Debunking Common Myths about online money transfer

 This article will throw light on a few Common Myths about online money transfer to Bangladesh, Nigeria or any of your homeland. 

Sending money online has become an urgent necessity for people who want to transfer funds digitally from one place to another. In the olden days transferring money from afar was a tedious task immersed in risks and perils. But the technological advancement has paved the way for safer online money transfers. It needs to be understood that the digital funds transfer from one country to another through unscrupulous online money transfer companies, as against through the global leader in the online money transfers industry ACE, has birthed many misconceptions and myths. Let’s debunk those. 

Complicated signing up:- If you think that the process of signing up with online money transfer companies requires loads of paperwork and is complicated, well, in reality, the process of signing up with ACE Money Transfer is just a few clicks away from you! You do not need a single paper to sign up with ACE, let alone a stack of paperwork. All it will require is some basic details from you to register and that too only for the first time you register with us. 

It is risky:- It is another myth that has stemmed from sending money through companies with a dubious reputation. But, while you transfer funds digitally through credible companies such as ACE, you will not worry about the security of your transactions and funds. These online money transfer companies have tightly secured systems in place that guard your funds against unauthorised access and keep undergoing regular government audits. So, be confident. Your funds are safe. 

Digital transfers are costly:- It is another myth. People have a misconception that all the money transfer companies charge exorbitant fees for providing services. It is not completely true. Many companies will charge a minimal amount as service charges. But to get the best deal in this regard, you will have to make your choice smartly. 

Family-bound transfers only: Another myth is that when people send money to Bangladesh or anywhere around the globe using online transfer, they are used to transfer funds to friends and family only. But it is a grave misconception. You can pay your bills, rents, shop online, and even make online payments for luxury items using online transfers. 

Several days to transfer:- Another myth is about the time an online money transfer takes to complete. People think that normally, an online money transfer will take three to seven working days. This is true only if you transfer your money through banks using a wire transfer. And unlike banks, online money transfer companies such as ACE will only take between a few seconds to a few minutes to transfer your money digitally to the intended destination.

Need to be tech-savvy:- It is another misconception about transferring money online. People think that since it is a digital transfer of funds, it will require tech-savvy. The reality is succinctly the opposite. There is hardly anyone who cannot use a smartphone in this tech-driven era. And if you can operate your smartphone, you are justified in believing that you are adept in technology when it comes to using it for digital transfer of funds. Trust us on this! 

Symmetrical exchange rates:- Against the myth saying the exchange rates are the same everywhere you go, the reality is that no two companies will offer you the same currency exchange rates, let alone many online money transfer companies offering similar rates. It is because currency exchange rates keep fluctuating in the international market and never remain static. 

Personalised benefits:- It is another myth about online money transfers. People think that online money transfers are beneficial for the beneficiaries, including friends and family, only. But the reality is quite different. Remittances are a big boost for a country’s economy and pave the way for foreign currencies to flow into the recipient country. They also help a country with foreign exchange reserves. 

Conclusion:- This article has, hopefully, discussed some of the most common myths that people have about online money transfers. We have not only discussed these myths in a manner that the reader will be better positioned to understand, but we have also logically busted all of them. With all of this, it is appropriate to keep these myths in mind and make your moves smartly.