Digitalization has been made possible by the ability to send money to India & across continents through online money transfers. Businesses can now move large sums of money amongst themselves with ease. The importance of online money transfers should not be underestimated. Because of the creativity and growth put into online banking, businesses have made billions of dollars.
Accessibility and security are two pillars that make online banking a valuable business tool. Many businesses are adopting online money transfer as the norm; some enterprises rely solely on online banking for all of their customer interactions. However, several people are still hesitant to completely trust digital banking due to many misconceptions and misunderstandings about the technology. Let’s take a look at a few of these theories and why they’re false.
Myth: Do You Get Same Rates For All Money Transfer Service?
I say, isn’t the exchange rate? True, but there are a few factors that influence the exchange rate between providers. Although the exchange rate cannot be changed, providers can apply a margin rate to their profits to make a profit. That’s why it’s critical to compare foreign exchange providers to ensure you’re not only getting the best value for your money but also paying the least amount of fees possible. Look for fee-free services like ACE money transfer with no fee and a high exchange rate for online money transfer to India and worldwide.
Myth: Does Online Money Transfer Is Time Consuming Than Bank Transfers?
The common perception is that money transfers to India and overseas take a long time (sometimes weeks) to process, thanks to banks. The explanation for this is that internal processes are complex and interdependent, resulting in slower operation. Furthermore, it is essential to note that foreign payments are not a bank’s primary business. Banks manage everything from internal money transfers to overseas bank transfers, deposits, consumer lending, business loans, student loans, offshore accounts, and other financial services.
That’s where ACE money transfer and other similar services will help. Transferring money internationally with ACE money transfer usually takes one or two business days. Certain variables, however, can affect the payment schedule. Furthermore, both the sending and receiving countries’ banking structures and holidays involve in the transfer period. The advantage of ACE money transfer is that, unlike banks, it keeps you informed about the status of your sending money to India online. At each point of the transition, ACE money transfer keeps its clients informed via email. Users can also monitor their transfers on the go using our website and app.