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Common Misconceptions About Online Money Transfers

Common Misconceptions About Online Money Transfers

25 Oct 2022

An online money transfer can be very confusing if you've never done one. You input your information from your home, computer, or mobile device, and your money magically transfers from your bank account to your friends on the other side of the globe.

There is a tonne of misinformation present online about money transfers, which is unfortunate. People are a little wary when it comes to sending money abroad. It's not at all bad to be cautious. But it's important to disprove the myths using the truth.

Suppose you've researched the myths, albeit uncertain about what to believe. Don't worry; this article will have a detailed guide about myths about online money transfers.

Misconceptions and Myths About Online Money Transfers You Must Avoid

Misconceptions are always present to mislead people from using reliable platforms on the internet. Scammers and fraudulent people often spread these myths to push people towards using unfair or unauthorised channels through which they can extort undue advantages from innocent users. Staying aware of these myths briefly defined below can help you effectively control your online financial activities, like sending money abroad to your loved ones.

Online Money Transfers Are Less Secure Than Bank And Wire Transfers

You trust your local bank to hold your money, so it makes sense that you would turn to them and believe they are the most reliable institution to handle your money transfer.

Although banks can always be trusted, they may not be the best option for handling money transfers. Service charges and restricted working hours may make you pay more money for a slower money transfer in addition to the unfavourable exchange rates.

It’s undeniable that scammers cause more than 800,000 people to be hacked yearly, whether they use conventional or modern money transfer methods. However, a brief comparison between various methods will show you that using Authorised Payment Institutions (API) for online money transfer is the best way to transfer funds back home from overseas. These institutions ensure optimum security and numerous other benefits you can’t expect from conventional methods, such as the highest exchange rates, the lowest transfer fees, live transaction tracking facilities, etc.

If you choose ACE Money Transfer, an FCA-regulated remittance firm, sending money abroad becomes even more secure and beneficial, given the lowest fees, competitive rates, unbreakable security, lightning-fast speed, and exceptional rewards through various promotions.

A Transfer Takes Several Days To Complete

There is a widespread belief that the recipient must wait at least two days to receive the funds. This statement might be somewhat accurate. The traditional money transfer methods are the only ones that make this statement valid. Such systems complete these transfers in 3–7 working days.

However, not every provider of money transfer services takes that long. Sending money online is pretty swift and completes most transactions within a day or two. For instance, ACE Money Transfer, which provides services in more than 100 countries, ensures the fastest transfers worldwide. The time it takes for the money to reach the recipient will depend on the selected service provider. The bottom line is that it is currently possible to send or receive money almost immediately online.

Transferring Money Online Is Expensive

Sending money abroad can be quite affordable, especially compared to other options like wire transfers or foreign currency exchange. One of the reasons people think sending money online is expensive is that they may not be aware of all the fees involved. For instance, numerous banks charge a fee for each international transaction, and these fees can add up quickly.

It is possible to avoid these fees in many ways. People's ignorance of current exchange rates makes them perceive that sending money online is costly. Exchange rates are subject to significant fluctuations, and if you're not careful, you could lose a lot of money.

  • Stay away from costly bank fees.
  • Maintain current knowledge of exchange rates.
  • Your transfers can be easily tracked.

It's not necessary to pay a lot to transfer money online. With a little bit of your research, you can identify the most cost-effective method to send money online at the lowest fees yet with the best exchange rates. ACE Money Transfer is one of the trusted remittance services that offer minimal to zero transfer fees.

Online Money Transfers are Hectic 

This is simply untrue. There are only a few easy steps to the procedure, which is very straightforward. Find a trustworthy online money transfer service first. Many companies provide international remittance transfer services, so do your research and find one that meets your requirements.

After you've found a company, you'll need to set up an account with them and give them some basic details about you and the recipient. Following that, all that is left to do is to specify the amount of money you wish to send and select a payment option. The recipient's bank account will then receive the funds directly.

  • Worldwide, online money transfers are simple.
  • International money transfer services are widely available and trustworthy.
  • Simple information is required to create an account.
  • Select any online payment option that works best for you.

It's important to remember that sending money abroad might incur some fees. However, when considering the convenience and safety of using a reliable service, these fees are frequently quite reasonable and worth spending.

You Must Divulge A Lot Of Personal Information To Send Money Online

While it's true that some ways to make a global money transfer demand a lot of personal information, other methods don't, there are numerous ways to send money, each with specific requirements. ACE Money Transfer is known for its customer-centric and user-friendly platform on its mobile app and website. The process of sending money with ACE’s remittance solution is just convenient. The company doesn’t demand any complex procedures every time you make transfers. You verify the recipients’ and your information once while registering the account, and you can make secure and fast transactions without entering the details repeatedly.

  • Sending money doesn't require you to divulge any personal information.
  • Choose the most convenient payment method.
  • Quick and simple money transfers.
  • If you have any inquiries, contact ACE's customer service team.

Only A Few Countries Accept Online Money Transfers

That's not true at all! Almost every nation in the world accepts money transfers, including developing nations. Only a few nations that are subject to sanctions are exceptions. Check with your bank or the intended recipient in advance if you are uncertain whether you can send money to a specific nation.

  • Almost every country in the world accepts money transfers.
  • There is no requirement that the sender is a bank client.
  • Numerous methods, including apps, websites, and even phone calls, are available for sending money.
  • Be mindful of the restrictions imposed on particular nations.

Over the past 150 years, the money transfer industry, which is comprised of various payment systems, has developed. Digital platforms have grown swiftly, catering to the everyday financial needs of global overseas workers. However, due to misunderstandings about online money transfer services, countless people still fear switching to faster and more efficient ways of sending money across borders. The myths surrounding online money transfers have been disproved, so don't let them stop you from learning more about this less expensive, safer, and quicker option.

Bottom Line 

Numerous money transfer providers offer services for international money transfers, each with a different rate structure. Depending on various currencies and regions, some companies may charge a flat fee or a percentage of the amount you send. You must locate the provider with the most affordable rate for the service you need. It’s recommended that you never pay heed to misinformation resisting you from using reliable, secure, and highly valuable remittance services like ACE Money Transfer.


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