Myths and Misconceptions about Money Transfer

Innovation always gets a mixed reaction. Humans have never been more flexible and open to change. Did you know that even the bicycle was met with curiosity and concern when it was first invented? Now can you imagine a world without it? That’s what the bicycle did to pave the way for modern transportation?

Same stories happen whenever technology comes along. Same happens with online money transfer. Despite the digital age’s great advancements on how we work, communicate and play, many still hold on to old-school myths when it comes to sending money electronically.

In this post, we’ll get to the bottom of these myths. We’ve all heard something or two that will make us think twice before clicking Transfer – security, speed and sometimes just the newness of it all. But let’s not forget that every great innovation started as a newcomer that had to earn its stripes.

So, sit back and relax as we dispel some of the biggest myths about online money transfer. Whether it’s about hidden fees or the horror of a failed transaction, we’ll get to it.

Banks are Cheaper Than Transferring Money Online

There’s a notion that bank transfers hurt your money less than online services, but World Bank data says otherwise. As of end 2017, they revealed that banks are the most expensive way to send money abroad with average fees of 10.44%. That’s more than ten pounds for every hundred you send. Enough to make anyone mad.

Online money transfers aren’t far behind on the cost scale but banks will often get you in with “free commission” only to sneak in exorbitant exchange rates and hidden fees. The penny will drop once you check your balance after the Transfer – and by then it’s too late.

Enter the team of online transfers like Tangopay. They play it straight, show you all their fees upfront with no nasty surprises. They give you the real exchange rate and minimal fees. And it’s not just them – money transfer services offer deals that are cheaper than a doorstop. Next time you send a few pounds abroad, it might be worth shopping around and not just default to the old bank.

No bank account required.

Bust a myth right away: You don’t need a bank account to move your money across borders. Variety is the spice of life and this applies to international money transfers too.

Cash wire? A trip to your local Western Union or MoneyGram will do the trick. Just the name, address and phone number of the person on the receiving end and you can say goodbye to your money as it goes around the world.

If a wire transfer seems too old school, how about a prepaid debit card? Grab one from any major retailer, load it with cash and you’re in business. These cards are a ticket to go anywhere and pay anywhere where Visa or MasterCard is accepted.

And for something a bit more modern, peer-to-peer services like PayPal are changing the game of sending money. All you need is the recipient’s email or mobile number. It’s the magic, modern way of moving money without the traditional bank account. Never been easier to send a few or a few hundred to someone far away.

You can only send money to a few countries.

The idea that you can only send money to a few countries is based on outdated information. With Tangopay, the concept of limits in sending money needs to be updated. The company’s reach is global, you can send to many countries as long as there are no legal restrictions or penalties that hinders the service.

Services like Tangopay extends this reach within the African continent, so your remittance needs are covered whether it’s India or Ghana. Through Tangopay, transactions are streamlined and can be managed through websites or mobile apps, making it easy for users in Europe and beyond. This removes any perceived limits on where your money can go except for those few places where international sanctions or regulations apply.

Online Money Transfer is a hassle

The idea that sending money across borders is a drag has been around for centuries thanks to the traditional banking system. With so many financial pies at their hands—from managing different types of loans to dealing with deposits and everything in between—banks don’t always prioritize international transfers and hence delays.

Enter modern remittance service providers like TangoPay. They have reduced transfer times to 1-2 business days. Of course this may vary due to factors involved in the banking process such as public holidays or operating hours in both the sending and receiving countries.

What sets TangoPay apart is not just speed but communication. They don’t leave you guessing. Instead they send you email updates every step of the way. Whether you’re on the go or at home, you can track your money movement through their website and app. It’s this level of transparency and efficiency that makes the process less mysterious and gives you control back.

Money sent to a foreign account cannot be returned.

It’s a common fear that once your money is in an overseas bank account, something will go wrong and you’ll be stuck. The thought of misused funds is a real scare, that’s why many people are hesitant to send money internationally. But it’s not all doom and gloom, even when mistakes happen, all is not lost.

Recovering misused funds is not a lost cause thanks to money transfer service providers. With the right tools and a dedicated team, these companies have mastered the art of tracing lost transactions. Choosing a provider with a global network and expertise in transaction reversals can make all the difference, they recover your money through a complex web of international banking practices and fraud prevention protocols.

But patience is key. The process is not a sprint; it’s more of a marathon with stages and checks along the way. Remember that different money transfer methods vary in speed so if time is of the essence, you’ll want to choose a method that’s known for its fast delivery. Always do your research to debunk myths and base your decisions on facts.

Summary

The landscape is changing, with providers like TangoPay making cross border transactions as easy as buying a coffee from your local barista. With digital technology advancing, the myths about cost of returns and remittances are being debunked. Make sure you’re informed, choose a reliable transfer service and you’ll see how simple and secure remittances are. After all when you’re informed you can move money across borders with ease and confidence.