What Are the Facts and Myths of Online Money Transfer? Beginners Guide

Do you hate the feeling of waiting in long lines in banks to send money to Senegal? Do you want to process payments from your current location or may from home? If you replied yes, you want to use online payment platforms.

Despite popular opinion, sending money abroad is not a difficult task. So, how about we dismiss some myths about the online money transfer process? Bust these global monies transfer misconceptions, and you’ll be on your way to getting the best exchange rate for money transfer to Senegal. We are now living in the most scientifically superior epoch in the history of humankind till now. However, there are quite a few misconceptions about foreign money transfers. People still use old-fashioned ways to send money overseas, indifferent to the fact that things have changed… for the better.

We’ll debunk some popular misconceptions regarding foreign money transfers in this article.

Why Sending Money Through Online Service Us Expensive Than Traditional Bank Transfers?

Let’s look at an example for clear understanding. Let’s say you have $1000 and you want to send money to Senegal online through a money transfer service. With a 1% exchange rate and no transfer fee, you’ll have to pay USD 100 in payments. When opposed to a conventional bank, you can expect to pay a transfer rate of 2% to 6.5 per cent, as well as a sending fee of up to USD 20. Overall, moving $10,000 via banks could cost between $220 and $670. As a result, sending money abroad can be very costly if you use the wrong channel.

Using Mobile Applications for Money Transfer Can Mess Up Things – Clarify

Accurate, we all make mistakes with our phones from time to time, but online money transfer applications keep your account details secure. And if you make a mistake and push the wrong button while online money transfers to Senegal or elsewhere, you can reverse the action on the following confirmation check. You may also contact real human customer support available 24/7 to ensure that a fraudulent transaction is not completed. Online money transfer services have a range of security tests built-in to ensure you don’t make any errors that are permanent when using them.