What Are Pros And Cons Of Using A Wire Transfer For Developing Countries?

Wire Transfers are used on a wide scale all over the world. People use this service to benefit themselves with reliable transfers. This is basically a synthesis form of traditional cash deposit transfer with advanced systems such as SWIFT and CHIPS, for sending money quickly online from one state to another. Here are some pros and cons of using this facility to send money to Ghana and other countries.

How To Evaluate The Benefits Of Bank Money Transfer?

1. Reliable Money Transfer

Wire Transfers are more reliable than online transfers. When you send money online, there are chances of server breakage, expired transactions or reversed transactions in some cases. But in case of wire transfer, you can easily do money transfer to Ghana or any other country without worrying for any other thing. Once you submit your request to the bank, your payment will be automatically transferred.

2. Large Transactions:

Online platforms usually have transfer limits. If you want to make a business transaction or any large transfer, then wire transfers are more beneficial. Online Transfer Companies charge according to the payment you’re sending, and it may cost unnecessary hidden fee. On the other hand, wire transfers have flat rates, that are told to the customer beforehand. These are the better choices for the online money transfer to Ghana and wherever you want.

3. Quicker Transfers:

A wire transfer can proceed with your transfers quickly compared to simple cash transfers. It usually takes 1–2 business days to complete your transfer. On the other hand, the traditional bank transfers take 1–5 business days to transfer payments successfully.

What Are The CONS:

1. Risk of Cash:

Carrying cash physically to a bank and taking the payment back home is no less than a risk. Day by day, increasing crime rate has given birth to many societal problems. If you are carrying cash, there is a high chance of getting theft. Even sometimes, the payment can also get lost. Thereby, it’s not safe to have some money in hand while travelling anywhere.

2. No Urgent Money Transfers:

The money cannot be sent on an immediate basis through wire transfers. It will take a day or 2, but if you want to transfer payment within seconds, then a wire transfer can’t do that.

3. The hassle of Forms in Money Transfer

It is a hassle going to a bank, waiting in queues, filling long forms its extra hassle for anyone. Nowadays every person is busy, and no one has enough time to do all this. Moreover, you’ll have to bear transportation charges too while visiting the bank or money transfer’s platform.

Also send money to other countries like Ghana, India, Nepal, Philippines & Uganda.

Conclusion:

Every technology comes with specific pros and cons. You can decide the best provider, according to your own needs and requirements. ACE Money Transfers is a well-known company providing the facility of traditional transfer, online transfer and wire transfer to its customers. If you want to send money to Ghana online or anywhere else internationally, it will be an excellent choice for you in home remittance. If you have any queries related to the process, then you can contact their customer support or visit them physically.