ebb and flow of customers visiting their store. In this sense, it is helpful to have paid online activities that you can pause at a moment’s notice. For instance, completing online surveys can provide you with a little extra money every day without heavily disrupting your core activities. InboxDollars and SurveySavvy are just a few examples of websites that offer payment for completed surveys.
Bonus tip: Put your money to work
Given money tends to lose value over time, consider investing any spare capital into either stocks, bonds or mutual funds. In essence, investing can boost your income in two ways. For instance, some investments offer dividends, regular payments made to the investor based on the performance of the asset. However, most investments simply appreciate as time progresses, helping you accumulate long-term wealth. For example, a standard $100 investment in corporate stocks in 1970 would have surpassed $22,000 in 2023.
At Ria, we understand the importance and impact small businesses have on our local economies. Their success helps our customers’ communities thrive, resulting in greater purchasing power, healthier households and better educational opportunities for children. By diversifying your small business and becoming a money transfer agent, you can help facilitate the flow of crucial funds from migrants to their loved ones back home.
Interested in becoming an authorized Ria agent? Visit our website to learn more about the great benefits of working with us and the steps to follow.
Remittances play a vital role for poverty-struck communities, especially when it comes to countries like Haiti. The Caribbean nation depends on remittances sent from abroad, particularly from the United States where the Haitian diaspora is considered the 15th largest foreign-born population.
Today, three-fifths of Haitians live on less than $2 a day. Following a long history of socioeconomic problems and decline, the devastating 2010 earthquake pushed the country to its limit. With no government system to fall back on and grave societal issues such as food insecurity, Haiti depends on the funds received from abroad. But these same remittances could help rebuild and restore Haiti to what it used to be.
Haiti’s and its Economy Today
Prior to the French colonial era, the island of Hispaniola was inhabited primarily by the Taínos. The population was organized into chiefdoms, with Marién and Jaragua occupying present-day Haiti.
Each chief was in charge of distributing work amongst their communities to ensure there would be enough food and resources to go around. For the most part, women were in charge of agricultural and domestic tasks, including artistic endeavors, while men would take care of planting, hunting, fishing, and carving. Even children played an active role, scaring away birds from the plantations.
Under subsequent French rule, Haiti, then known as Saint-Domingue, became one of the wealthiest and most profitable colonies in the world, though the indigenous and slave populations were not benefitting from this economic growth.
By 1804, Haiti became the first nation to have gained its independence through a slave revolt, the first freed colony in Latin American, and the first to abolish slavery. Unfortunately, it was this same great feat that cemented the nation’s economic decline.
There were several crucial factors at play: the destruction of capital and infrastructure, the lack of diplomatic and trade relations with other nations, the scarcity of foreign and domestic investment, the transitions towards subsistence farming to escape plantation agriculture, and reparation payments made to France.
The last factor was a particularly brutal and damming one. In order for the French Empire to formally recognize their independence, Haiti was forced to pay a sum of 150 million francs – or the equivalent of $21 billion in today’s money, which practically matches the country’s 2021 Gross Domestic Product (GDP).
The Impact of the Haitian Diaspora
Fast-forward to today, Haiti is the poorest nation in the Western hemisphere, and its unlucky geographic location hasn’t helped.
As such, there has been a massive increase in migrants leaving the country over the years. Some 1.75 million Haitians had left the island by 2021, according to data from Knomad.
But there is hope for Haiti, and much faith can be applied to the ever-growing diaspora population. There’s an estimated 70% of skilled labor immigrants currently living outside the country, eager to get back home and build up their homeland.
Moreover, the Haitian diaspora, particularly in the US, has made big gains towards achieving better education, with some 13% of them obtaining a Bachelor’s degree- a far cry from the 4.53% in Haiti. This type of education can better prepare them to help in Haiti’s development.
All in all, the Haitian work ethic and belief in the equalizing force of education remains the diaspora community’s major asset.
Currently, the best contributions these overseas Haitians make to their economy is through remittances. The country relies heavily on them, and they make up to 24% of the country’s GDP. Some $3.8 billion worth of remittances were sent in 2023. For that reason, it’s also important to foster a climate of financial inclusion that will help Haitians take better advantage of the money they have and kick-start their future.
Fostering Financial Literacy and Inclusion
Being educated in financial literacy is crucial for financial inclusion, which continues to be a big challenge for Haiti going forward. Even those who own some type of bank account or mobile wallet still lack basic financial skills.
That education and skills deficit then impedes them from accessing the most basic of financial services, with a mere 32.6% of Haitians owning an account, according to data by World Bank.
In Haiti, only 1.27% of the GDP is spent on education, which is over 3 points lower than the global average, which sits at 4.4%. This lack of government funding directly impacts the population’s financial literacy levels and means that much of the education-related infrastructure, such as schools, aren’t prioritized to be repaired or rebuilt.
In fact, more than a thousand of the affected schools are yet to be rebuilt after another devastating earthquake in 2021.
Adding to this lack of schooling infrastructure, another aggravating factor is the poor literacy rate in the country, with just 61.7% of the population being able to read. If people can’t read, they’ll struggle to receive any type of education.
Another report concluded that the reason many people in Haiti don’t have a financial account is because they simply can’t afford one (34%) or that it’s too expensive (15%), so education isn’t the only factor at play.
Despite these relatively low figures, the number of Haitians with accounts is on the rise, to the point where they are nowon a par with other low-income countries. Though it’s still not an overly positive fact, it bodes well for the country going forward.
Empowering Hope through Remittances
Though Haiti is taking huge strides to improve their future, the country’s situation is still a difficult one. However, if there’s one thing that history has taught us is that they have proven to overcome fierce obstacles.
And now, with the money received through remittances, Haitians have a whole host of options regarding where they can best put their money to use, according to their needs and what they want.
Once Haitians achieve greater financial inclusion – be it through the opening of bank accounts or the acquisition of different financial products such as credit or loans – the money can be put towards developing local infrastructure, towards education to raise the ceiling for Haiti’s youngest or towards healthcare, all in a bid to reduce dependence on foreign aid, which totalled some $13 billion between 2011 and 2021.
By consciously channelling their funds, they can invest strategically to secure their future, improve the overall economy of their country, massively increase their immediate living conditions and also develop sustainable economic growth overall.
This puts Haiti at a bit of a crossroads. While the remittances Haitians receive can and should be put towards improving everyday life and the future of the country as a whole, a broken system plays against them.
In the meantime, steps should be taken to continue improving financial literacy. With better access to banks, Haitians will be more empowered and will achieve greater economic stability, helping to build a better future and drag themselves out of the complicated situation they’re currently in.
At Ria, we’re celebrating our one-year anniversary as Inter’s Official Money Transfer Partner. To do so, we set out to create a powerful spot highlighting the best qualities we share with one another.
“Never Far Away” tells the story of found family and how important it is to stay connected to our loved ones, even when you’re far away. The tale is a simple yet universal one. It showcases the power football and money transfers have to bring people together no matter the distance.
The video follows Anuar, María, Moussa and Irina, four migrants from vastly diverse backgrounds but who are connected by a common goal: helping the people they care for the most.
We follow Moussa, a care worker who always makes time to speak with his family despite his exhaustion from working all day. No matter how tired he may be, he makes sure his love and devotion are felt by his family.
María works as a seamstress so she can provide for her mom back home. Food always brought her family together, so she makes sure to pour into her work the same love her mom put into her recipes.
For Irina, a customer service rep at Ria, knowing her brother is alright is all that matters. Working hard to provide for him is all the motivation she needs to patiently wait for the day she can hug him again.
While striving for a better everyday life for themselves and their families, the four friends come together to enjoy an Inter match – a shared passion they’ve found in their new homes.
While these are just the tales of four people, there are thousands more like them. At Ria, we’re proud to amplify these migrant stories alongside Inter, and we look forward to another year of impactful collaboration and celebration.
Since 2012, Ria has been collaborating with the TeletónUSA foundation to help children with a range of disabilities, including neurological disorders, muscular deficiencies, and osteopetrosis. The non-profit organization offers rehabilitation services to improve the children’s quality of life. Recently, we were honored to receive a visit from TeletónUSA beneficiary Isaac and his mother Alejandra in our offices in Buena Park, California.
Isaac’s condition, treatment options and Alejandra’s fight for healthcare access
From the moment Isaac first opened his eyes sixteen years ago, his mom has been by his side. Isaac means the one who rejoices, and despite the challenges of being born with brain damage, Alejandra has made sure to do right by her son’s name. Though it’s not impossible to receive therapy for this type of disability, treatment is usually halted if the patient’s condition doesn’t improve. Against all odds, Alejandra has continued to fight for her son’s healthcare access, not in search of a cure, but simply for moments of relaxation or respite from her son’s pain.
A renewed hope: TeletónUSA transmission and an innovative treatment
One December evening, Alejandra happened upon a TeletónUSA transmission while watching TV. She was fascinated by what they were showing, an innovative treatment called hydrotherapy. She wished there was a center close by that could offer this type of service, and, within a couple of months, her prayers were answered. She received a call from a friend whose daughter also has special needs. “She told me she was in touch with Teletón Mexico and could send them over to my house as well. Two months later, they were interviewing us and taking note of Isaac’s specific needs,” shared Alejandra.
This was great news. Isaac was soon enrolled in the Centro de Rehabilitación e Inclusión Infantil (CRIT) La Paz, a TeletónUSA rehabilitation center located in Baja California. “Hydrotherapy is the most enriching because it lessens muscle aches. In my case, I had never seen my son relax until he was floating in the water,” recalled Alejandra. Isaac also received physical therapy and his first Botox injection at CRIT La Paz, which helped relax the muscles in his back. “They are constantly fighting their own bodies because spasticity hurts,” she explained.
The Centro de Rehabilitación e Inclusión Infantil (CRIT) La Paz: how CEMS therapy can help
The CRIT La Paz also offers CEMS therapy, which stands for Cuarto de Estimulación Multisensorial or Multisensorial Stimulation Room. The room is filled moving lights and other stimulants meant to help children with disabilities develop their five senses. “It’s a blessing, being able to move a finger. We’re millionaires. We can see, we can hear, we can swallow, we can touch… With them, we need to help them touch, smell, and even work on their hearing to help them develop it,” said Alejandra.
Before the stimulation room, doctors had assumed Isaac was blind. Yet, Isaac was mesmerized by the lights, following their movements with his eyes and even lifting his head for the first time. As of now, Isaac is considered to be legally blind, though the full extent of his ability to see is still unknown.
Knowledge gained and continued therapy
“For me as a mom, the greatest feeling is seeing your child react to something and to know that you can take away their pain. The knowledge you gain from the specialists, doctors, and therapists in these centers is something you get to take home. I’m no longer at the CRIT, but I continue to give him the therapy I learned,” said Alejandra.
We were deeply moved by the family’s visit, which inspired us to continue striving to break new fundraising records for the next TeletónUSA later this year. “I prayed and cried to find angels like you. People who lend a hand and who care about your son’s life. When we’re sick, we want people to be there for us. Sometimes our whole world closes up and we think no one’s there, but there are angels, and what you do with love and excellence is priceless.”
The cost of living in the U.S. varies significantly based on location, lifestyle choices, and economic conditions. This guide aims to provide a comprehensive overview of the cost of living in major regions and cities in 2024.
We’ll look at major cities in the West, analyzing the following factors:
Housing
Transportation
Healthcare
Taxes
Note that, in general, living in rural areas in the U.S. can be cheaper than living in urban areas because of lower land prices, and reduced expenses for groceries, transportation, and utilities. While rural living may be cheaper in some respects, it may also come with trade-offs such as limited job opportunities, fewer amenities, and longer travel times for certain services or activities.
Cost of Living in Chicago
Chicago is renowned for its iconic skyline dominated by architectural marvels like the Willis Tower and John Hancock Center, its vibrant cultural scene with world-class museums such as the Art Institute of Chicago, and its deep-rooted history in jazz, blues, and theater. The city also boasts legendary teams like the Bulls, Bears, Cubs, and Blackhawks. So, what’s the cost of living in the U.S. in Chicago?
Housing
Average Rent Cost: The average rent for a one-bedroom apartment in Chicago is around $1,400 per month, with variations based on neighborhood desirability and property features.
Luxury Rentals: High-end luxury apartments and condos in prime neighborhoods like the Gold Coast, Lincoln Park, and River North can command significantly higher rents, often exceeding $3,000 per month for one-bedroom units.
Median Home Prices: The median sale price for homes in Chicago is close to $360,000.
Transportation
Chicago has an extensive public transit system operated by the Chicago Transit Authority (CTA), including buses and the ‘L’ train system. The L train costs $2.50 per ride, and a bus ticket is only $2.25.
Wheel Tax: This is a municipal vehicle registration fee to provide the City with a source of funds to be used for transportation purposes. According to the Office of the City Clerk, all Chicago residents driving, parking, leasing, or owning a vehicle are subject to this tax. Costs vary from $90.88 to $144.33, depending on the size of your vehicle.
Illinois has a flat income tax rate for individuals and corporations. Chicago residents also pay local taxes, including sales tax on purchases and property taxes. According to AARP, these are the current rates for main taxes in Chicago:
Income tax: 4.95 percent
Property tax: 2.08 percent of a home’s assessed value (average)
Sales tax: 10.25 percent
Cost of Living in Seattle
Seattle is synonymous with innovation and technology, being the birthplace of tech giants like Microsoft, Amazon, and Boeing. With a strong emphasis on sustainability, outdoor activities such as hiking, kayaking, and exploring nearby national parks like Mount Rainier and Olympic National Park are integral parts of Seattle’s identity. So, what’s the cost of living in the U.S. in Seattle?
Housing
Seattle is known for its booming tech industry, leading to higher housing costs, especially in desirable neighborhoods and downtown areas.
Average Rent Cost: The average rent for a one-bedroom apartment in Seattle is $2,267.
Median Home Prices: The median sale price for homes in Seattle is close to $850,000.
Transportation
The Seattle Streetcar is an integral part of the overall transit and mobility network for Seattle. A single ride costs $2.25.
Congestion Pricing Tax: Seattle is planning to implement a strategy to address congestion and transportation emissions through pricing. It involves pricing city streets to encourage alternatives to single-occupant vehicle trips and to improve travel reliability, reduce travel times, and improve safety. Charges may range from $1 to $20 at certain times of day, with various caps, discounts, and exemptions.
Healthcare
The average cost of health insurance in Chicago is $503 per month for a 40-year-old. Rates will vary based on age, lifestyle, location, etc.
Washington does not have a state income tax on wages. This means there is no personal income tax in Washington. According to AARP, these are the current rates for main taxes in Seattle:
Property tax: 0.98 percent of a home’s assessed value (average)
Sales tax: 9.38 percent
Cost of Living in Portland
Portland is renowned for its eclectic and progressive culture, often described as quirky and artistic. Portland is also known for its commitment to sustainability, with extensive bike lanes, eco-friendly initiatives, and a strong emphasis on environmental consciousness. Portland’s beautiful natural surroundings, including nearby forests, rivers, and the iconic Columbia River Gorge, provide ample opportunities for outdoor activities such as hiking, biking, and exploring the great outdoors. So, what’s the cost of living in the U.S. in Portland?
Housing
Portland offers a unique lifestyle with a focus on sustainability and eco-friendly living, although housing costs have risen in recent years.
Average Rent Cost: The average rent for a one-bedroom apartment in Portland is $1,728.
Median Home Prices: The median sale price for homes in Portland is around $530,000.
Transportation
Portland has a comprehensive public transit system operated by TriMet, including buses, MAX light rail, and streetcars, promoting alternative modes of transportation. Fare rates are as follows:
TriMet bus and MAX Light Rail fares are $2.80 to ride for 2.5 hours; $5.60 for a day pass
For the Portland Streetcar: $2.50 to ride for 2.5 hours; $5 for a day pass.
The city is bike-friendly with bike lanes, paths, and bike-sharing programs, contributing to a culture of cycling.
Portland has a bike-share program known as Biketown since 2016, with 1,000 bright orange, eight-speed bicycles. After paying a one-time $5 sign-up fee, you’ll be charged 8 cents per minute ($2.40 for 30 minutes of use). You can use up to four bikes per account.
You can also rent an electric scooter. Powered by an electric motor and maxing out at 15 miles per hour, these e-scooters are another energy-efficient alternative to driving a car.
Healthcare
The average cost of health insurance in Portland is $578 per month for a 40-year-old. Rates will vary based on age, lifestyle, location, etc.
The average cost of a doctor’s visit ranks between $93 – $143.
Taxes
Oregon has a progressive income tax system. Portland residents also pay state and local taxes, including property taxes and sales tax on purchases. According to the Tax Foundation, these are the current rates for main taxes in Portland:
Income tax: Oregon has a graduated individual income tax, with rates ranging from 4.75 percent to 9.90 percent.
Property tax: 2.24 percent of a home’s assessed value (average)
Sales tax: Oregon does not have a state sales tax and does not levy local sales taxes.
Cost of Living in Los Angeles
Los Angeles is known for its glamorous entertainment industry, with Hollywood at its epicenter, making it a global hub for film, television, and music. With a Mediterranean climate and miles of stunning beaches like Santa Monica and Venice, outdoor activities such as surfing, hiking in the nearby hills, and enjoying beachfront attractions are integral parts of the LA lifestyle. The city’s dynamic arts scene, museums like the Getty Center, and diverse neighborhoods further contribute to its status as a cultural and entertainment capital. So, what’s the cost of living in the U.S. in Los Angeles?
