17 Nov 2022
Are you also confused about sending money internationally because of all the misconceptions surrounding it? Currently, modernisation is taking place everywhere in the world, every nook and cranny. The new changes are now familiar to people, which is reflected in their thought patterns and behaviour. Nevertheless, there are still some areas that people are ignorant of. International money transfers are one of these areas.
Today, the use of money transfer services is absolutely necessary. Due to some persistently false myths and misconceptions about the fund transfer process, many people are still hesitant to conduct international money transfers. This blog primarily intends to dispel some common misconceptions about international money transfer services.
Following are some of the most commonly misunderstood facts about global money transfers that every overseas worker must know. Knowing these facts will help you be wise with your decisions in a foreign land and help you make enough savings every month.
The belief that bank transactions are more secure is among the main arguments put forth by a sizable portion of the population against using online money transfers. Despite popular belief, online service providers have a strong risk management system in place to protect your money from being used to finance terrorism or money laundering.
Your profile is protected from unauthorised access, fraud, and money laundering by preventive measures taken by digital payments companies, which are subject to reporting to many regulatory bodies worldwide. Remittance companies are governed by the state, federal, and international regulatory bodies, just like banks, and are subject to routine audits.
Two separate ideas can be made out of this:
Both are false. It only takes a few minutes to register for an account and is free of charge. Once registered, you can begin transferring immediately, either online or over the phone. This process can be started in just a few minutes. Want to streamline the procedure even more? Before you begin the transfer process, have a look at this list of all the items you'll need.
An online money transfer also moves pretty quickly. You can start a transfer at any time of day or year since you're not working during bank service hours, and your money will arrive quickly at its destination. ACE transfers mostly arrive within 24 hours, occasionally even immediately, and take 1-4 business days.
To send money abroad, you don't need a bank account. When sending money abroad, you can use any method that best suits your needs. There are many different ways to do this. A wire transfer is one of the simplest ways to send money abroad. You can send wire transfers using your local bank or an online service like ACE Money Transfer. The recipient's name, address, and phone number are all that is required.
Money can be sent or received without having a bank account. There are alternative methods of sending money that does not require a bank account.
Prepaid debit cards are yet another well-liked method of sending money abroad. You can buy prepaid debit cards at most big-box stores, and they let you load money onto the card to use anywhere that accepts Visa or Mastercard. Through a peer-to-peer payment service, you can also send money online. Using these services, you can send money to anyone with an email address or phone number.
The typical transit time for an international bank transfer using SWIFT and the correspondent bank network is one to five working days. There are occasional lag times. These can be brought on by either the fact that various currencies are being processed or by the fraud prevention measures put in place by each of the correspondent banks involved in the process (SWIFT transfers may go through up to three banks). The payment might even be delayed by the day of the week or by a difference in time zones. The delays in such circumstances ought to be minimal.
There are errors occasionally, of course. These mistakes can be caused by people, like typing in the wrong destination information. Select a provider with safeguards to ensure that payments do not go wrong to reduce this risk. A quality specialist provider will have a payments platform with fewer manual processes and real-time tracking so that errors are reduced, and missing payments can be easily found.
Having preventative measures in place is crucial because fraud is a major concern in all facets of banking. However, if the worst happens and money is accidentally spent in the wrong place, it's unnecessary to write it off.
The companies that provide money transfer services have various tools at their disposal for recovering funds, and they also have teams in a place whose job is to recover payments that have gone missing. Choosing a partner with a global network and experience handling fraud recalls is crucial because it's a complicated process that necessitates getting in touch with all the institutions involved and conducting in-depth investigations.
Finally, don't forget to account for the time it will take for the money to arrive at its destination. You should choose a method that will get the money to you quickly if you need it to arrive quickly because some ways to send money are faster than others. Do your own research and disregard any myths that others may propagate.
Now that these misconceptions about online international money transfers have been dispelled, it's time to find a quicker and more affordable method of money transfer. Take ACE Money Transfer, for instance. When sending money abroad, ACE satisfies all of the customer's requirements.