6 Alarming Myths About Money Transfer Services

Introduction to Money Transfer Services

If you are transferring money for the first time, then you might have some doubts regarding the money transfer service in your mind as it seems to be a complicated process. This can happen because you do not have enough knowledge about the money transfer.

Many people still believe that money transfer is to walk into a remittance transfer office and follow the complicated procedures to transfer money.

The truth is that they can transfer money online rather than walking into some brick and mortar office. Thanks to the robust money transfer apps, you can transfer money to anyone in the world without leaving the comfort of your home. Also, these money transfer services operate 24*7. So, time will no longer be a constraint for you.

In this blog, we will clear all your misconceptions about the cross border money transfer by providing you with the proper guidance of money transfer.

Debunking the myths about money transfer

Online money transfers have made it easy for everyone to transfer money in less time. Also, it has made money transfers more convenient and transparent compared to traditional money transfer offices.

Now you do not have to pay high transaction fees for transferring money. However, many people are still hesitant to transfer money online as they are not having enough awareness about it. Here are some myths that you need to know before starting your remittance transfer service:

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1.    It is time-consuming

This is one of the most common myths when it comes to transferring money. People often think that money transfer involves a lot of paperwork that may waste their time. But this is not a valid point in terms of the constantly changing world.

Today you just have to install a robust mobile money transfer app into your smartphones for sending and receiving money.

You just have to provide some basic details and some necessary documents for identity verification. And all these things will be done speedily. You can start making money transfers after getting approval.

2.   Only youngsters are using it

Generally, people think that remittance transfer is only for the youth. It is not for the older generation. Older people think that they have to learn to operate mobiles and the latest technology for money transfer. Also, they have the fear of making errors while using the app.

But money transfer is not that hard as it seems. Anyone can easily do it via apps and online platforms. There is no need for high technical knowledge here.

And if anyone is facing issues in operating the app, they can watch the instructional videos within the app. Nowadays, every app has chatbots within it. So one can easily do their transfers.

3.   Bank transfers are cheaper

Many people still prefer to transfer their money via banks rather than transfer it online. This has happened due to our longer dependence on the banks.

But the reality is different from this. Because when you transfer money via a bank, you need to bear very high transfer charges. Thus, your recipient may get less money than he is supposed to get.

However, the scenario is different in the case of online transfer. Online remittance businesses are trying to make their transfers transparent by using the electronic money transfer system.  Also, they keep their transfers charges nominal which is already disclosed to the app user.

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4.   Online transfers are not safe

Many people often think that online money transfers are unsafe. They think that their payment information can be misused. Their account would get hacked or their passwords may be stolen.

Payment businesses need to educate customers about online remittance transfers. Also, they need to show customers how to operate mobile money transfer apps.

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5.   You will get the same rates

This is another confusion that people think that the exchange rates will be the same. But the exchange rate differs from country to country.

Also, the economic condition of every country is different. Some other factors affect the exchange rate of the country such as war, natural calamities, inflation rates, terms of trade, political conditions, speculations, etc.

In the case of an online cross border payment solution, the admin doesn’t need to keep on changing exchange rates frequently. Thus they can get a more trusted customer base as they are providing constant rates.

6.   Cryptocurrency is illegal

When someone hears the word cryptocurrency or bitcoin, the thought of some fraud or scam comes to their mind. People think that these things are illegal and that can only be used for committing crimes. They think that if they use private keys, their payments would be secure.

Bitcoin is a technology platform, the currency is just its usage. If these technologies can be addressed properly by the payment businesses, it may work wonders for them. They can provide a better and secure payment experience to your customers.

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Summing up

The money transfer industry has evolved a lot in the past few years. However, the adoption of the latest payment technologies was very slow due to the misconceptions surrounding the money transfer services.

As an online payment service provider, you have to help your customers to burst these outdated perceptions about money transfers.

If you want to create awareness among your customers regarding mobile money transfer then you need to implement a seamless money transfer solution into your business.

An experienced software development team can surely help you with this. They will provide you with a clear understanding of these solutions and also help you to cut down your costs.

Thank you for reading this blog. Keep following this space for more knowledgeable insights.

Author Bio:

Nikunj Gundaniya, Product manager Digipay.guru, one of the leading Digital Finance Solution company the USA, which provides mobile finance application development services.

He is a visionary leader whose flamboyant management style has given profitable results for the company. He believes in the mantra of giving 100% to his work.

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