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Money Transfer

• Posted on December 11, 2019
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What is Money transfer?

Money transfer refers to a payment system that includes both cashless and cash-based modes of payments. Cashless modes of money transfer may include Electronic funds transfer or EFT (mostly used for bank card-based payments), Wire Transfer (an international bank to bank fund transfer), Giro (a form of direct deposit), and Money order.

Money transfer is a widely acclaimed model of banking and finance. With the rising advent of technology, money now can be easily transferred from any corner of the world to another in a matter of seconds with a single click. What is interesting to note here is that not until two years ago, online money transfer was not known by many people and yet today, it has become a local mode of banking. So the question here to ask is - what made this mode of banking a huge success?

Advantages of Money Transfer

With the growing adulation of internet banking, money transfer in any Country is a cakewalk. Here are some pointers to tell you what gives money transfer an edge over other modes of payments:

• Accessibility - You do not necessarily need access to a computer to transfer your funds, if you have access to the internet with a smartphone, you can transfer your funds with ease.
• Speed – The speed at which money is transferred in an online transaction makes it effortless to manage your bills and finances on time making sure you don’t lag in your payments, unlike cheques, which may take days or even weeks to get transferred from one account to another.
• Security – Transferring money from your cheque on your mail can be very risky. There is always a never-ending possibility that your check may be hacked or stolen will still on its way from your mailbox to the recipient. And if that happens, the thieves can gain access to your bank account number through which your bank account may be drained. Using an online money transfer helps you avoid this problem.
• Flexibility- bank account holders, who conduct business daily, set up several different external accounts. The facility of money transfer helps them in easily transferring their money between these accounts on the go and gives them instant confirmation that the transfer has been made.

Having mentioned the advantages, we induct a few common methods of transferring money –

1) Bank transfer

2) Google Wallet

3) Pay Pal

4) Transferring money via agents like MoneyGram, Payoneer, etc.

5) International money order, and

6) Bank drafts.

While all these methods ensure a smooth and fast money transfer across countries, there are certain THINGS THAT YOU NEED KEEP IN MIND WHILE TRANSFERRING MONEY:

• Security - Check that the network, through which you are transferring funds, is safe and secure.

 

• Time taken to transfer the funds – Besides checking for security, you also need to give heed to the fact whether the service is quick as sometimes you may need to transfer your funds on an emergency basis

 

• Inquire about any hidden charges – Before you proceed to transfer funds through any particular money transfer service, make sure you ask the service provider if there are any charges associated with the transfer of funds as there are certain services that charge both the sender and the receiver.

 

• Check for the required documentation – be sure to choose only those money transfer services which provide for the verification of your documents. This ensures that your money is in safe hands.

If you experienced any issue while transferring money and suffered a loss, then click here and let us know, likewise read about similar experiences from other reviews.

Finally, for your convenience, we have enlisted the common methods of transferring money in;

1. SINGAPORE

The common methods of payment in Singapore include cash, ATMs, cheques credit and debit cards and cashless payments.

In addition to credit cards, there are several methods of cashless payment in Singapore. Some of them are:

1. NETS Cash Card
2. NETS FlashPay card
3. NETS Card

                                                                       

2. INDIA

There are umpteenth ways to transfer money from one bank to another in India. Some of the most common and easiest ways to transfer money in India are as follows:

1. NEFT (National Electronic Fund Transfer)
2. RTGS (Real Time Gross Settlement)
3. IMPS (Immediate Payment Service)
4. UPI (Unified Payments Interface)

 

3. MIDDLE EASTERN COUNTRIES

Different payments methods of money transfer used in Middle Eastern countries are as follows:

1. Debit Cards
2. Credit Cards
3. CashU
4. PayPal
5. Wire Transfer

In conclusion, having looked at the enormous varieties of money transfer payment methods and the underlying extensive services of money transfer across the world, we now know that money transfer is a crucial part of the international banking and finance system. Bankquality.com provides you the best financing experience ever by informing you about the latest trends that keep you well informed. Sign up with Bankquality today!