Housing
Average Rent Cost: The average rent for a one-bedroom apartment in Los Angeles is $2,719.
Median Home Prices: The median sale price for homes in Los Angeles is around 1.2 million.
Housing costs in popular areas like Santa Monica, Beverly Hills, and Downtown LA are typically higher.
Transportation
Los Angeles is known for heavy traffic congestion and long commute times.
However, the city has one of the country’s most extensive public transportation networks, including subways, light rail, buses and shuttles that service every corner of the Greater Los Angeles area.
A regular Metro ride is $1.75. Fares for a one-way trip on Metro includes 2 hours of free transfers.
Healthcare
The average cost of health insurance in Los Angeles is $600 per month for a 40-year-old. Rates will vary based on age, lifestyle, location, etc.
California has a progressive income tax system with higher rates for higher incomes. Los Angeles residents also pay local taxes, including sales tax and property taxes. According to AARP, these are the current rates for main taxes in Los Angeles:
Income tax: 1 percent to 12.3 percent (California has nine tax brackets, ranging from 1 percent to 12.3 percent. Those who make over $1 million also pay an additional 1 percent income tax).
Property tax: 0.75 percent of a home’s assessed value (average)
Sales tax: 8.85 percent
Cost of Living in Phoenix
Phoenix is known for its desert climate, stunning natural landscapes, and outdoor recreational opportunities. The city’s cultural scene includes museums like the Heard Museum, showcasing Native American art and history, and the Phoenix Art Museum. With a growing culinary scene, diverse neighborhoods, and major sports teams like the Phoenix Suns (NBA) and Arizona Cardinals (NFL), Phoenix offers a blend of outdoor adventure, cultural exploration, and urban amenities So, what’s the cost of living in the U.S. in Phoenix?
Housing
Phoenix offers a relatively affordable cost of living compared to other major cities.
Average Rent Cost: The average rent for a one-bedroom apartment in Phoenix is $1,534.
Median Home Prices: The median sale price for homes in Phoenix is $525,000.
Transportation
According to the Bureau of Labor Statistics, it costs more to get around in Phoenix – a city that was designed for cars – than in any other U.S. metro. Phoenix households spend an average of $12,776 per year on transportation, whether by private car or public transportation.
Phoenix has a network of highways and roads, and the Valley Metro system provides public transit services including buses and light rail (Valley Metro Rail).
The one-way cost is $2.00 for local bus and an All-Day pass is $4.00. The one-way cost is $3.25 for RAPID and Express buses and $6.50 for an All-Day pass.
Healthcare
The average cost of health insurance in Phoenix is $517 per month for a 40-year-old. Rates will vary based on age, lifestyle, location, etc.
With notably low taxes on working and retirement income, and no estate or inheritance tax, Arizona is one of the more tax-friendly states for older workers and retirees. According to AARP, these are the current rates for main taxes in Phoenix:
Income tax: 2.5 percent
Property tax: 0.63 percent of a home’s assessed value (average)
Sales tax: 8.37 percent
Cost of Living in Denver
Denver is renowned for its scenic beauty, outdoor recreational opportunities, and vibrant cultural scene. Situated near the Rocky Mountains, Denver attracts outdoor enthusiasts with easy access to hiking, skiing, and camping in nearby mountain areas. Denver’s cultural offerings include the Denver Art Museum, Denver Center for the Performing Arts, and a rich music scene spanning genres from indie and folk to jazz and blues. Additionally, Denver is a hub for technology, startups, and entrepreneurship, contributing to its dynamic economy and diverse community. So, what’s the cost of living in the U.S. in Denver?
Housing
Denver’s housing market has seen significant growth and demand in recent years, leading to rising housing costs, especially in popular neighborhoods and downtown areas.
Average Rent Cost: The average rent for a one-bedroom apartment in Denver is $1,979.
Median Home Prices: The median sale price for homes in Denver is $600,000.
Transportation
Denver has an extensive public transit system operated by RTD (Regional Transportation District), including buses, light rail (RTD Rail), and commuter rail services.
In 2023, the RTD approved a new fare plan that lowered the cost of a ticket for most riders. RTD said “simpler, more affordable fares” will replace the current ticking system of fare zones. The Denver Post provides a useful graphic:
Healthcare
The average cost of health insurance in Denver is $535 per month for a 40-year-old. Rates will vary based on age, lifestyle, location, etc.
Colorado has a flat income tax rate for individuals. The state has no estate or inheritance tax, relatively low property taxes and one of the lowest state sales taxes in the country; however, some municipalities levy a local sales tax. According to AARP, these are the current rates for main taxes in Denver:
Income tax: 4.4 percent. Denver also collects local income taxes. The tax is paid by people working in those cities, regardless of where they live.
Property tax: 0.55 percent of a home’s assessed value (average)
Sales tax: 7.81 percent
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Australia, the fabled land Down Under. The place you visit and end up leaving with more questions than answers thanks to its vastly different flora and fauna and stunning, otherworldly landscape.
But today, we’re here to talk about its people and the bespoke language and culture they’ve nurtured, which makes this huge country such a unique place for anyone to live in and emigrate to.
Australian Culture and Immigration: Perspectives from Migrants and Foreigners
Language and culture barriers are often the biggest hurdles a person will face when starting a brand-new life in an unfamiliar country. Despite the challenges most of them have to overcome, they still make the effort to take part in shaping a country’s identity with their own perspectives.
The case is especially true for those making the move to Australia thanks to their migration system. In recent decades it’s hard to not associate the country with immigration, and according to the Australian Bureau of Statistics over a quarter of the country’s population was born overseas.
Data collected by Australia’s Department of Home Affairs showed that aside from the United Kingdom or China, citizens from India, the Philippines, Vietnam or Nepal also make up a large chunk of the migrant population. It’s a testament to the diversity of people that can be found there.
The variety of ingredients in this particular melting pot have led to a clear cultural exchange taking place in Australia. Even though immigrants still maintain heavy links to their home nations, that hasn’t stopped them from adapting to the local lingo.
Decoding Aussie Slang: Insights and Misconceptions
Australian slang culture takes the crown for the most diverse in the English-speaking world. For starters, Aussie English speakers use the highest number of diminutives in the English language – over 5,000 of them!
The sheer variety in ways to say different words will be overwhelming for a newly arrived migrant, so getting up to speed is a challenge.
However, with time people will eventually learn the ropes around the tricky Aussie slang. According to a study by Ria, over 90% of expats who have lived in Australia for over 10 years know an average of 5-6 slang words.
The same study discovered that people who settle down in the state of Queensland picked up Aussie slang more effectively, while those hailing from the African continent assimilated the words quicker than their Asian and South American counterparts.
But Aussie slang is no easy thing to wrap your head around. In fact, many of the turns of phrase often lead to misconceptions about what is being said. There are several well-used sayings that mean something unrelated to the original phrase.
For example, if someone has “kangaroos loose in the top paddock”, it doesn’t mean that person has free-roaming kangaroos in their back garden– it refers to that person having strange or crazy ideas.
It only adds another layer of difficulty for people trying to learn the language and its nuances.
Australia’s Remittances
But despite all these cultural surprises, more recent migrants in Australia have mentioned how cost of living has been a greater shock to them than the slang and the language itself.
According to the Ria study, two thirds of respondents cite the cost of living crisis as having impacted their ability to send money back home. This is significant because close to 50% of remittances sent from Australia are to support families with living expenses.
But that hasn’t stopped younger people from contributing financially. Some 14% of Gen Z immigrants still send over half their wages to family overseas, despite the ongoing and escalating financial pressures.
Even with these financial difficulties, the contributions migrants make to the Australian economy should not be overlooked. They currently add an impressive $330 billion to the country’s GDP, a figure that is only going to go up in the next few decades.
It’s estimated that their contribution will grow exponentially to $1.6 trillion by 2050, according to this report by the Australia Migration Council. Moreover, each individual migrant will, on average, add some 10% more to the Australian economy than an already established resident.
The same report also highlights the positive impact migration will continue to have. Not only will it drive population growth, helping Australia hit 38 million residents by 2050, but it will also impact labor participation, employment, wages, income, national skills base and net productivity.
The data shows that despite cultural and financial difficulties, migrants play a key role in many countries. Their resilience allows them to overcome so many obstacles, as they continue sending money home and providing for their families.
Looking to send money to relatives in other countries? Make sure to use Ria Money Transfer for an accessible, efficient, and cost-effective way to remit money worldwide.
December has arrived and you know what that means: it’s holiday time! Regardless of where you live around the world, you’ll most likely participate in one winter holiday or another. Here are five winter holidays you can expect to see in the weeks leading up to the New Year.
Hanukkah
Hanukkah, also known as the Festival of Lights, is a winter holiday celebrated by the Jewish community.
This 8-day celebration commemorates a historic revolt in Jerusalem in the 2nd century BCE, which ultimately gave the Jewish people back their freedom to practice Judaism. Before their victory, Jewish temples had been seized and converted to worship the Greek gods. The legend states that the Jews returned to the temple and found only one jar of oil to light their sacred candles. Miraculously, the jar of oil lasted 8 days — enough time to find more oil and, therefore, continue to bless the temple.
Today, the holiday centers around family and friends. Jews celebrating Hanukkah light a candleholder called a menorah for eight nights. The menorah holds nine candles—one for each night plus a candle called the shamash used to light the other candles.
Other ways to celebrate include playing with the dreidel and eating oil-fried foods like latkesandsufganiyot.
Yule
Yule is celebrated on the winter solstice, making it one of the oldest winter celebrations in the world! Today, Yule practices are largely synonymous with the Christian holiday of Christmas, but the meaning behind Yule is quite different.
The word yule comes from the ancient word jól, used by Vikings to refer to the winter solstice festival. Winter solstice marks the longest night of the year, and therefore, the return of the sun. After the solstice, the days once again grow longer. It’s seen as a time of rebirth and renewal.
To celebrate, Norse men would bring home large yule logs to set on fire, which would burn for up to 12 days. During this time, people feasted and practiced gratitude.
Today, it’s common to decorate homes with evergreen wreathes and lit fireplaces. Take this shift in seasons as an opportunity to reflect and focus on new beginnings.
Christmas
Traditionally, Christmas is celebrated by Christians on Dec. 25 to remember the birth of Jesus Christ. The story states that a woman named Mary was told she’d give birth to the son of God. She traveled to Bethlehem and gave birth in a barn. News traveled fast, and three wise men came with gifts of gold, frankincense and myrrh.
Children may not receive myrrh in the 21st century, but they do receive presents….from Santa Claus! Traditions throughout the years have combined with other cultures and holiday celebrations to become what they are today. This has led to the Western lore that a man named Santa Claus lives at the North Pole and delivers presents to children every year on a sleigh pulled by flying reindeer.
Today, many people celebrate Christmas regardless of religion! Popular traditions include decorating the Christmas tree, baking cookies for Santa’s reindeer, and opening presents on the big day.
Kwanzaa
Kwanzaa is a winter holiday created to honor African heritage in African-American culture. Kwanzaa is observed for seven days, from Dec. 26 to Jan. 1, and finishes in gift giving and a big feast.
Kwanzaa comes from the Swahili phrase matunda ya kwanza which means “first fruit” or “harvest.” Celebrations often include songs and dances, storytelling, poetry readings, African drumming, and feasts.
Each of the celebrated days is dedicated to one of the seven principles of Kwanzaa: unity, self-determination, collective responsibility, cooperative economics, purpose, creativity, and faith.
New Year’s Eve
Last but not least, New Year’s Eve is one of the most widely celebrated holidays around the world! It marks the last day of the Gregorian calendar and entry into the new year.
Festivities typically begin on Dec. 31 and continue into the early hours of Jan. 1. Popular traditions include attending parties, making resolutions for the new year, and watching fireworks.
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Schools have reopened in regions across the globe, and for many students and teachers alike, school finally feels much the way it did before the COVID-19 pandemic began.
The return to “normal” comes after several years of school closures, remote learning, canceled events, and other disruptions to the academic calendar. But as families settle back into the welcome return of normalcy, it is important to remember that school closures have hit some communities harder, and for longer, than others.
The time students have spent out of the classroom threatens to have lasting developmental, social, and economic consequences for an entire generation. What will post-COVID education look like, and what can be done to help schools prepare for future disruptions and help students recover from learning losses?
Before and after COVID: the academic effects of empty classrooms.
UNESCO estimates that, as of March 2022, students have missed a combined two trillion hours of in-person learning globally since the beginning of the pandemic. 405 million schoolchildren in 23 countries still had not returned to in-person learning as of spring of this year.
One recent study found that, in four out of five countries, students have suffered measurable learning losses since the beginning of the pandemic. Students in Pakistan were found to have lost the equivalent of between 0.3 and 0.8 years of learning, while more than 80 percent of students in India were found to have lost at least one specific math ability and one specific language ability as compared to the previous school year.
Missing days in school has an impact on students that extends beyond education. For many, school is also a place that provides safety, socialization, access to healthcare resources, and a reliable meal. School nutrition programs serve approximately 370 million children worldwide, and the pandemic led to an estimated 30 percent reduction in essential nutritional services in low and middle-income countries.
Even where schools have reopened, the disruptions have had a lasting impact on students, with estimates suggesting that the current generation of students risks losing as much as $17 trillion in total lifetime income because of educational losses and school closures.
The impacts of school closures aren´t shared equally.
Educational setbacks stemming from school closures in recent years have only deepened existing divides between students from high and low-income families and communities. Studies conducted in Mexico and Ethiopia, for example, show that low-income students have fallen further behind in reading and math than their higher-income counterparts.
There are many complex causes behind this gap. Families with fewer resources have less income available for school fees, books, supplies, and transportation. Students without adequate nutrition have a harder time focusing on schoolwork and suffer from worse overall health. And families struggling to make ends meet sometimes rely on school-aged children to earn extra income by working – a problem only worsened for families facing illness, death, or job loss.
What can we do to get students back on track?
The worldwide scope of learning losses can make the path to post-COVID recovery seem daunting. But groups like UNESCO that have studied the situation in-depth make several recommendations about how nations around the globe can help students and school systems recover from extended school closures and begin to make up for lost time.
Schools need adequate funding to help students recover from learning losses. The share of both international development assistance and humanitarian aid that went toward education fell during the pandemic, and on average countries directed only 3 percent of their COVID stimulus packages to keeping students enrolled and engaged despite the hurdles. Without more resources, schools will face an uphill battle in providing the tools, expertise, and attention students need to succeed in a post-COVID world.
Recovery plans should not stop at getting schools “back to normal”. School systems must be able to adapt to changing needs without losing valuable classroom time. Teachers, administrators, and students alike need to be equipped with the resources and training necessary to continue teaching and learning despite extraordinary circumstances, including e-learning and digital learning resources, stable internet connections, and support for their mental health to improve overall wellbeing.
Ria + Save the Children.
At Ria, we believe that we share the responsibility of helping get students around the world back on track. That’s one of the reasons why we’ve joined forces with Save the Children — to drive positive change and improve the lives of vulnerable children worldwide.
In addition to emergency appeals that channel donations to areas of urgent need around the world, Ria´s partnership with Save the Children also includes investment in longer-term social intervention projects aimed at supporting at-risk children and their families. Two of those initiatives are poised to make an early and lasting impact on students.
In the Philippines, Ria and Save the Children will help ensure that nearly 9,000 boys and girls have access to quality, safe, uninterrupted education by providing school supplies and hygiene kits, furniture for temporary learning spaces to help ensure that kids displaced by disaster are able to continue learning, and training staff to spot signs of abuse and take action to protect students.
And in Mexico City, Ria and Save the Children will contribute to early-childhood education for more than 2,000 vulnerable children between the ages of 0 and 6 through preschool teacher training, learning materials aimed at helping kids master age-appropriate reading and math skills, and even an educational podcast for parents.
Supporting education is just one of the many ways this partnership promises to make a lasting positive impact on vulnerable children around the world. Find more information about our partnership with Save the Children and how you can be a part of it on our blog.
Millions of people leave their home country each year to improve their lot in life. Whether it be for work, study, or to escape natural disaster or conflict, the world has witnessed a steady flow of people picking up roots and moving on since the beginning of time.
Since 1970, the number of international migrants has increased threefold to 281 million, the United Nations’ most recent estimate, dated 2020. That’s less than four of every one hundred people.
Before COVID-19 acted as a brake on the movement of people, the number of international migrants throughout the world had been rising steadily. The United Nations estimates that the pandemic slowed the growth in the global pool of migrants by about two million by mid-2020, 27 percent less than the growth that had been expected.
Despite the pandemic, there are more migrants in the world today than there were 30 years ago. Different countries and regions have become more interconnected with the rise of a global economy and more people have been leaving their country of birth to pursue employment or educational opportunities abroad.
According to the World Bank’s most recent report on migration, Europe is currently the largest destination for international migrants, with 87 million, followed closely by Asia with 86 million international migrants. North America is the destination of 59 million of the world’s migrants, or 21 percent of the total.
At Ria Money Transfer, we are committed to helping families remain connected no matter how far apart they may be, by providing a cross-border money transfer service that is affordable, fast and safe. This report provides a snapshot of the factors that are impacting the international migrants who are our customers and the remittances they sacrifice to consistently send home, contributing to development abroad.
