In 2021 money transfer services іs a vast and prominent industry that reaches $530 bіllіоn transfеrrеd eаch yеar.
Improving its capabilities and scope has an enormous effect on people’s lives аnd represents a signіficаnt busіnеss opportunity. According to thе latest information and research online money transfer services market’s size will reach $35.8 billion by 2026. It’s a prominent and bustling market: international money transfers services are powerful economic growth engines. Employees, students, and travellers worldwide seek convenient methods of sending remits to their families during the pandemic.
What are the average transfer fees in this area?
A typical fee for money transfer services can vary from $0 to more than $40 per remit. However, most of the time this sum fluctuates between $5 to $10.
It all depends on the country of the person who obtains remit and terms agreed upon between the international money transfers services company and her financial partner in the country.
Charges also heavily depend on the sum of payment that you are sending and overall currency exchange rates. The bigger amount means the higher the typical fee for money transfer services.
Online remits can be expensive if you don’t pay attention to charges or cheap if you are attentive. This is why it doesn’t hurt if you sometimes read international money transfer services reviews.
How to understand the level of service security
Security is of dire importance: no one wants to lose their money! This is why you should pay attention to the security service of the money transfer company.
The company must have a license and demonstrate it on its website. Online money transfer services must have a speedy security system.
It consists of an ISO certified identity identification system so you can be sure that your personal data is always secured and complies with PCI DSS safety protocols available.
Best money transfer services always have top-notch security and have good international money transfer services reviews.
All your transactions must be carried out in full compliance with the law. Security service of money transfer companies strictly abides by EU’s directives and legislation, such as the PSD2 directive.
Best money transfer services automatically save the history of your transactions: this way you can access them whenever you want and have proof that a certain sum was sent.
How money is transferred through such services
Different companies provide different options and offer to send remits. It doesn’t hurt to check the best money transfer service reviews first to know what methods of sending and receiving money are available. Most of the time remits are available from card to card, to the bank account or to cash pick-up locations.
When you send money to Nigeria to a card or to someone’s account, they are transferred from the service to the bank of the recipient. Then the identification process is started by the bank, as the bank allows the money to reach said account or card. Sometimes transfers like that are delayed, mostly by the bank.
Read best money transfer service reviews to know more about a specific company.
Customer service: what to look out for
Before asking a question in a support chat, be sure that it’s not covered already in the F.A.Q. section. The most frequently asked question usually is about the delay of the remit.
Here are the reasons why your transfer can be delayed:
1. Fraud prevention processes. Sometimes it takes more time, but it’s done for the reasons of your safety.
2. Weekends and holidays. The Sender’s and the Recipient’s banks might work slower on these days.
3. Currency conversion. It’s an additional step in the transfer and it takes time too.
4. Different country time zones.
Where to see reviews of a money transfer service
There are a lot of platforms where you can read reviews, but the most popular and reliable is, for example, Trustpilot. They are useful because reviews there are generally made by other customers and reflect the real state of affairs. Behind every review is an experience that matters.