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Currency and Forex Sector of Fintech

A tale of dodgy forex and currency brokers is always to be seen on the first or the second page of every newspaper you ever look at. It is rather a shame to see because so far the currency and forex sector is concerned, mostly the people who work in this sector belong to a clean background which has nothing to do with any kind of the complex chit-chats of the stock brokers or the like. Their task is to arrive at the workplace and be there until evening, and the moment class strike six, pack up and leave. These are the actions of a few black sheep which have ruined the name of forex and currency sector. These black sheep are trying to make every negative way look legit and in the process of doing so, those with clean slates are getting affected because they are being used as pawns to attract more and more clients.

In the world prior to technology, the forex and currency exchange sector were considered one of those sectors where the customers get butchered brutally. It used to be one of those sectors where the agents used to charge their desired percentages of you wanted to send money to your loved ones abroad. With the inception of Fintech, most importantly soon after the introduction of peer to peer foreign exchange, the taxes over money which the customers send over to their loved ones has been decreased enormously. Previously, banks were in the habit of charging as much higher amounts as around $40 even on a meagre amount of $10, which is indeed an unhealthy behaviour. There was a specific limit set if you wanted to send money abroad. If your family was in need of smaller amounts, the taxes and the rest of the charges made it look it a total mess.

Now that Fintech is in the game and has introduced several merchants which a person can use to send/receive money, there is no further need of an agent who can enable your money to travel far off to the other continent because payment merchants like, Paypal, Stripe, Skrill and many more, the foreign exchange sector has harnessed and evolved with time. These payment merchants are properly regulated and are associated with several credible banks. This amazing development is attributed to Fintech which has lent transparency to an exorbitantly corrupt sector.