What do you think are the expectations and realities of sending money online? This article will shed light on the expectations and realities of people while sending money online.
People from the countries with limited resources, including the African countries like Senegal, go to the developed countries to secure a better economic future. From those countries, they send money to Senegal through the world’s top online money transfer company ACE, after they find work and begin to earn. The number of expatriates who send money through ACE globally runs into million due to the service quality and exceeding its customers’ expectations. Let’s see what these expectations are and where is the gap between realities and expectations that many other online money transfer companies, barring ACE Money Transfer, cannot bridge. We start here!
Data Security:- There is an expectation that the data you provide to the online money transfer company or a bank for online funds transferred will be secured. Where this expectation is pretty much met by credible financial institutions, the reality is a little awkwardly different. A company or an institution, barring exceptions like ACE, is less likely to be as sensitive and concerned about your data as you are. And this paves the way for online scams. A little lowering of guard by a company, you have shared your data with while expecting it to be completely safe, can lead to your important data being compromised in reality.
Time-lapse:- Customers expect that there is no time involved in online money transfers to Senegal or another country. Here, you click the proceed button, and there you go. The funds are transferred! We, at ACE, proudly meet this expectation and rather exceed it most of the time. But this is not the norm with other online money transfer companies. There are a few factors that can cause delay. For example, if the networks are down, time will lapse depending on how long the broken network takes to recover. Secondly, in third world countries, if it rains, it necessarily triggers power outages and affects networks. Thirdly, the traffic load on a company’s site can also hamper the transfers with ensuing time lapse. Customers have to keep all of these factors in mind while sending money online.
Cost:- Another expectation of the customers in sending money online is that since this transfer is online, it does not incur any charges. And all it needs is an internet connection. It is what it is – an expectation. In reality, these are fees and services charges that are involved. Which company charges how much is another pair of shoe that is impertinent to what we are discussing. But, it does not take a simple internet connection to transfer funds, in reality. Nominal charges are a hallmark of ACE Money Transfer but not necessarily of other companies in the market.
Exchange rates:- The expectation is that the customer will always get the best exchange rates, but this is not always the case. Many companies offer exchange rates that are not competitive, like the rates offered by ACE for money transfers to Senegal and other parts of the world. The reality is that the companies extract profit from the currency exchange rates they offer to the customers.
Hidden charges:- Customers expect the services charges to be exactly what the companies offer, but there are hidden charges involved that you will be realized in the swollen bill you will have to pay at the end, barring exceptions like ACE. Many companies, in reality, will not share the details of their fees structure and show a minimal amount they will charge as fess, prima facie. But as the transaction proceeds, charges will begin to add up. This is a common reality.
Omnipresence:- Customers expect the availability of these online money transfer companies at any given point in time, anywhere. That is pretty much the case, but in reality, things are a little different. There are times when a company’s services are not available, or their offices are closed in the wake of emergencies you are unaware of.
Precautions are not involved: Another expectation is that customers think that they need not take preventive measures since it all is online. All the security will be the responsibility of the company they send money through. And this expectation paves the way for online fraud. But the reality is quite different. It is you who is supposed to take the preventive measures to be safe online. Therefore, it is important to take precautionary measures such as keeping strong passwords, not using public internet connections, and knowing about the modus operandi of online scammers. All of this you will have to ensure on your part to stay secure online. Never use public wifi to send money to Senegal online, not only to Senegal but any country worldwide.
Conclusion:- We have shed light on the exceptions and realities that are involved in the business of online money transfers worldwide. It is appropriate to thoroughly read about the services and company policies of the company through which you want to send money online anywhere globally. Besides, ensure that you take all the precautionary measures that no one else can take on your behalf for beefed-up online security.