With emerging technologies and globalization, the number of migrants is on an all time high. People from places such as Burkina Faso migrate to different parts of the world in search of better education, profession, and lifestyle. This has also made transferring money back to Burkina Faso a necessity for them. While the virtual world of internet offers multiple operators such as ATL Money Transfer that would allow you to send money to Burkina Faso, the choice can be a tricky one.
Getting the best exchange rates
Getting the best exchange rates for Burkina Faso is probably the most important factor that should dictate your transfer. Going ahead with a lower rate can cost you a lot financially, making this step extremely critical. Please remember that the rate of exchange varies with every single operator. Thus, doing your research well is mandatory in this regard.
How to transfer funds?
The most common mode is direct account transfer. If the sender’s account and the receiver’s account have the same holder’s name, the entire transfer procedure becomes easier, smoother, and faster. Usually the time taken to complete a fund transfer to Burkina Faso should be within two working days.
What about security?
Security is another factor that should always be considered as a top priority. One of the biggest threats that the modern world is facing is cyber crime. Since you will trust the operator with real money, it is crucial that its database is safe and secure. Only a platform with the right security features such as ATL Money Transfer should be selected as your preferred medium for money transfer.
More ways to identify the best platform
Social media and search engines are easily the best ways to learn about the credibility of a money transfer platform. Find out what the world is saying about the available mediums before making your decision. If you find that most users are happy with a particular platform, it is likely to meet your requirements too. Thanks to social media, knowing the actual user feedback has become extremely easy and simple. Make sure you spend some time on research before finalizing your preferred money transfer portal.
Check the processing fees before you make your decision
This is where most go wrong. In trying to find the best exchange rate and lowest completion time, it is easy to miss the processing fee attached with every transaction. Any credible platform will declare the exact processing fees clearly before handling your money transfer request. Try to find the option that fits your budget, but do not compromise on credibility. The competitive nature of the market has forced many operators to lower their fees, but only a few maintain the required standard.
Check the legal side of things
Ignorance can prove to be dangerous when dealing with international money transfers. It is extremely important for you to ensure that your preferred platform has all proper legal licenses and certificates. Only go ahead with portals certified by Financial Conduct Authority (FCA). All credible platforms will showcase their licence details on their website. Thus, it is a good idea to do a bit of homework before making the actual transaction.
Have the documents ready
You will need the beneficiary account number, account holder’s name, and the bank name to be able to make your transfer. Once you have identified the correct platform, use these details to transfer money without worrying. However, in some cases you may be asked for more details such as complete address and contact numbers. This is done to ensure maximum possible security for your funds and to stop money laundering attempts.
Go for smaller transactions initially
Even when you are sure about the credibility and authenticity of a particular provider, it is a good idea to try smaller amounts at first. Only when you gain acceptable first-hand experience, you should look to transfer larger amounts back to your country of origin.
Wrapping it up
Sending money to any part of the world is easier than ever, thanks to the virtual world of the internet. However, this also comes with the risk of cyber crime and financial fraudulence. This is why it is extremely important for all users to choose their money transferring platforms wisely. One mistake in selecting a proper portal may prove to be very costly. When it comes to choosing the correct platform, security, authenticity, and credibility should be the primary deciding factors. However, the turnaround time and processing fees can also play an important role in this regard. It is strongly advised to do your own research thoroughly before trusting a platform with your hard-earned money. Once you have identified your preferred medium, transferring money back to your homeland is only a matter of clicks.