Many international migrants feel a deep obligation to consistently support the people they leave behind. The money they send back home – remittances – is often a critical lifeline for their families. International remittances to low and middle-income countries were over $600 billion last year, far exceeding development aid provided to those countries.
The remittances received from family members abroad keep food on the table for families, improve the educational opportunities of many children in the developing world, allow people access to healthcare, broaden resources available to small farmers, and help support small-scale businesses whose growth would otherwise be limited due to credit constraints, among other benefits. In developing countries where workers are abundant but have few opportunities for formal employment, remittances get people started on the path to self-employment. The evidence is strong that remittances help alleviate poverty for recipient families.
The impact of remittances goes further and can even improve the economic prospects of entire countries. In extreme cases, such as Nepal and Samoa, remittance inflows represent nearly 30 percent of GDP. For many developing countries, remittances contribute more than 10 percent of GDP.
2. The cost of sending remittances
The World Bank estimates that international remittances will grow an additional 4.2 percent this year to $630 billion. They are a crucial development tool that helps alleviate poverty. But is the cost of sending remittances commensurate with the critical needs they often help address?
Cutting the price of sending remittances by just a few percentage points would save remittance senders billions per year, according to development analysts. It’s no wonder that the United Nations has made reducing the cost of sending remittances to 3 percent an important factor in helping to reach the Sustainable Development Goals it has set for 2030. The UN recognizes why remittances are so important, and the impact they have on SDGs such as reducing poverty and hunger while promoting better health care and access to quality education.
The global average cost of sending a cross-border remittance stood at 6.04 percent at the end of last year, down from 6.8 percent In 2019. As the World Bank reports in its most recent Remittance Prices Worldwide report, the number of corridors with average costs of less than 5 percent is steadily increasing and mobile money options are helping reduce the cost of sending remittances in many markets. Still, some remittance corridors remain slow to take up the trend, such as Sub-Saharan Africa where fragmented payment systems, burdensome regulatory requirements and legacy non-compete clauses are keeping average remittance costs at nearly 8 percent.
3. COVID-19’s impact on remittances
More than 100,000 COVID-related travel restrictions were put in place by countries or territories during the pandemic. Aside from the far-reaching effect it had on international mobility, COVID slammed the economies of many developed countries. The majority – 64 percent – of the world’s migrants are living in G-20 countries so COVID’s economic impact had the potential to produce devastating consequences for many people in low and middle-income countries.
Convinced that the economic slowdown would mean that migrants simply would not have money to send, analysts initially forecast a 20 percent drop in remittances in 2020. Not only did remittances hold up, they increased by nearly one percent for that year and rebounded eight percent to low and middle-income countries in 2021.
International migrants know how important the money they send to their families back home is so they will go to extraordinary lengths to continue to send it, cutting back on their own consumption or drawing on savings to continue to support their families. Remittances are remarkably resilient in the face of crisis.
The resilience of remittances has been especially surprising considering the difficulties many international migrants have faced due to restrictions on mobility and lockdowns. At the start of the pandemic, migrants around the world not only became stranded in destination countries, but also while in transit. Migrants faced not only loss of jobs and employment, but the loss of residence permits and social services that are often tied to employment. Others were without resources to return home or faced restrictions on movement or closed borders that left them in limbo.
Many of the migrants who had maintained their employment throughout pandemic lockdowns were typically health or frontline workers exposed to a higher risk of contracting the virus. Many high-income countries depend on foreign-born healthcare workers, including the U.S., France, the U.K., and Germany (OECD).
The pandemic brought incalculable suffering and loss to people around the world, but it also forced the adoption of technology at an unprecedented rate. Technology that already existed but had not been implemented at scale was suddenly in high demand due to lockdowns and social distancing. This accelerated several trends in the payment ecosystem overall and brought unprecedented technological adoption. Some analysts estimate that five years’ worth of technological adoption took place in less than a year due to COVID.
Suddenly, not only did businesses need to provide a lot more goods and services online to survive, but the sheer volume of digital payment transactions meant that investment in payment infrastructure would pay off much more quickly both for businesses and the entities that provide them with financial service solutions, strengthening real-time payment networks. This helped pave the way for faster processing speeds as more processes became automated and more technological advances were implemented.
Not only have the digital payment services of traditional businesses improved since early 2020, but the number of customer-facing applications, and their adoption by consumers, also grew rapidly. There were 230 billion downloads of mobile applications in 2021 alone to serve the estimated 6.3 billion smartphone users worldwide.
5. Governments deliver support through digital channels
According to the World Bank, there are 1.7 billion people in the world without a bank account. Improving access to a basic account is a crucial first step in reaching broader financial inclusion goals and the digitization of aid payments can open a door to the financial system for many people. Before the pandemic, progress had been gradual. In 2017, about 63 percent of adults globally had a bank account, up from 54 percent in 2011.
The efforts of a number of countries made during the pandemic to encourage the use of digital services have made an impact on financial inclusion. In fact, most of the growth in the recent uptake in mobile wallet use has been in markets where governments provided substantial pandemic relief.
Nearly 60 low and middle-income countries have used digital payments to deliver emergency relief during the pandemic. One example is Brazil, which used its new real-time payments system, Pix, to distribute COVID-19 relief aid, resulting in 70 million new accounts in a country that has an estimated 34 million unbanked adults.
Access to mobile money payments and solutions is also pushing more people in low and middle-income countries to open bank accounts. This is due in part to the efforts of authorities in countries such as Colombia which is promoting the financial services sector and improving regulation and monitoring. The number of Colombians with a bank account grew to 86% in the first half of 2020, up from 82% at the end of 2019.
International relief organizations and NGOs are also using digital channels to disburse aid. The UN Refugee Agency, UNHCR, sent $700 million in cash and value assistance to 8.5 million recipients in 100 countries in 2020. The organization has established digital payment programs in 47 countries, 15 of which use mobile money. The digitization of cash assistance has the potential to foster financial inclusion.
In general, mobile money adoption continued to rise in 2021 globally, reaching $1 trillion transactions for the year. Registered mobile money accounts have grown 18% since 2020, reaching 1.35 billion globally by the end of last year.
In the case of remittances, mobile money platforms make the cross-border transfer of remittance payments cheaper and faster than traditional cash and bank transfers. The Global Average price to send an international remittance decreased from 6.3 percent to 6.04 percent in the last quarter of 2021, an encouraging sign that costs can come down quickly when conditions are right.
6. Connecting the world faster each day with real-time payments
Real-time payments (RTP) allow the whole payment process to occur seamlessly and instantly. Offering remittance payments in real-time is an attractive draw for remittance senders. Knowing that the money sent to loved ones far away arrived safely, in an instant, offers convenience and invaluable peace of mind for both the sender and the recipient.
Currently, 60 markets have a real-time payments infrastructure with Canada, Peru, New Zealand, and Indonesia launching in 2022, according to FIS Global. That means that by the end of this year, nearly three-quarters of the world’s population will have access to instant payments in their domestic market.
The appeal of RTP is extending beyond consumer and retail use cases to include business and corporate applications, such as instant salary payment, accounts payable, and bulk payments. The public sector is also turning to RTP for fee and tax collection, as well as benefits and pension payments.
One important hurdle RTP has yet to overcome, however, is enabling instant payments between countries as bank payment systems and infrastructure are not standardized throughout the world. Ria Money Transfer overcomes that obstacle because we maintain our own global payments network in more than 160 countries with mobile wallets in 61 countries and 3.6 billion connected bank accounts. Thanks to the quality of our international network, we can deliver cross-border real-time payments to bank accounts 98% of the time.
The integration of technology in payments processing is part of what makes cross-border RTP possible, particularly since compliance regulations can vary from country to country. RegTech, as it’s called, puts technology to use to speed customer onboarding and transactional processing. Technology is used at the backend to score transactions and filter for compliance checks.
Ria has its own internally developed RegTech tools, like its consumer risk assessment, that scores clients’ behavior each day based on their activity over time as well as an independent compliance culture that is a reference in the industry. This allows for more automated processing because the system does most of the checks, flagging only situations that appear high risk to a specialist for human review. This improves speed and convenience for customers.
Mobile money systems’ effect on the formal economy
Mobile money systems and payments are helping promote financial inclusion throughout the world, but they offer other benefits as well. Since mobile money creates a recorded financial history for every deposit, withdrawal, or transfer made, it can help protect consumer rights, build trust in business, and foster efficient payment networks. Digitizing government benefit payments also reduces the risk of fraud and theft, making the system more cost-effective and sustainable.
The data records generated by mobile transactions help facilitate oversight and supervision of money laundering and terrorism financing activities, particularly since mobile money systems have strong safeguards built in.
Strengthening the formal financial system through increased use of mobile money can help governments build more effective monetary policy by channelling more money and assets into the system, contributing to economic stability. By producing transaction records, mobile money encourages a shift to the formal economy which fosters contributions to social security, taxes, and secure wage payments, helping make it easier for the public sector to finance itself.
7. Filling the educational gap through remittances
At the peak of nationwide lockdowns due to COVID-19, the education of more than 1.5 billion children ground abruptly to a halt, causing an unprecedented global learning crisis. For children in the developing world, however, the crisis was already in full swing. Half of 10-year-olds in middle and low-income countries couldn’t understand a simple written sentence and more than 250 million children were not in school.
The pandemic intensified educational inequality because children in poorer countries have less access to the technology that allowed learning in rich countries to continue. More than half of the world’s households are connected to the Internet, but the share of students without Internet access varies from 15 percent in Western Europe and North America to as high as 80 percent in sub-Saharan Africa.
Remittances play an important role in providing educational opportunities for the young members of migrants’ families in low and middle-income countries. In 18 countries across Sub-Saharan Africa and Asia, remittances boost education spending by an average of 35%. Increased resources dedicated to education can create opportunities that last a child a lifetime.
8. Migration and conflict
The war in Ukraine has brought to the fore an often overlooked factor that impacts international migration flows: conflict. There are more people displaced by conflict and political turmoil today than at any time since World War II. Not only is the situation in Ukraine causing massive displacement of people, conflicts in Syria, Yemen, the Central African Republic, and the Democratic Republic of the Congo as well as instability in Venezuela and Afghanistan are forcing many people to leave their homes to ensure their safety. In the case of Ukraine, more than 6 million Ukrainians have fled the conflict in their country.
According to the National Bank of Ukraine, remittance flows to Ukraine amounted to more than $19 billion in 2021, a 28 percent increase for the year. That accounts for around 12 percent of the country’s GDP and is nearly three times the size of foreign direct investment. The World Bank expects remittances to Ukraine to increase 8 percent this year.
Beyond Ukraine itself, the conflict is also impacting Central Asian countries which depend on remittances sent from Russia which is cut off from the international financial system because of the war. In the case of the Kyrgyz Republic, where remittances make up 30 percent of the country’s GDP, the World Bank expects remittances to drop overall by a third this year. The country derives 80 percent of total remittance receipts from Russia and although international sanctions target Russian companies, they also affect the ability of individuals to send money outside of the country.
Ukrainians have fled the violence in their country, but another impact the conflict is having on the movement of people, is the number of Russians leaving their homeland as a result of the war and the gradual deterioration of civil liberties in Russia since it began.
The Russian Federation was already a major origin country for international migrants. In 2020, it ranked among the top 10 origin and destination countries for international migrants, with the third largest number of Russians living abroad after India and Mexico.
Since the start of the war, however, tens of thousands of Russians are reported to have arrived in Georgia, Armenia, Turkey, and Central Asia. In many cases, these migrants are young, urban, tech, or creative professionals who can work remotely from almost anywhere in the world. Since Canada, the European Union, the United Kingdom, and the United States have closed their airspace to Russian flights, these educated professionals are heading to countries like Armenia and Turkey, and to Central Asia because they are against the war and are fearful of what the future holds for them if they remain in Russia.
9. Conclusions
The mobility crisis brought on by the pandemic will have lasting effects on the cross-border money transfer industry.
The digital expansion of money transfer operators means a greater number of mobile wallets can be reached through bank payment systems, other wallets, fintech apps, ATMs, debit cards, and traditional over-the-counter cash points, bringing financial services like cross-border, real-time payments to more people than ever.
Along with accessing financial services through mobile money systems, a rising number of people throughout the world are opening bank accounts. This is due in part to the efforts of authorities in countries like Colombia who are promoting the financial services sector and improving regulation and monitoring.
Digital expansion is critical for the future of the cross-border money transfer industry, yet today, 70% of customers continue to rely on brick-and-mortar channels. These are people with digital skills that use other digital solutions but prefer to transact across multiple channels, sometimes digital, sometimes physical.
According to a World Bank report published last October, nearly 50 million adults took up in-store digital payments during the pandemic in Latin America and the Caribbean, but about half of new digital payment adopters surveyed in the region prefer a return to cash.
Many of these people are interested in omnichannel solutions that allow them to modify orders, change beneficiaries, track their activity across physical and digital channels, find physical locations, and access other self-service solutions. Being able to offer both will continue to be key for money transfer operators.
Important advances are being made that will lay the groundwork for increased financial inclusion throughout the world. Access to financial services is expanding along with the ability to move money around the world quickly, easily, and safely. Further progress is needed to lower costs for cross-border money transfers so that this essential service is affordable for everyone.
The money migrant workers send back to their countries of origin, remittances, is a crucial source of income for many developing countries. More than 270 million migrants globally send the money they earn in developed countries back home to their loved ones. International remittances amount to well over $500 billion each year, far exceeding the aid provided to those countries by development agencies and governments. Remittances are considered so critical that during the pandemic, countries declared money transfer an essential service so that customers could continue to send and receive money, despite lockdown restrictions.
Aside from the grave consequences for public health, the pandemic brought the economies of many developed countries to their knees, halting non-essential manufacturing production and closing restaurants and shops. As COVID-19 tightened its grip throughout the world in early 2020, analysts estimated that its impact on remittances would be a 20% drop for the year, convinced that many migrants would simply not have money to send. During an economic shock three times worse than the 2008 financial crisis, how could migrants continue to send money home?
Fortunately for the millions of people in the developing world dependent on remittances for their survival, those predictions did not come true. In fact, the global flow of remittances has held up during the COVID crisis, declining only slightly in 2020 to $540 billion, just 1.6 percent below prior year levels. A variety of factors explain how international migrants defied the experts and continued to support their loved ones at home.
One factor that analysts overlooked was the solidarity of international migrants when a crisis hits home, cutting back on their own consumption or drawing on savings to continue to support their families. “You have families staying at home, brothers and sisters not going to school and they are depending on you to help them” one West African resident told the BBC while the pandemic raged last spring.
International remittances: A tale of two countries
Currency fluctuations are another element that helped dull the impact of COVID on international remittances in some cases. The amount of remittances sent home by Mexican immigrants during the crisis was starkly different from those sent by Salvadorans. Migrants who send money home to the two countries from the United States have similar demographics and educational backgrounds. However, the remittance flows to El Salvador dropped 40 percent in 2020 compared to the previous year while the flows to Mexico increased 35 percent. Why?
Analysts at the FED attribute the difference to the fact that El Salvador’s economy is fully dollarized so the dollar’s rise in value didn’t increase the value of remittances arriving to that country, while the drop in value of the Mexican peso against the dollar created incentive for Mexican migrants to send more money home because they knew their dollars would buy more pesos for their families.
Sharing the umbrella
During the COVID crisis, many developed countries, including the US, EU and the Gulf states introduced measures to support laid-off workers and businesses affected by lockdowns. The Coronavirus relief law passed in the United States, for example, included $300 billion in one-time cash payments to individual taxpayers, loans for small businesses and expanded unemployment benefits. Cash payouts and employment support programs reduced the fall in personal income and helped businesses continue to employ workers. That meant more migrant workers in developed countries had safety nets they could share and the effect helped lessen COVID’s impact on international remittances.
Out with the old: COVID’s effects on how remittances flow
Although informal channels for international remittances were already in decline in recent years, COVID-19 helped highlight the advantages of using safer, more reliable money transfer services for international remittances. Informal channels, which rely on the movement of international travelers to deliver cash to recipients but ultimately expose those funds to the risk of loss or theft, have been largely unavailable during the pandemic due to restrictions on international travel. Ria has been making cross-border transfers safer and easier for more than 30 years. Throughout that time and now, we constantly look for ways to help our customers overcome obstacles and enjoy the peace of mind that comes from knowing their money will arrive safely and almost instantly to its destination.
Looking ahead
Now that the world has learned to live with COVID-19, remittance flows to developing countries are forecast to increase by 2.6 percent in 2021, to $553 billion and by 2.2 percent in 2022, to $565 billion. The bonds that tie international migrants to their home countries will remain strong and continue to strengthen even further when crisis hits. At Ria, we understand how critical our services are, especially when times are tough. Transfer money safely, easily and almost instantly with the Ria Money Transfer app, available for download here.
Japan is an archipelago located in the Pacific Ocean with a rich history and a myriad of unique traditions. It is home to millions of people, including many foreigners who choose to settle down there. According to 2024 data, 3.4 million international migrants are living in Japan, likely attracted by the country’s strong economy and good quality of life.
Many of those who move to Japan maintain deep ties with family and loved ones back home. For these migrants, supporting relatives from afar often means sending part of their earnings to them. These money transfers, known as remittances, play a vital role in helping households, communities and even entire countries.
In this post, we’ll take look at the history of Japan, migration and remittances.
A Brief History of Japan
Japan has always been characterized by its very strong identity, culture, and customs. The country’s long history has seen the rise and fall of powerful clans, emperors, and military rulers known as shoguns.
