Emily Clarke

3 Reasons You Should Avoid Money Transfer Counters

Whether you need to transfer money to Philippines, South Africa or Singapore, you have several ways to do so. If you've ever seen one of those money transfer counters at your local grocery store, you might have considered using one. In the past, those counters were the go-to to send money domestically and internationally. Seamlessly transfer money to Philippines! Click now for swift and secure transactions - your trusted partner in financial connectivity.

But these days, they're quickly going out of favor. There are better choices, and money counters come with several risks. Here are some reasons you should avoid money transfer counters.

Possibility of Fraud

Money counters do money orders. Money orders are like prepaid checks. Unlike a traditional written check from your bank, money orders can't bounce. Furthermore, they're borderless and don't require you to disclose financial information. For that reason, many people choose money orders when they want to transfer money to Philippines and beyond.

But those seemingly built-in protections don't make money orders immune to fraud. Unfortunately, the transactions you do at money counters are a popular vehicle for thieves and fraudsters. It's possible to lose the money if a criminal gets their hands on it before a recipient does.

Difficulty in Cashing

Money orders and other money transfer counter services can be difficult to cash for your recipient. They'll find that many businesses won't touch them, and many global banks will not accept money orders for mobile transfers. Once your recipient finds a company that can cash the money order, they'll likely have to pay an additional fee.

Why are money orders such a headache to cash? It all comes down to the susceptibility to fraud. They have a history of being a vehicle for nefarious activity, so many institutions don't accept them to protect their best interests.

High Fees

Another reason to avoid money transfer counters is the fees. Fees will vary based on how much you send, where you transfer it and how fast your recipient needs it. But those fees add up. If your recipient needs money quickly, it'll cost you big. Furthermore, they may need to pay more to cash your money order!

There are far more affordable alternatives today that get you favorable exchange rates without the excessive service fees.

Author Resource:-

Emily Clarke writes about cash advances, overdraft protection & finance apps. You can find her thoughts at overdraft protection blog.