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What NOT to Do When Choosing a Remittance Transfer Company

08 Dec 2022

Did you know that you can lose all your funds in a digital scam if you do not choose the right remittance transfer company?

It is said that the remittance flow will increase by 7.2% in the coming year. With the growing need to send remittances, an emphasis should be made on selecting the right money transfer service for you.

You might find several tips and guidelines on finding the correct service to transfer funds across borders. However, do you know what you must avoid when selecting a remittance provider? Worry not since you have a brief guideline below in this regard. Keep reading!

5 things not to do when choosing a remittance transfer company

Choosing the correct remittance transfer service is more complex than you think. It should be thoughtfully done by keeping all the factors in mind. Here are the 5 things that you should not do when choosing a remittance transfer company.

Do not choose the first remittance transfer company that you find.

There are plenty of money transfer companies out there. Each offers different features and feasibilities. You should never choose the first remittance transfer company that you find. It is always advisable to choose a service after conducting in-depth research. It is helpful when you compare the features of different companies and choose the one that suits you the best.

You can make a list of the top companies that have positive testimonials and compare their features. Never choose companies with no reviews, as you can be stepping foot in fraud. It is best to stick to reputable names in the industry that have been around for years.

Do not choose a non-reliable remittance transfer company.

Make sure that the remittance company you choose is reliable. Reliability can be judged from different factors. Many agents and remittance companies are unlicensed. These are not reliable and could be fraudulent. Most such companies would lure you in by offering lower transfer fees or higher exchange rates. It is best to investigate further for proper licensing. Banks and other financial institutions charge higher fees but are the most reliable.

However, there are better alternatives. ACE Money Transfer offers lesser transfer fees with higher exchange rates and has proper licensing to stand a reputation in the industry. It is an authorised firm that safeguards your funds against scams and frauds. It is regulated as an Authorized Payment Institution (API) by FCA in the UK, FINTRAC in Canada, and AUSTRAC in Australia.

Do not choose the remittance transfer company without checking the exchange rates and transfer fees.

Expenses are a good factor to consider before choosing a remittance transfer service. Usually, a flat 7% global commission rate is charged. However, many services would either charge you more than that upfront or have underlying hidden charges such as a receiving fee. 

Exchange rates also play a part in maximising fund reduction. Financial institutions often offer static and low exchange rates. Before choosing the service, it is best to gather information on the latest exchange rates and charges. You can also save money by availing of discounts available during certain seasons and festivals. It is recommended to transfer larger funds in a single transaction to reduce expenses.

Do not choose the remittance transfer company with a poor customer service

An online money transfer can come with certain complexities for some people. Especially the ones new to it. Hence, having help at hand can always be beneficial in case of problems or doubts. It is better to confirm rather than send money to the wrong person or not at all.

Make sure that the remittance transfer service you choose has good reputable customer service. The responses should be timely and clearly explained. It can be really helpful in times of glitches, delays, or non-arrival of funds.

Do not choose the remittance transfer company that doesn’t offer your type of convenience.

Another important thing to take into consideration before choosing the remittance transfer service is the convenience of the sender and receiver. You should choose the best option to send money based on multiple factors, such as:

  • Medium to send money (wallet transfer, cash pickup) 
  • Cost of the transaction (receiving fee, rate of transfer) 
  • Speed of transaction (emergency or non-emergency)

ACE Money Transfer is the top reputable remittance transfer service

ACE Money Transfer is the leading remittance-sending service with millions of returning users worldwide. It has been an industry leader since 2002. It provides smooth and speedy international transfers with utmost ease and safety.

ACE Money Transfer offers the speediest transactions at unbelievable rates

ACE Money Transfer is a go-to option in times of emergencies as it delivers fast. All transactions are completed within a day. No delays ever occur unless the sender provides the wrong details. ACE also offers the lowest transfer rates with market-competitive exchange rates. The system is absolutely transparent, and there are no hidden or receiving fees.

ACE Money Transfer offers convenience to its users in every way

ACE Money Transfer is the choice of millions due to the convenience that it offers. You can initiate the transfer at any time of the day. You can opt for a cash pickup service if your recipient does not have a bank account. ACE also runs several promotional offers throughout the year that you can take part in to get discounts and prizes.

ACE Money Transfer operates on a global network

ACE Money Transfer works in almost every country of the world. You can send money from 25 countries to 100 plus receiving countries. It reaches even the most underdeveloped regions where banking facilities are unavailable.

You should always do your own research before choosing the right money transfer service. The above-mentioned factors will help you to decide the best option for you. 

ACE Money Transfer offers the best rates with added conveniences. You can sign up for free and enjoy unlimited international transactions. So, join ACE family and send money online to your family from overseas with the most benefits that you won’t find anywhere else.


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