By the 12th century, most of Japan’s contact, trade, and conflicts were with neighboring countries such as China and Korea. But that was all about to change. In the 16th century, European influence reached the archipelago. Portuguese traders and Jesuit missionaries travelled to Asia and stopped in Japan, initiating a commercial and cultural exchange with them.
However, a new isolationist policy saw the country close its doors to the outside world for two and a half centuries. This allowed Japan to cultivate its distinctive art, literature, and culture without external influences. The isolationist policy ended in the mid-19th century, when Japan opened for trade following North American pressure.
This event kickstarted the Meiji Restoration, a historical event named after Emperor Meiji. It refers to the changes in Japan’s society as the country industrialized, modernized its military, and adopted Western systems. These changes led the archipelago to become a strong regional power, becoming involved in international geopolitical events, and eventually participating in the Second World War.
After its defeat at the hands of the United States in 1945, the country started rebuilding. It saw rapid growth, and quickly became one of the world’s leading economies, expanding its influence all over the globe. Today, you have probably driven a Japanese car, had a Japanese phone, or seen a Japanese anime or movie. Despite new challenges, like its aging population, the country remains deeply influential through its industry, technology, and culture.
The Context of Migration to Japan
For a long time, Japan was not considered a common destination for migrants looking for a place to settle down due to the archipelago’s secluded geographical location and its long-lasting isolationist policy that actively dissuaded immigration. So, when the country first opened up, most of the migrants came from close by, mainly China, Korea, and Taiwan.
But it all changes in the 1980s, when the government reformed immigration laws, introducing new programs for technical workers and trainees. Paired with the growing influence and popularity of Japanese culture, as well as its booming economy, these changes made Japan a highly attractive destination. Since then, immigration to the archipelago has been growing steadily.
Now, you’re probably wondering where do most immigrants to Japan come from today? Well, the Japanese Immigration Services Agency compiles data on this subject. While the top nationalities are neighboring countries (China, Vietnam, South Korea, Philippines, and Nepal), there are people from all over the world among the most common origins, such as Brazil and the United States.
Over the past 10 years, immigration has risen by 30.8%, now accounting for 2.8% of the total population. With low unemployment and a shrinking population, Japan has become increasingly dependent on migrants for its workforce. In fact, according to the OECD, 55% of the permanent migrants living in the country are there on a work visa.
As migration has grown, so has the amount of money sent home. In 2024, migrants in Japan sent more than USD $6 billion in personal remittances abroad, according to World Bank Remittance Data.
Understanding the Remittance Industry in Japan
The country’s remittance market is one of the most active in Asia. But how do migrants in Japan send money home?
People sending money from Japan can use traditional methods like bank transfers and wire services. While these are established, secure methods, they can also be slow and expensive. They generally charge higher fees and transactions can take 2-3 business days to go through. But there are better alternatives available.
This is where specialized money transfer services such as Ria make a difference. We serve as intermediaries, meaning that you can still send to or from a bank account, but with lower fees, competitive exchange rates, and a shorter wait, as money transfers are sometimes instant.
Companies like us are just as secure but offer faster, more accessible services, and a wider variety of options, including new technologies that are transforming the remittance market such as digital wallets —making money transfers faster, easier, and accessible.
But remittances are not just about moving funds. They’re also about promoting financial inclusion, stability, and growth in the communities that receive them, a point we’ll explore next.
Why Remittances Matter: Their Importance and Social Impact
Receiving remittances can make a huge difference for households, communities, and even entire countries, as they improve quality of life and generate economic growth.
The funds sent back home can help cover basic needs such as housing, food, or healthcare. They can also be used to cover the cost of education or to invest in a business opportunity, increasing financial stability and effectively helping break the cycle of poverty.
Families receiving remittances have more money to spend, whether on groceries or other needs, resulting in an influx of money in their community, which in turn boosts the economy.
Therefore, these funds have been proven to have a positive impact on every scale, helping reduce poverty, improve living standards, and strengthen economies.
The Future of Sending Money from Japan
Several factors can shape and change the future of remittances in Japan:
New labor and migration policies. Government rules on visas, skill requirements, and stay duration can directly influence the size of the migrant population.
Demographic changes. Japan’s aging and shrinking population means that migrant workers will remain essential for the workforce and continue moving there.
Compliance rules. Remittances are subject to guidelines and rules. Although this can affect the amount of money you’re allowed to send and how quickly it moves, it also adds security. These rules are here to help ensure your money is safe and reaches the right destination.
Money transfer corridors costs. While competition between money transfer companies is lowering fees in major routes, sending to remote areas can still be expensive. For instance, it costs on average 50% less to send money from Japan to the Philippines than to send money from Japan to India.
The good news is that competition between money transfer companies is bringing general and corridor-specific fees down. Ria actively works to maintain competitive fees and exchange rates in order to remain accessible and in an effort to align with the United Nation’s Sustainable Development Goal nº10.c, which seeks to reduce the global cost of migrant remittances to less than 3%.
These trends show that while the need and demand for remittances from Japan will remain strong, the way people send money and how much it costs will continue to evolve. That is why it’s important to keep up with changes and stay informed if you want to have a smooth money transfer experience.
More Than Just Money
Behind every money transfer is a personal story, one of sacrifice, opportunity, and connection. Migrants are not only filling critical roles in Japan’s economy, but they are also sustaining families and entire communities across borders.
At the same time, the remittance landscape is constantly evolving, shaped by policy decisions, technology, and demographics. As digital solutions become more popular, new platforms are cutting costs, speeding up transactions, and making services more accessible.
Ria is part of this change. With the acquisition of Kyodai Remittance, we are expanding our reach in the country. By offering fast, secure, and accessible transfer options, we seek to promote financial inclusion and empower the communities we serve.
If you need to send money to loved ones back home from Japan, you can use our web, app, or visit your nearest Ria location. Learn more about our services in Japan through the Kyodai website.
Sending money across borders comes with natural concerns. Will your transfer arrive safely? When will your recipient receive the funds? These questions matter because your money matters.
You have multiple ways to track your Ria transfer, and each transfer status tells a specific story about your money’s journey. Let’s walk through everything you need to know about tracking your transfers and understanding what each status update means for you and your recipient.
How to Track Your Ria Transfer
Tracking your money is simple—here’s how you can do it, whether you’re online, in the app, or in person.
Enter your Order Number (also called reference number or PIN) and your last name.
Click Track Transfer to instantly see the most recent update.
Tracking in the Ria App
Download the free Ria Money Transfer app for iOS or Android.
Log in using the account you used to send the money.
Tap Transfers to see a list of your recent transactions.
Select the transfer you want to track—your status and any next steps will be right there.
Tracking by Phone or in Person
By phone: Call Ria’s customer service line and provide your reference number. A representative can confirm the latest status.
In person: Visit a Ria store or agent location with your reference number and a valid ID.
Understanding Ria Transfer Statuses
When you track your transfer, you’ll see a status update. Here’s what each one means and what you might need to do.
Status
What It Means
What You Should Do
Processing
Ria has received your order and payment details; it’s being prepared.
Sit tight—no action needed unless it stays here unusually long.
In Progress
The transfer is moving through Ria’s system to the recipient’s delivery method.
Just wait; delays may occur due to bank hours, time zones, or security checks.
Ready for Pickup
Funds are available at the chosen cash pickup location.
Tell your recipient to bring a valid ID and reference number.
Deposited to Bank
The money has been successfully deposited into the recipient’s bank account.
Wait a few hours if it doesn’t appear right away—some banks take time to reflect deposits.
Delivered to Mobile Wallet
Funds are now available in the recipient’s mobile wallet.
Nothing—recipient can spend or withdraw instantly.
Completed
The transfer is fully processed and closed.
No further action needed.
On Hold
Ria needs more information or is reviewing the transfer for security/compliance.
Contact customer service to resolve the hold quickly.
Cancelled
The transaction was stopped by you, the recipient, or due to Ria’s rules.
Expect a refund within 3–10 business days depending on payment method.
Frequently Asked Questions About Tracking Ria Transfers
Can I track a transfer without a reference number?
No, you need either your order number, PIN, or reference number to track transfers. If you’ve lost this information, contact customer service with your personal details and transfer information for assistance.
Why is my transfer taking longer than expected?
Several factors can extend processing time: bank holidays in either country, additional security verification, incorrect recipient information, or high transaction volumes during peak periods.
What happens if my recipient can’t pick up the money right away?
Cash pickup locations typically hold funds for 30-90 days. Contact customer service if your recipient needs more time, as extensions may be possible depending on circumstances.
Can I change the delivery method after sending?
Generally, no. Delivery methods lock in when you submit your transfer. Contact customer service immediately if you need changes, though options may be limited once processing begins.
Send Money with Ria Today
Ria makes tracking your international money transfers simple and transparent. With multiple tracking methods and clear status updates, you stay informed every step of the way. Your recipient gets their money safely, and you get the peace of mind that comes from knowing exactly where your transfer stands.
Make a transfer now and enjoy peace of mind knowing your funds are on their way.
Recently, we were thrilled to announce that Kyodai Remittance is now officially part of the Ria Money Transfer family! Ria’s acquisition of Kyodai marks a major step forward in our mission to make money transfers more accessible, secure, convenient, and customer-focused—especially for the vibrant and burgeoning migrant communities in Japan.
But what exactly does Ria’s acquisition of Kyodai Remittance really mean and how can it help our money transfer service?
A Strategic Leap into Japan’s Remittance Market
Japan’s remittance market is one of the most dynamic in Asia, with over $6 billion sent abroad in 2024 alone. As migration patterns shift and labor markets evolve, the need for more reliable and inclusive financial services has never been greater.
Ria’s acquisition of Kyodai allows us to expand our footprint in Asia-Pacific by becoming the majority shareholder of Unidos, the company behind Kyodai Remittance. With this move, we’re not just growing our network—we’re deepening our commitment to the communities we serve.
Ria Money Transfer: A Global Giant with Local Ambitions
Ria has come a long way since our founding in 1987. Today, we operate in over 190 countries with more than 624,000 locations worldwide, and our services include everything from cash pickups and bank deposits to mobile wallets and cardless ATM withdrawals. Whether online, at our stores, or through our app, we’re focused on making money transfers convenient, secure, and easy.
Additionally, we’re also proud to be part of Euronet Worldwide, a global leader in payments processing and cross-border transactions. This confident backing allows us at Ria to innovate and scale our money transfer services to meet the evolving needs of our customers, especially in high-demand corridors, such as Japan to the Philippines.
But what truly sets us apart from the competition is who we are and what drives us: We were founded by migrants, for migrants. It’s a spirit that continues to guide everything we do.
Kyodai Remittance: Japan’s Trusted Name in Cross-Border Transfers
Kyodai Remittance has been a pillar of trust in Japan’s remittance landscape since its founding in 2000. As the first company in Japan to receive a Type 1 Funds Transfer Service Provider license, which they achieved in March 2023, Kyodai has led the way in offering high-value transactions over ¥1 million (about $6,800 USD).
Furthermore, with 17 stores, a strong agent network, and a multilingual team representing 16 nationalities, Kyodai has built deep ties with Japan’s migrant communities. Their “Family to Family” mission resonates deeply with our own values, making this partnership a natural fit.
What Ria’s Acquisition of Kyodai Really Means
A 15-Year Partnership Comes Full Circle
Ria and Kyodai have worked together for over 15 years, building a relationship grounded in mutual respect and shared goals. Ria’s acquisition of Kyodai is the culmination of that journey—a celebration of everything we’ve achieved together and a taste of what’s to come next.
What’s Changing and What’s Staying the Same
At Ria we’re integrating Kyodai’s operations into our global platform, which means customers will benefit from expanded services, improved pricing, and greater reach. But despite the changes, the current Kyodai team isn’t going anywhere. It’s important that their dedication, expertise, and customer-first approach remain at the heart of everything we do.
For example, take customers who regularly send money to the Philippines: this integration means more convenience and better rates. Whether you’re using Kyodai’s mobile app or using Ria’s money transfer services, sending money to loved ones has never been easier.
Why Japan? The Market That’s Ripe for Disruption
A $6 Billion Opportunity
Undeniably, Japan’s remittance market is growing rapidly, driven by a surge in labor migration. In 2022 alone, 144,000 new immigrants arrived in Japan, a 150% increase compared to 2021. Many of these migrants come from countries like Vietnam, China, and Indonesia. These demographic shifts are reshaping the economy—and, inevitably, the remittance sector.
Kyodai’s Local Edge Meets Ria’s Global Reach
Together, we’re combining Kyodai’s deep local knowledge with Ria’s global infrastructure. That means access to 44,000 ATMs across Japan, seamless mobile and digital services, and a network that spans 4 billion bank accounts and 3.2 billion digital wallets worldwide, making international remittances easier and more accessible.
Ria’s Vision for Asia-Pacific
Ria’s acquisition of Kyodai is just the beginning. We’re committed to expanding across Asia-Pacific, bringing new services, partnerships, and innovations to the region. Our goal is simple: to make financial services more inclusive, more convenient, and more human.
A Win for Financial Inclusion
At Ria, we believe that access to financial inclusion is fundamental for many people across the globe. By joining forces with Kyodai, we’re making it easier for migrant workers to support their families, build their futures, and stay connected across borders.
Whether you want to send money to Philippines, India, or Latin America, our now expanded network ensures that your money gets where it needs to go—quickly, safely, and conveniently.
We’re incredibly proud to welcome the Kyodai team into the Ria family—and even more excited about what this means for our customers.
With so many options available, it’s important to find a solution that’s fast, affordable, and secure. In this guide, we’ll walk you through the different ways to send money to Colombia, how much it might cost, how long it takes, and how to do it with Ria Money Transfer.
Ways to Send Money to Colombia
Choosing the right method depends on your priorities: speed, cost, or convenience. Here are the most common options available:
Bank Transfers
Traditional bank transfers offer security and reliability, making them a trusted choice for larger amounts. However, they typically come with higher fees and slower processing times.
How it works: Transfer funds directly from your bank account to your recipient’s Colombian bank account
Pros: Secure, reliable, ideal for high-value transfers
Cons: Slower processing (1-3 business days), higher fees, less favorable exchange rates
Specialized providers like Ria Money Transfer focus on international remittances. These services offer multiple payout options and competitive speeds, though fees vary based on your chosen method.
How it works: Send money online, through the Ria app, or at an agent location
Pros: Fast delivery (often within minutes), multiple payout options, competitive rates
Cons: Fees vary depending on payment and delivery methods
Digital Wallets
Digital wallets provide instant transfers for tech-savvy users. These services work well when both sender and recipient have compatible accounts.
Pros: Instant transfers, available 24/7, user-friendly interfaces
Cons: Both parties need digital accounts, transfer limits may apply
Debit Card Transfers
Services using Visa Direct or Mastercard Send allow direct deposits to your recipient’s debit card, offering speed and convenience.
How it works: Funds transfer directly to the recipient’s debit card
Pros: Fast processing (minutes to hours), convenient for recipients
Cons: Not all Colombian banks accept these transfers; verify beforehand
Cash Pickup Services
Perfect for recipients without bank accounts, cash pickup services let your loved ones collect funds at thousands of locations across Colombia.
How it works: Send money online or in-person; recipient collects cash at designated locations
Pros: No bank account required, widely available pickup points
Cons: Requires travel to pickup location, may involve additional fees
How Much Does It Cost to Send Money to Colombia?
Several factors influence your total transfer cost:
Payment method: Bank transfers typically offer lower fees than credit cards
Delivery method: Cash pickup, bank deposit, or debit card transfers each have different fee structures
Exchange rates: Rates fluctuate and vary between providers
Transfer amount: Some services offer better rates for larger amounts
With Ria, you can check exact fees and exchange rates before confirming your transfer using our rate calculator.
Example Cost Comparison:
Transfer amounts and fees vary based on current exchange rates and promotional offers. Always verify costs before sending.
How Long Does It Take to Send Money to Colombia?
Transfer speed depends on your chosen provider and payment method:
Fast Transfers (Minutes) : Many services, including Ria, offer transfers completed within minutes for cash pickup and some bank deposits.
Same-Day Transfers: Most online transfers process the same day when sent during business hours.
Standard Transfers (1-3 Business Days): Traditional bank transfers and some providers operate within this timeframe.
Factors Affecting Speed:
Time of day and day of the week
Payment method selected
Recipient’s payout method
Provider processing procedures
Step-by-Step Guide to Sending Money to Colombia with Ria
Ria makes international transfers simple, fast, and secure. Follow these steps:
Share this PIN with your recipient for cash pickups
8. Notify Your Recipient
Inform your recipient about the transfer details
For cash pickup, they’ll need valid ID and the tracking PIN
For bank deposits, funds appear directly in their account
FAQs About Sending Money to Colombia
Is it safe to send money online?
Yes, when using licensed, regulated providers. Ria uses advanced encryption, identity verification, and secure systems to protect every transfer. We’ve safely processed millions of transfers worldwide for over 35 years.
What is the cheapest way to send money to Colombia?
Generally, paying from your bank account and sending to a Colombian bank account offers the most cost-effective option, featuring lower fees and competitive exchange rates.
Can I send money to a debit card in Colombia?
Availability depends on the recipient’s bank and card type. Ria supports transfers to many Colombian debit cards through our network. Check with your recipient’s bank to confirm compatibility.
