Online Money Transfer Options
More and more people are using online money transfer options to move funds from one place to another.
It is seamless and many options simply require you to have an account linked to your phone number or email address - that's it. You'd think that this would be an easy way for people to access your money, but it is quite the contrary.
A small fee from a secure web-based platform is often all that is required, so how can this be such a popular option? Let's take a look at why so many people are using this method so that you can too.
1. User-Friendliness
One of the most important things to know is just how easy these apps are to use. They make transferring money much easier.
This is because these online money transfer companies put a lot of time and effort into making sure that their clients can navigate their sites with ease. When comparing companies like Revolut vs Wise, you'll see that this is a trend they all follow.
This means that you are less likely to run into problems when you use their sites and apps.
2. Speed and Efficiency
Having to wait several days for the money to enter one account from another is really inconvenient and can be frustrating if you're trying to make a quick payment.
For many people, brink and mortar institutions only offer this service when you line up at the desk and have to get everything approved by the bank. If your bank requires you to do this, using an online money transfer option could be a better option.
This is especially true with accessing loans. Online banking has astronomically shorter wait times and some are even instantaneous. All you need is a reliable internet connection and you are good to go. This takes the stress out of waiting for money to clear, especially when it comes to late payments of bills.
3. Security
Sending things like a cheque can be risky. They can get lost in the mail or simply take forever to arrive at their intended destination.
Lost cheques can be opened, forged, and used by anyone. Online transactions are encrypted which means that they can't be seen or intercepted by other people.
You also have several points of verification and authentication to ensure that you are the one making the payment. You will get confirmation of your payment once it has gone through. If you don't get confirmation then you can follow the steps to find out what has gone wrong, but this is very uncommon.
4. Greater Access
Online money transfer companies often have access to networks in other countries, which means that you can transfer money with greater ease between countries.
Transfers are a lot more direct and easier to carry out. Many of these have currency conversion tools that makes the process of converting your money into the appropriate currency when you're abroad, or when sending money abroad a lot easier.
This also allows you to decide when it is the best time to convert your money, allowing you to take advantage of favorable rates.
5. Low Service Fees
One of the biggest frustrations when using a brick-and-mortar company to manage your money are the high overhead fees.
You pay for all sorts of building costs including insurance, etc. These costs drive up the service fees and the consumer ends up having to deal with them. Online providers don't have these physical costs, meaning that they can keep costs down.
This means lower transaction costs among other things.
6. 24/7 Hour Service
One of the most frustrating things about physical providers is that they only operate during certain times. Online money transfer providers are available at all hours, meaning that you can use any and all of their services 24/7.
This means that you can take care of urgent matters whenever you need to. Some companies even offer on-phone customer support 24/7. This is especially great when you are struggling with your internet access. If companies don't have this, chances are that they have a chatbot you can use to guide you through your queries.
Online money-transferring services have a heap of benefits, which is why you need to be familiar with them.
Gone are the days of filling in forms and mailing cheques out to pay your bills. You can do it at the click of a button and even automate bill payments so that you don't have to do them manually. The best part about it is how incredibly safe it is to make any transfers. Do yourself a favor and adopt this today.
