Among money transfer services we count banks and old traditional operators. We tend to think that banks are safe or at least people trust their banks. Old traditional operators such as western union and moneygram are also trusted by people. Both organizations have so big buildings in the main cities in the world that people trust them. Indeed they have money so they build buildings so they are trusted.
They are stealing some money from you so they get money so they buy buildings so they are trusted. And why are they stealing money so easily? Because you trust them.
Sorry I just started saying that we cannot trust banks and old traditional services. The question now is can we trust the new money transfer services such as Worldremit and Transferwise?
New money transfer services are technically safe
They use new technologies. New technologies used by new money transfer services are so technically safe that there is no risk. Moreover how could we think there is any risk as if you are not happy with the money transfer they simply reimburse you? Indeed the most important for new money transfer services is to get new customers. They need a happy customer to refer to other customers. So they are always nice with you. Their systems are great. Their rates are cheaper than other services because they need to gain your trust.
New money transfer services are stealing from you too
They need to gain your trust and they need you to transfer large amounts of money for them to make money. In order to gain trust they show transparency. Sometimes you can show some transparency and not be transparent at the same time. It’s simple. You only have to hide some fees and tell everybody that you are transparent. You can even say that there are hidden fees because of a technical need…
At the end it’s better to use new money transfer services but they try to steal from you too. Still they remain very safe because the service is technically working well and they never steal your money. They just steal some fees thanks to the hidden fees they can put in the exchange rates.