Top X Myths of International Money Transfers
In our globalized world, sending money abroad has become a regular requirement, whether it’s for company finance, bill payment, investment, or family assistance.
However, there are still several myths and misunderstandings regarding the procedure that might keep people from choosing wisely when it comes to their finances. Misconceptions concerning costs, security, currency rates, and processing intervals are frequently included in this category.
Top Myths about International Money Transfers
The most frequently misunderstood facts regarding international money transfers that all foreign workers need to be aware of are listed below. You may save enough money each month and make smart selections in a foreign country if you are aware of these facts.
Compared to Banks, International Money Transfers Are Too Risky
One of the main arguments offered by a significant percentage of people against the use of online money transfers is their belief that bank transactions are safer.
Online service providers have a powerful risk management system in place to prevent your money from being used to support terrorism or money laundering, despite what the general public believes.
Digital payment providers, which are required to report to several regulatory authorities throughout the globe, take precautions to secure your profile against unauthorized access, fraud, and money laundering. Like banks, remittance firms are subject to regular audits and are regulated by state, federal, and international regulatory agencies.
The Process of Transferring Money is Difficult and Time-Consuming
This gives rise to two distinct concepts:
It will take days or weeks for your money to reach its destination.
It will take a lot of effort to understand the complex money transfer process.
Both are false. The account registration process is free and takes only a few minutes. You can start transferring right away after registering, either online or over the phone. It just takes a few minutes to begin this procedure.
Additionally, an online money transfer proceeds rather quickly. Since you are not working during bank service hours, you can begin a transfer at any time of day or year, and your money will reach its destination immediately.
The Cost of Transferring Money is High
For the transfer to take place, you will be required to provide the cash. However, when it comes to additional expenses, transferring money online is not more expensive than transferring money through a wire transfer or a bank transfer in fact, it is frequently less expensive. When you make a transfer online, you receive exactly what you see, which includes simple prices and the absence of extra fees.
You Won’t Have to Compare Prices Because You’ll Always Receive the Same One
However, some individuals believe that examining the rates is a formality. Wouldn’t the exchange rate always be the same as the values of the world’s currencies are the same everywhere?
Though it’s not entirely the case, you might assume so. Not all providers provide you the mid-market rate, even though it is the exact middle ground between a currency’s purchase and sell rates also known as the “true rate” of exchange. Banks and wire transfer companies are among the many businesses that add profit margins to their prices. And when you look at their pricing, it’s not always clear. Therefore, use a Currency Converter to find the current exchange rate before transferring money.
Best Way to Send Money Internationally
In case you need to send money to a different country, TangoPay is among the most reliable options available. It enables you to send money to more than seventy countries simply and quickly.
TangoPay allows you to send money without having to worry about the hidden expenses associated with doing so because it has no fees and favorable exchange rates. Because the application is simple to operate, it is not difficult to send money to family, friends, or your business.
The protection of your financial information is a top concern for TangoPay, so you can send easily knowing that your personal information is safe. Also, the customer care is there to help you in case you have any queries.
Final Thoughts
Now these myths regarding international money transfers online have been disproved, it’s time to look for a simpler and more affordable way to send money. Select a service like TangoPay. It is secure, ensuring the protection of your funds and personal information. It’s also fast, so your money gets to its destination right away. Additionally, whether using a computer or a phone, it’s quite user-friendly and simple to set up. TangoPay offers hassle-free, safe, and quick international money transactions. For transferring money to friends, relatives, or companies worldwide, it’s the ideal option.