How much money can I send to Colombia at once through Ria?
Transfer limits vary based on your location, payment method, and recipient’s payout option. You’ll see exact limits when setting up your transfer. Larger amounts may require additional verification for security purposes.
Send Money to Colombia with Ria Today
Ria’s extensive network throughout Colombia, competitive rates, and multiple payout options ensure your money reaches its destination safely and quickly.
Depending on where you are in your career and in life, retirement may seem like a distant dream or an approaching reality. How much money do you need to retire comfortably? What are the different types of retirement plans? No matter your age or income level, to prepare for retirement is one of the most important financial journeys you’ll ever take.
The good news is that it’s never too early or too late to start preparing, planning and saving up for when you’re finished working. So long as you have the right mindset, attitude, tools and strategies, you can begin building a retirement plan that supports your financial security for the future.
Start with the Basics: Set Your Retirement Goals Early
Before diving into retirement savings plans and investment strategies, take a moment to envision your ideal retirement and figure out what kind of post-work life you want.
Do you see yourself moving back to your home country, traveling across the world to pastures new, starting a small business with friends or family, or simply enjoying a slower pace of life? It’s important to have a vision, as this will shape your goals and, consequently, your plan.
The first step is to understand and establish how much money you’ll need to retire comfortably. While many experts suggest aiming for 70–80% of your pre-retirement income, the actual number depends on your lifestyle, location, and health. Factors such as housing, healthcare or inflation will help you establish realistic savings goals.
It’s also important to consider your future retirement income sources. These may include Social Security, employer pensions, personal savings, rental income, or even part-time work. Knowing where your money will come from helps you plan more effectively.
Once you’ve outlined your vision, break it down into manageable milestones. So, whether it’s saving a set amount by a certain age or paying off your mortgage ahead of schedule, setting clear targets will help keep you motivated and stay on track.
Financial Tips to Prepare for Retirement on Any Budget
Contrary to what you might believe, you don’t need a high salary to build a strong retirement plan. What matters most is consistency and smart decision-making aligned with your budgeting. Start by tracking your current expenses and creating a budget that prioritizes saving. Even small contributions to a retirement account can grow significantly over time thanks to compound interest.
Finding the Right Plan to Prepare for Retirement
And understanding your investment options is key. Employer-sponsored plans like 401(k)s and 403(b)s offer tax advantages and often include matching contributions, and both are good starting points. They allow you to contribute a portion of your pre-tax income, thus lowering your taxable earnings that year. Moreover, employees offer matching contributions which help to boost retirement savings. These plans also tend to come with investment options, making them easier to manage.
Individual Retirement Accounts (IRAs), both traditional and Roth, provide additional flexibility. A traditional IRA allows you to defer taxes on the money you earn until you withdraw it when you retire, which can be beneficial if you expect to be in a lower tax bracket later in life.
Conversely, a Roth IRA enables you to fund your retirement with post-tax dollars, meaning that the withdrawals made in retirement are completely tax free, which is useful if you anticipate higher income or tax rates in the future.
Each plan has its own benefits, so choose the one that aligns with your income and tax situation.
Beyond these, consider other retirement investment options such as mutual funds, ETFs, bonds, and annuities. Further, annuities for retirement income can provide guaranteed payments for life, which may be appealing if you’re concerned about outliving your savings. Annuities are bought through an insurance company and tend to provide steady income immediately or in the future, depending on the type. While they do offer stability, they also are accompanied by fees and limited flexibility, so it’s important to understand the terms and conditions prior to committing.
Smart Tax Planning for Retirement
Social Security will also likely play a role in your retirement income, so it’s important to understand how it works in order to maximize your benefits. The full retirement age ranges from 62 to 70, depending on your birth year and country of residence. While you can start claiming and collecting benefits as early as 62, waiting until age 70 can significantly increase your monthly payments.
Don’t overlook tax planning—it’s a powerful tool when used right. Though saving and investing are vital, how and when you can access that money can significantly alter how much you get to pocket. That’s why diversifying your retirement accounts—some taxable, some tax-deferred, and some tax-free—can give you more control over your tax burden in retirement. A financial advisor or tax professional can help you create a strategy that minimizes taxes while maximizing income, essentially giving you more bang for your buck.
Also, consider what rate of return in retirement you’ll need to sustain your lifestyle. That just means thinking about how much your different incomes need to generate on a yearly basis to cover your expenses and without depleting your savings. It’s a critical facet of planning for your retirement, because small differences can make a huge impact.
A common rule of thumb is to aim for a 4–6% annual return once you retire, but this depends on your risk tolerance and asset allocation. By understanding your required rate of return and aligning it with a realistic investment strategy, you can better protect your savings and maintain your desired lifestyle throughout retirement.
Practical Retirement Planning Tips for Everyday Life
Financial planning is only one part of the equation. Your day-to-day lifestyle choices also play a big role in your retirement readiness. For many, downsizing to a smaller home or relocating to a more affordable area—especially if it’s no longer relevant to your job— can free up resources and reduce stress. Cutting unnecessary expenses now can help you save more for the future.
It’s also wise to build an emergency fund specifically for retirement. Aim to set aside six to twelve months of living expenses to cover unexpected costs like home repairs or medical bills. And speaking of healthcare, long-term care is one of the most underestimated expenses in retirement.
Prepare for Inflation and Healthcare Costs
Healthcare insurance for retirees (and the associated costs) is another critical consideration. Your health insurance may not cover everything, so explore supplemental insurance or health savings accounts (HSAs) while you’re still working.
Don’t underestimate the impact of inflation on retirement either. Even a modest 2–3% annual inflation rate can significantly erode your purchasing power over a 20- to 30-year retirement.
To stay ahead, make sure to include in your investments those that can outpace inflation, such as stocks or real estate, and consider options like Treasury Inflation-Protected Securities (TIPS). Planning for rising costs now helps you keep and grow your money’s value.
Remember that retirement isn’t just about money, it’s about how you want to live. Think about your social life, hobbies, and sense of purpose. Planning for these non-financial aspects can make your retirement more fulfilling and worry-free.
This is where retirement lifestyle planning comes in, ensuring your daily life aligns with your values, interests, and health needs.
Tools and Resources to Help You Prepare
Here’s an important retirement planning tup that is often overlooked: you don’t have to navigate the challenge of retirement planning alone. You could start laying the foundations by creating a checklist that includes your savings goals, investment reviews, insurance needs, and lifestyle plans. Moreover, by reviewing it annually you can be sure to never deviate from the path you’re on.
And if you need some extra assistance, there are also plenty of free tools available online to help you estimate your retirement needs, as well as track your progress. Platforms like Fidelity, Vanguard, SmartAsset, and AARP offer calculators, resources, and more planning tools that are free, easy to use and surprisingly insightful.
If your situation is complex or if you simply want the extra peace of mind, you can also consider working with a certified financial planner. While there’s a cost involved, the personalized advice of an expert can be well worth it, especially when it comes to tax strategies, estate planning, and managing withdrawals.
Managing retirement withdrawals is a key part of making your savings last. Strategies like the 4% rule, bucket strategy, or required minimum distributions (RMDs) can help you withdraw efficiently without running out of money.
And don’t forget legacy and estate planning. Creating a will, assigning power of attorney, and setting up trusts can ensure your assets are distributed according to your wishes.
Final Thoughts: Creating a Personalized Retirement Plan
Retirement planning isn’t a one-time task—it’s a lifelong process. As your life evolves, so should your plan. Ensure to make it a habit to review your goals and finances at least once a year. Stay flexible and be ready to adapt to changes in your health, family, or career.
Ultimately, the goal is to combine financial security with personal fulfillment. Whether that means traveling, volunteering, or simply enjoying more time with loved ones, your retirement should reflect your values and dreams.
This guide covers everything you need to know about using Ria Money Transfer for the first time. You’ll learn how the service works, what fees to expect, which countries you can send to, and how to make your first transfer smooth and secure.
What Is Ria Money Transfer?
Ria Money Transfer is a global money transfer service that operates in over 190 countries and territories worldwide.
We offer multiple ways to send and receive money, from digital transfers through our Ria app and website to cash pickups at physical locations. Ria serves both individuals sending money to family members and businesses managing international payments.
We have an extensive network of agent locations—over 500,000 worldwide. This means recipients can pick up cash in remote areas where traditional banks might not reach.
How Ria Works
Using Ria Money Transfer is straightforward. You have three main ways to initiate a transfer:
Online and Mobile App
Create an account on Ria’s website or download our mobile app. Enter your recipient’s information, choose how much you want to send, and select pickup or delivery options. Pay with a debit card, credit card, or bank transfer.
Physical Agent Locations
Visit any Ria agent location with cash and your recipient’s details. The agent will process your transfer and provide you with a receipt containing the tracking number.
Phone
Call Ria’s customer service to set up a transfer over the phone. You’ll need to provide payment information and recipient details.
The process follows these steps:
Provide your identification and recipient’s information
Choose your payment method and delivery option
Pay the transfer amount plus fees
Receive a confirmation number for tracking
Share pickup details with your recipient
Your recipient will need valid identification to collect the money, and they’ll need the tracking number you provide.
Payment and Delivery Methods
Ria offers flexible payment options to suit different preferences and situations.
Cash pickup: Recipients collect money at agent locations
Bank deposits: Money goes directly to recipient’s bank account
Mobile wallets: Transfer to digital wallet services where available
Home delivery: Available in select countries
Cash pickup remains the most popular option because it’s fast and accessible. Bank deposits take longer but offer convenience for recipients who prefer not to visit agent locations.
Fees, Exchange Rates, and Limits
Understanding Ria’s fee structure helps you make informed decisions about your transfers.
Transfer Fees:
Ria’s fees vary based on:
Amount being sent
Payment method used
Delivery method chosen
Destination country
Online transfers typically cost less than transfers made at agent locations. Paying with a bank transfer or debit card usually results in lower fees than using a credit card.
Exchange Rates:
Ria applies exchange rate margins to international transfers. The rate you receive will be less favorable than the interbank rate, and this difference represents part of Ria’s revenue. Rates fluctuate throughout the day based on market conditions.
Want to know how much your loved one will receive? Use Ria’s online calculator to check rates, fees, and delivery options.
Countries and Currencies You Can Send To
Ria operates in over 190 countries and territories, making it one of the most comprehensive international money transfer networks available.
Major Destinations Include:
Latin America: Mexico, Guatemala, Colombia, Ecuador, El Salvador
Asia: Philippines, India, Bangladesh, Vietnam, Thailand
Africa: Nigeria, Ghana, Kenya, Senegal, Morocco
Europe: United Kingdom, Spain, France, Germany, Italy
Safety and Security
Security is paramount when transferring money internationally. Ria implements multiple layers of protection for your transfers.
Regulatory Compliance:
Ria is licensed and regulated in the countries where it operates. In the United States, it’s licensed as a money transmitter in all 50 states. The company must comply with anti-money laundering (AML) regulations and know-your-customer (KYC) requirements.
Identity Verification:
You’ll need to verify your identity when creating an account or making transfers. This typically involves providing:
Government-issued photo ID
Proof of address
Social Security number or tax ID (where applicable)
Online account: Log into your Ria account to see transfer status
Mobile app: Track transfers on the go
SMS updates: Receive text notifications about transfer progress
Phone: Call customer service with your tracking number
Transfer Status Updates:
Processing: Your transfer is being prepared
Ready for pickup: Money is available at the pickup location
Delivered: Transfer has been completed successfully
Refunded: Transfer was cancelled and money returned
Keep your tracking number safe and share it only with your intended recipient. They’ll need this number along with valid identification to collect the money.
Customer Support and Help
Ria provides customer support through multiple channels to assist with questions and issues.
Verify your recipient’s full name matches their ID exactly
Confirm the pickup location is convenient for your recipient
Have all required documents ready for identity verification
Compare fees and exchange rates for different payment methods
During the Transfer:
Double-check all recipient information before confirming
Save your tracking number immediately
Take a photo of your receipt if transferring at an agent location
Note the expected delivery time
After Sending:
Share the tracking number and pickup details with your recipient
Monitor the transfer status online or through the app
Keep your receipt until the transfer is complete
Follow up if the transfer takes longer than expected
Security Best Practices:
Never share your account login details
Only provide tracking numbers to intended recipients
Use secure internet connections for online transfers
Report suspicious activity immediately
Making Your First Transfer Count
Your first international money transfer doesn’t have to be stressful. With Ria’s comprehensive network and multiple service options, you can send money with confidence, knowing it will reach your intended recipient safely and efficiently.
India received $129 billion in remittances in 2024, making it the top destination for money transfers worldwide. Whether you’re supporting family or covering urgent expenses, choosing the right transfer method can save you time and money.
This guide breaks down the most common ways to send money to India—including costs, delivery times, and how to get started with Ria.
Ways to Send Money to India
There are various ways to send money to India, each with its own advantages and considerations. Here’s an overview of the most used methods:
Bank Transfers
Traditional bank transfers are secure and widely used for large amounts. However, they tend to be slower and more expensive compared to other options.
How it works: Transfer money directly between bank accounts using online banking or visiting your branch.
Pros: Reliable, secure, ideal for high-value transfers.
Cons: Slower (1–3 business days) with higher fees and less favorable exchange rates.
Ria partners with major Indian banks like ICICI, HDFC, and State Bank of India, to ensure smooth and secure transfers.
Money Transfer Companies
Services like Ria Money Transfer make it easy to send money to India quickly and securely. We offer several payout options, including cash pickups and bank account deposits.
How it works: Transfer funds online, via the Ria app, or at an agent location.
Pros: Fast (often within minutes), multiple payout options, competitive fees.
Cons: Fees and exchange rates vary based on payment methods and transfer speeds.
Digital Wallets
Digital wallets have transformed the way money moves. These are great for tech-savvy users familiar with electronic payments.
Pros: Instant transfers, available 24/7, easy to use.
Cons: Limited to users with compatible digital wallets; may require linking bank accounts.
Create an account using your email address, and set a secure password.
You may need to verify your identity by uploading a valid ID, especially for higher transfer amounts.
2. Begin a New Transfer
Click “Send Money” and select India as the destination.
Enter the amount you’re sending in either USD or INR.
3. Choose a Delivery Method
Bank Transfer: Send funds directly to the recipient’s account.
Cash Pickup: Recipients can collect cash from thousands of Ria agent locations across India.
Unified Payments Interface: funds are sent directly to a recipient’s UPI-linked bank account using their UPI ID, mobile number, or bank account details.
4. Enter Recipient Information
For bank deposits: Provide the recipient’s account number, bank name, and full name as it appears on official documents.
For cash pickup: Enter the recipient’s full name accurately to match their ID.
5. Select a Payment Method
Pay via bank transfer, debit card, or credit card.
Bank transfers tend to have the lowest fees, while credit cards may incur higher costs for faster payments.
For cash pickups, share this PIN with your recipient.
8. Notify the Recipient
Ensure your recipient knows where and when to collect their funds.
For cash pickups, they must present their ID and the tracking PIN at designated locations.
FAQs About Sending Money to India
Is it safe to send money online?
Yes. Ria uses encryption, identity verification, and secure systems to protect your transfer every step of the way. We’ve helped millions of people send money across the globe for over 35 years.
What is the cheapest way to send money to India?
Generally, paying with your bank account and sending to a recipient’s bank account in India is the most cost-effective option. This method usually has lower fees and strong exchange rates.
Can I send money to a debit card in India?
Ria doesn’t currently support transfers directly to Indian debit cards. However, you can send funds to your recipient’s bank account, which is typically linked to their debit card for easy access.
How much money can I send to India at once through Ria?
Limits vary depending on your location, how you pay, and your recipient’s payout method. You’ll see the exact limit when setting up your transfer. If you need to send a large amount, additional verification may be required for your safety.
Send Money to India with RiaToday
Whether you’re sending funds for family expenses, emergencies, or special occasions, choosing the right transfer service is key. Ria offers fast, cost-effective, and secure options to send money to India, making it one of the best choices for your international remittance needs.
In today’s fast-paced, digital-first world, we interact with technology in ways we barely notice. From getting a loan online to transferring money overseas with a few taps, there are hidden mechanisms constantly at work to make these seamless experiences possible. One of the powerful forces driving this ease and convenience is something called embedded solutions.
This technology is spreading everywhere, even in finance, making transactions smoother and more secure for everyone. In this post, we will explain how embedded finance solutions work and how integrating them can benefit both businesses and customers.
Let’s break this down together!
What Are Embedded Solutions and Why Do They Matter?
It’s likely that you’ve already used embedded solutions without even realizing it. Imagine that you’re ordering food through an app. You can choose your food, pay for it, track the delivery, and leave a review all in the same place. That is because it uses embedded solutions.
Basically, embedded solutions are small tools or services that are inside another product, website, or app. They make your experience easier because everything you need is in one place. Without this technology, we would need several products to complete one specific task.
Why does this matter to you? Because embedded solutions help make technology faster, safer, more reliable, and convenient for users. They improve efficiency, lower costs, and open up new possibilities in everything from consumer gadgets to industrial machinery.
This technology is now everywhere, and you might be surprised how often you encounter it. Here are some examples:
Electronics: Smartphones, smartwatches, and home assistants are filled with embedded systems that manage everything from touchscreens to voice recognition.
Cars: Modern cars have dozens of automotive embedded systems, such as ADAS (advanced driver assistance systems), managing safety features like automatic braking, engine controls, GPS tracking, and entertainment systems.
