Challenges with International Money Transfer

Are you looking to find the ideal method of online money transfer to send funds back home? 

Many professionals working outside of their home country have often faced difficulties sending money back to their families. We live in a fully-fledged digital era but still face impediments when it comes to international transactions. Plenty of factors still need improvements for a smooth money transfer to Morocco and other countries. Here are some common challenges with international money transfers that both sender and receiver face.

The strain of hidden charges

The biggest bummer while sending money to Morocco is the surprise entry of hidden fees. Most of the money transfer services you use would often lure you into their tempting deals without disclosing the actual costs you would pay. Most trade companies and individuals pay far more than what they expect to transfer their own hard-earned payments cross-borders. Wire transfers would easily incur flat fees of around twenty to fifty pounds and sometimes even more. Another hidden cost is charged by the intermediary banks that are sometimes associated in the middle of the transactional process. These banks would add a wiring fee that puts a strain on both sender and receiver.

The inability to track funds

One of the significant issues that the sender of funds faces is that most services do not offer the tracking of funds. The unavailability of the tracking facility hinders the smoothness of the transactional process. Receivers often have no insight into when they can get their funds, and senders have no view into the transaction’s status.

Increased exchange rates

Exchange rates play a significant role in international money transfers. The exchange rate refers to the rate at which one currency is exchanged for another. Remittance senders often face the difficulty of buying currencies at higher a rate. Banks are known to charge a premium on foreign exchange. The exchange rate that they offer is often a more considerable margin above the market exchange rate. It puts a heavy strain on the sender’s pocket.

Slow and time taking transactions

International money transfers are often very time taking procedures. For example, if you want to send money to Morocco from UK through wire transfer, you can expect 4 to 5 days for the funds to reach the recipient. This is not ideal in times of emergency. 

So, what is the best way to make a money transfer to Morocco from UK or any other country? Considering the swift transaction speed, security, tracking facility, and many other service features, online money transfer is the best solution to send the funds cross-borders.

Possibility of frauds

According to recent research reports, frauds related to online money transfers have surpassed billions of pounds. It is one of the prevailing issues of the digital era that concerns the remittance senders and receivers. Hackers and fraudsters would not let go of any opportunity to rob. Many banks have fraud detector software that can sense the possibility of such dangers. Despite that, fraudsters often manage to hack the systems to gain illegal benefits.

What is the best solution to transfer money internationally?

Online money transfer has many benefits as well as drawbacks. If you often have to send money to Morocco online or any other country, it is best to stick to one service that provides the most accommodating options. ACE Money Transfer is the leading online money transfer company that offers the most secure transactions, the best exchange rates, and the lowest transfer fees. It provides the utmost protection of the funds by deploying advanced level end-to-end data encryption and complying with FCA’s regulations. ACE believes in pure transparency and has no hidden charges awaiting its users. Shift to ACE for a smooth and safe experience with online money transfer.