Are you thinking about using Ace Money Transfer to do a money transfer? In this guide we look at Ace Money Transfer reviews the other options you have to transfer money internationally.
Who are Ace Money Transfer?
ACE Money Transfer is a trade name of Aftab Currency Exchange Ltd. They are a company in the UK which offers money transfers to various countries around the world. They used to have an agency network and branches back in 2020, however, they discontinued thier physical and cash operations and now, from start of 2021, offer only online and digital money transfer services where customers can use services via thier website or mobile App.
Who are Aftab Currency Exchange Limited?
Aftab Currency Exchange Limited is the UK registered company which owns the trade name of Ace Money Transfer. Aftab Currency Exchange Limited has been a company since 2002 and has the registered address of Piccadilly House, 49 Piccadilly, Manchester, England, M1 2AP
Aftab Currency Exchange Limited are also FCA regulated under the type ‘Payment services / electronic money status’ which is a good sign.
(all information correct as of 18/08/2021)
Ace Money Transfer Customer Reviews
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How You Can Send Money Overseas
You may be sending money overseas to family who are living abroad or your child may be in need of some emergency funds, while they are travelling. It can be straightforward to send money overseas, and there are various options available.
When you are looking to send money overseas, you will find that there are a number of companies who will be competing with each other to help gain access to your business.
It can be confusing to know which company to choose when sending money overseas; the whole process can seem like a bit of a minefield.
Each firm will offer you a deal that will take depend on how much money you are planning to send, the regularity of the payments, and the required speed of the process. There may also be a requirement on the receiver’s end, as to how they wish to receive the money.
Whether you are looking to send an instant one-off payment or you wish to send regular financial support for a family member, you should read our article to find out more about the options available.
The 3 Money Transfer Options
When you are determining how to send your money overseas, there are 3 options available to you, including bank/building society, foreign exchange brokers and high street transfer firms.
These options each have their own pros and cons, which we will look at in more detail throughout this article. However, you will have three main considerations. These are the associated costs, and exchange rate, the length of time it will take to complete the transfer, and whether they can deal with regular payments; if this is something you need.
Of the three options, high street banks are the safest and easiest to access, especially if you plan to make recurring payments.
Hidden Costs Associated with Using Ace Money Transfer
When you are using companies such as Ace Money Transfer for your money transfer needs, you need to consider the hidden costs, including interest, fees and the exchange rates.
You should start off by using pounds as your initial currency and then calculate how much currency you would get for your pounds. You will then have a sum you can use, when you are comparing different options and deals.
This sum may also come in handy when you are looking at add-ons and any additional fees, including exchange rates.
Ace Money Transfer’s foreign exchange rates will vary, and they may change within just a day or two.
If you are comparing deals, it is a good idea to do in within a short period of time, as you may find the deal is different the following day.
You will need to include the sending fees from Ace Money Transfer and the receiver fees, which may be at the end of the transaction.
Ask the company you use about the receiver fees, and how much these will be. You will be able to cover these yourself, if necessary.
Ask for confirmation
It is now time to make your final decision, and once you have done this, you should ask the company to send you final confirmation.
You will be able to give the bank, exchange firm or broker permission to use your personal details and to deal with the transaction.
You are likely to have specific requirements, such as how much you want to send, the timeframe you want the transaction to be completed, and how often you wish to send money.
The confirmation will give you something to fall back on, incase anything goes wrong. Make sure you get this in writing – either email or letter.
You should retain all your receipts as these will be very specific to you, and you may need these to fall back on later down the line.
Will It Be Safe to Use Ace Money Transfer?
When we use our everyday banking, we have protection from the Financial Services Compensation Scheme (FSCS), which means that if the bank goes bust, our money is protected.
Contrarily, when you use foreign exchange firms like Ace Money Transfer, you will not have this level of security. This means that if the money transfer goes bust for some reason, your money will disappear with them.
However, many of them are authorised by the Financial Conduct Authority (FCA) that commands that a certain level of quality is adhered to. This gives you extra peace of mind and safety with your transaction.
Our main tip is to use FCA approved foreign exchange firms like Ace Money Transfer wherever possible, especially if you are planning to send large sums of money.
Ace Money Transfer alternative: try your Current Account!
You might be confused about why you even need to use a foreign exchange firm when you already have a current account within a UK bank or building society.
You don’t really need to use a foreign exchange firm, you can just use your bank instead, and they will even be able to guide you through the whole process.
Your current account is one of the safest options to use, and it is one of the most convenient options, as you already have an account, and you will be familiar with your bank, and how they operate. You may feel that this is a much better option than the other options.
