Benefits of transferring money online

The advent of the internet has made life more manageable for people. The internet provides access to knowledge, entertainment, and many more. It has revolutionized the way we do business and manage our banking.

Today, we can send money online to our loved ones, help them meet their financial needs from the comfort of our home. It is easy, safe, and convenient, provided you know how to send money online, using the internet.

Here are some of the common advantages of sending money online 

●     Safe, secure, and quick

Sending money to friends and family has become simple, convenient, and also safe. When you know how to send money online, you don’t have to worry about your hard-earned money being stolen. The service provider informs and refunds your money in case there was a problem with transferring your money.

So, sending money to your relative using the internet is safe, and the best part is that it gives quick results. Most online transfers complete within a day or two, in case of international transfer. However, if you are sending money domestically the recipient can receive the funds almost instantly.

 ●     Lower service charges

The online money transfer’s popularity stems from the fact that there are reduced service charges vis-a-vis traditional methods of sending money. When you make bank-to-bank transfers or through agencies like Western Union, Money Gram, and Ria, you are charged slightly more than what you have to pay to send money online. 

When you avail of agency services to transfer money, you have to incur a fee based on the total percentage of the amount, whereas to send money online, you will have to incur a nominal sum of the total amount you wish to transfer.

 ●     Minimum paperwork

 Another advantage to send money online is that there is minimal paperwork required to process transactions. It is also a measure taken by countries to combat climate change. If you know how to send money online, you are also aware that there is no need to sign any physical documents and nor do you receive physical receipts.

All the transactions are recorded in an archive that contains details like the history of transfers, receipts, and other proofs of online transfer and all validations are done online. It is a great way to avoid paper wastage.

●     24/7 availability

There is no need to wait for the bank to open and then stand in long queues as online transfers are available 24/7. You can send money online at all times from anywhere. All you need is a smartphone and the required funds in your bank account, and the recipient can receive the funds quickly.

In short

If your concerns are safety, cost, and time while sending money to your loved ones, sending money online is the best option to avail.

How to easily and swiftly send money abroad online?

With evolving technologies, everything is just a tick away right from watching movies, paying your bills to shopping online. To maximum folks, ease of usage and convenience has been stretched to online banking and how to send money online. There might be a myriad of reasons for learning about how to send money online particularly if you are living overseas, assisting andeportee friend or pay for online shopping, there are several ways of doing it. You already know that paying by a credit card is the easiest way to shop online rather than sending a check or cash. The effortlessness of usage of credit cards including the currency conversion facilities far surpasses the other benefits. Maximum credit cards are accepted universally, so paying for online shopping is stress-free. The worth of the credit card or other means of payment is not only transmitting money online but it is also about the rapidity and ease of usage. And you will value the same expediencies when you need to see how to send money online.

Old-style ways of international money transfer are costly and just in case you plan on sending money overseas to your family or friends, they will have to find a place from where they can pick up the cash every time you send it in. Not only is it troublesome, it is a difficulty particularly if they live in a developing nation with diverse laws and regulations. However, with online e-checks, credit cards, direct deposits, bank wires and debit cards, there is no annoyance any longer when you are eyeing for international money transfer online. Plus your friends or family don't even have to visit a bank or any other location to gather the payment. Contemporary technology of internet has given you the access to send or receive money smoothly, sitting right at home.

However, there are additional ways than one when it comes to eyeing for the safest and the easier approaches on how to send money online. With the usage of debit cards and credit cards, sending payment online is even quicker and easier. There are credit cards that might be sent to your home, with a password and you can transfer money online. If there is an additional requirement, you can log on to the website, transfer funds from your account onto the card and then again send money online to the receiver.

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Why are forex cards more preferable over debit or credit cards or travellers’ cheque?

If you are wondering why and how to use forex card, these have voluminous advantages over cash, travellers’ cheque, credit and debit cards such as:

• Forex cards offer better exchange rates to send money abroad and for loading currencies than purchasing foreign currency as cash. Banks providing forex cards is the economical option.

• Forex cards are laden with foreign currency at locked-in exchange rates. Therefore they are resistant to the vacillation of currency value in the forex marketplace.

• Forex cards are more secure than carrying cash as they come empowered with chip and pin technology for securing the money in them. In case of forex card getting lost or robbed, it can be blocked instantaneously and the balance in it frozen. The secondary forex card issued with the original can then be started and funds will be relocated to it.

• Forex cards can be used to carry several foreign currencies simultaneously in a single card such as Australian Dollars (AUD), Euro (EUR), Hong Kong Dollars (HKD), Japanese Yen (JPY), New Zealand Dollars (NZD), Saudi Arabian Riyals (SAR), Singapore Dollars (SGD), Thai Baht (THB), United Arab Emirates Dirhams (AED), United Kingdom Pounds (GBP) and United States Dollars (USD).

• Forex cards have no supplementary charges when swiping at PoS counters overseas, unlike debit and credit cards. Also, debit and credit cards when used overseas work at inflated forex exchange rate and would cost you around 5 to 11% additional of the total transaction charge.

• Nil dynamic currency conversion fees. As forex cards are already laden with the native currency of a foreign nation, dynamic currency conversion (DCC) fee will not be valid when using them overseas. However, this fee will be there in the case of debit and credit cards. DCC would add an additional 3 to 5% charge to your transaction fee.

• Forex cards are universally acknowledged and accepted, unlike travellers’ cheque which has become an out-of-date payment tool. Also, forex cards can be used to extract money from an ATM nearby when out of the country. However, encashing travellers’ cheque is a gigantic trouble as you would have to find banks or business institutions ready to accept it. Even taxis in some nations overseas accept forex card as a payment technique. In fact, you can even use this card for online transactions overseas, like ordering items via e-commerce platforms overseas. This is conceivable as they work on either Visa or MasterCard network just like usual debit and credit cards.

The aspects to consider while using forex prepaid card for travel

It is categorically a remarkable thing that a prepaid forex card is accessible so easily nowadays. It has heaps of benefits. You can easily apply for one. No need to go through a very lengthy procedure. But still, you have to be very profound in looking and selecting the paramount forex card. There are some key factors you should contemplate such as:

• Safety against unauthorized usage. Make certain that your prepaid forex card issuer offers this very imperative feature. When using your prepaid card for online payment, you will have to enter a PIN code. Never reveal your PIN code to anybody else. As a safeguard, see to it that the online merchant you are buying from uses a secured.
• Online account access. The option to check your account online is a crucial feature in managing a forex card. This gives you the flexibility to monitor your spending and the position of your account at your most expedient place and time.
• Rational costs. As forex cards are prepaid, you don't have to be scared of interest rates or late penalty fees. But remember, prepaid cards have charges per transaction so it is paramount if you would do evaluations about the costs. Furthermore, be cognizant that you will be charged with a transaction fee every time you use your card for payment. To save expenditures, plan your purchases well before time so you won't have to make different excursions to the counter.An individual should be very cautious in selecting the prepaid card company he/she wants to deal with.

Are prepaid card exchange rates affected by currency oscillations?

Unlike the conventional credit and debit cards that offer diverse exchange rates contingent on the day the holder spends, prepaid cards only use the same exchange rate which was fixed on the day the card was loaded. The lock-in rate is very imperative and can either work for or against the card possessor. For example, if the dollar or pound declines, the card holder gains since the rate is high and fixed. In contrast, if the currency in question reinforces, the card user will not be able to relish the high exchange rate when expending on the specific day. But usually, prepaid cards are the finest for holiday makers as one is certain of a fixed rate throughout the vacation period. You can also opt to send money abroad with this card.