27 Sep 2022
Although getting a job overseas is an uphill task, imagine you have got one, but you are in the middle of difficulty whether others can transfer money to your savings account or not. It is a problem many expatriates hailing from developing countries and working in developed countries find challenging to answer.
People from developing countries move overseas to seek better employment opportunities, earn better, and then extend financial support to their families back home. Foreign remittances are expected to surpass $702 billion based on global money transfers by over 281 million expats worldwide. These expats send money abroad to help their families financial needs while aiding their country’s economy at the same time.
You’ll find helpful information about whether people can transfer money to your savings account or not. In this context, you need to ascertain how to transfer money and which method to choose for the same purpose, given the plentiful options available for the same. Well, your confusion is clearing up as you continue reading!
As far as the answer to this question is concerned, it is affirmative. But, confusion may arise when you narrow it down to how and by using which method. Looking at the following few ways will help you understand it better. Let’s start.
It is one of the most common ways of transferring money to your savings account. One can take the cash to the banks where you have a savings account and deposit it in person after acquiring your account details.
But, many banks do not allow depositing cash into someone else’s account owing to the high likelihood and immensity of fraud involved in this process. Therefore, depending on which banks you are dealing with, it may not be the best option.
Wire transfer is yet another widely popular method used by millions. It is simply the way banks transfer funds electronically. You can ask your family, friends, or anyone else to use a wire transfer and send money to your savings account. Besides being a popular method, wire transfers do have several cons.
One of the biggest cons is that when depositing money to your savings account, the person will have to visit the banks to initiate a transaction. It can be challenging if one has a tight schedule and if the bank is located remotely. Furthermore, wire transfers can be costly and time-consuming.
Additionally, international money transfers through banks can be even costlier. The other issue is the time wire transfer will take as a typical wire transfer takes between three to five business days to complete, and this time can exceed depending on the location of the recipient banks. Another issue is the high fee and low currency exchange rates.
Many online money transfer companies have launched apps through which one can transfer funds to your savings account. But, for it to work, the critical point is that both the sender and the recipient must be using the same mobile app or the services of the same provider. Besides, you need to have a smartphone and the knowledge to download and use the app.
Of course, you cannot expect your grandfather to be as efficient a smartphone user as you are. Therefore, if it comes to transferring money to someone too old, one might not find this option feasible.
One can send money to your savings account using the excellent services provided by ACE Money Transfer. Through ACE, one can send money to your account directly from their account by skipping the delays and hefty fees that the banks and other mediums charge. Given the broad international network of ACE across the world, the expatriates can find this option tailored-made for their remittance transfer needs, such as online money transfers.
It is another most common way to deposit money into your savings account. One can simply write a cheque and hand it over to you that you will deposit yourself, or they can also deposit it in your account with the details you provided. But bear in mind that the banks charge a hefty fee for their operations.
The money order is a safe and secure way to send money distantly as it can be traced or even cancelled if it gets lost midway. There is no uniform fee for a money order; it depends on the service provider. Besides, the advantage of a money order is that one does not have to keep large sums in the account for the amount to be cashed or deposited in your savings account since you have paid for it in advance.
Besides technological advancements supporting your everyday needs, scams and frauds have grown uncontrollably. You must remember some essentials to stay safe while transferring money across borders.
You must never share your credentials with anyone online since you’ll put your data and privacy at risk of being stolen.
Whether you need to receive or transfer funds, sending money online using a reliable and trusted service provider is always recommended. Such a service will never risk your privacy and data, ensuring completely secure, smooth, and swift transactions anywhere in the world. You may choose ACE Money Transfer since it’s one of the most trusted remittance services globally that millions of expats use to transfer funds. The firm has an extensive payout partner network of more than 375K+ locations worldwide with an operational presence across 28 sending and 100+ receiving countries.