Last Updated on October, 2024
Did you know? Ria money transfer service has over 490,000 locations in more than 165 countries across the globe.
Ria is popular for its competitive exchange rates and ease of access for sending and receiving money. But how competitive are Ria exchange rates, and is it a reliable service?
In this detailed Ria money transfer review, we’ll explore how Ria works and what services it has to offer.
Moreover, we’ll also talk about its transfer speeds, and how safe it is to use, along with some other details. So, carry on reading this Ria review to find out all about it.
Contents
- How Does Ria Money Transfer Work?
- What Money Transfer Service Does Ria Has to Offer?
- What are Ria Money Transfer Service Rates?
- How Long Does Ria Take to Send Money?
- How to Send Money Abroad Using Ria?
- Ria Money Transfer App Features & User Friendliness
- Is Ria Money Transfer Safe to Use?
- What Do Ria’s Customers Have to Say About the Service?
- Ria Alternatives
- Ria Money Transfer Pros & Cons
- So, Should You Consider Ria?
- Frequently Asked Questions
How Does Ria Money Transfer Work?
With Ria’s global presence, sending and receiving money is easy. If you are looking to send money online, visit Ria Money Transfer to create your free account.
If you decide to use a bank account to send money internationally, you’ll require account validations through micro-deposits, which is a time-consuming process.
What Money Transfer Service Does Ria Has to Offer?
Ria money transfer has different options that you can use for sending money abroad. To fund your online money transfers, you can use your bank account, debit card or credit card, or direct cash when transferring through an agent.
On the other hand, your beneficiary can receive your transfer in different ways. They can receive money in their bank account or go for cash pickup from a Ria agent location. In some locations, a home delivery option is also available.
What are Ria Money Transfer Service Rates?
The transfer fees that the Ria offers depend upon your payment destination country, the amount, and how you’re funding your transaction. Ria website has the “Check Prices” tool to check exchange rates in advance along with other fees associated with your transaction.
If you think the rates are too high, you can adjust the amount you’re sending or alter the way you’re funding your transaction. This way, you can bring the rates down.
For instance, if you want to send a thousand dollars to the Philippines, you won’t have to pay high fees if you’re making a bank transfer or are paying in cash.
However, making this transfer with a debit/credit card will cost you much higher, but the transfer will be completed within 20 minutes. So it’s pretty fast.
Most money-receiving methods won’t incur any fees. But for home delivery in some locations, there’ll be some additional cost ($3 for sending over a thousand dollars in the Philippines). Ria money transfer rates might also differ if you use their services online or in a physical location.
Exchange Rates
Within the currency exchange services industry, the exchange rates that Ria offers are less competitive compared to some other money transfer providers. Nevertheless, the Ria money transfer doesn’t overcharge you like some other international money transfer service providers.
Most services have an exchange rate markup at the mid-market rate for their benefit. This rate is around 1% of the transaction. Ria’s rate hovers around 1.5% to 2.5%, which makes them more expensive as compared to other money transfer services.
But some services have exchange rates between 3% to 5%. So Ria falls smack in the middle of the two extremes.
How Long Does Ria Take to Send Money?
There are different processing times for different payment methods. For example, if you prefer a bank transfer, it will take around 4 working days to process (without any fee).
Debit card and credit card payments only take 15 minutes for some additional fee. While cash payments (powered by PayNearMe) are cleared within 24 hours.
For cash pickup as your payment method, you will get a barcode that you can take to your nearest participating 7-Eleven location and complete the transaction. However, if your cash payment is not cleared within 24 hours, it will automatically cancel.
In case of cancelation, a refund is made to the same account that you used for transferring money. This refund will take 3 to 5 working days to appear in your account. Refunds for debit and credit cards will take 2 to 10 working days.
How to Send Money Abroad Using Ria?
You can make your international money transfer using the online Ria money transfer in just four steps:
Ria Money Transfer App Features & User Friendliness
The Ria money transfer also has a mobile app that enables transferring money on the go. The app is available for both Android and iOS devices (get your QR code here).
