When you have a child, relative, or friend in college, money transfer is something you will have to deal with occasionally. Unlike other banking options, online money transfer services are fast, simple, and often free when you can transfer money to someone who holds the same bank account as yours. With online money transfer services, you have no reason to worry, as you will not wait for more than 24 hours before the transaction is confirmed.
Additionally, if you have multiple accounts, money transfers allow you to move money conveniently to your different accounts. Although online banking will not solve all your financial woes, it will give you a chance to monitor and account for your money with ease.
Here are other reasons why online money transfer is the way to go;
Low Transfer Fees
When making a money transfer through a bank, your banking institution will likely charge higher rates than dedicated money transfer companies. Some online money transfer companies charge per transaction; others charge depending on the exchange rate amount. Shop around to find an online money transfer company that suits your needs.
One important thing to look at when choosing an online money transfer company is the exchange rates. Some companies offer transfers cheaply but with weaker exchange rates. Always compare the total cost of your transaction to make sure you are getting a good deal.
Better Exchange Rates
Exchange rates are dynamic; things like global economic climate to political stability will impact your local currency. Therefore, do your research well to get an extra amount for every dollar sent. Monitor the trends of the previous month to predict the best time to make your transaction. You are likely to get the best deal on online money transfer, but not all online money transfer companies have the same exchange rates. Compare the deals and pick an online money transfer company that offers the best rates.
Easy to Monitor
Even the most reputable banks make errors that can be detrimental to your account. It is easy to record considerable amounts of money incorrectly or for payments to fall through the cracks without your knowledge. With online money transfers, you can monitor all your transactions in real-time. So, if your client or employer forgets to pay for goods or services, you can do a bit of digging, and within minutes, you will have adequate knowledge of where the problem lies.
All online money transfer companies record every transaction; you can always go back and verify and be sure that everything is fine. Although mistakes are rare in modern-day financial systems, errors are always bound to happen. You don’t want to find yourself paying $80 for dinner worth $50 from your debit card.
Thanks to the availability of the internet, online money transfer is now easy and convenient. Unlike the past when you would have to make long lines to check your balance, online banking has made it possible for users to monitor all their transactions from the comfort of their mobile phones.
Also, online money transfers have made it possible for those looking for 24/7 access to their funds. As long as you have an internet-enabled tablet, computer, or mobile phone, you can make a transfer of any amount anywhere.
Always be sure your internet connection is secure to avoid any unauthorized access to your account.
Instant Money Transfer
Traditional money transfer options are notorious for making people wait for days or hours before their transactions are confirmed. Unlike banks with other businesses, online money transfer companies are only in transferring money or exchanging currencies. Their wait time is usually low. If you are looking at huge amounts, the transaction will take a maximum of two days, but the transfer is instant for the small monies.
Easy Payment of Bills
With an online money transfer, you will have no reason to worry about your check getting lost in the mail. Most banks have a section where you complete all your bills online. But online transfer institutions will let you set up an automatic payment of the same amount every month. Alternatively, you can set up an automatic debit and click a link that allows for automatic payments.
When dealing with money transfers between companies or individuals, the process can seem daunting, especially when it involves massive amounts of money. Your first choice would be bank to bank; however, you must be ready to face exchange rates that favor banks more than you. The best thing to do is choose a reliable international money transfer service to help you complete your transaction with ease.