Healthcare: Medical devices and monitoring systems rely on embedded technology to track vital signs and deliver accurate, real-time results.
Finance: Websites or apps often enable users to pay, subscribe or send money without having to go through a separate bank platform. These types of financial services are a specific segment of embedded solutions on which we will expand below.
Essentially, if a product is smart, automated, or connected, there’s probably an embedded solution behind it.
What is Embedded Finance, and How Does It Work?
Now, let’s dive into embedded finance, one of the most exciting features for businesses and customers alike.
How are they different from embedded solutions? They’re actually not that different. Embedded finance is just the name used for a specific kind of embedded solution. To be precise, it describes the integration of financial services directly into a company’s platform, website, or app instead of relying on external services or separate tools like banking or finance apps.
Two terms you might hear frequently in this context are payment APIs and embedded payments.
Payment APIs (Application Programming Interfaces) are tools that let embedded software systems talk to one another. For example, an online store can use an API to connect to a payment processor. An important concept to know about here is Banking as a Service (BaaS). This is when banks or financial institutions enable their banking APIs for other businesses, allowing them to offer banking-like services in their own platforms.
Embedded payment solutions go one step further. They integrate the entire payment experience directly into the platform, so everything happens in one place without redirecting the user to a third-party site. A more specific example of an embedded payment solution is an e-commerce platform that allows businesses to create and manage online stores, with the payment directly integrated into the platform itself.
But embedded finance is much broader than just payments. It can be everything from subscriptions, loans, insurances, or money transfers. There are examples of it everywhere you look:
Paying for food directly from inside a delivery app.
Subscribing to a streaming service straight from the provider’s website.
Getting insurance when you buy a flight ticket on the airline’s page.
Splitting your bill with friends inside a messaging app.
Getting a small loan when shopping online without going to a bank.
Nowadays, most apps and websites already come with this technology. How can this boom in embedded finance be explained?
When financial services are directly built in, the user experience is improved, and security is enhanced. This usually leads to customers being more likely to complete their purchases, as the process is fast, easy, and safe.
For businesses, having embedded finance can lead to an increase in sales and customer trust. It also opens new possibilities, like offering money transfers in surprising places like travel apps.
And that’s why embedded finance is growing exponentially.
How Ria Is Embracing Embedded Solutions in Money Transfer
This is where Ria comes in.
We’ve been in the money transfer industry for more than 35 years. In that time, we’ve built the largest real-time, cross-border paymentsnetwork in the world which means we’re experts at moving money quickly and securely worldwide. And we think everyone can and should benefit from this great service. That’s why we’ve created our own embedded finance solutions so partners can gain access to our network and, in doing so, so can their customers.
Our digital partners can provide seamless international money transfer by embedding our payment solutions directly into their existing platforms. We offer two simple ways to integrate our trusted services:
1. Money Transfer API Integration: Partners can connect directly to Ria’s dynamic API, creating a fully customized experience. You control the look and feel of the interface, while Ria takes care of the money transfers safely behind the scenes.
2. Turnkey Hosted Solution: For those who prefer a ready-made option, this is the one. Here, the partner brings the customers, and Ria manages the entire money transfer process, from compliance to delivery, through our secure platform.
And it benefits everyone!
Our partners unlock new revenue opportunities and tap into the fast-growing global remittance market, while offering more value to their customers.
For customers, it means they can send money abroad quickly and securely, from the apps or websites they already use. No extra steps. No complicated processes. Just simple financial services embedded in familiar platforms.
In a world where speed, simplicity, and convenience matter more than ever, Ria’s embedded finance solutions help businesses stay ahead. By integrating seamless, secure money transfer services directly into their platforms, our partners can better serve their customers and unlock new growth opportunities.
One Platform, Endless Possibilities
Embedded solutions have quietly transformed our world, making everything from medical devices to cars smarter and more efficient. Now, embedded finance is bringing that same simplicity and reliability to how we handle money, payments, and financial services.
Companies like Ria are leading the way, integrating money transfer capabilities into the apps and platforms we already trust. The result? Faster, safer, and easier financial transactions for businesses and customers alike.
Wondering if your business could benefit from offering Ria’s services? Learn more about how embedded money transfer solutions work and how your business can get involved in our dedicated partnership page.
Transferring money is an essential part of modern life, but not everyone has access to a traditional bank account. Sending funds quickly and securely can feel like a challenge without a bank. But here’s the good news: there are reliable alternatives.
Why People Might Not Have Bank Accounts
To understand how to send money without a bank account, it’s worth noting why some individuals might not have one. Globally, over 1.4 billion adults are unbanked, according to the World Bank. Here’s why:
1. Access Barriers
Some people live in remote areas where banks simply don’t exist, or financial institutions are too far away to reach conveniently.
2. Cost
Banking fees, including account maintenance costs, minimum balances, and overdraft charges, discourage many from opening an account.
3. Lack of Documentation
Opening a bank account typically requires official identification, which some people may not have due to circumstances like immigration or lack of registration in their country.
4. Choice
For others, it’s a preference. They may feel more comfortable managing their finances in cash or through alternative systems.
Living without a bank account doesn’t mean you can’t send or receive money. Numerous tools and services are designed to bridge the gap, offering secure and cost-effective ways to transfer funds.
Money Transfer Services
Money transfer services are one of the simplest and most popular ways to send money without needing a bank account.
How They Work
Money transfer companies like Ria allow you to send money directly to someone else, either online or in person at an agent’s location. These services typically handle international money transfers as well, making them especially useful for those sending remittances to support loved ones abroad.
Why Use Money Transfer Services?
Accessibility
Available worldwide, these services often work with agents in rural or underserved areas.
Fast Processing
Most transfers are completed within minutes to a few hours.
Secure Transactions
Companies like Ria employ advanced encryption technology to protect your funds.
Digital Wallets
Digital wallets are revolutionizing how people send and receive money, especially in regions where many remain unbanked. These platforms allow you to manage funds entirely through a smartphone app.
How Digital Wallets Work
Users load funds into their digital wallets through various channels like cash deposits at retail outlets or by linking prepaid cards. From there, you can send money to another user’s wallet or pay directly for services.
Benefits of Digital Wallets
Convenience
Transactions are as easy as sending a text message.
Broad Compatibility
Many mobile wallets work internationally for both peer-to-peer and business transactions.
Cost-Effectiveness
Low fees, or in some cases, no fees, make mobile wallets an affordable option.
Prepaid Debit Cards
Prepaid debit cards are another practical way to send money without using a bank account. Companies like Netspend, Green Dot, or even some credit unions offer these cards.
How Do Prepaid Debit Cards Work
Prepaid debit cards function like regular debit cards, but they’re loaded in advance with the funds you plan to spend or share. You can purchase one and load money onto it at convenience stores, supermarkets, or online. For sending money, some prepaid debit cards allow person-to-person transfers.
Benefits of Prepaid Debit Cards
Flexibility
Use them for shopping, bill payments, and cash withdrawals.
No Banking Required
Prepaid cards don’t need to be linked to a bank account.
Widely Accepted
Most prepaid debit cards can be used anywhere major card networks like Visa or Mastercard are accepted.
Ria: Money Where You Need It
If you’re ready to explore user-friendly tools that meet your needs, get started with Ria for money transfers. With plenty of convenient options, anyone can send money stress-free and focus on what matters most.
Need to send money to family or friends abroad? The Ria app makes it fast, easy, and secure—right from your smartphone.
This step-by-step guide will show you how to get started with the Ria app. You’ll download it, send money, and track your transfers with confidence.
How To Get Started with the Ria Money Transfer App
The Ria app is available on both iOS and Android, giving you a simple way to send money directly from your phone. Whether you’re new to Ria or trying the app for the first time, you can set it up quickly and easily.
The app offers a short registration process and various payment options to help you move money easily.
Step 1: Download and Install the Ria App
Your first step in using the Ria app is downloading it to your smartphone. Here’s how to get started:
Use the search function to find Ria Money Transfer.
Tap Install and wait for the app to download.
Once the installation is complete, tap Open to launch the app.
Step 2: Create and Verify Your Account
To use the Ria app, you’ll need an account. Registration is quick and straightforward.
Open the Ria app and tap Sign Up.
Enter your email address, choose a password, and confirm both.
Provide your personal information, such as full name, date of birth, and address, as prompted.
Check your email for a verification link sent by Ria and click the link to activate your account.
Verification Process
At this stage, Ria may require additional information to verify your identity. This ensures secure transactions and compliance with international transfer regulations. You may be asked to upload a photo of a valid ID (passport or driver’s license) and confirm your contact information.
Step 3: Initiate a Money Transfer
Once your account is set up, it’s time to initiate your first transfer. Follow these steps to make it happen seamlessly.
Bank account: While bank transfers might take a bit longer compared to other methods, they offer a dependable way to send larger amounts of money.
Credit card: Using a credit card for your transfers is one of the fastest methods available, allowing recipients to receive funds in minutes.
Debit card: This method combines the speed of credit card transactions with the directness of bank account transfers.
Adding Recipient Information
Next, enter the recipient’s details, such as their full name (as per their government ID) and contact numbers. Depending on the destination, you might also need to provide their bank account details or select a cash pickup location available through Ria’s network.
Step 5: Confirm and Track Your Transfer
After double-checking all the details entered, confirm the transaction. The app will generate a receipt with all the important information, including a unique reference number.
How to Track Your Transfer
The Ria app allows you to monitor your money as it travels to the recipient. Use our easy Track a Transfer tool or follow these steps:
Go to the Transaction History section of the app.
Look for the transfer you just made and tap to view its detailed status.
The app will update you once the recipient has collected the funds or a deposit has been completed.
Tips for Troubleshooting Common Issues
Occasionally, you might encounter minor hiccups while using the app. Here’s how to address some common challenges:
Payment Errors
Enter your card or bank details correctly. If necessary, contact your bank to verify whether it allows international payments.
Verification Delays
If your ID upload isn’t going through, double-check that the image is clear and matches the app’s formatting requirements.
Recipient Not Receiving Funds
Verify the recipient’s details in your transaction history. Ensure they meet all requirements for cash pickups or transfers in their country.
The Ria app offers a straightforward way to send money internationally, with features like clear fees, flexible payment options, and real-time tracking to help you stay informed.
Whether you’re helping family or handling cross-border payments, the app gives you a reliable way to manage your transfers from your phone—no extra hassle.
One of the most remarkable features of the famous South Korean TV series is its staggering prize of 45.6 billion won (KRW). This staggering amount has left viewers curious about how much it would be in their local currencies. Is it millions, tens of millions, or even more? With its promise of life-changing wealth, the prize has not only created intense competition onscreen but also sparked a fascination with its real-world value.
In fact, one of the most searched trends online has been: “How much is 45.6 billion won in my currency?” – a question directly tied to the massive popularity of this iconic show. This blog takes a closer look at the enormous prize money, its approximate values in different currencies, and what such sums could buy in South Korea. Along the way, we’ll explore the cultural and economic significance of these figures and why they resonate worldwide.
Every Elimination Counts: Inside the Climbing 45.6 Billion Won Jackpot
The show’s prize pool — a total of 45.6 billion Won — isn’t just a fixed amount from the beginning. Instead, it grows incrementally as contestants are eliminated. At the start, there are 456 participants, and for every person who is eliminated, ₩100 million is added to the prize fund. This means each player’s life, quite literally, is worth ₩100 million. The more players that are eliminated, the higher the final prize becomes — a system that adds intense psychological pressure and raises the stakes with every round.
To help you get a clearer idea of how this fortune translates globally, here’s a table breaking down the prize money and other key monetary figures into approximate values in USD, EUR, and GBP. Each of these amounts is tied to specific events in the series — from the overall prize fund to individual winnings, debts, and even the money exchanged during recruitment games. So, beyond just the grand total, this chart gives you a financial snapshot of the most pivotal moments in the show.
45.6 Billion Won to Spend— Here’s What That Really Gets You
To truly understand the magnitude of the 45.6 billion won prize (approximately $33.9 million $ or €31.4 million €), let’s explore its potential purchasing power in South Korea with concrete examples:
Real Estate
Real estate in Seoul can be notoriously expensive, but with ₩45.6 billion, you could afford multiple luxury properties in prime locations. For example, with this amount, you could purchase:
Several High-End Apartments: In central Seoul, a luxury apartment with modern amenities might cost anywhere from ₩10 billion to ₩20 billion for a spacious 3- or 4-bedroom unit.
Luxury Homes: Alternatively, ₩45.6 billion could get you a luxurious standalone home or penthouse, depending on the area, with access to exclusive features like panoramic views and private amenities.
Salaries
The average annual salary in South Korea is approximately ₩37.6 million. Given this, ₩45.6 billion could cover the annual salaries of nearly 1,200 workers. This highlights the immense scale of the prize money in the series, offering a striking perspective on how significant this sum is when compared to typical wages in the country.
In fact, for an average worker, it would take about 1,200 years of work to match the value of the prize in total earnings. This comparison underscores the immense scale and life-altering nature of the prize, emphasizing just how far-reaching this amount of money could go in terms of improving the lives of many South Koreans.
Daily Necessities in Seoul
In Seoul, daily expenses can vary significantly depending on one’s lifestyle. For example, a casual dining experience in a mid-range restaurant costs about ₩13,793, while a more upscale dinner for two could run up to ₩103,499. If you’re in the mood for fast food, a combo meal typically costs around ₩11,498. Basic groceries like milk (₩4,860), bread (₩10,754), and eggs (₩7,322) are relatively affordable. However, premium grocery items such as beef (₩77,234) and chicken fillets (₩21,507) can be expensive.
When it comes to transportation, a one-way public transport fare is approximately ₩1,999, and a monthly public transport pass will cost around ₩84,343. Utilities for an average apartment can add an extra ₩350,511 per month.
For leisure activities, a cinema ticket will set you back about ₩18,404, and if you have children, the monthly fee for private kindergarten could reach ₩772,857.
The Economic and Cultural Reflection of Prize Money
The prominent use of South Korea’s currency in the series reflects not only the economic challenges depicted but also deep cultural and societal issues within South Korea. In the context of the show, monetary figures – whether in thousands or billions – symbolize the stark contrast between debt and opportunity, a theme that resonates deeply with many viewers.
For many participants in the story, overwhelming financial burdens push them to take extraordinary risks in exchange for the promise of wealth. This theme speaks to broader global concerns about income inequality and economic insecurity, making the prize relevant well beyond South Korea’s borders. It creates a powerful emotional context, amplifying the prize’s significance and making it something viewers from various countries can relate to.
The Impact of Won Fluctuations on Wealth Perception
The value of the South Korean won fluctuates relative to global currencies like the USD, EUR, and GBP, affecting how wealth is perceived both domestically and internationally. These fluctuations can drastically alter the value of both large sums and smaller amounts, making it essential to understand how exchange rates shift.
In periods of weaker rates, the same amount may drop closer to $34 million, reflecting the economic dynamics that influence currency values.
Even smaller denominations of the won, like ₩10,000 or ₩1,000, can see noticeable changes in value, which impacts consumer purchasing power, international trade, and savings. These fluctuations highlight how global economic conditions, such as inflation or currency depreciation, can alter perceptions of wealth. For travelers, investors, and businesses dealing with cross-border transactions, timing conversions strategically can make a significant difference in financial outcomes.
How Currency Shapes Our Perception of Wealth
Whether you’re interested in global currencies, captivated by South Korea’s economic landscape, or simply curious about how much ₩45.6 billion is worth in your local currency, the prize money offers much to reflect on.
With fluctuations in global exchange rates, the value of money can change dramatically from one country to another. Understanding these dynamics is key for individuals engaging in international money transfers or those looking to send or receive funds across borders. In today’s interconnected world, how we perceive and manage wealth is increasingly influenced by the ability to navigate fluctuating currencies.
At the beginning of May, Ria attended the inauguration of a new computer room at a high school in Bargny, east of Senegal’s capital.
It was a project many months in the making, and with a very clear goal in mind: to be able to support one of the countless communities that we hold close to our hearts and that are important to us.
To find out how this project came to fruition, let’s go back in time first.
Bargny’s Path Towards Education
Bargny is a city situated on the coast of Senegal, a couple of miles away from the country’s capital, Dakar.
Not to be outshined by the metropolis, Bargny is said to be a beautiful city of over 50,000 inhabitants with its own strong cultural identity. It is mostly populated by the Lebu, a local ethnic community traditionally composed of fishermen, due to their proximity to the ocean.
Today in Senegal, primary education is compulsory and free for children aged 6 to 16 years old. But it wasn’t always the case. The law establishing mandatory education was passed in February 1991 and later reinforced in December 2004 with more detailed measures.
So, access to education was not always a given for the inhabitants of Bargny. The Bargny High School was first opened over 55 years ago, in 1969. Before this, young people had to go to neighbouring cities if they wanted to go to school.
But Bargny has come a long way since the first half of the 20th century, with 1,600 students currently enrolled at the school.
An Attempt to Give Back
Ria’s story with Bargny starts back in 2024, when simply trying to donate some computers.
Following an update to our Dakar office’s materials, Ria had some extra computers to give away. In these cases, it is common practice to donate them, as we always try to give back to the communities that we serve.
Malick Seck, VP Ria Africa, immediately thought of Bargny’s school for the donation. As a Bargny native and alumnus of that center, he was aware of the challenges that they faced. So, he reached out to Ibrahima Cissé, a teacher at the school and told him that he had several computers to donate.
