5 reasons why expats in Australia use online money remittance services

5 reasons why expats in Australia use online money remittance services
July 01 12:02 2017 Print This Article

It is very daunting and challenging task being an expat in Australia when it comes to transferring of money. This is because there are too many factors, charges attached to it making it more worse to transfer the funds in countries like Bangladesh. While transferring the funds you must be aware regarding the add-on fees, charges, and Exchange rate prevailing. The majority of the people go for the very common option of transferring the funds internationally, i.e.  with a Bank. But let me tell you, this proves to be one of the worst options for remittance of money.

Here we would let you know about the top 5 reasons as to why these banks are way more pricey and the best option is remittance of money online only.

Hidden Costs

Banks internationally charges up to 5%in the name of hidden costs apart from all the charges for money transfer. This proves to be very pricey. The online Remittance services are the best with regards to any of the hidden charges because either there is none or are completely transparent. This means there are no hidden costs applied.

Satisfactory Services

While banks or other merchants have to work other than money transfer, they delay it or even won’t take much importance of it. The online money remittance services core job is the transfer of funds. This makes their services prompt. They value customer’s time and money and are ready to answer any of the queries pertaining to money transfer.

Better Exchange Rates

Banks make sure to keep their profit out while doing an international currency transfer.  For any transfer, they provide 3-4% less exchange rate than the currency market plus all the transfer fees, hidden costs etc. But these remittance companies provides better rates with paying only 1-2% fewer rates than the market. Their main focus is the customer satisfaction as they want more deals from them.

Lower charges

The online remittance services charge much less fees than the banks. In fact, some of the banks even charge money for receiving the amount, which is not in the case of other. There are n number of fees charged by banks but the online money remittance services online only ask for a small amount of fees, sometimes a fixed rate.

Fast Fund Transfer

The online remittance services usually take 1-2 days for transferring money. This even includes weekends. This is way faster than the banks taking somewhere 5-7 working days. All the dealings are done online and you do not have to meet the agent. As these online remittance services are registered and reliable they prove to be more fast and secure fund transfer option.

Final words

Being an Expat in Australia, It becomes very difficult when the question arises to send or receive money in Bangladesh. You must have a checklist on the mid-market exchange rate on currency, exchange rate provided by the service provider and the fees or charges you have to bear for the money transfer. The fees may vary depending upon how much money you wish to transfer. Although most people feel banks are the safest medium to transact but they end up paying heavily on fees. It is best to go for an Online money Remittance service provider than bank.

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Ismael Frederick
Ismael Frederick

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