Online foreign telegraphic transfers (TT) aka remittance or online money transfer is a relatively new concept and is typically viewed with a little skepticism. A large number of myths have been forged to strengthen the views of some. This has caused speculation in the new-age mode of money transfer. Although we do agree that being cautious when it comes to your finances is important, we thought we’d debunk some of the myths on online remittance that are untrue but yet often made.
Let’s go through a list of 3 common myths on transferring money abroad and decide once and for all if the online remittance industry is a force to be reckoned with.
Myth #1: Foreign Telegraphic Transfers Can Be A Complicated And Tedious Process
If you think going to the bank and transferring money is less time-consuming than doing it online with a remittance provider, you are so wrong.
As most of us are acclimated to make use of brick and mortar transfer services, we’re sure you are aware of the lengthy and time-consuming process of transferring. For instance, you’d have to drive to the specific location, begin the transfer process, patiently wait for it to be complete, and then make your way back home which could take up at least an hour, depending on where you are commuting. Whereas with online remittance, leaving your home isn’t even a requirement as you can do it anywhere with a stable internet connection.
Physically being in the bank isn’t a pro tip too as the pandemic is still ongoing and it would be much safer to make such transfers from the comfort of your home. Online remittance providers preach convenience and that is exactly what we guarantee you.
An online remittance company like MoneyMatch offers a simple sign-up process. All you have to do is fill up some vital personal information and a couple of verification documents. As soon as your account has been green flagged and approved, you can immediately start sending money. Easy peasy!
Myth #2: Sending Money Abroad Is Exorbitantly Overpriced
Money transfer services can be a hefty amount depending on the total amount that is being transferred and the preferred destination. Contrary to popular belief, most online remittance providers charge lower transaction fees than brick-and-mortar transfer services.
All you have to do now is compare the fees by brick and mortar facilities as well as the fees charged by online remittance providers. Comparison is key so thoroughly check through to guarantee you get the best bang for your buck!
Here at MoneyMatch, we guarantee no hidden fees as 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 Can Be Risky And Isn’t Secured
Before we debunk this myth, we want to be clear that fraud can happen to anyone hence, we’d like to acknowledge that it is possible to be scammed but this happens online and offline too. If you have never utilized an online remittance service before, it’s understandable that you question its legitimacy.
How to identify a legitimate online remittance company?
- It will definitely be regulated by a central bank
- They will never ask for personal information in public
- Always investigate the path of remittance from the sender to the final recipient/destination
The rate of phishing which is an active scamming technique based on identity theft has increased tremendously throughout this pandemic. Cybercriminals often pose as banks or in this case online remittance providers to retrieve confidential information of the victim. This is usually done via email, SMS, or phone. Never underestimate the lack of imagination when it comes to cybercriminals, you’ll hear the most deceiving excuses like a delay in payment on your invoice or it is time to update your personal data which includes confirming your bank details.
Phishing attempts have gotten more creative over the years, read up on ways to take precautionary measures here.
The high rate of phishing scams is a huge contributing factor as to why most people shy away from the idea of transferring money online and opt for the “safer” option instead which is to use banks. However, did you know that online service providers have robust risk management systems and software in place to ensure your finances are being safeguarded with top-notch security levels? These measures are taken to 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, we are required to verify the identity of the person/ entity that is transferring the money. The verification process is also known as “Know Your Customer” (KYC) and can be completed 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 has cleared all your doubts, and if you are ready to send money abroad with an online remittance company, why not try us?