What Are the Top Myths About International Money Transfers Need to Clarify?

Large businesses that could afford the lengthy and costly method of sending money to Gambia and other countries. Only Such type of companies was used to be the ones doing foreign business. Waiting for money to arrive, paying for the shipment, and delivering a high currency exchange rate was not an option for SMBs. However, times have changed, and companies no longer rely exclusively on the banking system to send money internationally. The introduction of safe, compliant international payment systems has made expanding your e-commerce business internationally infinitely simpler, quicker, and less expensive. Cross-border payments, whether sent or received, are no longer a significant impediment to global success.

 Myth #1 – Send Money to Abroad is still Quite Expensive – Is it true?

Let’s look at an example. Let’s say you want a money transfer to Gambia using an online money transfer service. With Ace Money Transfer, a 1% exchange rate and no transfer fee, you’ll have to pay USD 1000 plus exchange rate charge with no hidden cost. As 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.

Myth # 2 – Online Foreign Exchange vendors can’t handle high-value transfers – Is it so?

The maximum amount of online money transfer to Gambia is N500,000 for individuals and N3,000,000 for corporate bodies every financial year, according to the Central Bank of Nigeria (CBN). An online foreign exchange can not only handle that number, but it can also make the whole process more convenient.

Myth # 3 – Writing A Check Is Better Option – How Is It Possible?

Writing a check is a simple alternative, but it is not a better one. It takes time for a bill to be cleared after you write it. When you transfer money through an online money service provider like Ace Money Transfer, the process is much faster.

Online remittance companies are displacing traditional banks as a result of technological advancements. They are fast, dependable, clean, and economical. Ace Money Transfer takes pride in being Gambia’s first and only genuinely online money transfer agency, specializing in sending money internationally with minimal fuss. Thanks to Ace Money Transfer, now sending money to Gambia online and worldwide is simple to use, quick to react, and fully secure.