Why People Have Misconceptions About Online Money Transfer Process as A Poverty Reduction Strategy for Many Developing Nations?

Sending money to Pakistan and worldwide over the internet can be perplexing. Fortunately, we’re here to help you out. It can be perplexing if you’ve never sent money online before and only use a bank account for money transfer. You input your details from your house, on your computer, or your phone, and your money magically appear in your friend’s bank account on the other side of the planet.

There is a massive amount of information about financial transactions on the internet, but not all of it is right. Have you done your homework but aren’t sure what to believe? Enable us to assist you. We’ll debunk some of the most common myths about online money transfers and explain what’s going on.

Let’s search at some of the myths and outdated misconceptions about international money transfers that prevent some remitters from moving forward with their money transfer to Pakistan and worldwide through digital payment systems.

Is It a Time-Consuming Process? Transfers Can Take a Long Time of a Week or More? Common Myth

Fact: That was the case when the only option for money transfer was the bank in Pakistan and cash pickup, but things have changed. Sending money to Pakistan online or other countries is a relatively fast phase in this digital era. It all comes down to who provides the service. Before choosing one, ask how long it would take, exchange rate, transfer fee and provide you with written details. The foreign money transfer service offered by ACE Money Transfer takes not more than 24 to 48 hours with the best currency exchange rates.

Is It True That Money Transfer Startups Can’t Handle High-Value Transfers?

Fact: The restriction on high-value transfer is the authorization and regulation imposed by the recipient and sender country, and don’t let its size fool you. These companies, as simple and straightforward as they can seem, conduct transactions multibillion dollars. Because of their technical maturity, these entrepreneurs are well-equipped to handle high-value transactions. However, due to The Financial Conducts Authority (FCA) legislation and enforcement, the maximum amount of online money transfers to Pakistan and other countries can be submitted or received differently in different countries.

Why International Money Transfer Is Quite Risky and Note Secure? Misconception

Fact: Over the last few decades, technology has evolved at a breakneck rate. The government and money transfer agencies have launched many initiatives to make money transfers fast, safe, and secure. It is safe to send money from the UK to any foreign country. Your money is in your hand when you send money through an online money transfer service provider.