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Untrue Myths About Online Remittance Services

Compared to traditional methods such as banks, online remittance services are a relatively new tool for wiring funds abroad. Consequently at first glance, some may be a bit confused about how they work. Fortunately, there’s a lot of information about online remittance services on the web, but not all are accurate.

Therefore, it’s vital for you to get the information from the right source and make the transfer with ease and little effort. To help you do that, we’re here to debunk some untrue myths about online remittance services.

1. There’s a Perfect Time to Check Exchange Rates

If you visit any reliable financial website, you can see there’s no perfect time to check the exchange rates because they’re constantly changing. The global currency market is 24/7 and never sleeps. In fact, at any moment, several factors such as inflation, interest rates, and political tensions can affect the value of a particular currency.

2. All Remittance Providers Have the Same Exchange Rate

Since all currency values are similar on every website, the same should apply to exchange rates, right? Wrong! There’s something called the mid-market rate, the midpoint between a buy/sell rate, and some people call it the true exchange rate. If you can find a reliable provider that offers mid-market rates, never let it go.

Too many banks and money transfer services add their own margins to the exchange rate to make profits. Hence, some providers consistently offer better exchange rates across all currencies than others.

3. Online Remittance Services Are Slow

While the exact speed of a transfer depends on the specific remittance provider, the transfer method, and the countries involved, online remittance services are consistently faster than banks. With most banks, you have to go through a lot of paperwork because they’re heavily regulated.

Moreover, banks are nowhere near online remittance services in terms of technology. Most online service providers can send the money within three days, while banks can delay your transfer up to ten days.

4. Online Remittance Providers Cost Too Much

That’s probably the biggest myth of all. Banks are well-known for charging their customers exorbitant fees (as high as £50 for a single transfer). In fact, this is among the chief factors that have soured people on banks and turned them toward using online remittance services costing considerably less.

Some online service providers charge additional fees for using certain transfer methods such as credit cards, but none come near the level banks charge.

Bottom Line

There’s always a vast amount of right and wrong information on the web. That’s why you should consider what you read very carefully and don’t accept anything at face value. Of course, you may be interested in using an online remittance service but have difficulty choosing from such a wide range of options.

You need a service provider offering mid-market exchange rates, charging minimum fees, and supporting many countries and methods while providing 24/7 customer support. Fortunately, you don’t need to look very far because those are the exact benefits Lycaremit provides. So, don’t hesitate and register with us.

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