15 Mar 2024
The number of Nepalese working abroad is rising due to several financial challenges from the flailing Nepalese economy. According to a brief by The Official Portal of the Government of Nepal, around 1.6 million Nepali migrants are living in developed countries. About 2,000 of them live for livelihoods in France and send money to Nepal from France to offer financial support back home.
But despite the presence of innumerable online money transfer service providers offering convenient services across borders, there is one worry many Nepali migrants grapple with.
What is the most confusing part of online money transfers?
Well, it is the hidden fee that a financial institution or service provider charges you without informing you earlier.
This blog will walk you through hidden fees and share tips to avoid hidden fees.
But first, let’s look at some of the reasons driving Nepalese abroad for work to understand better a hidden fee and why you need to stay alert about it.
Traveling to other countries is fascinating only in the beginning. As soon as the excitement and fascination wear thin, you feel the heat of migration and the cost of leaving your friends and family behind.
The pressing financial needs in Nepal trigger migration because the absence of a sustainable income for most Nepalese drives them into acute and deeper levels of poverty. It is the basic reason underlying migration from Nepal.
Therefore, they travel to developed countries, including France to earn a living and send money online to Nepal from France to offer financial support back home.
A couple of other reasons merit separate mention.
In another report, the World Bank said that the inward remittances to Nepal stood at $9.29 billion. The quantum of these remittances seems big enough, but when other factors, such as the population, diaspora size, and economy, are considered, the overall scenario appears bleak.
A hidden fee is the service charge your service provider charges you in the name of fees without informing you. It is applied by almost all financial institutions, barring a few exceptions with the repute and credibility of a global resonance.
A service provider charges a hidden fee because you have no idea about it. An unscrupulous service provider in the global remittance transfer industry, out and about to fleece you, will prey on your lack of knowledge about hidden fees.
It becomes difficult for them to charge you a hidden fee on your online money transfers if you know everything about it because you will likely request your service provider to provide you with the details about their fee structure. Such a request can set alarm bells for the service provider.
It is the critical part whose deep understanding is important for you.
An online money transfer typically involves the following costs, namely:
An online money transfer service provider with evil intentions will initiate a transaction for you without allowing you to go through the fee structure. The transaction proceeds and reaches a point where it can neither be canceled nor aborted.
So, what do you do?
Well, your only choice is to pay the service charges because other than the hidden charges, the matter involves financial support you send back to your family in every money transfer from France to Nepal.
So, make sure to:
A hidden fee is a tricky business. It can wear many forms and shapes. Most migrants worldwide are wary of online money transfers because they fear hidden charges. Hidden charges can potentially throw your finances into disequilibrium.
Because you never knew nor have you ever been told about these charges. You are only apprised of these charges when your transaction reaches a point where it can neither be aborted nor canceled or reversed. So, you simply have to pay the hidden fees.
The following tips, however, can help you beat hidden charges when sending money to Nepal from France.
Determine your financial needs regarding cross-border payments, then choose the right method. Remember that a huge array of available service providers can leave you confused. So, make sure to understand what you need and then select a service provider.
It is important that you choose the right service provider with care. Your financial needs have to be clear, and then you must check the pros and cons of different methods before finally selecting one that corresponds to your needs. This will automatically help you filter out the service providers that can damage you financially by charging a hidden fee.
Dazzling technology has made it easier for you to compare different remittance service providers and their services. Check and compare fee structures, exchange rate types and policies and customer feedback of different service providers.
For more tips, consider visiting our blog:
A simple and easy way to compare the services of different remittance service providers is to visit their official websites and other official platforms and go through the customers' comments and feedback. Remember that in the official world, particularly one in which your hard-earned money is involved, there is little room for courtesy.
You will essentially find scathing criticism of a service provider or some of their questionable features by the customers. So, what would the feedback be like if customers had to pay hidden fees? Therefore, a glance at the feedback on a firm’s official platform can help you a long way.
Always remember that a genuine service provider will be open to discussing their fee structure with you if you request. They will go into the tiniest details to make you understand their fees. So, it is essential for you to discuss the fee structure with your service provider. ask them certain questions about how they charge fees, what factors form fees, what are the formulae that they apply to charge fees, and how to bargain the service charges.
Remember that only unscrupulous elements in the industry will shy away from answering your basic and simple questions.
Therefore, negotiate the fee structure before initiating a transaction.
Some of the most credible and reputable service providers, like ACE Money Transfer, keep launching certain promotional campaigns for their customers. These campaigns are designed to celebrate certain festivities like Christmas, Eid, etc. Your participation in these campaigns can help you win amazing prizes.
One of the most common features of these promotional campaigns is that they allow you to have fee-free money transfers as long as the campaign is alive.
The best part is that these campaigns are launched regularly. At least, you will not find the difference between the two campaigns so wide that you cannot wait until the launch of the upcoming one.
Therefore, ask your service provider about their campaign history and also see if any such campaign is starting anytime soon. Try joining one if it is close enough!
You will be charged a fee for every transaction. Right? Now, imagine a service provider is charging you a hidden fee, and you continue to send money through it. What would happen?
Well, simply put, you might end up paying more to the service provider than sending the financial aid to your family back home. Therefore, make sure that you design your money transfers properly in terms of time duration so that you do not have to pay money as fees regularly.
So, avoid multiple transactions with every service provider except some of the most credible ones, including ACE Money Transfer, whose multiple transfers remain as cost-effective as a single transaction.
As mentioned earlier, determine your needs and choose the right service provider for an online money transfer from Nepal to France to offer financial support back home.
Considering your needs and requirements of paying a low fee, getting live and market-competitive currency exchange rates, swift and safe delivery of funds, and convenient access to 24/7 services in several countries worldwide, choosing ACE Money Transfer is your best decision.
The best part is that the fee applies only if the amount you transfer reaches a certain level, below which you can enjoy as many fee-free transfers as you like!
Due to myriad financial challenges, Nepalese work in developed countries like France. These challenges include the flailing Nepalese economy, acute poverty, rampant unemployment and declining inward remittances.
A hidden fee is a fee that is applied discreetly to a service that you avail of. It is called a hidden fee because it is neither shown in the fee structure of a service provider nor is it discussed with the customers of any type of service.
An online money transfer involves three charges: direct fees, currency exchange rates, and currency conversion fees. An unscrupulous company will initiate a transaction for you and then inform you about the charges after the transaction can neither be reversed nor aborted, compelling you to pay the fee they ask you.
You can beat the hidden fee when sending funds online if you determine your needs and choose the right service provider. It is important to negotiate fee structure with the service provider, compare service providers, ask for promotional campaigns, and avoid multiple transactions.
The best way to enjoy cost-effective online money transfers is to choose a service provider that offers speed, safety, market-competitive exchange rates, 24/7 service access, and a low fee. ACE Money Transfer is your best choice for all this and much more.
