30 Jan 2025
Do you know what the two biggest challenges were in traditional ways expatriates would choose to send money home from abroad in past?
Yes, you guessed it right!
Lack of convenience and risks involved in the process were the two biggest challenges expatriates faced in the days of yore. However, the need to expatriate and move money across borders existed for a long time. This pressing need and the complexities in the process ran parallel until pretty recently, leading to the rise of digitization of the process.
Fast forward to nowadays, and remittance transfer has become a practice rooted in technology that offers both convenience and security. But technological advancement has covered several other areas, too, which will be discussed in this blog.
Well, simply because sensitivity is innate to financial matters, you leave your family and support network and get out of your comfort zone to reside in another country to earn a living.
The money you earn after undergoing such hazards, at the least, requires it to be safe when being processed. Processing remittances largely means sending your money back home now and then to serve the purpose for which you expatriated in the first place – to support your family financially.
It is neither possible nor admissible that you travel back to your native country now and then to deliver money. Right? So, the easy way out is to send money online with security and convenience.
Needless to say, banks monopolised the cross-border movement of money until recently, with large swathes of global migrants still resorting to banks. It is despite that transacting money through banks is largely inconvenient due to the following few reasons, notwithstanding optimal financial security.
The inconveniences in transacting money through banks came to light only with the advent of online money transfer companies, many of which provide both convenience and security with several other features.
These inconveniences are:
These are some of the basic challenges you still face in your money transfer through banks. Although banks have been trying to overcome these challenges, they still have a long way to go yet online money transfer companies, on the other hand, have already taken the lead in this regard.
Remember that despite these challenges, a large number of people use banks for remittance transfers due to the security of funds.
Now, let’s take a look at some of the statistics about global remittances and the number of global migrants.
Now let’s take a look at the benefits digital remittance services provide you, including convenience and security – either or both!
These advantages make digital remittance services take precedence over traditional methods of international money transfer by resting concerns like convenience and security and by offering loads of other features explained above.
Your online money transfer is a simple process involving tight security and convenience if done via ACE Money Transfer. The other benefits the company offers you include: 24/7 service access, live exchange rates, low fees, around 350,000 pickup locations in over 100 countries, and speed so fast that getting remittances is just akin to taking money out of your wallet!
Digital remittance services allow people to send money internationally through online platforms and mobile apps, offering a faster and more convenient alternative to traditional bank transfers.
Most digital remittance platforms use encryption, multi-factor authentication, fraud detection systems, and regulatory compliance measures to protect users’ transactions and personal information.
They offer convenience, speed, competitive exchange rates, lower fees, and the ability to send money anytime, anywhere, without visiting a physical location.
While digital services provide enhanced security features, they are also susceptible to cyber threats. Choosing a reputable provider with strong security protocols is crucial to ensuring safe transactions.
Potential risks include online fraud, phishing scams, data breaches, and unauthorized transactions. Users should always verify the legitimacy of a service before making a transfer.
Use strong passwords, enable two-factor authentication, avoid using public Wi-Fi for transactions, and only transfer funds through trusted and regulated remittance providers like ACE Money Transfer.
Yes, many digital remittance platforms provide more competitive exchange rates and lower fees compared to traditional banks, making them a cost-effective option for sending money internationally.
ACE Money Transfer offers a user-friendly platform with fast transactions while ensuring top-tier security measures, including encryption and compliance with financial regulations, to protect customer data and funds.