In this article, a few crucial points concerning remittances, such as the need for this system, the importance of it for the expatriates, and the techniques to track your international bank transfers, will be discussed. You will also briefly know about the essential features of the best online money transfer companies. But, first, a brief background is necessary.
One of the primary reasons one goes to foreign countries is to eliminate the poverty one is subjected to in their countries of origin. This mostly happens in underdeveloped countries such as India, whose people go to the developed countries to find better job opportunities to become viable financially. Once they get jobs, these expatriates send back money to their families through banks or the world’s best online money transfer companies such as ACE Money Transfer.
Remittance system – the need:-
Expatriates in other countries earn money in the currencies of the countries they work in. Since they mainly belong to developing countries, these expatriates aim to help their families get rid of the poverty that necessitates one of their family members to go abroad. It is challenging most of the time to save money in a foreign land given the controlled environment an expatriate is supposed to work in.
Therefore, they have to keep sending their earnings back home as soon as they earn them. And for this to happen, the need for remittance service providers props up. Therefore, expatriates look for companies that facilitate their money transfers.
But, before the advent of remittance service providers, people would transfer their funds through banks via wire transfers. Let’s see what a wire transfer is.
When you go to a bank and place your request to transfer money from your account to another account of the same bank operating in another country, that is called a wire transfer.
Let’s now see what is required for a wire transfer to work.
Your foreign employer will be pleased to learn that you have a bank account. With a bank account, it becomes easy for the money to move.
International branches:- The other important point is that the bank you have an account in must be operating internationally. In this way, transferring money to another account of the same bank will be easy, quick, and will cost you less than in the case of another bank.
Normally, a wire transfer takes about 3 to 5 business days. This time also depends on the services of the banks, the volume of the amount, which time of the day, and which day of the week you place your request. Of course, initiating a transaction near the closing time will be processed the following morning. And putting a request on the weekend will automatically get it processed on the first working day post-weekend.
Let’s now see how to track an international bank transfer.
Tracking a wire transfer:-
When you place your request with the concerned bank, you will be given a receipt bearing all the transaction details or a simple tracking number which most international banks do. You can track your transaction with the help of this number either through the bank’s official website or by personally visiting the branch and presenting the provided tracking number. The concerned official will furnish the details of the said transaction.
Besides, as soon as the amount reaches the destination, you will be informed about the arrival through an SMS or an email from the bank.
Let’s now see how the modern remittance system is facilitating the expatriates.
In the past, the chance of getting your money lost was huge. Instead, there was a time in history when people would travel from one place to another with large amounts of money. It posed a danger to both their lives and wealth.
The modern remittance system has marginalised all of these dangers to almost an invisible level. Now, the only little risk is online scamming, which you can guard against with little care.
Fit for emergencies:-
In the modern remittance system, you have the facility to transfer your money quickly and in real-time. This makes it fit for meeting emergencies.
In this modern remittance system, you can initiate a transaction right from the middle of your comfort zone. Instead, all you need to initiate a transaction in this modern system is a smartphone, an internet connection, and apps launched by the world’s top-rated companies such as ACE Money Transfer.
Let’s briefly study a few crucial features of the best remittance service provider.
The best company will always charge its customers a low fee for quality services without compromising the quality.
Many companies include hidden charges on their fee without informing the customers. And customers of these companies often end up paying more to the company instead of the respective recipient. A good company will keep its fee structure transparent and open to customers.
A good company will always link its exchange rates to the international currency exchange market that keeps fluctuating instead of offering static rates.
Another feature is the speed with which a good company will move funds. In contrast, many companies will take longer than usual to transfer funds for several reasons, including technical glitches, which a suitable company never faces.
You will not find too many companies offering these features under one roof except a handful, such as ACE Money Transfer.
You now have a fair idea about what a wire transfer is, how it works, and all the necessary information regarding the global remittance industry. Since wire transfers take many days to complete, it is advised to choose a company that offers all of the features explained above and which is the better option than ACE Money Transfer. Millions of expatriates living and working abroad in different countries send money online to their families using ACE’s top-notch remittance services.