Over the years, numerous technological advancements have made people’s lives easier and more convenient. For example, moving funds across different accounts has become quite handy. Gone are the days when people had to patiently wait in line at the bank just to send money locally or internationally. Whether you want to send funds to pay monthly bills or even transfer funds from a savings account to a checking account quickly and conveniently, it is now made possible thanks to money transfer services.
If this sounds interesting to you, then please continue reading. You will learn a lot more than just knowing what money transfer is. This article will guide you on how it works, how to transfer safely, and the fees associated with every transaction.
What is Money Transfer?
A money transfer refers to any transaction that involves moving money from one place and/or account to another. It can be a transfer between the same bank operators or different ones as well. Aside from moving funds, money transfers can also be used for various reasons such as (1) payment for online purchases, (2) sending money to love-ones, (3) sending monetary gifts, or (4) transferring money from credit card to bank account for purchases that don’t accept credit cards.
There are also various types of money transfer one can avail such as bank transfer (the most popular and can be done via online banking or app), (2) cheque or postal order, (3) specialist money transfer service, and (4) wire transfer (mostly used for international transactions).
How Does Money Transfer Work?
Fast, safe, and convenient, more and more people are finding themselves availing of money transfer services. But as this transaction involves money, it’s essential to have an understanding of how the whole process works. As mentioned before, there are different types of money transfers that you can do today, and it involves different processes as well.
Bank Transfer. Transfer funds from a bank account to a different account through online banking services, a banking app, or doing it the old-fashion way – visiting the bank. Aside from your own banking details, you will be providing the receiver’s details too.
Specialist Money Transfer. Money transfer companies make it easy to transfer money online or visit an actual agent location for an in-person transfer. You may need a government-issued ID as well as the receiver’s details.
Payment/e-Wallet App. Aside from banking apps, various e-wallets and payment apps have made it easy to link and transfer money from your account.
What are the Fees Involved and How to Ensure the Transaction Goes Smoothly?
When it comes to money transfer services, it depends on the bank and/or fintech company you’ll be using as some charge a flat fee for money transfer while others may charge lower or zero fees. It’s best to check with the fine print for all fee-related matters.
To make it a safe and smooth transaction, ensure that you always provide the right banking information of the sender (if asked) and the receiver. Making sure that all the details, such as the account name, number, bank code, etc., are correct to avoid delayed or canceled transfers. Always check that the receiver’s name matches the account you’re sending money to avoid getting scammed. And as always, ensure that your account has enough funds for the transfer.
Thanks to modern technology, simple transactions such as paying monthly bills or transferring money to another account has made people’s lives easier. It’s no wonder that money transfer services gained popularity since its launch to the general public. And with dedicated individuals behind this technology, people can expect more advancements and benefits in the coming years.