Conventionally, people used to visit their nearest bank or money transfer company’s outlet to send money overseas. But, there were a lot of problems faced by people in doing so. For instance, if you are a migrant and your family is residing in Bangladesh, you will have to send money to Bangladesh every now and then. Many people faced different problems that resulted in late transactions, more costs and sometimes inability to transfer money at the right time. The foremost issues, confronted by people are explained below.
The Twentieth century is also named as the age of science. Every person has an extremely busy schedule. Doesn’t matter if you are a student or job person, a housewife or a businessman, its difficult for everyone to take out time from working days to specifically visit a bank or money transfer company, to send money solely. As we know, almost every money transfer outlet is closed at weekends, therefore it was extremely problematic for people to manage bank visits in their hectic routines.
Inavaialibity of Money Transferring Facilities:
In some areas and underdeveloped countries, there may not be facilitating environments for the local people. For Instance, If any person is residing in a rural area, then there will be limited outlets available for transferring money or no outlets at all. People had to arrange special transportation for visiting banks from rural areas. Hence, the transportation cost, service charges and other things added to the cost of the money transfer system.
Environmental Hurdles in Money Transfers:
In extreme weather conditions or other environmental issues, people may not be able to go to cash outlets. But, due to extreme weather conditions, you cannot visit any nearest bank branch or money transfer platform, then it can cause several problems for the family members. If you want to send money to Bangladesh online, bank transfers are one of the priorities.
Inability to analyse different Internet Money Transfer providers:
If you physically go to any IMT provider, you may not be able to analyse other provider’s offering and exchange rates. Even if you try to look for the policies of other providers, then you will have to waste a lot of time and transportation fares. You will not be able to compare the rates, service fee and other deals that may affect you really badly. You may end up in paying unnecessary bucks and no person will ever want to do so. It is a very high disadvantage that compelled many people to stick to their providers even if they were charging higher prices.
Long due waits at the Money Transfer Services:
Before the online transfers came in action, people had to wait in long queues to transfer their payment. Prior to any vacation or holiday, IMT platforms used to be filled with a rush of customers and a huge number of people wasted their valuable time due to this problem.