Online money transfer services are speedy and convenient; more people than ever are using these services. It’s always important to take a look at the reasons why a financial trend becomes cemented in society, and this guide will do just that.
Money transfer services certainly have their advantages, as they have been more than capable of drawing in customers, and here are the key highlights.
Most apps and online services used for money transfers are compliant with the law to avoid safety breaches. Some are more secure than others, and there are a few certain factors to look for when deciding who to trust your finances with.
- The SSL certificate. Do they have one? If so, what level is it? The most reliable and security focussed money transfer apps and online services will have an Extended Validation SSL as proof of their protocols.
- The response to suspected fraudulent activity. If there are options to freeze assets when unrecognized transactions are suspected, this is a major bonus.
The general functions of online transfers allow for a safer experience for both parties. There is a greater degree of accountability and an increase in the capacity to trace transactions, which leaves no room for mistakes or missing payments. And in the event that a mistake is made, you can so easily retract the payment. There are almost always some options available to help you recover your cash whenever you make a mistake, even if they are hard to do.
Most online platforms allow for instant transfers, and even overseas money movement is faster than through traditional routes, for example, an exchange. Whereas payment made from a bank can take over a week to reach a foreign country, when you transfer money online via one of the major companies, the whole process is faster and more reliable.
Online money transfer services are often handled in just a few minutes. This is because the companies have bank accounts set up in most countries. As a result, they can quickly transfer funds you originally send from another country as they actually come from the same country. You cannot beat such speed in bank transfers.
Online transfers can be carried out at any time of the day or night. 24/7 service is an undeniable perk of this industry, and it means users are not restricted as to when they chose to conduct their financial arrangements.
Customer service is usually available for longer hours, sometimes even 24 hours a day, and there are emails or similar notifications around all the transactions that are carried out. Even being able to quickly contact your bank with a phone call and receive support is difficult.
After having gone through the initial sign-up process, everything else is intuitive. There are identity checks to be carried out, which usually involve proving who you are and where you live to verify that you are the person filling in the profile information.
To access your online account, there is usually a password or pin to remember, which asks for random digits to keep the process more secure. Even with advanced authentication, you would still be able to go through the procedure much faster than anticipated.
Fewer Restrictions and Fees
This method of money management has revolutionized the industry, and there are fewer restrictions than ever when it comes to what you can do with your money. Whereas even as near as a decade ago, sending money abroad was a complicated process, now it is easier than ever, and this is just a prime example of what’s on offer.
The only real restrictions that exist these days are associated with having a bank account or a credit card, and proving your identity. If you have these on hand, you can use online money transfer services.
The advantages of online money transfer services are plain and simple. The service is fast, secure and it opens up a portal of access that was previously restricted to global users. Basically, if you want to send money or you have to receive money from any corner of the world, it becomes very simple. Sometimes you can even have the cash in your bank account or ready to withdraw in just a few minutes, which is something that simply cannot be replicated with other money transfer options.