International Money Transfer is when you need to send money abroad for business or family purposes. The process can be a hassle if you use traditional methods. Suppose you want to send money to Nigeria online, you need to opt for international money transfer services because they are dedicated money remitters, and it takes less time than using a bank.
Difference between Sending Through A Bank and Money Transfer Service
Your bank will seem an easy option to use for an international money transfer since your money is most probably in your bank account. However, internationally there are cheaper ways to send money. Specialists in money transfers tend to be much more affordable and reliable than banks.
The exchange rates and transfer fees of the United Kingdom’s big four banks are regulated. The UK banks charge about 3-4% of your transfer fee. Companies that offer services in money transfer can cost up to 60% -70% less. Most foreign transfer costs are included in the exchange rate (not the visible fees).
The banks use a tiered system, implicating that the exchange rate margin is subject to your money transfer size. For smaller amounts, the exchange rate margin is a lot higher. Hence, if you opt for a Bank transfer, you can lose a hefty sum of money in taxes and low exchange rates. You need to be careful when sending money abroad.
How To Avoid Long Queues in Bank For Money Transfer:
To save time and money, you should opt for money transfer or remittance provider services. These services offer better exchange rates and save your time of sending and receiving money. For example, if you choose to transfer from a bank. Firstly, you will wait in long queues for your turn, then you will go through tiring paperwork, and after all this, you will be charged extra with low exchange rates.
In contrast, if you choose a remittance services provider, you will get the best exchange rates and timely transfer, and the process takes only 5 minutes. You can pay through credit or debit card and don’t have to wait in queues. The process can be done with the help of a mobile or website.
Are All Services The Same:
Not all money transfer businesses are cut from the same cloth, like every industry. Certain companies deal with fewer micro-payments to developed countries. Others are fantastic websites or applications for those who have to pay thousands of foreign monthly fees or overseas suppliers.
There are also businesses dealing with more significant amounts or one-off payments where the client needs to be contacted and guided by individuals. As a customer, it is not easy to precisely determine which customer each business is ideal for.
All of the services vary considering the needs of customers. Some services are also rated as all-in-one services because of their exceptional facilities. If you are considering transferring money to Nigeria, you should consider ACE Money Transfer in the first place. ACE Money Transfer is a leading company that aims to revolutionize the remittance industry. ACE has always been a market leader when it comes to speed and timely transfers. The company ensures no extra charges or taxes and offers the best exchange rates than the other services in the market. ACE also provides unique and amazing offers to its customers.
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