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Why do expats prefer remittance providers over banks?
Overseas settlers and workers do international remittance on a regular basis to provide financial assistance to their families and friends living in their home country. For more than a century people have trusted banks to do overseas remittance. Now their options have widened with the arrival of remittance providers to transfer money online and offline through in-store agents. From this strong trust in the bank transfers, why have expats shifted to remittance providers?
Here are some reasons why: Currency exchange rates: Banks are not experts or specialists in checking and offering the best currency exchange rates for their customers. ● They usually end up overcharging for international money transfers. Whereas money transfer services take extra care in competing to offer the best deal of exchange rates to their customers.
Maintaining an account: Banks only allow you to transfer money if you already have an account with them. ● At the same time, they only transfer money to some selected banks in the receiving location, which demands the receiver to start a new account for this purpose. With the remittance providers with store agents and outlets, your receiver can accept money even without a bank account.
Transaction cost: In addition to the currency exchange rate variations, banks also charge wire transfer fees, service charge etc. and the sum total of these is sure to cost a huge loss in the money transaction. ● In the case of money transfer services they only charge a flat fee on the transactions adhering to the policies of sender and receiver countries.
Multiple delivery options: Bank transfers are literally restricted to a certain mode of money transfer. ● Whereas, money transfer services offer multiple delivery options of a cash deposit, cash pickup, online services, in-store agents, mobile apps etc.
Well looking at the list, you might be wondering these are the core elements of international money transfers and remittance providers are doing a better job than banks. So, there is no more confusion, send money onlinewith the best remittance provider in town and enjoy safe money transfers.
