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Banks Lack Innovation When it Comes to International Money Transfers

Category | Important Information
Published: 18/06/2018 | Updated: 25/04/2024
We live in exciting times, when disruption and innovation are the defining determiners of industry leaders. That's true in the business of international money transfers, too. The status quo is being overturned by disruptors and new ways of sending money overseas has been completely transformed by tech innovators. Here at ACE-FX we're proud to be a part of the new way of doing things, and we look forward to what the future holds as things get even better: faster, easier, and more cost-effective.

The International Money Transfer Industry is Booming

You might have noticed in the past year or two that there's suddenly an abundance of international money transfer companies. Each vying for your attention on the Tube with ads for remittance services, sending money overseas, and even sometimes currency exchange, they offer new ways for customers to exchange money across different currencies. What started this fever of startups is the simple fact that international money transfers are booming. Consider it another ripple effect of globalization, immigration, and a flourishing of small businesses worldwide. But there's another reason the competition is stiff for international money transfer companies: technology. We now have the most highly developed software in the world, making for a seamless, speedy service when sending money overseas.

We've Seen Disruptors in the Stock Industry

The disruption we're seeing in international money transfers is merely one more in a series of waves of change in finance. Around ten years ago we saw incredible disruption in area of stock investing. Companies like e*trade brought investing to the PC with cheap trades made by consumers from their home PCs, without the aid of a private broker.

We've Seen Innovation in Personal Finance

There's another wave just beginning with investing services: robo advising. Software programs can now serve as financial advisors for private investors, which keep portfolios balanced according to individual preferences and financial goals.

Now It's Our Turn

Now, it's our turn. Innovation and disruption are taking hold, leaving traditional ways of sending money overseas in the dust. Indeed, the old status quo is more expensive, takes longer, and is less convenient than companies like ACE-FX, who take full advantage of the latest technology.
“Since there has been little to no innovation from the traditional banking sector, we see massive opportunity..."

-Ben Horowitz, American venture capitalist, spealing about international money transfers

Banks Have Become Inefficient at International Money Orders

Many clients have learned, through painful experience, that banks are no longer necessarily the best option for sending money overseas. The fees are often problematic, the turnaround times are very often less than ideal, and the customer service may leave customer wondering if banks want their business at all. Banks, after all, are in the business of making money in a huge variety of ways, the least of which is by offering economical and efficient remittance services to private individuals who send small amounts each time. International money orders are merely an afterthought at many banks, after all. They clearly have their eyes set on bigger fish in the sea. Sometimes you just have to redesign something and start from scratch, and that's not something banks have been doing. Smaller companies who can leverage nimble and tech-savvy development processes can quickly capture the market with unbeatable customer service, fast and efficient transfers, and airtight, online secure services that translate into an incredibly powerful and attractive service, as a way to send money overseas. The people can decide for themselves what services to use, and through these choices an efficient market is right now being created, right under our very noses. It's certainly something to celebrate!

ACE-FX is Ahead of the Curve

With expert advice, the best exchange rates, and offering the ability to transfer money to over one hundred countries, ACE-FX represents the new way of sending money overseas. Our rates are competitive, our services are available 24/7, and customers save money on all international money transfers. What's more, we offer dedicated account managers and expert advice, so you don't feel that you're sacrificing quality for convenience and economy. Plus, our rates beat out the old banks: in a 23 November 2015 exchange rate comparison, our rates (via MoneyCorp) resulted in significantly increased transfer amounts, over those of HSBC, RBS, and NatWest. Finally, we offer central London branches open every day of the week. For fast service, better rates, and quick currency exchange in person, we're there for you too. We offer large order currency exchange, too, for our customers requiring more than £2,500.

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