Transferring money across borders is a frequent occurrence due to many reasons, such as family support, commerce, or any other need. However, the process is always associated with several challenges – including volatility of exchange rates, high cost of transactions, and slow transfer time.
Luckily, there are some solutions that Western Union has adopted to alleviate such challenges. Such solutions lead to easier and more reliable international transfers.
Let’s check out now what challenges people around the globe often face and how to overcome them.
Exchange rates are among the most common yet critical obstacles to consider in international range rates. The exchange rates could drop or rise in an unforeseen manner. As a result of this, the recipient doesn’t receive as expected.
Suppose you frequently have to transfer money from CAD to INR for the beneficiary in India, and the exchange rates change every time. That’s why it’s necessary to explore the best rates for the amount to be received before proceeding with the transaction.
How to Overcome It – Western Union offers competitive and transparent exchange rates, in addition to the option to ‘lock in’ the exchange rate at the time of the transfer.
This serves as a hedge against volatile exchange rates since both the sender and the recipient will be aware of any changes in value. When it comes to making international money transfers, be it for individual or corporate needs, a fixed rate helps to economize and avoid risks.
Another area of concern is the fees involved when transferring money across the borders. A lot of services take expensive and sometimes hidden charges that can heavily cut down the entire amount received. This is particularly the case with services whose charges do not contain all the costs in the initial instance. But later on, you’ll have to pay higher charges to complete your transaction process.
How to Overcome It – Western Union is convenient for its simplicity and the ability to view the fee during the transaction. If you want to transfer money from Canada to India or any other country, browse and compare the costs depending on the payment type and delivery method.
Additionally, Western Union’s fee estimator enables you to make adjustments and avoid last-minute hassles in selected services, saving a hefty amount of money.
Another critical challenge is the lower transfer speed, whereby faster transfers are preferred, especially for emergency payments. With some services, it can take several days to complete a transfer. This may be inconvenient when sending money urgently is much-needed.
How to Overcome It – Western Union also offers relatively speedy transfers. Many of its transactions take place within minutes, for example, through cash-only or bank transfers.
Customers will have several options for completing transfers to ensure the speed at which their recipients need most. Whether it’s for a family member or clearing a business bill, Western Unisures ensures that the transaction gets there promptly.
Safety should always be a priority when transferring money across borders, mainly because scams are on the rise online. When choosing your transfer service, both the sender and recipient often don’t have adequate protection, which is a major concern.
How to Overcome It – Western Union guarantees the confidentiality of your personal and financial data through encryption and fraud prevention tools. Its customer support team also offer advice on how to spot possible frauds. They have around-the-clock coverage so that customers can make their financial transactions efficiently and securely.
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