What Is Ria Financial Services/ All You Need To Know About Ria Financial Services
What Is Ria Financial Services?. Financial services are a broad range of more specific activities such as banking, investing, and insurance. Financial services are limited to the activity of financial services firms and their professionals. While financial products are the actual goods, accounts, or investments they provide.
Financial services are the economic services provided by the finance industry. Which encompasses a broad range of businesses that manage money. Including credit unions, banks, credit-card companies, insurance companies. Accountancy companies, consumer-finance companies, stock brokerages, investment funds. Individual managers, and some government-sponsored enterprises.
Financial services refer to services provided by the banks and financial institutions in a financial system. In a broad sense, the term financial services mean mobilization and allocation of savings. Thus, it includes all activities involved in the transformation of savings into investment.
What Is Ria Financial Services
Ria Money Transfer is a subsidiary of Euronet Worldwide, Inc., which specializes in money remittances. However, Ria initiates transfers through a network of agents and company-owned stores located throughout North America, Latin America, Europe, Asia-Pacific, Africa, and online. Ria is one of the big four remittance companies.
Ria Money Transfer App: The Ria Money Transfer App is available in the United States, Canada, and most countries in Europe. With over 1,000,000 downloads, the app allows customers to send money through Ria’s global network.
Mobile Money: Customers can send and receive money through Ria Money Transfer’s mobile wallet network. Sub-Saharan Africa is the region with the highest remittance costs, but it’s also the most developed when it comes to mobile wallets. Moreover, in a partnership with Gambia’s mobile money platform Qmoney, Ria customers can make fund transfers to Qmoney customers using their mobile phones.
The company opened its first store in 1987. Ria has since grown to become the third-largest money transfer service in the world. In 2006, Ria was acquired by Euronet Worldwide, Inc., becoming part of its money transfer segment together with XE. Ria began working with post offices in 2010 and on July 31, 2014, partnered with Postbank, which is owned by the Kenyan Government. This allowed customers to send money through any of the bank’s 99 branches, or receive it directly into their accounts.
In 2014, the company launched Walmart-2-Walmart Powered by Ria, a Walmart money transfer service within the US. The service allows customers to transfer money to and from more than 4,600 stores at competitive prices. In 2015, Ria acquired Malaysia base money transfer provider IME.
As of 2016, the company expanded its relationship with Walmart to Latin America and partnered with Walmart Chile to offer money transfer services through selected Líder brand supermarkets. In 2019, Ria and Walmart partnered with Paypal’s Xoom to introduce domestic money transfer services. Xoom expanded to 60 countries in the deal with Ria.
Ria’s money transfer services are available
As of 2020, Ria’s money transfer services are available at over 470,000 locations in 159 countries, online, and through their app. Ria continues to expand into Latin America with the support of a joint venture between parent company Euronet and Spain’s Prosegur Cash.
The Central Bank of Nigeria listed Ria as one of their approved international money transfer operators for diaspora remittances in March 2021. First Bank of Nigeria also works with Ria to bring remittances into the country. During the COVID-19 pandemic, the World Bank released a report detailing the importance of Remittances to provide a critical lifeline for vulnerable populations. Ria has an international presence as a key company for sending remittances in Belarus and as one of the companies that pay the most for sending remittances from the US to Mexico.
Sending money via RIA money transfer
- The Post provides services of sending money via RIA money transfer in RSD currency, at counters of authorized post offices. The service fee for sending money transfers is paid by the sender, in accordance with the RIA Pricelist.
- The amount paid when sending the money transfer is converted into the currency of the destination country according to the RIA exchange rate at the time of money transfer payment.
- The sender is obliged to notify the recipient of the sending of money transfer and provide him/her with the following information: the control number of the money transfer, first and last name of the sender, country of sending, and the amount sent. Based on the received data from the recipient and the identification document, the money is then paid to the designated recipient.
- The sending limit per money transfer amounts to 580,000.00 RSD.
Receiving money via RIA money transfer
- The service of receiving money via RIA money transfer allows for the collection of money at post office counters within a maximum of 10 minutes upon the payment is made. The recipient does not pay the fee for receiving the money transfer.
- Out-payment is made after the identification of the recipient on the basis of a valid identity document. On that occasion, the recipient communicates the control number, the expected payment amount, the sender’s first and last name, as well as the country from where the money was sent.
- The out-payment of money transfer is performed in RSD counter value, in accordance with the RIA exchange rate, at the time the money transfer was paid abroad.
- If the transfer is available for out-payment in a currency other than RSD, the Post may offer to pay out the money in RSD counter value if the customer agrees with the offered payment terms.
About Financial Services
Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, consumer-finance companies, stock brokerages, investment funds, individual managers, and some government-sponsored enterprises.
A financial export is a financial service provided by a domestic firm to a foreign firm or individual. While financial services such as banking, insurance, and investment management are often seen as domestic services, an increasing proportion of financial services are now being handled abroad, in other financial centres, for a variety of reasons.
Some smaller financial centres, such as Bermuda, Luxembourg, and the Cayman Islands, lack sufficient size for a domestic financial services sector and have developed a role providing services to non-residents as offshore financial centres. The increasing competitiveness of financial services has meant that some countries, such as Japan, which were once self-sufficient, have increasingly imported financial services.
The leading financial exporter, in terms of exports fewer imports, is the United Kingdom. Although, which had $95 billion of financial exports in 2014. Therefore, UK’s position is helped by both unique institutions. And an environment that attracts foreign firms; many international corporations have global. Or regional headquarters in the London and are listed on the London Stock Exchange. And many banks and other financial institutions operate there or in Edinburgh.
The term “financial services” became more prevalent in the United States. Meanwhile, partly as a result of the Gramm–Leach–Bliley Act of the late 1990s. Which enabled different types of companies operating in the U.S. financial services industry at that time to merge.
Companies usually have two distinct approaches to this new type of business. One approach would be a bank that simply buys an insurance company. Or an investment bank keeps the original brands of the acquired firm. And adds the acquisition to its holding company simply to diversify its earnings. Outside the U.S. (e.g. Japan), non-financial services companies are permitted within the holding company. In this scenario, each company still looks independent and has its own customers, etc.
In the other style, a bank would simply create its own insurance division. Our brokerage division attempt to sell those products to its own existing customers. With incentives for combining all things with one company.
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