CHALLENGES FACED BY PEOPLE WHILE USING MONEY TRANSFER SERVICEJohn October 28, 2019 0 COMMENTS
Sending money internationally has become the need of every second person. Many people have to send money to their families, children and loved ones who are permanently or temporarily living in any other country. But, when people were asked about their experiences with IMT’s many of them discussed different problems that they faced to send money online. Some of the most common challenges are explained below.
- LENGTHY PROCEDURES: The people who aren’t educated enough were unable to follow the lengthy procedures that were necessary to be followed to send money to the Philippines online. Some banks and money transfer companies require the customer to fill in extra details before making the transfers. It can be hectic and time taking for a person who is using this service for the first time.
- MARKED UP EXCHANGE RATES: Currency exchange rates is the most highlighted issue in international money transfers. Many people complained that they had to pay extra bucks in order to send money to the Philippines. Many companies and retailer banks are charging higher exchange rates from the customers which are compelling them to pay unnecessary bucks. Moreover, some platforms are also charging a higher service fee from the people. Overcoming all these factors and choosing the best portal is also a big challenge for every person who has to transfer money online regularly or rarely.
- ADDITIONAL DOCUMENTS: No doubt, privacy, and security are crucial for any organization. But, some banks or money transfer companies may cause trouble for the customers by asking for additional documents. Although it may be necessary for them to do so according to the customer’s perspective it’s hard to collect and take a bundle of documents solely to transfer some cash online.
- LATE CASH DELIVERIES: To our surprise, despite so many modernizations in the transfer systems, many people claimed to experience the problems of late cash deliveries. Many people complained that their payments were not sent till a whole week. It caused problems in the life cycles of many people.
- SLOW TRANSFER SYSTEMS: In online money transfers, many people complained that the websites were too slow at times. Sometimes, the system may stop responding and many people experienced expired transactions while transferring their payments. Many people had to visit the banks or payout locations for resolving their issues.
WHAT IS THE SOLUTION?
The easy and simple solution is to put some time and effort into choosing the best provider which can carry their payments safely. Many money transfer companies such as Ace Money Transfers are providing reliable services with optimized exchange rates and your payments can be sent by three simple steps. If you are still looking for any trusted portal, then it’ll be the best choice for you!