When it comes to money transfer services, a large section of people seem to be unfamiliar about it. The skepticism about this modern way of sending money overseas has paved the way for a flurry of myths. While being guarded about online remittances is not bad at all, one must be able to strain out the truth from the misconceptions. To help you out, we’ve exposed the top 8 fallacies about money transfer services.
Myth #1: It’s complicated to sign up with a money transfer service provider
If you thought that online money transfer involves a stack of paperwork followed by pages and pages of forms to fill out, here’s a reality check. Money transfer services like Ria money transfer offers a very seamless signup process to their first-time users. All you need to do is enter some basic personal information like address details, email and phone number and upload a few documents like a government-issued ID for the purpose of verification, and you’re ready to send money online to over 149 countries. For returning users, the process is even simpler. They can just select the recipient and hit ‘quick send.’ Easy!
Myth #2: Sending money through online service providers is too risky
Online money transfer providers have secure systems in place to safeguard your funds against unauthorized access, money laundering, and other fraudulent practices. Plus, these service providers are continually monitored by regulatory bodies and go through regular audits. Just as safe as banks, perhaps even more!
Myth #3: Online money transfer is costly
There is a common misconception that online service providers will add an amount on top in order to make some profit (known as transaction fees). But this is just partially true. Not all providers charge exorbitant fees, but you need to be smart when you choose your service provider. As per a survey, sending money overseas is costlier through banks than through international money transfer service providers. And this is possible because providers like Ria money transfer charges as little in the way of fees as possible.
Myth #4: It’s only used to send funds to family and friends
As new and small, these online money transfer startups may seem, they allow the users to pay mortgages worth billions of dollars and buy luxurious items like cars and yachts. Although the maximum amount one can send or receive may vary depending on the country and choice of the service provider, these providers can surely handle high-value transfers.
Myth #5: It takes 4-7 business days to process a transfer
Unlike banks, it takes just a few minutes to transfer money abroad when you use a money transfer service provider. With these providers, it’s possible to transfer funds overseas almost instantly.
Myth #6: It’s only convenient for tech-savvy customers
If you know how to send an email, you sure can easily send money online. Plus, the sign-up process is so simple that even your great grandfather can transfer funds like a pro.
Myth #7: Exchange rate remains the same everywhere you go
The exchange rates slightly vary from provider to provider (providers usually add exorbitant charges on top to make some profit). This is why it’s always suggested to choose a money transfer service provider that offers the best exchange rates like Ria Money Transfer.
Myth #8: International remittances are only beneficial for the receiving party
While remittances received from abroad benefits families, friends and businesses, it also contributes to the economic development of a country (greater the foreign currency inflows, better the position of a nation’s BOP).
Now that we have exposed 8 of the most common myths about money transfer services, give Ria Money Transfer a try!
Joyce Shang is a contributing writer at Sparkwebs LLC, a Digital and Content Marketing Agency in Denver, CO. When she’s not writing, she loves to travel, dance and read books.