You can send your recurring money transfers even with your debit or credit card. With this app, you can also check exchange rates before your transfers and easily exchange money with an informed decision.
This app is very easy to use, and you can find everything right in front of you. The app is up and running 24/7, and you can find your nearest cash pick up location with it.
Moreover, you can share your transfer details with your recipient to give them a heads-up. All transfers made through the app are secure and fast.
Is Ria Money Transfer Safe to Use?
Ria Financial Services has been around for more than 30 years and has transferred billions internationally to millions over the years.
The Ria money transfer is a highly secure platform and is properly regulated across the globe. They use highly sophisticated methods to keep the payments and financial information of their customers safe.
The Ria money transfer also complies with international rules and regulations associated with international currency transfers, financial management, and payment data security in all the countries where the company operates.
Furthermore, they don’t store your card information on their servers, which can be accessed by unauthorized personnel in case of any breach. This is an additional security layer to identify suspicious login attempts and deter them.
What Do Ria’s Customers Have to Say About the Service?
Ria money transfer reviews are over 16,000 on Trustpilot, with an average of 4.4 out of 5 stars. Customers who loved their services have talked about transfer speeds and service user-friendliness. This is because Ria offers online services as well as through physical or cash pickup locations.
However, there are some negative reviews about their services, such as Ria’s slow customer service and long hold times. Ria should look into these negative reviews and address the issues, or they will keep losing their business in the long run.
Some customers have even complained about Ria holding their money for no reason. This is truly horrendous because they weren’t able to reach the support for any explanation.
Ria Alternatives
If you think that the Ria money transfer service is not the right option for you or if Ria doesn’t provide full services near your location, you might consider some alternatives.
Banks
The oldest method to send money overseas is to use bank services. Banks are safe, and various regulations, insurance, and laws oversee these financial institutions and their transactions.
But you need to use a specific branch to send or receive money. This makes banks less convenient. Plus, their rates are much higher than those of online money transfer services.
Services like Ria are more accessible to customers across the globe as they have an array of physical locations. Moreover, you can also use their online services to transfer funds.
Traditional Money Transfer Services
As banks became more expensive and less accessible, companies like Western Union began to offer services that broadened access to money transfer services and ease of access through their wide range of locations.
However, these companies tend to limit users on how to receive/send money for their convenience. Therefore, money transfers were still a hassle.
But with a broader range of agent locations, running such services can be expensive. So Ria’s fees can be higher than banks, making transfers inaccessible for some customers. Ria takes the upper hand here by offering online service in addition to physical agent locations to offer more convenience to the customers.
Other Online Money Transfer Providers
With online services, customers have more convenience when making their international money transfers. You can send or receive money from across the globe in the comfort of your home.
These companies include the likes of Wise, Remitly, and WorldRemit, and they don’t have any physical locations. As there are no physical locations, these companies don’t have many operating expenses, and they can transfer these savings to their customers by offering quality services at lower rates.
Therefore, companies like Wise are best for international money transfers because they offer better currency exchange rates and lower fees. Ria does add a small markup, and this can drive higher costs. But with Wise, you don’t need to worry about that.
Apart from that, with Wise, you can send directly to your recipient’s bank account. However, with Ria, you can’t use your bank account to send money. And this is the major difference between the two service providers.
Ria Money Transfer Pros & Cons
Now, let’s further our Ria money transfer review and talk about some advantages and disadvantages that Ria Money Transfer has:
Pros
Cons
Other online bank reviews:
So, Should You Consider Ria?
Ria enables you to transfer money to your friends and family overseas with ease. Ria’s fees are transparent, and you’ll know what you’ll be paying upfront. For speedy services, you can use Ria online or in the app to transfer in no time.
Ria’s exchange rates will depend upon your transfer amount, funding method, and payment destination. Ria offers competitive exchange rates as compared to other providers. But they do have an exchange rate markup formula to earn from the transactions that they make.
They also have a broad range of agent locations across the globe. But is Ria perfect for international money transfers? No, But it does provide you a good option to send money abroad and compare your rates.
They are safe and secure and they have been in the market for a long time to have established themselves as one of the best money transfer providers.
Frequently Asked Questions
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