Mistakes to avoid when you send money
- Money that have not delivered on time may become less useful later. So it is important that you plan it well in advance and be prepared.
- Get the most out of the available favorable exchange rates.
- Decide the timing at which you needed your money at the recipient, so that you can decide yourselves based on various remittance factors like Transfer Fee, Transfer Time and Transfer Rate.
- If you feel you got enough time always wait and watch out for best offers from various remittance service providers.
- Usually, the zero transfer fees are available with best exchange rates from service providers like Xoom, RIA Money Transfer and Remitly. But it also depends on the amount of money that you transfer. Usually transfers of more than 1000$ are free from these service providers.
How secure is Online Money Transfer
Online money transfer services are really safe, fast and efficient. Physical checks are sometimes prone to be misused unlike the online money transfer system where your secure information is no longer persisted after your transfer. This also ensures the financial system that was used to transfer money is a verified authority from any banker in the country.
How to ensure your money transfer is safe in a public network?
Are you using your public network to transfer money? Just be aware that almost all of the remittance service providers are running with https with a Secure Socket Layer(SSL) that ensures the information transmitted over the network is safe and secure. But it is also important to note that you verify the trust certificate of the Remittance Service Provider before you start sending money with them.
Online Money Transfer
The olden days of money order and postal checks are really gone. In today’s world money transfers within a financial system has become much faster than the transfers that are between two different financial system.
The general term used here is transferring money electronically.
Electronic transfers are fast and worry free. Each country follows a routine money transfer system when it happens between two financial systems. Some countries does it twice a day and some does it just once based on their locale and timing. Some terms like EFT (Electronic Funds Transfer) also refers to online money Transfer.
NEFT or National Electronic Funds Transfer have different timings followed within a financial institution and a centralised timing nationally and is mostly managed by centralised banks within a country.