What Are The 3 Biggest International Money Transfer Myths You Must Need to Know?

Sending money to Ghana online or, more broadly, worldwide is a relatively new concept often viewed with distrust by some groups of the general public. Many misconceptions about online money transfer arise from a lack of connectedness with this new-age mode of money transfer and speculations about the business sector. While caution when dealing with online transactions is a sign of good judgement, one must distinguish between facts and myths. We’ve attempted to debunk some common remittance industry myths in this blog.

Myth #1 – Online Money Transfer Is a Complex and Confusing Process – Is It True?

It may have been in the past, but not any longer, especially if done online. Here’s what you’ll have to do for online money transfer to a foreign destination using your bank’s services:

  • Pay a visit to a bank branch that provides money transfer services.
  • Carry all necessary documents based on the situation.
  • Complete the form by entering the required information and forward your invoice (Submit your payment).

Online money transfers agencies like ACE Money Transfer, on the other hand, provide a simple way to send money to Ghana and overseas. You can complete all of the necessary paperwork from the comfort of your own home.

Myth #2: Online Remittance Is Too Risky as Compared to Banks – How to Clarify?

One of the main reasons why a significant portion of the population avoids online money transfers is that bank transactions are safer. On the other hand, online service providers have a comprehensive risk management mechanism in place to protect the funds from money laundering and terrorist funding.

Digital payment companies are expected to report to various regulatory bodies like the Financial Conduct Authority(FCA) in the UK and worldwide. And they have protections in place to protect the information from unauthorized access, fraud, and money laundering.

Online Money transfer service agencies, just as banks, are subject to routine audits and are controlled by the state, federal, and foreign regulatory bodies. For example, for online money transfers to Ghana, your service provider will be answerable to FCA in case of any mishap.

Myth #3: Money Transfer Is Expensive Is It So?

You must have the necessary money for your transfer. However, an online money transfer is no more expensive than a wire transfer or a bank transfer; it’s often cheaper. When you make an online transfer, you see what you get, thanks to the simple rates and lack of unfair fees provided for money transfer to Ghana and worldwide by online service provider like ACE Money Transfer.