Several companies offer online money transfer services. The major difference is the rates they charge to facilitate the transfer. One has to be vigilant when dealing with any cash transfers online.
Some enterprises may claim to offer commission-free international money transfers but will factor large margins into the exchange rates. That means you are paying for the service indirectly.
You may transfer money online via:
Commercial banks are (to some people) the best option when you want to transfer money to other countries. They still offer international money transfer services. Many people still view commercial banks as the safest for international money transfer.
There are charges one incurs when sending money abroad. Each bank also has its rates for foreign exchange. On the other side, the receiving bank can take a cut too. The amount they deduct is sometimes not known to the sender at the time of transfer.
PayPal is among the most popular online money transfer companies with millions of customers around the world. PayPal is very popular. You can access it via your web browser or smartphone app. You then add a payment method to your account, add funds, then add another PayPal account to pay.
PayPal charges a fee of 5% for PayPal to PayPal money transfers. You can also send money from PayPal to a bank account. Xoom, PayPal’s money transfer service, facilitates such transfers.
You will also pay a fee for the service. Cash transfer via PayPal is a fast service. The money reflects after a few minutes. With PayPal, you can send money to over 130 countries.
Western Union is one of the vast money transfer companies in the world. With thousands of transfer outlets around the world, Western Union serves millions of customers. You can send money either online or in-store at any of the agent locations.
The Western Union money transfer platform is available online on any device via a web browser. You can also access the online platform using the Western Union mobile app.
There are charges for sending money using Western Union. If you send money from the UK to any transnational bank, you are charged £1.90. When sending cash to a Western Union pick-station, you are charged £4.90 in transfer fees.
You can send money to over 200 countries around the world. Another thing to note is that you cannot send money directly to a card via Western Union. Western Union only allows the transfer to a bank account.
Advantages of Online Money Transfer
Undoubtedly, the internet has made life exciting and manageable. Using the internet, you can access entertainment, knowledge and even your financial accounts. Through the internet, we can also communicate with friends worldwide, shop online and promote businesses.
The four most significant merits of online money transfer are:
- It reduces service charges
- It is secure and quick
- There is reduced paperwork
- The service is available round the clock
Several money transfer companies can enable you to send money abroad online. Online money transfer usually takes a few minutes. Different platforms charge different amounts in transfer fees.