5 Horrible Mistakes You’re Making With Sending Money Online

What do you know about the five horrible mistakes you’re making with sending money online? In this article, we will shed light on the common mistakes you are most likely to make while you send money to Senegal or any of your home countries, online. Now there is a catch! The title talks about the horrible mistakes, whereas the description says common mistakes. The catch is that these common mistakes turn out to be horrible owing to their grave fallout. We will get to those shortly. 

People from countries with limited resources, such as Senegal, go to the developed world to secure a better economic future for their families, including themselves. On finding work, these Senegalese expatriates do money transfer to Senegal through the world’s leading online money transfer company ACE Money Transfer. 

But it is important to understand that there are a few mistakes that people end up making in online money transfers even though the entire world is almost indulging in sending money online for comfort and convenience. Let’s begin to discuss the mistakes. 

Not checking the exchange rates:- This is mistake number one that people fall victim to while sending money online. They go to one company and settle down with the exchange rates they have been offered. Even you are most likely to settle down with the rates the concerned bank will offer you. You must bear in mind that many companies offer currency exchange rates that are not market competitive. These companies keep a profit margin in their rates alongside charging fees. This can potentially affect the amount you plan to transfer, and you are more likely to pay to send less in exchange for paying more. Therefore, you need to shop around for better and competitive currency exchange rates and check ACE Money Transfer rates.

Not considering dates: Normally, people believe that digital payments occur instantly, which is true to a large extent. But, imagine if you have to send money within a given deadline or you are in the middle of an emergency to meet which you send money without considering the calendar. What will happen? You guessed it right. Your payment will delay and will render you incapacitated to meet the current emergency. Therefore, keep in mind the following factors before you send money online

Holidays:- Check if the country you are sending money to will have a holiday when you book your transaction or if it is a holiday at your end. Because it will cause a delay if you initiate a transaction today without considering that tomorrow will be a holiday in the recipient’s country. 

Method of payment:- Bear in mind that all the online money transfer methods do not have the same delivery time. A wire transfer through banks will take a few days compared to a few hours; your money will deliver to the intended destination if sent through ACE Money Transfer. 

Expected delivery dates:- Before you hit the confirm button to proceed with the transaction, the concerned company will show you the dates the beneficiary is likely to receive funds. Keep an eye on the details. Therefore, you need to keep an eye on the calendars of your country and the country of the recipient if you want to avoid the hassle of delayed payments.

Not exploring all options:- It is another mistake that people make when they send money online. They only try to send money through companies that promise swift transfers at low service charges. There are many other options to explore, such as the security of the funds and the competitive currency exchange rates. Besides, many companies will offer quick transfers at low fees but will have hidden charges. And you will end up paying more than you expected to pay. Therefore, it is strongly recommended that all other options be explored in detail before settling down with one. 

Not learning about online scams:- Online money transfers are prone to online money scammers. Many cases have been reported where people had fallen victim to online scams because they did not know the modus operandi of online scammers. You must keep a few questions in mind each time you plan to send money online, such as knowing the recipient; ascertaining if the need is genuine; if there is some suspicion about the entire situation or if you are using the services of an internationally well-established and recognized company like ACE Money Transfer. Therefore, you need to learn about the scams, how the scammers strike, the answers to these, and a few more basic questions regarding sending money online. 

Not considering companies:- People use banks for a range of financial services and needs. But trust us, banks are not ideal for sending money online. There are two basic issues you will come across while you transfer money online via banks. One is the exchange rates that are never competitive and the high fees that banks will charge you. Banks take a margin for profit from the currency exchange rates they offer alongside high service charges. And the other is the time it takes to transfer funds through banks. Typically, banks take between three to five working days to transfer funds. And this time is way too much in today’s tech-driven world. Therefore, it is advised to consider sending money online through ACE Money Transfer. It charges extremely low fees without compromising the service quality and transfers funds between a few minutes to just a few hours. 

Conclusion:- This article has walked us through the five mistakes people make while sending money online. These mistakes seem small and common because many people end up doing those, but their fallout turns out to be horrible each time any of these mistakes are made.