How To Transfer Money Online
- By Jeffery Nevil
- Published 01/14/2012
- E-Commerce
- Unrated
When you need to transfer money, it can be a bit of a pain. Sorting out all the accounts and who you are going to send it to can be complex. In addition, transferring money in a different currency to that of your bank account can be tricky, not to mention the time you have to wait in order for funds to clear once you have actually sent it out. This is why a lot of people are now choosing to transfer money online. You can avoid a lot of the hassle you experience when trying to send funds in the traditional way; it's faster and a lot safer too.
When you need to transfer money to a friend, maybe for a meal you went out for when you forgot your wallet, or a family member, maybe your cousin has contacted you and needs help whilst they are on their gap year in Kenya, you want a reliable service. It needs to be fast, simple and secure as well as low-cost. There are a lot of options to choose from, the most reputable companies will offer some of the following.
You will most likely have to sign up for an online payment account. From there you will transfer money from your bank into your online payment account, ready for paying out to whoever you want. This is great for security because it removes your bank from the equation when you're actually transferring the money. The best companies will only require you to enter the email address of your recipient, from which point they will receive an alert and open their own account before transferring the money into their own bank. So that's essentially how it works when you want to transfer money online, most companies offer something similar to this. But there are a few
more things you should look out for.
Instant transfers are a must have. If you're looking at a service that doesn't have this, then don't bother with it. It really should be very simple, and done with a few clicks of the mouse. Instant transfers are sometimes essential, if you need to send money with any sense of urgency. It's quite a good selling point, so companies will brag about it on their site - look out for it.
Money should be very easy to send too, whether it's to your friend who lives a few doors down or to your cousin in Kenya. I touched on it earlier, but you should be able to send money to anyone so keep an eye out for services that only require an email address.
To transfer money online is a great convenience, but there is no point in paying over the odds. You will be charged a small fee for each transfer, there's no real getting around it as its how these sites make money, but it should be reasonable. Somewhere around 2 percent is a fair cost. Look for sites that specifically market themselves as low cost. Security is another issue, most companies with good security will boast about it on their website. Look for features like 128-bit encryption technology, firewalls and secure data centres. Don't be afraid to ask a company for specifics, they will be proud of their security and happy to help with any questions.
So that's basically what to look out for. One final thing I would suggest is that you look for a service that allows you to receive money for free, after all your cousin in Kenya will have to pay you back at some point. And make damn sure that the company make it easy to take money out of your account and back into your bank, after all there's no point having money in there if you can't spend it.
When you need to transfer money to a friend, maybe for a meal you went out for when you forgot your wallet, or a family member, maybe your cousin has contacted you and needs help whilst they are on their gap year in Kenya, you want a reliable service. It needs to be fast, simple and secure as well as low-cost. There are a lot of options to choose from, the most reputable companies will offer some of the following.
You will most likely have to sign up for an online payment account. From there you will transfer money from your bank into your online payment account, ready for paying out to whoever you want. This is great for security because it removes your bank from the equation when you're actually transferring the money. The best companies will only require you to enter the email address of your recipient, from which point they will receive an alert and open their own account before transferring the money into their own bank. So that's essentially how it works when you want to transfer money online, most companies offer something similar to this. But there are a few
Instant transfers are a must have. If you're looking at a service that doesn't have this, then don't bother with it. It really should be very simple, and done with a few clicks of the mouse. Instant transfers are sometimes essential, if you need to send money with any sense of urgency. It's quite a good selling point, so companies will brag about it on their site - look out for it.
Money should be very easy to send too, whether it's to your friend who lives a few doors down or to your cousin in Kenya. I touched on it earlier, but you should be able to send money to anyone so keep an eye out for services that only require an email address.
To transfer money online is a great convenience, but there is no point in paying over the odds. You will be charged a small fee for each transfer, there's no real getting around it as its how these sites make money, but it should be reasonable. Somewhere around 2 percent is a fair cost. Look for sites that specifically market themselves as low cost. Security is another issue, most companies with good security will boast about it on their website. Look for features like 128-bit encryption technology, firewalls and secure data centres. Don't be afraid to ask a company for specifics, they will be proud of their security and happy to help with any questions.
So that's basically what to look out for. One final thing I would suggest is that you look for a service that allows you to receive money for free, after all your cousin in Kenya will have to pay you back at some point. And make damn sure that the company make it easy to take money out of your account and back into your bank, after all there's no point having money in there if you can't spend it.
Jeffery Nevil
Jeffrey Nevil writes on a number of subjects including money transfer online.
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