Some of the benefits of using your bank include, that it is easy to arrange, you will have help throughout the process, banks are accessible on the high street, and it is safe and protected.
The downsides of using your own bank are that you are likely to have lower exchange rates, especially if you are planning to send small amounts.
Another downside is that the process can take age. It may take as long as 6 working days for the transfer to be fully complete. Whereas, with exchange firms, it will be a lot quicker.
How to Make Regular Payments
The issue with UK banks is that the transaction can be a bit slow, but you will usually have the option of being able to pay a fee to speed the process up, either at the start or the end of the transaction.
Most UK banks will have their own counterpart banks overseas, where you can make special arrangements.
Speak to your bank about overseas banks, as you may be able to benefit from better exchange rates, as well as lower fees.
These lower rates can make be even more useful if you are setting up regular overseas payments.
If you own a ‘holiday home’ overseas, you may need to pay bills on this, or you may be sending money to your family who are overseas, and if you have these little extras, it can help a great deal.
The main tip we have is that you ensure you hold an account in your own name in both the UK and the country where regular payments are being made. In this way you will benefit from better rates of interest and fees.
Ace Money Transfer Alternative: You Can Use High Street Firms
Instead of using your bank, you may choose to use a high street foreign exchange firm.
This is a straightforward choice, as you can find high street branches everywhere, with the options of discuss the information in-person, such as within the Post Office or even by looking online.
The benefits of using a high street firm means are that you will have the opportunity to use a variety of services, including ‘instant transfers’ straight into the recipient’s bank account.
It is also easy to set this up, as you won’t usually need a high street foreign exchange account and depending on the amount you are sending, you may not need ID either.
These firms will be able to take care of the transaction quickly, which is particularly useful if your family member needs access to instant cash.
However, you should be aware that the fees and cost vary depending on the high street firm. This means you may end up with higher charges, when sending small amounts.. It is important to find out the finer details of the fees and charges, before you sign up to anything.
Other downsides include the exchange rate changing quickly, even within a day. You should always ensure that you make your decision within the same day, as otherwise, you may not benefit from an attractive exchange rate.
In addition, your overseas transaction may not always be safe, as you will find that there are many firms who are not covered by the FSCS, as mentioned above.
Another Option: Using Ace Money Transfer
Your third option is to choose a broker like Aftab Currency to send the money overseas. This is an ideal option if you are planning to send larger sums of money, which have low or even non-existent fees.
Additionally, Brokers are specialists in dealing with exchange rates which means you will benefit from better exchange rates, especially if you are sending large amounts.
The whole process is extremely very fast. The Brokers will deal with your overseas payment right then and there, and the recipient may receive it on the same day, or within 24 hours.
Just like anything, there are some downsides. Setting up an account with a Broker may take a longer period of time than the other options. It may take a day or two to sign up and complete the registration process.
Also, you should only do this if you are going to send large amounts overseas, as smaller payments end up with the biggest fees, and this means that setting up an account may not be worth your while.
Brokers are also not the safest option, as if the firm goes bust, your money will not be protected, and not all Brokers are covered by the FSCS.
Comparing the Market
You should always take financial decisions seriously and to get the best deal for your overseas money transfer, you should compare the market.
As there are several comparison sites out there, why stick to one, when you can use several?
Use a few comparison sites, and ensure you use as much detail as possible. You can use the filter, if you want to make sure you find the right options.
When you find a deal which suits your needs, you may want to check this against other firms, as well as banks and brokers. You shouldn’t sign up until you have double checked that your deal is covered or authorised by the FCA.
Always stay aware of the potential for scams. There are scammers everywhere, which can be quite worrying. As long as you are savvy, you will be less likely to be scammed.
One important point about scams, is that if the deal looks too good, it probably is. If you do your comparisons, you’ll get a good idea of the general price. If you find an option which is much better than the others, it is likely to be a scam.
If the deals tries to force you to click on external links, to make calls, or send your personal details over emails, you should double check this with the provider, and make sure it is above board.
Most firms, banks and brokers will not do business this way, they will do things by the book and won’t ask for your personal information over email.
You should ensure you open an overseas account with an authorised provider, and don’t be tempted to just give out your details to anyone who asks. Make sure they are legitimate first.
There is also the option of using a credit card for some of your purchases and payments, such as if you are doing some online shopping from overseas stores. This is not only more convenient, but also a safer option. You will be protected if you use a credit card for payments.
There are also other ways of sending money overseas, but you should avoid sending cheques or foreign bank drafts as these may be intercepted and if this happens, you won’t see your money again!
The process is also extremely slow, painful and can be unsafe. You may also end up with handling charges from both the UK and foreign exchange sides.