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What makes an online money transfer the best option for expatriates

What makes an online money transfer the best option for expatriates

15 Sep 2022


Do you know what has led to about 230 million expatriates accounting for $768 billion in remittances? Most people from low-to-middle income countries move overseas to find better employment and earn better than they do in their native country. Their primary goal remains to support their families' financial needs by making a fast and secure global money transfer. Now, here comes the question of whether expats should opt for digital remittance solutions or stick with conventional methods.

Technological advancement has digitised almost every aspect of human life and impacted people's financial behaviour. Where transferring remittances across borders was an activity with a limited scope until a couple of decades ago, it has now transformed into an action that holistically covers your finances. Keep reading to find out why online money transfer has become the need of the day for every expatriate.

Let’s first look at the reasons expatriates hailing from developing countries go abroad. A few prime ones are discussed briefly below.

Critical reasons to go abroad 

Typically, you can find many reasons for going abroad, including spending vacations, getting access to better healthcare services and tourism, etc. But these reasons do not squarely befit all expatriates being mostly uncommon. The common reasons for going abroad that the expatriates primarily share are as follows.

  • Firstly, people go abroad to find better employment opportunities as they cannot find suitable jobs and work in their native countries for a host of reasons, including a weak economy, low productivity and stagnated industry, etc.
  • Secondly, people go abroad to alleviate the growing poverty they spend their lives in otherwise. Of course, rampant unemployment breeds deep poverty, one of the factors most developing countries essentially share.
  • Thirdly, expatriates can manage savings through their foreign jobs, allowing them to send money online back home. People simply cannot manage savings with the limited means of earning they have in their countries of origin.
     

How is an online money transfer the best option for expatriates? 

As mentioned earlier, online money transfer nowadays is more of your financial management than mere transferring of remittances. 

Expatriates mainly have two main options to transfer funds across borders, including banks and online money transfer companies. But the latter option's features are far modernised and better than the former.

A brief services comparison is appropriate here.

Banks and wire transfers

A wire transfer sends funds from one bank account into another. Wire network such as Society for Worldwide Interbank Financial Telecommunication (SWIFT) is used to send money in this method.

Factors to consider

  • A wire transfer typically takes about 3 to 5 business days, but this time can extend depending on the destination country, the currency and the transaction time.
  • An international wire transfer incurs substantial service charges. 
  • Wire transfers are considered safe, but the risk of fraud and theft increases if you send cash instead of an account-to-account transfer. 
  • The process of wire transfers is long, tedious and involves loads of paperwork. It also involves your in-person visits to the banks.

Online money transfers

These are also known as Electronic Funds Transfers (EFT). In this method, you can send money to the beneficiary using a computer or smartphone and an internet connection.

Factors to consider 

  • Online money transfers are swift and take a few hours to deliver funds.
  • Online money transfer requires some charges but is, of course, cheaper than a wire transfer.
  • Several online money transfer companies have tight security parameters that leave little space for scammers to operate.
  • The process of online money transfer is pretty simple and easy.

Benefits of online money transfers

Following are the top benefits of online money transfers that make them the best option for expatriates.

  • Online money transfers are quick with some companies, including ACE Money Transfer. 
  • Many companies keep their transactions safe and out of the reach of scammers.
  • These companies are available in several countries with 24*7 service availability. 
  • Several companies keep their service charges low to enable remitters to save and send more to the beneficiary than the service provider. 
  • This method also allows you to pay your bills online through several companies' apps. 
  • It also helps you track your transactions and your expenses anytime in a manner that helps you with better financial management of your finances. 
  • International money transfer apps of several companies make money transfers easy and convenient for you. 
  • Many companies link their currency exchange rates with the international market, where they keep fluctuating. This allows you to initiate a transaction when the currency exchange rates are most favourable and competitive.

These are some primary advantages you get from online money transfers. Choosing the best company offering these services will depend upon how thoroughly you study different companies and how deep your comparison between the services of different service providers is.

In addition to service comparisons, a brief talk and engagement with the customer care service of the concerned company and a glance at the reviews of customers on the official platforms can also help you decide on the best company.

ACE Money Transfer – the answer you seek 

At ACE Money Transfer, you get all the features detailed above from one window in a holistic manner that complements your international money transfer needs and requirements from all sides seamlessly. Choose ACE with confidence to send money online to your family back home from the middle of your comfort zone through its online portal or mobile app.


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