How Remittance companies Set Rates: A Transparent Guide
Employees working abroad continually sacrifice their lives for the betterment of their loved ones, hoping to have a financially strong family. They support their families when they send money online from the earnings they make in their destination country. Most remittances are used to meet immediate household needs and raise living standards. Besides the hardships of earning a penny, the cost of sending money home can be overwhelming.
The workers struggle to find secure, economical and faster remittance services. Furthermore, they look forward to having a strong relationship of trust and assistance from remittance firms. High rates of remittance service, lengthy and unfriendly criteria, and sometimes unsupportive staff is a huge disappointment.
Value Added by Remittance Firms
A vast majority of remittance senders and receivers work and live outside of the world’s financial system. Traditionally, financial institutions, particularly banks, for the most part, do not show interest in clients receiving remittances. Moreover, the clients feel uncomfortable, distrustful and excluded from the financial system. Given the gap, money transferring firms have offered proper tools and mechanisms for the families, including a partnership with banks and digitalisation.
Besides providing affordable international money transfer services, these firms create awareness about financial services. Financial literacy is essential to make informed choices considering secure, less costly, and quick means of sending money home.
Considering the majority of remittances sent to developing countries, complete guidance on the best means to make online money transfers, exchange rates, and service providers’ transfer fees are essential to know so that customers can make an informed decision.
How does the remittance service provider work?
Remittance service providers work with bank accounts worldwide to help their clients transfer money locally and internationally. They primarily need to charge a fee for transferring money.
Funds are transferred through legal channels such as money orders, bank transfers, mail and an authorised money transfer operator. To be able to get services from remittance firms, the client must be registered with them. One can create an account providing a valid ID, or passport document, and some service providers even require a driving license.
How do remittance companies set their rates?
Remittance transactions’ costs depend on factors including operating expenses, commission fees, exchange difference and market features. Other factors include competition, regulations, location, financial crime risk avoidance, call centres and settlement charges. The cost of a transaction is the specific indicator of remittance services.
Furthermore, cash-based models and electronically based transactions also have a price difference. Though, the use of technology and innovative ideas such as mobile applications, internet-based web applications, and digital money has improved the possibilities of additional services.
Reasons to send money internationally.
The reason for sending money home is highly effective for selecting transfer services. Here are a few of the most common reasons:
- Send money to family and relatives: If you are living abroad and earn to feed your family back home, you need to choose a transfer service that facilitates you regularly or once in a while. You need to send money home safely, and the transfer must be less costly.
- Buying Property abroad: Investing in property or buying a home requires plenty of money. Transferring huge amounts needs secure and safe handling.
- Sending money for studies: Sometimes, you need to make an instant and quick two-way money transfer to manage educational needs. These kinds of transfers require fast service.
Best way to transfer money internationally
Finding the best service to transfer money from abroad can be challenging. Huge transfer costs, late transfer timings and unfriendly service can be frustrating. The best way to transfer money internationally would be an online service and mobile app which allow the user to transfer money straight away.
ACE Money Transfer provides its customers with the best competitive rates to send money online anywhere at any time. The transfer fees are even lower compared with the market when you use ACE’s remittance services. Moreover, you can use both an online portal and mobile application to make a swift international money transfer.
How does ACE stand out among competitors?
ACE Money Transfer fulfils the aforementioned requirement with its fast, secure and 24/7 service. Millions of overseas workers and expatriates trust its services whenever they need to transfer funds back home from abroad.
When it comes to service offerings, putting the right solution in place is the utmost priority of ACE Money Transfer. ACE has been working globally with clients worldwide and in partnership with renowned financial institutes in many countries.
ACE’s services are four simple steps away from you. Register an account, create a profile, choose the destination and pay using debit/credit and online bank. It’s the company’s priority to accommodate its clients with the advanced and most convenient remittance solutions for an instant online money transfer from the middle of their comfort zones.
Also, you can track your transaction at any time using the given code or through an email. Additionally, for your convenience, its proactive customer support always remains steady to respond to and resolve your concerns related to international transactions.