As it turns out, they were in need of computers, since they had been unable to renew their old equipment which had eventually broken down. But there was an issue: the school could not accept the machines, as they had no safe place to house them. It was a disappointment for both sides. That’s when Ibrahima explained to Malick that they would first need to build a computer room.
But that problem wasn’t going to stop Ria. “Consider it done,” Malick replied.
The Importance of Digital Education in an Interconnected World
We firmly believe that the decision to build a computer room at Bargny’s school will have a monumental impact on the city’s youth.
The use of technology in schools has been proven to have many other advantages. Among other things, it can help stimulate motivation, promote student flexibility and autonomy, encourage critical thinking, and incorporate new learning methods.
However, factors like income and education hinder some people from accessing technology and gaining digital literacy. This creates a gap between those with access to technology and those without. This disparity is known as the digital divide.
During the COVID-19 pandemic, the countries without strong technology infrastructure and digitalized learning solutions faced serious disruptions in education. According to UNESCO, up to one third of students around the world may have been unable to continue their education during school closures, sometimes for over a year.
The Bargny School Computer Room helps combat the growing digital divide by fostering essential computer skills, equipping the students with the tools to succeed in today’s digital world. It also provides the school with reliable technology and infrastructure, helping ensure that it is better prepared for any future challenges that may disrupt traditional learning.
Putting Money Where the Community Needs It
As a long-time champion of education, Ria was not going to back down because of some hurdles. Instead, we rose to the challenge, making the decision to meet the needs of this community when they needed it most. So began the construction of the Bargny High School computer room, one that would allow students to have the chance of acquiring and further developing their computer abilities.
Despite the initial redirection, the project grew and ended up even more significant than it had set out to be. Fast-forward several months and, difficulties and obstacles aside, the classroom is up and running and fully operational.
It’s now a multi-purpose room that goes beyond the machines that now reside there. On top of learning relevant digital skills, Bargny students—and the rest of the community—can now also host conferences, study and read, among many other things.
Ria is proud of this achievement and the chance to have such meaningful impact on one of the countless communities that we serve. By understanding the various challenges our customers and loved ones face, we are better equipped to help those who need assistance the most.
Take a look at the full story here:
Do you need to send money to or from Senegal? You can use our web, app, or visit your nearest Ria location.
Planning a stress-free travel abroad experience can lead to lasting memories and open your eyes to new cultures, breathtaking landscapes, and fresh perspectives. However, it also requires a fair amount of preparation—even if your destination is nearby, there are still plenty of pre-holiday hurdles to overcome.
Simply stepping away from your routine for a few weeks can be quite a challenge on its own. Then there’s insurance, accommodation, transportation, and a whole host of other decisions that need to be made before you can even start picturing the waves crashing against the beach or that first meal in a beautiful square.
With that in mind, here are some easy tips and key things to remember before heading off on your trip.
Get Your Devices Ready for Stress-Free Travel Abroad
Having easy access to the internet and digital tools like GPS can make stress-free travel abroad much easier to navigate. Yet, all too often travelers fail to come prepared. For instance, phone chargers and adapters to make them work with the outlets in your destination country are consistently among the items most often forgotten, forcing vacationers to either get by without their mobile phone or purchase new chargers.
Your mobile phone, when charged, can help you translate basic phrases, research tourist hotspots, and, importantly, guide you around bustling cities and crowded streets. To that end, try to download any city maps to use offline before you leave as this will help you save data.
Back home, make sure all electrical appliances are unplugged. This will not only save you money while on vacation but will also help to reduce holiday anxiety about some kind of electrical malfunction while you’re enjoying your hard-earned break.
Double-Check Travel Documents for a Smooth International Trip
While modern technology can help out in a pinch, doing as much as you can to prepare for your trip ahead of time can still help stress-free travel abroad. For instance, make sure you know which airport terminal you’re flying from, and print all your boarding passes in advance to avoid any frustrating situations at your departure gate.
You should also check to be sure that you have all the necessary visas for your trip. This is not always straightforward, as each country has its own agreements with other nations. For example, many visitors traveling to Europe often don’t realize that there are different immigration rules for visiting the United Kingdom because, despite being part of the European continent, the country is not a part of the Schengen area visa agreement.
Buy Attraction Tickets Early for a Worry-Free Vacation Abroad
From Machu Picchu in Peru to the Forbidden City in China, many tourist attractions and national parks have daily limits in place to avoid overcrowding. While it can be difficult to pinpoint exactly when you would like to see the biggest tourist attractions when organizing your trip abroad, it is better to plan ahead than to miss out altogether. You don’t want to go to all the effort of traveling to the destination only to find that you’ll need to wait until October to see the most iconic sites.
Let Friends Know You’re Traveling Abroad for Peace of Mind
While vacations are often rejuvenating, you may dread returning to the daily grind. Here, a little bit of preparation can also help you avoid the worst post-vacation headaches.
One of the key things to do before traveling is set your email to an automated vacation response to let colleagues and contacts know when they should expect to hear back from you. Likewise, get in touch with your bank and inform them that you will be away and therefore will likely have unusual spending patterns. Try also to make sure that any bills for that month have been paid to avoid any late fees or lengthy telephone calls during your time off.
If you decide to post pictures of or talk about your trip on social media, consider waiting until you return. Social media platforms can be a treasure trove of information for thieves and scammers to target potential victims.
Pick Up Local Currency for a Hassle-Free Travel Experience
Whether it’s for bus fares, accommodation, ice cream or souvenirs, cash is a safe bet for purchases of all kinds while traveling. Depending on where you’re traveling to, cash could also be the preferred method of payment for locals, who may not frequently use cards or mobile payments. Even if modern mobile and card payment infrastructure is in place, cash provides you with crucial backup payment option should you encounter any issues.
To support your all-important local currency needs, Ria offers a competitive exchange rate, a broad range of currencies and a seamless currency exchange customer experience across ten countries*. Are you traveling to or from Europe? Use our locations feature to find the most convenient Ria Store for your trip.
Considering a move instead? Check out our guide on moving to a new country, like the UK, here.
Eid al-Adha, also known as Tabaski in West Africa, is one of the most important Islamic holidays. Alongside Eid al-Fitr, it is one of the two main festivals observed by Muslims around the world.
It’s a meaningful occasion to give thanks for the blessings received during the year, to spend time with family and friends, and to extend kindness and generosity to those in need.
While its origins are rooted in shared religious tradition, each country adds its own unique cultural touches to the festivities, creating a beautiful tapestry of diverse celebrations united by common values.
What Is Eid al-Adha?
Eid al-Adha literally translates to “the Festival of Sacrifice”. It honors the prophet Ibrahim (also known as Abraham), who also appears in Jewish and Christian religious scriptures.
As the story goes, Ibrahim prepared to sacrifice his son following Allah’s orders, in a demonstration of his unwavering faith. At the very last moment, Allah intervenes, substituting the boy for a ram to be sacrificed in his place as a reward for Ibrahim’s pious obedience.
Eid al-Adha history is therefore rooted in sacred texts. The timeless lesson of this particular story, about devotion and faithfulness, remains at the heart of the Festival of Sacrifice today.
This holiday also marks the end of the Hajj pilgrimage which represents one of the Five Pillars of Islam. These pillars are the religion’s core beliefs and practices:
Shahada: The profession of faith.
Salat: The daily five prayers.
Zakat: The donation of a portion your income to community members in need.
This celebration therefore holds a deep spiritual significance, representing both personal faith and the broader values of compassion.
When is Eid al-Adha Celebrated?
Unlike the festivities that follow the Gregorian calendar (the prevalent calendar in most parts of the world), Eid al-Adha follows the Islamic lunar calendar used to determine Muslim religious holidays and rituals, known as the Hijri calendar.
While the Gregorian calendar is based on the annual cycle of the earth around the sun, the Islamic calendar is based on the monthly cycles of the moon’s phases.
The festival takes place on the 10th day of Dhul-Hijjah, the last month of the calendar. However, because the precise length of lunar months can vary slightly, the exact date of Eid al-Adha can be difficult to predict far in advance. But it is possible to make an accurate estimation.
Eid al-Adha 2025 is expected to begin on the evening of Friday, June 6. The celebrations will last anywhere from two to four days, depending on the country and local customs.
Eid Salah On this date, people must attend the special congregational Eid al-Adha prayers held in the morning. They are usually a moment of reflection, gratitude, and unity.
Qurbani In memory of Ibrahim’s devotion, people who can afford to do so perform the ritual sacrifice of an animal, typically a sheep, goat, cow, bull, or camel. The meat is then divided in three parts: one-third of the meat is kept for the family, one-third is given to friends and relatives, and one-third is distributed to those in need.
Gatherings Families often travel a great distance to reunite with their loved ones for Eid al-Adha. They share festive meals and exchange gifts. These gatherings are a moment to strengthen bonds, reconnect with loved ones, and create lasting memories.
Celebratory food Food plays a central role in the celebrations, although dishes vary greatly from country to country. Eid al-Adha food varies wildly from Morocco to Mali or from Saudi Arabia to Pakistan, as every country has their own traditional meal for this occasion. Every dish reflects a unique blend of religious and local culinary traditions.
Charity and Solidarity Generosity and compassion are at the core of this holiday. People come together to support those who are struggling, so that no one is left out of the Eid al-Adha celebration. This ensures that everyone, regardless of their circumstances, can partake in the joy of the festival.
If you’d like to wish someone well during this holiday, you can say “Eid Mubarak”, which is one of the traditional Eid al-Adha greetings, meaning “Blessed Eid”.
Tabaski: The West African Name for Eid al-Adha
Though the celebrations are the same around the world, some regions have found ways to make the festival their own.
In several West African countries, Eid al-Adha is known as Tabaski. You might be wondering, what is the meaning of Tabaski?
Well, the name is believed to originate from a Wolof expression used to refer to the holiday. Wolof is an ethnicity, a culture, and a language present across several countries, namely Senegal, Mauritania, and The Gambia.
The Wolof language is spoken by millions across the region. It is the most widely spoken tongue in Senegal, and even non-Wolof ethnic groups learn it as a second language to be able to communicate.
Given the language’s widespread influence and the fact that over 90% of the region’s population is Muslim, it’s no surprise that the festival has become locally known as Tabaski. It reflects how this religious practice has become deeply embedded in West Africa’s social and cultural fabric.
Embracing the Spirit of Eid al-Adha
Eid al-Adha is more than a religious festival, it’s a time where faith, community, and culture intertwine.
For those fortunate enough to celebrate with loved ones nearby, it’s a precious time to gather and give thanks. For those separated by distance, it can be bittersweet, but there are meaningful ways to stay connected.
Whether you’re sending warm wishes, providing financial support, or contributing to your community, it’s a time to reflect on the values that unite us, no matter where we are in the world.
If you need to send money to loved ones this Eid al-Adha, you can use our web, app, or visit your nearest Ria location.
In today’s interconnected world, remittances—and remittance regulations—play a crucial role in the global financial system. These international money transfers are essential for supporting families, fostering economic development, and maintaining financial stability in many low- and middle-income countries (LMICs).
However, navigating the complex web of remittance regulations associated with financial compliance is vital to ensure safe and compliant transactions, as well as enhancing consumer protection. But what does remittance mean?
Remittances and Regulations: An Overview
Before diving into the specific rules and laws, it’s important to recap (or remember) what a remittance is. According to the Consumer Financial Protection Bureau, remittances refer to the electronic transfer of funds sent by an individual through a remittance transfer provider. They are often sent by workers in foreign countries, members of diaspora communities, or citizens with family ties abroad.
With over $5tn in remittances sent by migrants to LMICs over the last decade, these transfers are a lifeline for many families, helping to cover essential needs such as food, housing, education, and healthcare. Economically, remittances contribute significantly to the GDP of recipient countries, often surpassing foreign direct investment and official development assistance.
There are also key regulations for keeping remittances in check. The Electronic Fund Transfer Act (EFTA), which was first enacted in 1978, establishes certain protections for those consumers engaging in electronic fund transfers, including remittance and international money transfers. Importantly, it mandates clear fee disclosures, error resolution, error resolution procedures, and consumer rights regarding unauthorized transactions. Additionally, institutions like the Office of Foreign Assets Control (OFAC) and the Financial Action Task Force (FATF) help regulate remittances. OFAC enforces sanctions compliance, while FATF issues global standards.
Similarly, the Dodd-Frank Act (2010) introduced new protections for U.S. consumers sending money abroad. It amended the previously mentioned EFTA to include the Remittance Transfer Rule, which focuses on transparency and consumer rights.
Remittance Providers and their Main Requirements
Thanks to the established rules and regulations from different institutions, such as central banks and other governmental organizations, there are key compliance requirements that must be followed by remittance providers to ensure safe and transparent transactions, so that the consumer is always protected. These include:
Disclosure requirements: Remittance providers must offer pre-payment disclosures and receipts that detail all potential fees, exchange rates, and the amount to be received. This transparency helps consumers understand the costs involved and avoid unexpected deductions.
Error resolution: The rule outlines procedures for resolving errors, including the right for consumers to dispute errors up to 180 days from the transfer. Then, the provider has the responsibility to investigate and correct any mistakes.
Model forms: To make the money transfer processes easier for every party involved, the Consumer Financial Protection Bureau (CFPB) provides model forms to help institutions comply with disclosure requirements.
Moreover, there are existing Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations that are critical in the remittance industry. They help to safeguard the industry against financial crimes, including verifying customer identities, monitoring transactions and reporting suspicious activities.
Remittance Regulations: Understanding the Challenges
There are common challenges that all remittance providers face in their day-to-day dealings.
One such obstacle was addressed in a 2024 paper by the IMF, which outlined that macroeconomic volatility creates uncertainty and negatively affects remittance flows, thus affecting the business of a money transfer provider.
For providers, an inconsistent set of rules and regulations also hinders their efficiency when it comes to cross-border payments, according to this World Bank publication. Moreover, other challenges—such as those related to payment system infrastructures or transparency and consumer protection—can create difficulties and burden providers.
Additional barriers, which interrupt the flow of remittances through regulated channels, also exist, according to the same World Bank publication. These range from the cost of remittances remaining higher than international targets, de-risking by banks due to perceived compliance risks, to a lack of documentation of both remittance senders and receivers.
Emerging Regulatory Opportunities and Trends
Going forward, the future of remittance regulations is shaped by different trends, which vary from fintech solutions to digital wallets.
However, in a BIS bulletin, Garratt et al explain how their recently announced Project Agorá can harness new and emerging technologies, paving the way for superior customer verification and anti-money laundering (AML) procedures, as well as revitalizing cross-border payments.
That would be done through tokenization, that is, the digital representation of claims on a shared platform that incorporates the rules currently governing transfers and traditional databases of information.
Or, in other words, it transforms money into tokens that live in a smart system, one that checks in the moment that everything is in order before executing a transfer.
Another trend appears to be the push towards a more unified AML standard across countries. It’s mainly driven by the need to reduce compliance burdens and improve oversight and enforcement by aligning regulations. Moreover, there’s a need to enhance financial inclusion to ensure that AML measures don’t exclude vulnerable people from financial systems, as per the World Bank.
Ria’s Role in Remittance Regulations
In summary, it’s clear that remittances are vital to the livelihood of millions of migrants and the families they support, who tend to live in low and middle-income countries, where remittances are expected to reach $685m in 2024, according to the World Bank.
To protect those who send and receive these essential remittances and ensure there’s always full transparency, remittances providers must always keep in line with regulations, such as the Electronic Fund Transfer Act and the Dodd-Frank Act. Both require clear disclosure, procedures to correct errors, cancellation rights, and maintaining agent accountability.
Moreover, rules relating to Anti-Money Laundering (AML) and Know Your Customer (KYC) are key to eliminating financial crimes, and non-compliance can have legal and financial consequences. But thanks to efforts like standardizing AML regulations, there are more opportunities to improve efficiency and financial inclusion in the remittance industry, which is a rapidly evolving landscape where it’s essential to build trust.
At Ria we ensure regulatory compliance and take our role very seriously. Our Compliance teams are fully independent from the rest of the company and report directly to the board of directors. This allows them to act free from interference, whilst maintaining integrity when it comes to making crucial decisions to prevent money laundering and combat anti-terrorism financing.
By using advanced RegTech tools, Ria can prevent financial crime and fraud. These tools allow for the detection of suspicious patterns, unusual relationships and hidden trends by analyzing Ria’s entire database in real time, better protecting customers, employees and the whole company.
Visit our Security and Fraud Awareness pages to learn more about how Ria keeps your money safe.
Sending money just got simpler thanks to Ria, powered by Visa Direct. This quick and easy option lets you send money directly to someone’s Visa Debit card—no bank account details needed. In this guide, we’ll break down how it works and why it’s a smart way to transfer funds.
What Is Visa Direct and How Does It Work?
Visa Direct lets you send funds directly to a recipient’s account using only their Visa card number. Unlike traditional money transfer methods that often require long bank details or prolonged waiting periods, this simplifies the process entirely.
Here’s how it works:
Your recipient’s Visa card is linked directly to their account.
Transfers to Visa Direct are processed in real-time and completed within 30 minutes or less.
Visa uses advanced security measures to help protect every transaction from fraud.
We’ve collaborated with Visa Direct to provide a trusted way to send money around the world—right from the Ria app.
