Challenges in sending money
Sending money has been a greatest challenge as the final amount that reaches your country may vary a lot depending on three important factors namely, Rate, Fee and Time. These three factors could help you make certain decisions when you look for to send your money. The fourth factor that has to be considered is just “Luck”. Yes, for most of the customers who complain about their remittance service provider, it’s been a nightmare on why the delay happened just for them. Yes, it does happen and ultimately it’s not completely just on the remittance service provider but on the whole end to end process. The reason may be because of the following:
- Delay with Agents,
- Delay with receiving banks,
- Delay on acknowledgement from the receiving banks,
- Delay with processing by the remittance service provider.
- Last but not the least sometimes the time zones and the time at which you send your money also makes a difference.
Time vs Remittance Service Provider:
It is important to note that the transfer time varies a lot based on the remittance provider. This also depends upon the country to which the service is for. Some providers like Remitly, Xoom and RIA Money Transfer does support instant deposits to their major recipient countries that includes India, Mexico, Pakistan and Nigeria.