Why Exchange Rate Matters A Lot When You Need Online Money Transfer?

Do you know what is the common reason people send money to Pakistan?

Many people from Pakistan leave their countries for money-earning. When great job opportunities are given to people, they leave everything behind, and move to an estranged country, start from the beginning, face all the difficulties and try to settle down. To save their families from all these challenging situations, they send money to Pakistan online from different countries where they are working. Now, these people need to spend their hard-earned money on their families. For this purpose, in old times, people used to transfer money through traditional transfer services that were not convenient.

What Were The Shortcomings In The Traditional Money Transfers?

There were many shortcomings in this service that frustrated the people who opted for it. People had to go to places, waiting in a queue in person to transfer the money. Go through a lengthy procedure and paperwork. This was a lot of hustle that seemed to go down the drain and felt like a waste when money would take days to receive the recipient. This annoyed people. The people who had busy schedules or the people who wanted to transfer money urgently were irritated by the whole process.

How Technology Improved Online Transactions?

As technology developed and started taking control over almost every field of life, it also took over money transfer. Online money transfer system was introduced. This was a blessing in disguise for people. For money transfer to Pakistan, it improved and dissolved all the shortcomings of the old transfer system. From an easy and straightforward process to the fact that the recipient can receive the money within 24 hours, it won peoples, heart. It started gaining popularity globally, and the worthy services given by online money transfer service providers are helping increase this popularity day by day.

Story Of An Overseas Who Sent Money And Ignored Exchange Rate

I also used online money transfer to transfer money to a friend. And during this process, I made two mistakes, which I think I should have researched earlier. I had to transfer money to a friend. It was the holiday season. My research about online money transfer had told me that it had many pros and advantages over the other transfer systems. I knew that it was the most convenient and reliable method when it comes to an emergency. I was pretty confident. But unfortunately, it was the holiday season. The transfer fee was high. I did not bother checking the exchange rate because I thought it did not matter whether we reviewed it.

Despite the exchange rate being mentioned on the website, I ignored it. I could have waited for the holiday season to pass by, but my lack of research and experience got me. It was not an emergency. I created an account. I was opting for the highly recommended service provider who has total good reviews and ratings. I paid the transfer fee, which was extraordinarily high and sent the money. The process was straightforward. But little did I know that the exchange rate was painfully low, and my friend received less of the amount I transferred. It was a financial loss, and I had to suffer it.

After a few weeks, I researched online and found ACE Money Transfer that is among the better ones. The exchange rate and fee are always affordable, so I believe this is a company to rely on.