Millions of global migrants, totaling over 281 million in 2020, according to an IOM UN Migration report, have been sending money back home from abroad to offer financial aid to their families in their respective countries. 

With the advent of online money transfer service providers rooted in dazzling technology, sending money online is an easy and convenient process. But have you ever thought about one of the most critical components in an online money transfer whose processing you take for granted?

While filling in the details without mortgaging your attention to the wee bits, you ignore the importance of proof of address in a transaction.

Let’s unearth the significance of proof of address and see how you can add evidence of address in the ACE Money Transfer mobile app.

Simple Steps to Add Proof of Address to ACE Money Transfer’s Mobile App 

Do you know the secret behind the immense success of ACE Money Transfer since its launch just over a couple of decades ago?

Well, it is that the firm believes in keeping up with the changing times while not losing sight of its valued customers’ needs and requirements while making the process easy. The easy and simple steps you have to take to add proof of address to the company’s mobile app testify to this loudly.

Before expatiating upon the other areas of proof of address and understanding what it is, look at the simple steps below to add proof of address when sending money abroad.

•  Go to the app
•  Enter settings by tapping 4 small blocks on the right at the bottom
• Select ‘My Documents’
• Tap ‘Add New’ at the top on the right side
• Hit ‘Proof of Address’
•  Select the relevant document from the list of given documents like electricity bill, gas bill, and so on
•  Hit ‘Save’
•  Go to your phone’s gallery where you have saved the photo
•   Hit ‘Save’ again and TADA!

You have successfully added your proof of address to ACE Money Transfer’s mobile app. Remember that you may find these steps long and complicated here, but once you do it, you will not take just a few moments from start to end.            

Understanding Proof of Address

Proof of address is a critical document required when sending money online from abroad or for any other purpose. It is a document the government issues and is legal evidence of your residential location.    

It plays a significant role in your interactions with banks, agencies, financial institutions, and authorities. This is because it allows them to locate you effectively when communicating.      

When is a Proof of Address Considered Valid?

It is not only about the documents you provide as proof of your address when asked by a money transfer service provider. Since migrants and online money transfers are under discussion, a reference to online remittance transfer service providers is pertinent for a clear frame of reference and better understanding.      

There are a few conditions that the address proof you are providing must meet. These are:

 Ownership  

Your proof of address must be registered in your name.

 Current Address

When submitting the document, your proof of address must reflect the current residential address where you live. 

Legal and Recognised Issuing Authority

Your proof of address must be issued by a legal and recognized authority, preferably by a government agency.

Name and Logo

The document you are presenting as proof of your address must bear the name and logo of the issuing authority.      

List of Valid Documents Accepted as Proof of Address

For most institutions, including banks, financial institutions, and so on, the documents accepted as proof of address include utility bills, lease agreements, and credit card statements. But these are not all. Some documents accepted as address proof by companies, like ACE Money Transfer, are listed below. 

• Utility bills, including water, gas, electricity, telephone, and internet bills
• Credit card statements
• Bank statements
• Reference letters issued by banks
• Mortgage contracts or statements
• Letters issued by public authorities such as courts
• Company payslips
• Home or car insurance policies
• Vehicle registrations
• Authorized change of address forms
• Employment letters
• Official letters from educational institutions
• Government tax letters or municipality letters
• Driver’s license
• Residence permits
• Lease agreements of your residence

A quick look at ACE Money Transfer’s short video tutorials will guide you through every step of using the app, including adding proof of address. Visit their video tutorials here. 

Why is Proof of Address so Important?

If you look closely, you will realize that the legal institutions and service providers place particular emphasis on acquiring proof of address from you, or they may subject the processing of your request to verifying your address proof. Why? The answer is attempted below.

• It provides a client's information's accuracy, comprehensiveness, and authenticity.
•  It reduces the cost of business, which may increase if the address is wrong.
•   A verified proof of address offers logistical and delivery efficiency.
•   It helps reduce and counter fraud and scams, which are aplenty in the remittance industry.
•   A proof of address ensures regulatory compliance
•        Proof of address adds to the satisfaction of customers and clients
•        Proof of address creates marketing effectiveness
•        It helps businesses with the expansion of their sphere of activity
•        Accurate proof of address helps lower carbon footprint by offering precision
•        Proof of address bears quick results in businesses  

The Best Practices in Submitting Proof of Address

If you can do the job by submitting or providing the documents listed above as proof of address, you might have to think again. Therefore, consider the following critically important points when submitting your proof of address. 

• Provide the most recent document.
• Do not try to modify it
• Maintain a single document
• Make sure to display the date and signatory information clearly
• Make sure that the details provided in the document are precise and accurate
• Despite that other languages are also accepted, make sure to consider English documentation

Challenges With Proof of Address Documents

You do not provide the proof mentioned above of address documents, nor do you come across any challenges and issues. You must know the following difficulties you can encounter while submitting your proof of address documents.       

• Lack of clarity
• The absence of a clear and complete address
• Interchanging temporary and permanent addresses
• Disparities in proof of address document
•  Absence of trusted signatories
• Lack of language clarity

Add Proof of Address Easily with ACE Money Transfer

Adding proof of address to ACE Money Transfer is a simple and convenient process if you choose the firm to send money online with it.  

You will also get live and market-competitive currency exchange rates with swift and safe delivery of funds in over 100 countries worldwide, 24/7 service access and availability, and much more from just one stop in exchange for a low fee.  

Choosing ACE Money Transfer for your online transactions is a recipe for seamless and smooth transfers.  

FAQs

What is proof of address, and why is it important?

A proof of address is an essential document that a government department issues. It is legal and acceptable evidence of your residential location. It is an important document for interactions with departments such as banks, agencies, and authorities. Proof of address is so important that your application cannot be processed without it.    

How to add proof of address to ACE Money Transfer’s mobile app?

Log in to ACE Money Transfer’s mobile app, go to settings, select my documents, select proof of address, select the document such as the electricity bill or the gas bill or any other document that is qualified as such, and hit save. After this, go to your phone’s gallery to select the bill’s picture and hit save. You are done!           

To be acceptable, what conditions does a proof of address document have to meet?

A proof of address document must meet the following conditions to be acceptable. These conditions are as follows: the document must show your ownership, bear your current address, be issued by a legal and recognized authority, and bear the name and logo of the issuing authority.           

Which documents can qualify as proof of address?

The documents qualifying to be accepted as proof of address are utility bills, credit card statements, bank statements, reference letters by banks, mortgage contracts, letters issued by courts, company payslips, vehicle registration, driver’s license, legal and authorized change of address forms, and residence permits.           

What are some of the challenges in the proof of address document?

Some of the challenges you can encounter while providing proof of address are the lack of clarity in the document and the absence of a complete and clear address. This also includes interchanging permanent and temporary addresses, the absence of trusted signatories, disparities in proof of address documents, lack of clarity in language, etc.

Resources

Global Migrants

(Interactive World Migration Report 2022 (iom.int)