16 Feb 2024
A Springer Link report stated that about 7.5 million Bangladeshis work in foreign countries. Another report by the Bangladesh High Commission, London, said that about half a million Bangladeshi migrants are living in the UK to earn a living and explore the diverse and unique culture of the UK. They send money to Bangladesh from UK to offer financial aid back home.
While different online money transfer service providers have made it easier for you to transfer funds online, some unscrupulous elements in the industry leave you wary and confused.
Do you know what the primary reason for this worry and confusion is?
Well, the primary reason is the presence of hidden fees that a service provider will charge you without informing you.
But you no longer need to worry!
ACE Money Transfer shares its most transparent fee structure with you, guides you on hidden fees, and shows you how to get the best deals.
To fully understand what a hidden fee is and how a service provider will charge you a hidden fee, you first need to understand what we call a ‘fee.’
A fee is a fixed price charged for a specific service you avail of. While the fee is never uniform and varies from company to company and service to service, it is applied in several ways. Fees can be applied as costs, charges, commissions, and penalties.
Every service provider will apply fees in different ways for the services they offer. The fee amount also depends on the type of service, where you get a specific service from, and on certain terms and conditions. However, some of the most common fee types are briefly explained below.
A direct fee is the amount you pay for the service you have availed from a service provider. For example, you send money online to Bangladesh from UK through a service provider, and they charge you a fixed amount directly. This is called the direct fee.
An indirect fee is the amount you pay for a service but not directly. An indirect fee applies when different intermediaries are involved in offering a service. For example, an online money transfer involving intermediaries will incur indirect fees.
As the name suggests, hidden fees are charges applied to a specific service without informing you. You might have noticed that, at times, the bill for a service is more than you expect and anticipate. It is because of the hidden fees involved.
Typically, a service provider or a company will not allow you to know anything about the hidden fee they charge you. They keep it hidden and do not disclose it until a certain point, and that too if you know about hidden fees. Otherwise, you will be kept in the dark by such service providers.
In online money transfers, some of the service providers will keep their hidden fees out of sight but not out of mind and proceed with the transaction. If you ask them about sharing their fee structure, they will apply evasive tactics instead of answering straight. You might believe them but never know the truth until you fall prey.
Then, you are informed about the hidden costs only after the transaction either completes or reaches a point where it can neither be aborted nor reversed.
Since the matter involves the immediate financial support meant for your family back home in your money transfer from UK to Bangladesh, you are left with no other choice except to make the payment.
Now that you know the risks associated with money transfer services, let’s understand the fee structure of the world’s leading online money transfer service, ACE Money Transfer.
One of the reasons for the successful journey of ACE Money Transfer and the unwavering trust of its valued customers in the firm is the extremely transparent fee structure of the company. All charges have been stated clearly, leaving no room for rough guesses and wrong speculations. The following few features characterize the fee structure of ACE Money Transfer.
The firm charges direct fees for offering the services you want from it, which are online money transfers. You will be charged a direct fee for sending money to the country where the firm is operationally present.
Unlike many other service providers, the fee structure of ACE Money Transfer is open to scrutiny. If you request to ascertain the details of the firm’s fee structure, all the details will be shared instantaneously with your concerns.
The company may also charge fees as a small percentage of the amount being sent. Fees charged thus are even less than the direct fees you must pay to the firm. For example, on sending, say, GBP100, you may have to pay less than a few cents as fees for transferring this amount.
The company charges fees only if your sending amount reaches a certain threshold. Your transfer will likely remain fee-free if your amount remains below the set threshold. Apart from this, you can enjoy your fee-free transfer for using ACE Money Transfer's services, if you are remitting for the first time.
Apart from the above mentioned details about the firm’s fee structure, the company regularly launches promotional campaigns to award its valued customers by doling out amazing prizes. Their offers also include waving off fees on your international money transfers.
Now, the million-dollar question is: why would you think and worry about hidden fees when your chances to have fee-free transfers are high and bright? Wouldn’t you agree?
The firm does not stop at offering you financial relaxation by charging you a low fee and by waving the fee off in the first place. It offers you several other amazing advantages. Some of these advantages are explained briefly below.
Several companies offer you only a limited range of methods to choose from for your online money transfers. But with ACE Money Transfer, you can have several payment options to choose from or even request to add a method that corresponds to your needs.
You can also request the firm to add a country if you do not find one in the available options. It saves you from switching companies, which you will do if you have to transact with a country not listed with your current service provider.
The flexible currency exchange rates offered by ACE Money Transfer allow you to initiate a transfer immediately if the rates are high and favorable or wait till the rates spike and move in your favor.
If you want to make an online money transfer from UK to Bangladesh with credible and reputable financial institutions, you will seek financial benefits.
The service features of ACE Money Transfer explained above should not cause you to look elsewhere if you are conscious about the core objective of your expatriation to the United Kingdom from Bangladesh: financial support to your family. The process of money transfers in this context is recurring and incurs costs. Right? How about choosing an online money transfer service provider that can offer you fee-free money transfers with speed and safety right from the middle of your comfort zone?
A fee is the small amount you pay for a service. A fee is applied in various ways. It has no uniform standard or amount. Every service provider charges fees differently in the form of cost, commission, penalties, or charges.
There are two most common fee types. One is the direct fee, and the other is the indirect fee. The direct fee is paid directly for the services you are getting. An indirect fee is applicable when different intermediary institutions are also involved in a service.
A hidden fee is a set of charges that a company applies to a service you are getting without informing you about it. Unscrupulous companies mostly apply it. Such companies neither inform you about these charges nor manifest them in their fee structure.
The fee structure of ACE Money Transfer is extremely transparent. It is open to scrutiny, the fee is either applied directly or as a small percentage of the transferred amount. The firm applies fees only if the amount reaches a certain level below which the transactions will be fee-free, and you can also join the firm’s promotional campaigns to win prizes and have fee-free transfers.
Some of the additional benefits you can get while sending funds to Bangladesh from the UK are the availability of several payment methods to choose from, swift and safe transfers, the ability to add countries, and live and market-competitive currency exchange rates.
Resources
(Bangladeshi Diaspora: Cultural Practices and Development Linkages | SpringerLink)
