THE SECRETS OF GLOBAL MONEY TRANSFERS: THE BEST, WORST, AND WEIRDEST THINGS WE'VE SEEN

Do you also think, like most expatriates, that it is really difficult, expensive, and technically complex to send money online? Well, your apprehensions about the process are not misplaced if you fail to have access to the services of some of the most credible service providers in this field.

This blog will shed light on some of the secrets that make you believe things about international money transfers that you essentially should not!

A brief background about the need to explain the secrets of money transfers across the borders 

As an expatriate, you must have come across some confusing moments in deciding which service provider to choose for the purpose of transferring funds because multiple reports have shown how some have fleeced remitters of unscrupulous service providers in this industry. 

Owing to these frauds and several complaints based on these, much confusion popped up. People were weary of those frauds, and instead of trying to learn more about them, they chose to stay away, which transformed those confusions into secrets and weird things, you have seen in this industry. 

Brief statistics about frauds in the digital fund transfer industry

• Internet Crime Report 2021 by the FBI revealed that 847,376 complaints were reported about cybercrime. There was an increase of 7% in the complaints from the previous year. 

• Of the 5.7 million reports submitted in 2021 to the Federal Trade Commission’s (FTC) Consumer Sentinel Network, 49% were frauds, and 25% were Identity Theft, which is the most popular modus operandi of online scammers to deceive people. 

The number of registered complaints is less compared to the over 230 million expatriates worldwide. The reason for this is that many people abstain from registering complaints, thinking it is hard to retrieve the money they have lost to the scams, which is true to a large extent.

What secrets in the global remittance industry should I know?

Technology has made sending money from one place to another easier, and the process could not have been simpler. 

But you must keep an eye on the following few secrets as an expatriate residing in a foreign country to earn a living and send money back home to support your family financially. 

International money transfers are free!

When in a foreign country, you do all it takes to save money, particularly when your purpose is to give financial support to your family.

In such a scenario, a company offering free service can be alluring. But remember that there is no such thing as a free money transfer. Companies claiming this will essentially charge a hidden fee. 

But, on the flip side, some of the credible companies, including ACE Money Transfer, offer free money transfers. But these services are time-bound and come with campaigns, and largely depend on multiple factors such as the country of origin, the recipient’s country, and the amount, etc. 

Therefore, choose your service provider wisely. 

Send money during working hours only!

It is true but only if the service provider is a bank. 

In the case of a company, the time restriction gets eliminated because their services are available round the clock and can be accessed at any time. For an even quicker service response, it is essential that both the remitter and recipient have access to the same service provider. 

Use a prepaid debit card!

If you are satisfied with making payments and sending funds across borders through cards, then you should consider using a prepaid debit card instead of a credit card, as is widely used. These cards are widely accepted and have built-in features like fraud protection. 

Find a service that charges a low fee!

Make sure to thoroughly search which service provider to choose for sending funds abroad, as most companies you will likely approach will charge a massive fee for providing the service. But, some reputable companies will charge a low fee, a small percentage of the principal amount being sent. 

Use the services of banks!

Since banks are still the biggest financial service providers worldwide, they command their customers’ financial trust. Therefore, you can choose to avail of the services of a bank of your liking if you are fine with the time banks take, the fee they charge, etc.

Use a no-fee credit card if you can have one!

If you can use a no-fee credit card for transferring funds across borders, you can do so but make sure to pay your balance off in full every month so that you avoid interest charges. But remember that these cards are best for only transferring small amounts.

Peer-to-peer money transfer services are best!

Technological advancements in every field have provided alternatives that were inconceivable previously. It is exactly the case with the remittance transfer across borders. Using the same company's services can help you send funds, and the recipients receive them instantaneously. This is your biggest advantage in this type of money transfer. Besides, in this transfer, the service charges you pay are a bare minimum, with a kind of access to the services that never cease. 

You must be aware of these major secrets in the remittance industry.

Why must I need money transfer(s) online in the first place?

The basic need is to financially support your family back home as an expatriate, for which purpose you need a service that helps you transfer funds without any let or hindrance. 

ACE Money Transfer – serving to your satisfaction

You get speed, safety, low fee, competitive and live currency exchange rates, 24/7 service access, over 350,000 pickup locations worldwide with an operational presence in over 100 countries in your online money transfer through ACE Money Transfer from just one stop.