04 Aug 2023
According to a report by the Morocco World News, about 5 million Moroccans, accounting for roughly 15% of the country’s total population, travel to other countries to find different jobs. They earn a living in foreign lands and send money to Morocco to their families to offer financial aid, whose absence leads to poverty and destitution.
These Moroccan migrants sent $10.7 billion to Morocco in inward remittances in 2021, according to a World Bank report.
You normally think about getting a job in a foreign land, plenty of which you find in the robust economies of developed countries with expansive job markets. The other issue that captures your attention is finding a service provider that offers you the best deal on your online money transfers back home. Right?
But there is another critically important aspect that you hardly think about.
And your neglect to this effect is somewhat justified because a) you are so involved in earning in a foreign land that you hardly have time to consider it and b) people hardly talk about it.
Do you know what that ignored aspect is for you in your online money transfers from overseas as an expatriate?
Well, it is consumer protection!
This blog will walk you through consumer protection and its importance, particularly concerning your money transfers from abroad.
You must have heard that the customer (consumer) is always right.
It is the basis for consumer protection, which refers to the practice of protecting consumers from being treated unfairly, addressing their complaints and educating them about their rights and responsibilities.
The laws regulating and ensuring consumer protection hold immense importance when it comes to offering financial support to your family back home through a money transfer to Morocco in the wake of rising online financial fraud.
Because the mushroom growth of unscrupulous elements in the global remittance industry has duped millions of people in the name of transferring funds, etc., with losses to the tune of multi-billions.
To guard yourself against financial scams, it is important that you have an insight into Common Buying And Selling Scams.
Let’s see how important consumer protection is.
Consumer protection is important for you in the following few ways.
Your protection as a consumer is at stake if you are neglectful of your rights as a consumer. If a service provider does not reveal how they charge fees under any pretext, and you do not know that it is your right to ask and know how they do so, your protection is at stake then.
You need to come under an umbrella that organises you and takes care of your protection as a consumer as a whole and as one unit. In the presence of such an organisation, you will have someone to turn to in case your protection is breached.
Always remember that scammers and fraudsters do not operate in isolation. They are connected in one way or the other and essentially share and are bound by their common agenda, which is deceit and depriving you of your hard-earned money.
These are some of the reasons why consumer protection is essential for you.
It is also essential to know what rights you have as a consumer because if you do not know your rights, where will the question of protecting them come from in the first place? Right?
But before knowing your rights as a consumer, let’s take a look at some quick facts about the Moroccan economy.
These are somewhat encouraging economic figures, but the state struggles to provide adequately for its people so they travel abroad to find jobs to earn a living and send money to Morocco online to offer financial support to their families back home.
Let’s now take a look at some of the basic consumer rights that you need to know and protect.
It is your right to be safe from the harmful effects of the products and services you use. But you need to ensure that your use of a particular product or service is according to the instructions and user’s manual.
You must have a large array of options to choose from. As a consumer, you must not be confined to choosing from a small range of services or products in any field. You should have many options to choose from.
It is your right to know the details of any service or product you use, with providing you with the required and requested information being the duty of the service provider.
You have the right to be heard, and this right is used when you need to complain about a service or product. It is the duty of the service provider to address the issue at their end in its entirety. Else you can seek legal redressal.
Another right you enjoy as a consumer is to have your issues resolved after you have lodged your complaint. Remember that a service provider, by addressing your complaint, is not doing a favour; they rather fulfil their duty.
It is another right you have as a consumer to know about the service or product you wish to use. You can either ask the service provider to educate you about their services or products or cross-check the information you have acquired from other sources.
These are some of the basic rights you have as a consumer, and exercising these is critically important when it comes to being an expatriate living abroad to earn a living for your family’s support.
If you choose ACE Money Transfer for an online money transfer to Morocco from overseas, all your rights are taken care of by the firm, in addition to offering you the best deal with speed, safety, live exchange rates, and much more for a low fee. Besides, the company welcomes your queries and addresses your complaint(s) if you have one but the firm’s track record bags hardly any!
Why is consumer protection important in money transfers to Morocco?
Consumer protection is crucial in money transfers to Morocco because it helps safeguard the rights and interests of customers. This involves ensuring that the transferred money reaches the intended recipient safely, protecting customer data from unauthorised access, and providing full transparency about the transaction's costs and timing. Without these protections, customers could potentially face loss of money, identity theft, or unfair pricing.
What are some of the common consumer risks associated with money transfers to Morocco?
The risks involved in money transfers to Morocco could include fraud, data breaches, hidden fees, and delays in transaction processing. Scams are common in money transfers, where fraudsters trick consumers into sending money under false pretences. Data breaches could lead to identity theft and subsequent financial losses. Hidden fees may not be transparently disclosed, and transaction delays could potentially lead to financial loss, especially if the money is urgently required.
How does consumer protection legislation protect consumers when transferring money to Morocco?
Consumer protection legislation enforces the rules and regulations that money transfer companies must follow. These may include mandating that the companies clearly disclose all fees and exchange rates up front, hold funds securely, process transactions promptly, and protect consumer data to prevent unauthorised access. In the case of any breach of these requirements, such legislation provides consumers with legal recourse to recover any potential losses.
What steps can I take as a consumer to ensure a secure money transfer to Morocco?
As a consumer, you should take the time to research and use reputable money transfer services. You should also verify the exchange rate and all associated fees before confirming the transfer. It's crucial to keep all transaction documentation and receipts until the money is successfully received. Furthermore, always be vigilant about potential fraud. If you're asked to send money to someone you don't know or trust, it could be a scam.
What should I do if I have a problem with a money transfer to Morocco?
If you encounter any problems with a money transfer to Morocco, you should first contact the money transfer service directly. They might be able to resolve your issue or clarify any misunderstanding. If the issue is not resolved to your satisfaction, you can escalate the matter to the relevant financial regulator or consumer protection agency in your country. Keep all your documentation handy, as it may be required for your complaint.
Resources
(The Moroccan Diaspora: A Factor to Consider in Governmental Policy Making (moroccoworldnews.com)
(Personal remittances, received (current US$) - Morocco | Data (worldbank.org)
(GDP (current US$) - Morocco | Data (worldbank.org)
(GDP per capita (current US$) - Morocco | Data (worldbank.org)