Here is the list of available countries for this service:
Destination Country
Azerbaijan
Bangladesh
Bolivia
Brazil
Colombia
Dominican Republic
Ecuador
El Salvador
Ethiopia
Guatemala
Haiti
Honduras
India
Indonesia
Jamaica
Kazakhstan
Nepal
Nicaragua
Nigeria
Pakistan
Paraguay
Peru
Philippines
South Africa
Sri Lanka
Thailand
Turkey
United Kingdom
Vietnam
Why Choose Ria?
When choosing a money transfer method, the key factors to consider are speed, security, and simplicity. Here’s how Ria, powered by Visa Direct, deliver on all fronts:
1. Simplicity
Gone are the days of needing lengthy bank details. With Ria, all you need is your recipient’s 16-digit Visa Debit card number and their full name. That’s it!
This streamlined approach reduces errors and stress, making it easy to send money to loved ones or business partners.
2. Speed
Timing matters, especially for emergencies or time-sensitive needs. Visa Direct excels in speed andelivers funds to cards in real time, with transfers completed within 30 minutes.
It’s important to note that the speed of delivery is not something customers can choose, since it depends on the recipient’s issuer.
3. Security
Sending money should be as safe as it is easy. Visa’s secure payment network protects your transfers through:
Tokenization: This method protects sensitive data by replacing it with tokens, which are meaningless to fraudsters.
Smart Fraud Detection: Visa’s system uses predictive analytics to detect and block suspicious activity.
Continuous Monitoring: With billions of transactions processed through its network, Visa’s system constantly learns and evolves to stay ahead of threats.
How to Send Money with Ria, powered by Visa Direct
Click “Send Money” and select the destination country.
Enter the amount you want to send (or the amount your recipient will receive).
Choose Visa Direct as the delivery method.
Select your payment method to fund the transfer.
Input recipient details, including their full name and 16-digit Visa card number.
Review and confirm the transfer details.
Your recipient’s funds will automatically be deposited into their associated account.
Transfers to other types of cards, such as credit cards or cards from other networks, are not supported.
Who Can Benefit Most from Visa Direct?
This service isn’t just for personal transfers. Its convenience and reliability make it ideal for many different situations, including:
Family Support: Easily send remittances abroad to help loved ones.
Freelancers: Get paid directly by clients without the long wait.
Small Businesses: Simplify international payments to partners and suppliers.
Emergency Situations: Transfer funds immediately during urgent situations.
Make Your First Transfer Today
Ria, powered by Visa Direct, makes sending money as simple, fast, and secure as it should be. With only a recipient’s 16-digit Visa card number needed, your transfer can arrive in their account within minutes.
Moving to Spain is a dream for many, and it’s easy to see why. From its rich culture and stunning landscapes to its delicious food and laid-back lifestyle, Spain has something for everyone. Whether you’re a digital nomad seeking beautiful surroundings to work from, or an immigrant ready for a fresh start, Spain offers the perfect backdrop.
As you plan your move, sending money to Spain doesn’t have to be a hassle. Ria makes it simple, fast, and secure, so you can focus on getting settled.
In this guide, we’ll walk you through everything you need to know about relocating to Spain—from the paperwork to the settling-in process. Let’s get started!
Things to Do Before Moving to Spain
Get the Right Visa
Before booking your one-way ticket, make sure you have the appropriate visa. Spain offers several visa options depending on your situation, including:
1. Digital Nomad Visa
Spain recently launched its Digital Nomad Visa, a game-changer for remote workers. This visa is part of Spain’s Startup Act and was designed to attract international talent, particularly freelancers, entrepreneurs, and remote employees working for non-Spanish companies.
Who it’s for:
Remote workers employed by a company based outside Spain.
Freelancers or self-employed individuals with international clients.
Entrepreneurs with a tech-based or innovative business idea.
Key requirements:
Proof of working remotely for at least 3 months prior to applying.
Your employer or clients must be outside of Spain.
You’ll need to prove at least €2,160/month in income (or more if bringing family).
Proof of qualifications or relevant work experience (usually a degree or 3+ years of work experience).
Clean criminal background check and proof of health insurance.
Validity:
Initially valid for 1 year, with the possibility to renew for up to 5 years total.
Perks:
Faster processing times.
Access to a special tax regime (Beckham Law), which can offer tax benefits for foreign workers.
2. Work Visa
If you’ve landed a job offer from a company in Spain, you’ll need a Work Visa to live and work legally in the country.
Who it’s for:
Foreign nationals who have secured a job contract with a Spanish employer.
Key requirements:
A formal employment contract from a Spanish company.
The employer must demonstrate that the position couldn’t be filled by someone already living in Spain or the EU.
Application typically involves both the employer (applying on your behalf within Spain) and you (applying at a Spanish consulate in your home country).
Types of work visas include:
Employee Visa (Tipo D): For salaried workers.
Highly Skilled Professional Visa: For specialized roles in science, technology, finance, etc.
Seasonal Work Visa: For temporary jobs in agriculture, tourism, etc.
Validity:
Usually granted for 1 year, renewable annually as long as employment continues.
3. Student Visa
Planning to attend university, enroll in a Spanish language course, or participate in a study program? A Student Visaallows you to live in Spain for the duration of your academic program.
Who it’s for:
International students accepted into a recognized educational institution in Spain.
Key requirements:
Letter of admission from a Spanish school, college, or university.
Proof of sufficient funds to support yourself during your stay.
Health insurance coverage (public or private).
Clean criminal record.
Work permissions:
You’re allowed to work up to 30 hours per week while studying, as long as it doesn’t interfere with your coursework.
Validity:
Typically matches the duration of your academic program (often 1 year, renewable).
4. Non-Lucrative Visa
This visa is ideal for retirees, long-term travelers, or individuals with passive income who want to live in Spain without working.
Who it’s for:
Individuals who can financially support themselves without needing to work while in Spain.
Often used by retirees or people living off investments, pensions, or rental income.
Key requirements:
Proof of sufficient financial means: around €2,400/month for the applicant, plus additional funds for dependents.
Comprehensive private health insurance.
Background check and medical certificate.
Proof of accommodation in Spain.
Restrictions:
You cannot work or engage in any paid activity in Spain with this visa.
Validity:
Initially valid for 1 year, then renewable for 2 years at a time.
After 5 years of residency, you can apply for permanent residency.
Consider Learning Some Spanish
While many Spaniards speak English in large cities and tourist hotspots, knowing basic Spanish will make your transition much smoother. Simple phrases can help you interact with locals, whether you’re shopping at a mercado or ordering tapas at a restaurant. Apps like Duolingo or Rosetta Stone are great starting points.
Ensure You’re Financially Prepared
Moving to Spain requires some financial planning. Besides travel expenses and visa fees, you’ll need to budget for initial accommodation, transportation, and living costs for at least a few months. Spain uses the Euro (€), so familiarize yourself with exchange rates and consider setting up an international bank account to manage your finances.
What is NIE and Why Do You Need It?
If you’re planning to live in Spain for more than a few months, one of the very first things you’ll need to get is your NIE – Número de Identidad de Extranjero, or Foreigner Identification Number. Think of it as your official ID in Spain — it’s essential for almost everything.
What is the NIE?
The NIE is a unique number assigned to non-Spanish residents by the Spanish government. It’s used to identify you in all official matters, including taxes, employment, banking, property, and healthcare.
When and Why You Need It
You’ll need an NIE for just about any legal or financial activity in Spain, including:
Setting up utilities (like internet and electricity)
Even students and digital nomads need an NIE if they’re staying longer than 90 days.
How to Apply for an NIE
You can apply for an NIE in Spain or through a Spanish consulate in your home country. The process is fairly straightforward, but it does require an appointment and some paperwork.
Steps to apply in Spain:
Book an appointment at your nearest immigration office or police station through the Cita Previa website.
Fill out the EX-15 form, which is the application for the NIE.
Bring your passport, visa (if applicable), proof of your reason for staying (e.g., job offer, study admission, lease agreement), and a photocopy of all documents.
Attend your appointment and submit everything. In some regions, your NIE may be issued the same day, while others may take a few days or weeks.
Applying from abroad: Contact the nearest Spanish consulate in your country. The process is similar but may vary slightly depending on the consulate’s policies.
NIE vs. TIE – What’s the Difference?
While the NIE is your identification number, the TIE (Tarjeta de Identidad de Extranjero) is the physical residence card that proves your legal stay in Spain. If you’re staying longer than 90 days, you’ll likely need both — the NIE for identification and the TIE as proof of residency.
First Things to Do Once in Spain
How to Find a Place to Stay in Spain
If you don’t have long-term accommodation lined up, start with short-term rentals on platforms like Airbnb or Booking.com. Once in Spain, you can explore local options for long-term rentals through websites like Idealista or Fotocasa. It’s common for landlords to require a deposit equivalent to one or two months’ rent and proof of income.
Set Up Your Finances
Opening a Spanish bank account is highly recommended. Banks like Santander, BBVA, or CaixaBank cater to non-residents, and the process is straightforward with the right documentation (passport, proof of address, and visa). A local account will also make it easier to pay rent, utilities, and other daily expenses.
How to Find Work in Spain
If you don’t have a job lined up, there are several resources to help your job search. Use platforms like LinkedIn, InfoJobs, or Indeed Spain, and consider networking within expat communities and local coworking spaces.
Connect With Fellow Expats and Digital Nomads
Spain has thriving expat communities in cities like Barcelona, Madrid, and Valencia. Join social media groups, attend events via Meetup, or work at shared spaces like Aticco or Impact Hub. These networks are invaluable for building friendships and exchanging advice.
How Does Healthcare Work in Spain?
Spain has one of the best healthcare systems in the world. The public healthcare system, funded through taxes, provides free or low-cost medical services to residents. Expats with work or residency visas can usually access public healthcare, while private insurance options are available for additional coverage or quicker access to specialists. Top private plans are offered by companies like Cigna, Sanitas or MAPFRE.
Best Cities for Expats and Digital Nomads in Spain
A cultural hub with stunning architecture, beaches, and a lively digital nomad scene. International coworking spaces and rich historical attractions make it a favorite among remote workers.
Spain’s capital is a bustling city with endless cultural opportunities, professional networking events, and a central location that makes travel to other parts of Spain a breeze.
Known for its stunning beaches, amazing paella, and a slower pace of life compared to Madrid or Barcelona. It’s a perfect balance of city life and relaxation.
For a truly Spanish experience, Seville offers breathtaking architecture, world-famous festivals like Feria de Abril, and a welcoming atmosphere.
Frequently Asked Questions About Moving to Spain
What’s the Currency in Spain?
Spain uses the Euro (€). You can easily exchange money or withdraw Euros at ATMs across the country.
How Much Does It Cost to Move to Spain?
Costs vary depending on your lifestyle and location. Expect to spend between €2,000–€8,000 when factoring in visa fees, flights, initial accommodation, and transportation.
What’s the Cost of Living in Spain?
Spain’s cost of living is generally lower than many other European countries. Monthly expenses for a single person range between €800 and €1,500, depending on the city and lifestyle.
It’s useful to know about the Salario Mínimo Interprofesional (SMI): Spain’s national minimum wage—the lowest legal salary an employer can pay a worker. It’s set by the Spanish government each year and applies to all professions and sectors, regardless of industry or job type.
For 2025, the minimum wage (SMI) in Spain has been set at €1,184 gross per month over 14 payments, which amounts to €16,576 gross annually.
Key points about the SMI:
It applies to all employees, including domestic workers and agricultural laborers.
It is updated annually based on inflation, economic growth, and employment conditions.
Employers cannot legally pay below the SMI, even if both parties agree to a lower wage.
Does Spain Offer Digital Nomad Visas?
Yes! Spain’s digital nomad visa allows remote workers to stay in the country legally while working for foreign employers or clients.
What Are Taxes Like in Spain?
Non-residents are taxed on income earned within Spain, while residents are taxed on their worldwide income. Tax rates range from 19% to 47%, depending on income brackets.
How Can I Become a Spanish Citizen?
To apply for Spanish citizenship through residency, you must live in Spain legally for 10 years. This period is reduced for citizens of specific countries and those married to Spaniards.
Is Spain Safe?
Spain is considered very safe, with low crime rates compared to many other countries. Standard precautions, such as safeguarding personal belongings, should still be observed.
Make the Move to Spain
Moving to Spain is an exciting opportunity to explore a new culture, immerse yourself in a vibrant community, and enjoy a top-quality lifestyle. Whether you’re drawn by the career opportunities, beautiful cities, or relaxed Mediterranean way of life, Spain has something for everyone.
Not all heroes wear capes, but a lot of them sure look like teachers. Though many might think of teaching as child’s play, it’s one of the most complex and influential roles in our society. Especially in early childhood, teachers accommodate many of their students’ needs as they learn to navigate the world.
At Ria, our mission is to open ways for a better everyday life, and we believe the best way to achieve that is by promoting access to quality early childhood education where it’s needed most. Since 2022, we’ve been working closely with our partner Save the Children to provide community educators with the right tools and training to support the development of young children in Mexico City.
An overview: the state of early childhood education in Mexico
The current state of public education in Mexico is very challenging. Due to public schools in Mexico being overcrowded, only one in 20 children under the age of three is enrolled in an early education program. This means many working parents in low-income communities are forced to leave their children home alone or under the supervision of neighbors. In areas with high rates of violence, the risk this poses for children is even greater.
In response to this need, a network of women began creating education centers within their communities. Many of these spaces, known today as Early Childhood Development Centers (ECDCs), have now been open for 16 to 35 years with enrollment ranging from 15 to 150 students, improving access to education.
Though these centers charge as little as possible and adapt themselves to the needs of each community, Covid left a huge dent in their operation with countless parents losing their jobs or their lives altogether.
However, thanks to the relentless efforts of educators and coordinators, many centers remain open, offering a safe haven to children.
Why education is so important: the of role of ECDCs in Mexico
Ria and Save the Children work directly with 132 centers in Mexico City. Often located in red zones, which are low-income areas with high rates of violence, these spaces provide children ages 10 months to six years with a safe environment to learn, play, and express themselves.
Beyond the challenging makeup of these communities, over 70% of teachers work with children with a learning or developmental disability. Though most teachers have a certification or degree, we can’t forget that these educators have also worked hard to rise above their own circumstances. This means that, as many teachers in Mexico, they would’ve lacked access to additional specialized training. That’s where Ria and Save the Children come in, providing nearly 600 teachers with the necessary educational materials and training to promote their comprehensive development.
Uplifting educators and improving education in Mexico
In 2024, Save the Children conducted a survey with participating schools to understand how they were facing common issues. Save found that 62% of centers had had a decrease in enrolment, which directly impacts the centers’ income and resources. Around 52% reported a lack of tools to provide emotional support to girls and boys who need it, and 53% noted an academic gap between students.
Based on this information, Ria and Save the Children got to work to prepare tailor-made solutions for some of the teachers’ main challenges. The goal was to provide them with tools that both met the highest standards and were properly calibrated to match the specific needs of children and educators at these centers.
Among participating teachers, the most popular training courses they’ve signed up for are on learning strategies (84%), socio-emotional health (71%), early childhood care (56%) and promoting reading and writing (54%).
During our recent visit to some of the centers, we got to experience first-hand the amazing ways in which these teachers are putting the materials and training to work. Despite the reality beyond the school walls, children engaged us in breathing exercises, helped us express our emotions, and proudly presented the creative projects they had been working on to learn about history, science, and more.
Yet, what left the biggest impression was the bond between the children and their teachers.
Meet teachers Hugo and Viridiana, heroes who wear aprons
What makes a good teacher? And what is the role of a teacher in early education? According to educators Hugo and Viridiana, it takes dedication, commitment, and passion. As Hugo stated, “If you want to pursue this career because that’s what there is, don’t, because instead of giving children the tools they need, you’ll damage them.”
“People think that teaching is easy because it’s just playing with the children, but I don’t agree. Teaching is a lot harder than it looks because you don’t just have one life in your hands, you have many,” echoed Viridiana.
For Hugo, following in his mom’s footsteps to become an educator didn’t always feel like a natural step. “In Mexico, there are still many stereotypes and stigmas when it comes to gender roles. For a long time, I didn’t feel comfortable being a man and a teacher. I couldn’t see myself dancing and playing with the children, but then I realized that I wasn’t doing anything wrong.” Over time, Hugo was able to use his personal experience as a tool to help his students thrive. “I try to erase labels for them so that they can be exactly who they are.”
Viridiana is a P.E. and arts teacher at several schools, and while she loves what she does, she has struggled at times with vulnerability and self-care. “I leave all my personal problems behind when I walk through [the school] doors. When I’m here, I’m here for [the kids],” she explained. “But I realized that I was forgetting to take care of myself.” Through a Save the Children-sponsored course, Viridiana learned that the better she looks after herself the more she can show up for the children.
Teachers in context: the cost of providing a safe haven
Beyond teaching, educators at these centers face many challenges. From a lack of access to basic resources like drinking water to unending bureaucratic processes, these Mexican teachers still put on a brave face every day to make sure the children’s environment remains stable and positive.
In order to protect the innocence of the kids who depend on them, teachers work under considerable physical, emotional, and psychological strains, often causing long-term damage.
Despite it all, thanks to their grit and dedication, more than 6,000 children can play, laugh, and dream, even in the most vulnerable neighborhoods in Mexico City. Their impact on education is undeniable.
If there was one clear takeaway from our visits, it’s this: teachers are slowly but surely rewriting the future of their communities, one child at a time.
