With technology interfering with every aspect of our lives, many things we’ve once considered complicated have become easy to do and are now more attainable. The process of transferring money is definitely an aspect that technology impacted positively.
Before, we were limited to cash and checks when sending money to other people, but today we have the luxury of choosing from multiple digital money transferring solutions.
Here are some popular ways to transfer money:
PayPal
While some use PayPal to shop online, it makes a great money transfer option. It allows you to transfer money instantly without charging fees. If you have an account and a PayPal balance, you can easily transfer funds to another bank account.
Make sure you have the receiver’s email address or phone number to be able to send them money.
Money Transfer Centers
Money transfer centers are a good option to consider if you want the receiver to get the money in cash. Centers such as those managed by Western Union operate on a cash-to-cash basis.
Head to the nearest branch, hand the employee the amount of money you need to transfer in the currency you want. Once the center receives the money, the recipient will receive the money within a day or a maximum of 2 days.
Bank Transfers
Bank transfer or wire transfer is one of the most popular ways to transfer money domestically and internationally.
It is convenient and fast to transfer money through the bank. You visit your bank online or in one of their branches to transfer the amount. If you are sending money to the same bank or a partner bank, there might be little to no fees.
Google Pay
To use Google Pay to transfer money, all you have to do is search the user you need to transfer money to, click pay, and choose whether you want to use Western Union or Wise.
Credit and Debit Cards
Money transfer services such as Western Union and MoneyGram will enable you to speed up the process of transferring money when using your credit or debit card. They also may allow you to send the money to the recipient’s credit card directly.
But bear in mind that using credit and debit cards to transfer money may result in more fees and cost you more than using other transferring options.
How to Ensure Money Transfers Safety
When dealing with any financial transaction, you must be alert; the process involves sensitive information like your card and bank account details. Here are ways to ensure a safe money transfer process:
Use Secured Websites and Platforms
When transferring money, make sure to use reliable websites and platforms where all your financial information is encrypted. If you use an app that requires a password, pick a strong one and avoid easily predictable combinations.
Track Your Records
When sending money, keep track of all the details; the amount, the recipient, and receiving confirmation. This way, you will keep track of your finances, and be able to easily access the information in case you face any issues. It will also allow you to detect any suspicious activities if they occur.
