How is online money transfer replacing the traditional money sending methods?

Do you know how people used to send money to Senegal before the digitalization of the payment system? In this article, we will throw light on how online money transfer methods are replacing traditional money transfer methods.

So long as the digital ways of sending money online did not introduce, people living overseas were comfortable sending funds through traditional methods, and the recipients also bothered little about queuing up at an agent’s window or on a bank counter to collect funds.

But, as soon as the digital or online money transfer methods came into existence, people realized the hazards they were undergoing in traditional ways.

Let’s take a look at the hazards involved in money transfer to Senegal and other countries worldwide in traditional methods.

Unsuitable for the unbanked:- You have to have a bank account both for sending and collecting funds in the traditional way of sending money which would take place through banks. And this disadvantage becomes more prominent in third world countries where still many people are still unbanked, which means they do not have bank accounts.

Transfer speed:- Traditional ways took a long time to transfer funds which until the advent of digital methods was considered normal but not anymore.

Accessibility:- Banks typically have to operate in a fixed frame of timing from 9 in the morning to 5 in the evening and from Monday to Friday which restricts the accessibility of banks both for sending funds or collecting.

These are some of the issues people faced in traditional ways of transferring funds. Now let’s take a look at how online money transfers to Senegal and other countries worldwide are replacing old methods.

Quick service:- The first advantage of online money transfer, which helped people was the speed at which online money transfers work. Unlike banks which would take many days to transfer funds now, people can send in funds in a matter of minutes or hours at a stretch.

Low fee:- A few online money transfer companies such as ACE charge low fees or service charges because of which both the sender and beneficiary do not have to spend extra to transfer funds which help the sender save money and send more.

Transfer through apps:- Digital transfers are being done through user-friendly mobile apps which are easy to use, and you can send money with the help of those apps right from the middle of your comfort zones.

No time restriction:- Digital transfers are not restricted or bound by the time constraints the like of which we have seen in the traditional methods of sending money.

Track status:- In digital money transfers, you can track and trace your transaction at any given point in time. Since every move takes place digitally, therefore, you can track it anywhere and anytime.

Transfer on the go:- In online money transfers, you can initiate and even complete a transaction while on the go without going to the banks, which was and still is the basic requirement to start and complete a transaction through banks.

Seamless transfer:- Online money transfer services offer seamless transfers of funds. In this method, you do not have to carry your physical identity documents for registration or verification. You can do this simply on your smartphones in a matter of a few clicks only.

Conclusion:- These are some of the most important reasons why and how online money transfer methods are overtaking the traditional approaches to transfer money worldwide. The only catch is to find companies of reputation and credibility such as ACE Money Transfer services for optimal service satisfaction to send money to Senegal online.