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Sending Money Online? Be Aware of these Basics

Saturday, 06 April 2013
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Online money transfer, in context of remittance, is sending money abroad through way of internet. If you are living abroad for professional or personal reasons, you may want to transfer money to your family back home or pour funds into a company account to accomplish a business interest. While traditionally, remitters have used banks and exchange house branches, to send money abroad, online money transfer has gained popularity given the ease, comfort and reliability of the process.

Why Online Money Transfer Works There are several benefits that remitters experience when they conduct a money transfer online. With technology running multiple marathons, advantages to online money transfer continue to multiply, resulting in an elevated experience for remitters sending money online.

When you, as a remitter, choose to send money online, you get to experience: ├»┬ü┬ Enhanced Levels of Convenience: When you are sending money online, you prevent the efforts and energy of having to visit an exchange house or a bank. You donÔÇÖt have to wait in long queues for your turn and complete time-consuming forms, to send money abroad. This translates into not just more productive time for you but also into a richer money transfer experience.

You can execute an online money transfer from anywhere. You just need to have a computer with a reliable internet connection. In addition, there is no need to adhere to specific time restrictions inherent to visiting an exchange house or bank. With an online money transfer account, you can login and send money at any time.

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Greater Security of Money Transfer Transactions ÔÇö Online money transfer is securer than before, thanks to rapidly-evolving technology. With service providers becoming more and more technologically-aware, online money transfer continues to transform rapidly, resulting in a competent, fraud-proof process for remitters. Strict adherence to money laws such as AML (Anti Money Laundering) ensures increased reliability of online money transfer services.

├»┬ü┬ Simple Process ÔÇö Online money transfer is becoming too easy a process to execute, for users. Online websites are simpler, easy to understand, and navigable even for an individual with limited computer knowledge. Online money transfer services such as Money2anywhere.com let users complete their remittance process in just a few steps!

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Choose Convenient Payment/ Delivery Modes ÔÇö Multiple options increase convenience. Online money transfer services such as Money2anywhere.com offer multiple options for payment and delivery. Depending upon your country of remittance, you can send money online using several channels including debit/ credit cards, internet transfer, POLi, BPAY, and ACH.

Online Money Transfer Service People sending money online use online money transfer services by banks and exchange houses. Remitters need to pay a transaction fee or service charge and exchange rates corresponding to the amount they are sending for their money transfers online; some service providers may however remove service charges for transactions involving huge amount of money.

Low price and free service need not necessarily translate into an affordable online money transfer experience for remitters. It is always essential to heed to key factors while choosing an online international money transfer service. ItÔÇÖs always better to go for a money transfer online service that tests positive in a combination of the following key factors:

├»┬ü┬ Seek Referrals ÔÇö Go online and you can get immense help from social media sites. You are more than likely to get feedback and suggestions from people who use online money transfer. Offline, you can benefit from the experience of your friends and family. Get a list of service providers offering online international money transfer.

├»┬ü┬ Availability of Service: Find out if the provider offers online money transfer service to the country of your beneficiary. Some services offer worldwide online money transfer while some include access to only select countries. Services such as Money2anywhere.com allow you to send money online to almost any country in the world.

├»┬ü┬ Price and Network Status ÔÇö Compare exchange rates and service charges offered by different service providers, and go for a provider that you think offers the best deal.

Check the agent/ branch network of the online money transfer service provider. Choose providers that have a wide global network when sending money internationally; that way youÔÇÖll have easier access to their branches or agent offices, and beneficiaries too will get to collect money quickly in a branch or agent location nearby.

Service providers such as Money2anywhere.com have a banking network comprising more than 150 banks and over 100, 000 cash payout centres, which translates into a faster money transfer for customers.

├»┬ü┬ Time of Reach of Money: Find out how much time the online money transfer service will take to remit money to the beneficiary. Compare the time taken with other prospective online money transfer services available. The shorter the time, the better.

Check simultaneously different modes of payment and delivery available. Choose an online money transfer service that gives you the benefit of options, and especially options that are beneficial to you.

├»┬ü┬ Security of Transactions ÔÇö Security is basic to online money transfer safety. Question your prospective service provider about safety measures they implement to ensure safety of your money.

Key things to look for include software applications the company uses for online money transfer security. An SSL encryption is a widely-used online safeguard technology. The service provider must also have advanced firewalls in place to ensure a safe transaction. Secure serves and databases are crucial for information security.

SWIFT membership can be used as a reliability evaluator of an online money transfer service. SWIFT (Society for Worldwide Interbank Financial Telecommunication) provides standards for secure communication between banks and other financial institutions worldwide.

├»┬ü┬ Customer Service ÔÇö A responsive and responsible staff is crucial to attend to your online money transfer needs. Seek customer referrals from the service provider, check with friends about the reliability of the service providerÔÇÖs customer service, and finally call up the service team yourself to verify their efficiency firsthand.

In addition to heeding the above precautions, itÔÇÖs important to understand your own responsibility towards creating a safer money transfer. Use only computers that you alone have access to. Avoid using public networks to prevent unauthorised access. Back your system with a reliable internet connection so that end up losing your money to technical glitches.

Send money online, with just a few clicks

Last modified on Wednesday, 11 February 2015 10:02