Is Online Money Transfer the Best Way to Send Money Home from Overseas?

It took about a few years to witness a sea change in how expatriates from around the world would send money online to their families back home to help them fulfil requirements they could not have fulfilled otherwise. 

The advent of online money transfer companies completely changed the financial behaviours of expatriates. As someone who has spent time living and working abroad, you know that global money transfers can be complicated and expensive. But did you know that online money transfer is now the best way to send money home from overseas?

Here are three reasons why online money transfer is the best way to send money home from overseas:

1. Online money transfer is fast and convenient.

You can send money online anytime, anywhere. And with most online money transfer services, the funds are available instantly or within a few hours. This means you don’t have to wait for days or weeks for the recipient to receive the funds.

2. Online money transfer is secure.

When you send money online, the transaction is encrypted and secure. It means your personal and financial information is protected from fraudsters. Security of your transactions is the most critical aspect you must ensure when sending funds back home from a foreign country.

3. Online money transfer is economical.

Most online money transfer services have lower fees than traditional banks. And with some services, you can even get a better exchange rate. This means more of your money goes to the recipient – not the bank. For instance, millions of expatriates trust ACE Money Transfer since the firm offers the lowest transfer costs with the best exchange rates in the market.

So if you’re looking for the best way to send money home from overseas, look no further than online money transfer. It’s fast, convenient, and secure, letting you save money.

A brief background about the old methods

Transferring money through the banks was one of the primary ways for the expatriates earlier. But it was a complicated process involving loads of paperwork, physical travelling to and from the banks, hazards of carrying cash and waiting for the holidays to end and working days to start.

Banks would also charge high service fees, uncompetitive currency exchange rates and the delayed transfer of funds that would take 3 to 5 business days and could extend further depending on several factors, including the volume of amount, time of initiating a transaction and the destination country, etc.

But, the launch of digital money transfer solutions by several companies, including ACE Money Transfer, affected international transactions in unique ways and added to the immense popularity of these new methods.

Mobile applications are inevitable today when digital money transfers have become an everyday norm. Let’s look at why most people love to use mobile apps to manage several day-to-day activities and to send money abroad to their loved ones.

The growing popularity of mobile apps for sending money abroad

Here are the top reasons why mobile apps are so popular.

Apps are interactive and fun.

Nowadays, you spend a fair amount of time on your phone, playing games, gathering information, and interacting with people. 

Discussions about specific issues occur on the margins of doing other activities on your mobile phones; this is how technology has changed our behaviours.

Engagement with others

You can directly connect with your loved ones and interact with them instantly. You can send an instant message, make a phone call, or respond to your friends and family while on the go. So, you don’t need to make specific arrangements to interact with your family and friends from abroad when you have mobile applications. 

Easy and convenient 

Conducting certain activities through mobile apps is certainly easier than doing them physically or through other means. Therefore, the usage of mobile apps comes in handy and offers ease.

Shopping and purchasing 

Instead of running to stores and malls for shopping, mobile apps enable you to purchase from the comfort of your home or office. In addition, you can find many services available via mobile apps that ensure delivery of what you have purchased online.

Global remittances 

The facilities several online money transfer companies offer expatriates have significantly impacted the size of global remittances.

• Global remittances were valued at $683 billion in 2018
• They are expected to grow at a compound annual growth rate of 3.9% from 2021 to 2026
• The expected size of the global remittances was expected to reach $730 billion, but actually, it was around $768 billion, according to a report by UTE’s International Lounge
• With safe international money transfers being a significant concern, resolved by several companies, estimates suggest that by 2026 global remittances market will be at around $930 billion 
• Of over 3 billion users of smartphones in the world, about 2 billion are using online money transfer apps, and millions are joining every year

The Best Mobile App to Send Money Online

With a payout network of more than 350,000 partner locations worldwide and a globally spread customer base, ACE Money Transfer is one of the top choices for overseas workers. The company offers a convenient and smooth process to swiftly and securely make a global money transfer swiftly and securely. ACE Money Transfer’s mobile application is super-easy and the fastest way to transfer funds back home from overseas. Here’s an overview of some benefits you get while using ACE’s mobile app.

• This app is best for low fees and competitive currency exchange rates with a quick transfer time.
• It has a vast customer base with positive reviews.
• It has a broader presence worldwide in over 100 countries.
• It uses an unbreakable security mechanism with full end-to-end data encryption.
• The Financial Conduct Authority (FCA) and several other financial institutions have regulated the company to offer credible services to customers.
• ACE Money Transfer is one of the top-notch Authorised Payment Institutions (APIs) worldwide.
• You can easily send money home in multiple currencies according to the country you live and work in.
  The world has moved toward digital solutions and mobile applications, and money transfer companies are no exception. When you make an online money transfer using a credible service like ACE Money Transfer, you get complete peace of mind owing to the security of transfers, the lowest costs, the best exchange rates, and the facility to track your transactions from initiation to completion.