Impact of the Deadly Corona Virus on International Money Transfer
By ExchangeRateIQ
6 months ago

Corona Virus, specifically COVID-19, spotlights a crack in global trust and poses a challenge for global governance. The pandemic that initially started as an epidemic has hit the world fast and strong and has given a significant blow to the financial market. Its repercussions are vast and have a massive impact on many sectors of our society today.

The coronavirus COVID-19 has infected over 176 countries and conveyances around the world. For the past few days, all people have been hearing are rants and pants of how many new cases have erupted in a particular country. Indeed the outbreak of the virus is massive, and the results are fatal, leading to over 8800 deaths of the over 218,000 cases that have been confirmed since the outbreak started.

One surprising fact is that the origin of the virus is still unknown, with speculations stating that it came from animals. This, however, has not been confirmed as different stories keep coming up every time. What is known for sure is that despite researchers having sped up the look for a cure on the disease, progress is still slow as no known cure has been found.

It is, therefore, prudent to look for other measures to help curb the virus. Before we look into that, a summary of some of the effects of the illness on different sectors of the world today will strengthen the reason behind taking these precautionary measures seriously.

How has Coronavirus COVID-19 affected the world today?

Travel sector

Most people today cannot travel around the world to conduct various businesses or for personal reasons. One way the virus spreads fast is through contact with people. That is why sanctions have been placed to reduce groupings and meetings. Many countries have adopted these sanctions due to the seriousness of the matter.

Business sector

Businesses have stalled since many activities cannot be conducted without people meeting. People have been advised by their respective governments not to go to work, school not any public event irrespective of its nature. As a result, many activities have stalled, with some states even adopting robust measures such as full-quarantine and lock-down.

Economy & the financial sector

With so many activities stalling, it is without a doubt that the economy is on a downward trend. Many days have already gone without much activity going on around the world. This has affected the economic sector in a big way, especially the stock market that as we know, led to the great US depression of 1929. If things do not go back to normal soon, then we face even higher risk than the virus alone.

Recreational sector

Fun is good. People always want to have a good time after putting in a lot of hard day’s work. Leisure helps release stress, a common phenomenon among many people today. With quarantine effected, there is really not much you can do today except sit back on your couch with the remote in your hands and browse through Netflix while eating junk.

Health sector

COVID-19 has affected the health sector in two major ways: First, most people are restricted in their homes. This means that they cannot go out to play or do exercises. This leaves people at risk of various conditions such as obesity or high blood sugar. Secondly, many resources are being put in the health sector in an effort to mitigate this pandemic. Funds that were to be used for development and other functions have all been channeled into health industries and who knows how this will leave us when this is all over?

How to mitigate COVID-19, the deadly Coronavirus

As much as the world is panic-stricken about the virus, there is no reason to stress at all. When the virus started, research was still being done about it and we did not have much information on what its composition was or how to even begin dealing with it. Now, there is a lot we know that can help control not only the spread of Corona, but also prevent new infections. Some of these ways are:

Sanitization

The simplest and probably the only sure way to make sure you do not contract the virus is through maintaining proper hygiene. Some of the hygiene measures that you can put into practice include;

  • Washing your hand every 15 minutes with soap and water.
  • Covering your nose and mouth.
  • Avoid touching your nose, mouth or eyes.
  • Cover your nose when sneezing.
  • Keep clean always.

Isolation

Stay away from crowded places. It’s that simple. The rate in which this virus spreads event though it is not air-borne contracted is surprisingly fast. It is even faster than other common viruses such as Common cold and flu. You have to self-quarantine yourself to prevent the spread or contracting of Corona.

Stay cautious about the things you handle

COVID-19 is not air-borne, however, when it comes into contact with surfaces such as fabric, paper or metal, it can stay active for a long time before it dies. It is therefore safe to say that the primary way the virus is transmitted is through touch. Consequently, you should avoid handling money. Instead, it would be best if you have adopted safe means of purchase such as International money conveyance and electronic money to help with this.

The role of Online Money Transfers in controlling the spread of corona

International money transfer companies play a major role in this time of need. People still want to conduct their businesses, make payments for items they purchase, safely pay their employees, keep money flowing and finally, people have friends and families abroad who also want to access the above mentioned services.

There is only one way to do this, through online money transfers. Online money transfers reduce the spread of Corona. With International service providers such as XE Money and Transferwise, you do not have to physically hold your cash nor use your credit card to make payments. At the comfort of your home, you can send money anywhere in the world and at any time you want without having restrictions on the amount you want to transfer.

Conclusion.

It is a fast changing world where new problems keep on arising day by day. However, modern problems require modern solutions. Online money transfer is one of the major players in helping mitigate this deadly pandemic and will help make the world a better place. Remember, the virus is highly contagious and any precautionary measure stated about it should be taken with the seriousness it deserves, no matter how small you think it is.

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