10 Signs That You Need to Switch Your Remittance Service Provider

 10 SIGNS YOU NEED TO SWITCH YOUR REMITTANCE SERVICE PROVIDER


3.1% of the global population are expatriates who regularly send money back home which adds to the $773 billion annual global remittances. $605 Billion of this is gone to low or middle-income countries. 

These numbers clearly show the importance of remittances and their role in maintaining the global economy. Hence, only trustworthy remittance-sending services should be utilized to get the job done. 


10 Signs your remittance service provider is not up to the mark

Your remittance service provider is untrustworthy if you notice the following signs. 

  1. It is costing you a lot. 

Global money transfer is the need of the hour as it boosts the economies of several developing nations. Hence, it should not be expensive. Regardless, many remittance service providers cost hefty amounts as transaction fees. 

Globally, a 7% commission rate of the amount sent is charged as a transfer fee. However, some remittance service providers cost much more than that. It can cause a heavy strain on your pocket if you have to make money transfers frequently. If you often feel robbed of your funds in the name of a transfer fee, it is time for you to start researching other remittance service providers and switch immediately. 


  1. You experience delays in transactions.

Delayed transactions are one of the most common problems that expats complain about regarding remittance sending. Some firms even take more than a week to complete the transactions. 

One thing that is always common amongst top-notch remittance service providers is that they are fast. Funds are often required in an emergency. Depending on a slow service can be life-threatening sometimes. Many fast remittance service providers like ACE complete transactions within a day.


  1. The customer service is not helpful.

An easy way to judge a firm’s credibility is to check its customer service. Reputable service providers always keep their customers first. They ensure that their problems and queries are solved swiftly. 

If you face any problem during the transfer process, you should take it up with the firm’s customer service. Check to see if they are helpful and accommodating. If not, this is your sign to switch to another service provider. It gives out the message that the firm is not operating on a professional level. 

ACE Money Transfer has the best customer service, where you get quick responses to solve your queries. 


  1. You suspect fraud

Trusting a third party with your funds can be a little challenging in times of digital scams and fraud. You should not just hand over your funds to any other service provider that you find. Complete research should be done before selecting the service provider. 

Do not take a risk and withdraw from the service if you suspect potential frauds or scams during any time of the transfer process, especially if you are sending a large sum of money. Your identity is also at risk of theft when you provide your details to the service provider. It is best not to take a risk with your hard-earned money and reputation and switch to a reliable alternative. 

Before selecting your remittance service provider, it is important to check testimonials and reviews from previous users.

 

  1. There are problems at the receiving end.

Your work after clicking send is not done. You should ensure that the receiver is having no problem receiving the remittance. If the receiver constantly complains about certain aspects in the remittance process, it is time to switch to another service provider. 

There are many problems that receivers can face, such as the demands of paying a receiving fee to get funds. ACE Money Transfer will never ask for a receiving fee. 


  1. The app is not user-friendly.

Every good remittance service provider keeps in mind the convenience for their customers. There are all sorts of people from different age groups utilizing the service. Hence, the interface of the app or website should be easy to understand and use. 

If you find your remittance service provider app or website confusing, ambiguous, and complex, switch instantly to ACE Money Transfer. It has a simple app and website with self-explanatory sections that anyone can easily understand. 


  1. You lose your funds in currency exchange.

One part of remittance sending is currency exchange. You must change your currency into the receiver’s currency often before initiating the transfer. You can lose considerable money at low exchange rates offered by some remittance service providers. Exchange rates should be one of the important deciding factors of the service that you choose. 

If you often feel like your money is getting lost in currency exchange, it is time to switch to another reliable service provider. ACE Money Transfer provides market-competitive exchange rates for its users. 


  1. You cannot send remittance to someone without a bank account

Many expats hail from under-developed regions that lack banking facilities. Many remittance service providers charge a huge sum of money to deliver funds to your desired place or they don’t at all.

ACE Money transfer has a great option of cash pick up for people who do not have a bank account. They can collect cash from a nearby cash pickup point. 


  1. You can only send remittances to a few countries.

If your constant receiver travels to another country and you cannot send them money because your remittance service provider does not operate in that area, it is better to switch. You should choose a service with a wide range of networks to send funds to any country. 

ACE Money Transfer has a wide global network with 100 plus receiving countries and 25 sending corridors. 


  1. The remittance service provider is not legally authorised

You should only choose an authorised firm for the safety of your funds. If your remittance service provider does not have legal standing, it is time to switch. 

ACE Money Transfer is recognised and regulated as an Authorised Payment Institution (API) by the Financial Conduct Authority (FCA) in the UK, FINTRAC in Canada, and AUSTRAC in Australia.


If you wish to send money to your loved ones smoothly, choosing only a reputed and credible remittance service provider is essential. ACE Money Transfer has been a leader in the industry since 2002. You can sign up for free to access unlimited international transactions at unbelievable rates.


Comments

  1. AnonymousJanuary 16, 2025 at 11:08 AM

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