Today, many people use the internet and smartphones to transfer money to friends, family, and businesses

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IELTS Essay Question:

Today, many people use the internet and smartphones to transfer money to friends, family, and businesses.

Is this a positive or negative development?


In this modern time, technological advancement tremendously improved the methods of transferring money. The innovation of online banking is reinventing the way people send and receive remittances. In my opinion, the digitalization of money transfer is a positive development in the financial industry as it become faster and more convenient.

In the old days, there were only few options available when sending money back home. One conventional way of domestic money transfer was through money order in postal or courier services. In a money order method, money sent through post office was converted into cheque where the receiver can encash it in banks or in grocery stores. This postal system is definitely slow and unreliable. When the internet took the center stage, domestic and international remittances become more efficient and inexpensive. Senders are no longer need to stand in long queues and face uncourteous tellers at remittance centers.

Even though mobile banking is convenient, many overseas workers are still relying in traditional remittance services when sending money back home. Firstly, many migrants have lower level or no digital skills at all. Most financial apps in the internet and smartphones are programed in English language commands. Hence, one must be proficient in that particular language in order to access the apps. Second, some remitters are afraid about online banking fraud and scams as scammers nowadays are also evolving. Surprisingly, during the COVID-19 pandemic, online remittance service has gained unprecedented popularity as many workers encountered difficulties in sending money in traditional way due to social-distancing protocols. 

In conclusion, while there are still groups of migrants often struggling to use the mobile money technology, but the benefits of using an online money transfer apps is huge. I wish banks can educate their customers more in using the internet as an effective option in sending money.


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