A Brief Guide about Authorised Payment Institutions (APIs)
There is hardly any aspect of life in this technology-driven era that has remained unaffected by advancements. It applies to the financial world equally. Technology has changed the financial behaviours of people. With the rise of technological advances, widespread expatriates always look for an Authorised Payment Institution (API) to send money online to their families back home with complete peace of mind.
You will walk through the APIs at length and learn about the remittance industry in detail. After reading it, you will be better informed to select your service provider for your international money transfer(s). Keep going!
Overseas workers and their needs to send money back home: a cursory glance
Becoming an expatriate entails hazards, troubles and fatigues. But, the people of third world countries undertake these troubles and go to foreign countries with strong economies. One of their preferred destinations has always been the UK. These expatriates send money back to their families from the UK after earning through the world’s top-rated online money transfer companies like ACE Money Transfer.
Of course, as mentioned earlier, undertaking the troubles of becoming an expatriate is not easy. But, the pressing needs of trying to break away from the abject poverty, lifting living standards, affording quality education and making savings for future emergencies compel people to take the challenges of expatriate life head-on.
Online money transfer: different methods
There are two main methods to move money online. One is through the banks, and the other is through some of the best international money transfer services offered by the best companies like ACE Money Transfer. Slight differences are within these two broad methods. If you are an expatriate and want to transfer money online, you must understand these differences.
Below is the list highlighting different online money transfer methods.
Payment through mobile wallet
In this method, you will use the mobile app launched by some of the world’s best companies, including ACE Money Transfer. These apps are user-friendly and straightforward to use. This method is called the mobile wallet or online payment method.
Bank transfers or wire transfers
Another popular method is to send money through a bank via wire transfer. It is an old method and is still in practice. But, in this method, the banks charge a high fee, and the transfer takes several days against a few minutes consumed in a mobile wallet transfer.
Let’s take a quick look now at the online scams around digital money transfers.
Online funds transfer scams at a glance.
Technology has created ease of business; it does not come without a price. In the global online money transfer industry, this price appeared in the form of online scams. Where the people are deprived of their funds in ways explained briefly below.
In this, you will be offered money which you could lay your hands on after you send “service charges or fee’’ in advance.
Scamming through lotteries
It is somewhat similar to email scams. You will be given the news of having won huge lotteries whose amount will be transferred after you deposit a processing ‘’fee’’.
The scammer, in this, will pretend to be a government representative and seek information about your bank account and debit and credit cards etc.
Impersonating on Facebook
In this scam, you will receive friend requests from people you do not know. Or a friend request from someone you know from a ‘’new’’ account.
The scammer will call you and pretend to be an immigration official. They will tell you that your immigration documents need quick fixing in exchange for a fee or your account details.
What are the APIs (Authorised Payment Institutions), and how do they help secure your remittances?
APIs are the persons or institutions legally authorised to offer cross-border money transfer services. For a better understanding, they can be referred to as online money transfer companies.
These APIs have proved to be the cheapest way to transfer money internationally. These APIs offer many easy and convenient ways to move money through your smartphones or computer screens. Their services are quick and efficient. But, not all the APIs operating in the market are like that. Many unscrupulous elements have also seeped in.
Caution and care while choosing a company can save you from falling prey to them.
Key benefits of using APIs to transfer money
Here are a few benefits of using APIs for money transfers.
Security of funds
Some credible APIs like ACE Money Transfer has a security mechanism that keeps your money safe from hacking.
Low service charges
Some APIs offer the best services in exchange for a low fee. This benefit is only provided by the APIs and not the banks.
Fit for emergencies
Through APIs, you can send money in a matter of a few minutes only. This makes APIs fit for sending money in circumstances requiring your immediate financial attention.
Transfer on the go
It is only through the APIs that you can initiate a transaction on the go. You can also keep track of your transaction until it completes and reaches the recipient.
Round the clock availability
The services of APIs are available 24*7. You can initiate a transaction any time you want.
Online money transfer: the best option to send money internationally
International money transfers could not have been easier. While you transfer your funds through the APIs, you will reap the benefits listed above. And the most significant advantage is that it saves your time in this lightning-fast world. It also helps you save your money as you are not required to go out, burn fuel and face travelling hazards. You can send money right from the middle of your comfort zone through credible APIs such as ACE Money Transfer.
ACE Money Transfer: the most trusted API worldwide
ACE Money Transfer is one of the most trusted APIs globally. We offer all the benefits we have spread across this article under one roof, and with these benefits, we make international money transfers a fun-filled activity. The trust our valued customers put in us and our services can be judged from the following two facts.
Our customer base is only expanding since we began operations earlier this century. And we have received no complaint whatsoever from any customer from over 100 countries regarding the quality of our services.
The best mobile app
The user-friendly and simple-to-use smartphone app launched by ACE Money Transfer is available for both Apple and Android users. And all you need to do on this app to initiate a transaction is choose your recipient, select the amount and hit send.
Can you think of any other benefits and features in a money transfer mobile app when you need tovmake a global money transfer?
The scams highlighted above are not things of the past. They are here. Many people fall prey to them daily globally. Your safety depends on to whom you choose to send your funds internationally. Because all the features listed above are not available at all places under the roof, as they are at ACE Money Transfer.