Advances in technological development are changing the manner people make payments or transfer money. With all the technological developments, money transfer has become much simpler than before. Previously, when you had to transfer money, you had to visit a bank. However, these days with the help of technology, money transfers have become easy and highly convenient. These days, several banks allow you to transfer money and make payments through emails. You do not have to reveal your credit card and bank account information online. Online transfers have huge fraud-prevention and online security measures, but they cannot be said to be foolproof. Common complaints include hacked accounts, phishing frauds, and identity theft.
Another popular method for payments and money transfers is donation text messages. Before transferring money, check the website of the organization and confirm whether the number you text is linked with the cause that you support. Mobile phones are replacing wallets quickly, and digital money transfers have come common. Technologies such as Bluetooth allow smartphones to transfer money by bringing them close to each other. Remote deposit is a procedure where you can deposit checks. Many smartphone applications enable you to take a photo of the check’s front and back portion, and then you have to download it to your account. This process is safe, but there may be serious consequences if unfortunately, the phone is stolen.
Pros of online money transfers
Pros and cons are attached to everything. If the matter is related to money transfers, then it has its dark sides too. However, the possibility to transfer money within a few minutes is difficult to overlook. There are several advantages of online international money transfer services. The first and foremost benefit of this service is the rapidness. Those days are gone when people used to wait for several weeks for money transactions. Presently, you can easily transfer money online within a few minutes from one place to another.
Many banks have the feature of power transfer that allows you to track your money online, regardless of whether you’re a sender or recipient of the money. Several banks have the feature of remittance. With this feature, you can receive money in local currency and can use it immediately after receiving it. You can even send money directly to bank accounts through online banking. Online money transfer and payment services have offered a platform to multiple online business groups where they can move money rapidly without wasting time in bank formalities such as waiting time for checks to get cleared.
Wire transfers
Before the introduction of computerized banking systems, people required a secure method for making payments and money transfers from one place to another. This brought about wire transfers, and it’s considered one of the best ways to send money. Wire transfers are convenient and safe as the financial institutions and banks verify the details of the receiver, as well as the sender and both the parties can remain anonymous. Both, the sender and receiver have to provide their account number to the bank for transferring the amount.
