Debunking 3 Myths – Foreign Telegraphic Transfers

Reading Time: 4 minutes

Online foreign telegraphic transfers (TT) aka remittance or online money transfer is a relatively new concept. Many are skeptical due to the countless forged myths surrounding money transfers. Although we do agree that being cautious with your finances is important, we thought we’d debunk some of the common myths of online remittance. 

Let’s decide once and for all if the online remittance industry is a force to be reckoned with!

Myth #1: Foreign Telegraphic Transfers Are Complicated And Tedious

person thinking really really hard

If you think transferring money at the bank takes less time than using an e-remittance provider, you are so wrong.

We’re sure you are aware of the lengthy process of using brick and mortar transfer services. You’d have to drive to the specific location, begin the transfer process, patiently wait for it to be complete. Then, it may take up to an hour just to reach home! With an online remittance, you won’t even have to leave home (as long as you have stable internet connection of course).

Physically being in the bank isn’t a pro tip too due to the ongoing pandemic. Making such transfers would be much safer from the comfort of your home. Online remittance providers preach convenience and that is exactly what we guarantee you.

An e-remittance company like MoneyMatch offers a simple sign-up process. All you have to do is provide the vital personal information and verification documents. Once your account has been green flagged and approved, you can immediately start sending money. Easy peasy! 

Myth #2: Sending Money Abroad Is Exorbitantly Costly

boy shocked at the high price of foreign telegraphic transfers [not true]

Contrary to popular belief, most online remittance providers charge lower transaction fees than brick-and-mortar transfer services. 

All you have to do is compare the fees by brick and mortar facilities with the fees charged by e-remittance providers. Comparison is key so check thoroughly to guarantee the best bang for your buck!

Here at MoneyMatch, we guarantee no hidden fees. We are upfront with all costs and our rates go as low as RM 3 depending on the chosen corridor. Check out our fee structure here!

Banks decide what exchange rates you get by applying a higher margin on top of the mid-market rate. We apply a lower margin, giving you rates better than the bank. In other words, we help you save more so you can do more!

Myth #3: Foreign Telegraphic Transfers Aren‘t Secure

panda man destroying someone's computer

Before we debunk this myth, we want to be clear that it is possible to be scammed online. However, this happens offline too! If you have never used an online remittance service before, it is normal that you question its legitimacy.

How do you identify a legitimate online remittance company?

  • A central bank regulates them
  • They would never ask for personal information in public 
  • Always investigate the path of remittance from the sender to the final recipient

This pandemic has caused a tremendous increase in phishing scams. You may get the most deceiving emails, SMS, or even calls from cybercriminals that pose as banks or e-remittance providers! Some mention a delay in payment on your invoice, while some tell you to update your personal data, just to obtain your bank details.

Phishing attempts have became more creative, so do read up on ways to take precautionary measures here.

With the high rate of phishing scams, many question the legitimacy of transferring money online. But, did you know that online service providers have robust risk management systems and software in place? We ensure top-notch security levels safeguard your finances. Through these measures, we hinder money laundering as well as terrorism financing. 

Since MoneyMatch is a licensed money services business, we strictly adhere to all laws and regulations. Our security measures include bank-level anti-phishing login features as well as a highly secure verification procedure. 

As a regulated Financial Technology company, verifying the identity of the person/entity that uses our service is a must. The process is known as “Know Your Customer” (KYC), which can be done online or offline. 

With MoneyMatch’s secure payment rails, transfers of funds are quick, unlike going through a bank. Just like banks, we also undergo regular audits so why not use the more convenient option?

Here’s to smarter and more well-informed decisions! We hope this cleared all your doubts. If you’re ready to send money abroad with an e-remittance company, why not try us?

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