24 Apr 2024
According to the Australian Government Department of Home Affairs report, 103,120 Pakistanis were living in Australia by the end of June 2022. They earn a living in Australia because they cannot find sustainable jobs in Pakistan and, to financially aid their families back home, send money to Pakistan from Australia.
They use different methods to do so.
Do you know why?
They have different needs and requirements regarding online money transfers, which they try to find the right fit for.
But do you know which factors to focus on when considering a service provider as the right fit for your online money transfers?
Well, chances are… You do not know the holistic answer to this question.
Let’s, therefore, attempt one together.
When you are working as a Pakistani migrant in Australia, it implies that you are working there to help your family financially. Right?
Therefore, you must make regular transfers to send financial aid back home. For this, you look for a service provider offering certain features such as speed, safety of funds, fees, and so on. Certain service providers offer several features. But you are inclined towards the one that gives you the following features at once without compromising one to provide you with the other.
Take a look below.
The first feature you look for is how swiftly a service provider delivers funds for you. For example, an online money transfer from Australia to Pakistan with ACE Money Transfer will provide funds in less than 7 seconds!
The other feature you want is the safety and security of your money and the transaction as a whole.
Are you looking for a service provider available online and conveniently accessible?
You look for competitive, live and fluctuating rates to secure a financially viable deal.
You need to go to a service provider that charges you a low fee.
You need to look for the option to track your transaction if there is a delay in delivery.
You also find customer services whose representatives you can reach 24/7 to allay your concerns and answer your questions.
You look for service providers that comply with the policies of financial regulators to avoid legal complications.
In the broader context, there are two main methods to transfer funds online from one place to another, including across borders. One is the banks, and the other is the online remittance transfer service providers and companies.
Let’s discuss them both separately, including their respective pros and cons.
Not too long ago, the banks monopolized the online transfer of remittances worldwide. People enjoyed several benefits of sending money through banks. Some of these benefits are listed below. But despite these benefits, the advent of online money transfer companies has rendered banks unfit to send money online to Pakistan from Australia or elsewhere.
Although the role of banks in online money transfers has been reduced substantially, these financial institutions still command the respect and trust of millions of people for a large array of financial services.
Almost every bank in the world has hundreds of branches dotted across countries, regions, and even internationally. This huge branch network makes accessing the respective bank physically convenient to a large extent.
While you may put your trust in the banks for larger financial services, due to the reasons briefly stated above, the cons of sending money online with banks outweigh the pros. Most of these cons are financial.
The banks charge you a high fee for their remittance transfer services. Not only is the fee huge, but the banks charge you certain other charges like the currency conversion fee and the extra charges to deliver funds faster than the normal speed.
The other con of the banks is that you will never get competitive currency exchange rates while transferring remittances to Pakistan from Australia or anywhere else. This is a challenge, given that the exchange rates keep fluctuating.
Despite dazzling technology impacting the financial industry deeply, the banks still take several days to deliver funds from one place to another. The average time to provide funds a bank takes is between 3 and 5 business days, which can extend further due to many factors.
Apart from these, banks face several other risks and challenges in their operations.
Although remittance transfer service providers are the best option to transfer funds online across borders, there is a limitation that they still need to grapple with. But it has more to do with how much careful you are online.
The biggest threat these service providers are facing is online fraud and scams. But these frauds and scams happen largely when you lower your guard while being present online to transfer funds or for any other purpose.
When you choose an online remittance transfer service provider like ACE Money Transfer, you are highly likely to have chosen the best way to send money to Pakistan from Australia because of the following few service features they offer.
These companies deliver funds in a few hours, except ACE Money Transfer, whose transfer speed of funds to Pakistan from Australia is just under 7 seconds! This speed adds to the safety of your money and overall transaction.
Most service providers do not charge a flat fee, as with banks. Some of these companies charge fees as a small percentage of the amount being transferred. In most cases, this is a meager amount payable as fees.
Most of these companies offer live and market-competitive currency exchange rates linked with the international market, where rates keep fluctuating constantly. These allow you to initiate a transaction immediately or wait until the rates move upwards.
The services of most online money transfer service provider companies are available 24/7 and everywhere. These services are available on holidays and accessible online through their mobile apps or official websites.
You can initiate a transaction with remittance transfer companies and track these transactions right from the middle of your comfort zone until a transaction is completed. You can also contact their customer services to assuage concerns and get your questions answered.
If you make money transfers from Australia to Pakistan with ACE Money Transfer, you will deliver funds in under 7 seconds!
This is almost the same time you take out your wallet to pull out cash. Therefore, ACE Money Transfer makes online transfers to Pakistan from abroad akin to taking out money in your wallet! Besides, see it as something other than speed. This speed makes it completely impossible for scammers and online hackers to penetrate the transaction and steal money because, by the time they can get ready, the recipient has the funds in their pocket – away from hackers.
In addition, the firm charges you a low fee and offers live and market-competitive currency exchange rates that can compensate you for the small amount you might pay to the company as fees in over 100 countries worldwide.
Some of the service features that make a company the best choice for you are speed, safety, low fees, competitive currency exchange rates, 24/7 service access and a wider network availability, customer service, regulatory compliance, convenience, and transaction tracking.
You have two main methods to transfer funds online from one country to another. One of the methods is the banks, and the other is the online remittance transfer service provider companies. Other methods largely stem from either of these two financial institutions.
One of the biggest benefits of sending money through banks is that every bank has thousands of branches in countries, regions, and even internationally. It makes accessing banks physically easy for you. Another benefit is that banks command immense respect and trust from customers.
The banks take between 3 and 5 business days to deliver funds, charge a high fee, and charge you for currency conversion, offering static and uncompetitive currency exchange rates. All of this can throw your financials into a disequilibrium.
Online money transfer service provider companies like ACE Money Transfer offer you live and market-competitive currency exchange rates, charge a low fee and deliver funds. For example, Pakistan in just under 7 seconds safely, and much more from just one window with an operational presence in over 100 countries worldwide.
Resource(s)
· Pakistanis in Australia
