Online money transfer has revolutionized the way we send or receive money. It is a digital way of transferring money from one bank account to another by using a web-based remittance service typically via app or mobile. When we send money online we also ensure benefits for the global economy . Mostly digital remittance platforms are used by expats to send money to support their families back home, money flows from wealthier to developing countries. In this article, we will explore the pros, cons, precautionary measures, and the process for sending money online.
Traditional vs. Online Money Transfer:
Traditional bank-to-bank money transfer usually takes one to two business days even longer in some cases, while online remittance services provide instant funds transfer. Digital remittance services usually offer a better exchange rate, and a low transaction fee reducing the overall transaction cost.
While traditional remittance methods are still popular among many people, online money transfer services have become widespread over the recent years. To send money online has become a need of this global era, it’s a great alternative for the ones who want swift transactions. With just a few clicks, you can send money to any part of the world negating the need for any supporting documents or paperwork. If you are confused between these two choices, consider the drawbacks and benefits of each option to make the appropriate decision.
An overview of popular remittance services:
Individuals seeking to send money online have a variety of options to choose from. We have listed a few prominent services below. It’s advisable to conduct thorough research to find out more about the options & benefits that suit your needs.
· WorldRemit:
WorldRemit is known for transparent pricing and ensuring instant delivery of funds. It prioritizes security by implementing strong verification measures.
· MoneyGram:
A popular service for quick cash transfers offering a global reach.
· Remitly:
A U.S.-based remittance service, Remitly extends its services to around 150 countries worldwide. It is fast and secure with great exchange rates.
· MasterRemit:
MasteRemit is based in Melbourne, Australia providing services globally. It offers a seamless cross-border transaction experience with its efficient system.
· PayPal:
Paypal is another well-known remittance provider, it facilitates payments between the parties via online funds transfer.
· OFX:
An Australian payment company helps you send money promptly in a simple way.
Advantages of online money transfer:
Days of traveling to a physical location to send money are long gone, transactions can happen within the blink of an eye. However, if you are still uncertain about opting for an online money transfer service, we have listed some key benefits:
· Swift transactions
Sending money online can save a lot of time for the sender, the recipient, and the remittance service provider as there is no time spent on printing or emailing cash receipts. There is no need to wait in line or visit the branch, most online money transfers happen quickly.
· Low transaction cost
Traditional banks usually charge a higher amount as compared to online money transfer services. Also, an automated environment negates the need to hire employees to manage payments & sales ultimately saving money.
· Global reach
Most of the online remittance services operate globally without any geographical limitations. Availing an online money transfer service enables you to transfer money to any part of the world from the comfort of your home.
· User-friendly
Online money transfer services offer a user-friendly and convenient platform, allowing users to send money from anywhere. Most remittance services even offer mobile app facilities further simplifying the money transfer process.
· Flexibility
You can select from a range of different options to send or receive money, whether it’s a cash pickup or a bank transfer. Expected arrival time and transfer limit will also be visible to you enabling you to make the perfect choice.
. Enhanced security measures
Reliable online remittance services have enhanced security measures in place to give users an exceptional experience. Dealing with cash or cheques can put you at the risk of theft, however you can send money securely with digital platforms.
· Availability
Online remittance platforms are available 24/7, enabling people to initiate cash transfers at any time of the day regardless of their geographical location.
· Better customer service
Unlike traditional banking, online remittance services offer personalized services via chat or email. Customers can easily approach the support team regarding any query or concern they might have.
How to send money online:
Sending money online is a straightforward process and here is an easy step-by-step method to understand the process:
· Create account
Register on the digital platform by using your regular email account, and create an account. Enter your details knowing your data is secure and encrypted.
· Verification
Account verification is a crucial step on any global remittance platform for the protection of users. You can begin the transaction process after the verification.
· Select recipient country
Choose the recipient country where you are intended to send money.
· Select transfer amount
The amount and exchange rate will be visible to you at this step when you select the amount you wish to transfer.
· Choose the Transfer method
Selecting the transfer method depends on your recipient’s preference, whether they want to get the amount via mobile wallet or local bank.
· Review & Confirmation
Carefully review all the details you entered to avoid any errors. Confirm the funds transfer after you have verified all the information.
· Tracking
Almost every digital remittance platform offers a tracking facility to give customers peace of mind by following the status of their amount.
· Funds delivered
The amount will be transferred instantly in most cases and you will get notified.