Originally posted on March 27, 2020 @ 9:59 am
Ways to Transfer Money Online Hassle-free
We live in times when the whole world has become a global village, which means we can instantly travel from anywhere to anywhere without hesitations. Even better, now our money too can travel limitlessly without disruptions.
It is true that moving money within the same country is simple. However, these days, moving money into another currency of a different country is also simple. Let not ridiculous levels of exchange rates and expensive transfer fees bog you down.
In this article, we will run through few tips that will come in handy while performing online money transfers.
- Use a foreign exchange specialist
In order to get the best possible exchange rates for your online money transfers, it is essential for you to reach out to a foreign exchange specialist who can help you with their expertise. There are several foreign exchange specialists available in the market, and you must hire the services of those specialists who offer competitive exchange rates.
- Keep an eye on foreign exchange market
Exchange rates fluctuate immensely – sometimes they plummet and other times they soar high. It is incredibly important to keep your eyes open and watch the fluctuations of these rates regularly. You must transfer your money online at the right time to get a good exchange rate.
- Transfer money using your bank services
Mostly all banks provide the facility of transferring money online by charging their respective fees. This transfer method is extremely reliable and very convenient. You can send money online with the help of your current bank with whom you have opened your account in. There are very few basic details that you will need for transferring money.
You will have to know the postal address of the receiving bank, the account name, and most importantly, receiving bank’s bank code. You need specific bank codes for online money transfer services within the country and also for international online money transfer.
- Watch out for those transfer fees
Usually banks charge transfer fees to make international money transfers, and most of the times, these transfer fees are heavy on the pockets especially if you are looking at regular monthly transfers. It is a good idea to compare transfer fees of different banks, and act accordingly. Choosing a bank that charges less transfer fees will help you save hundreds a year.
Lastly, follow these simple yet last minute tips for avoiding any discrepancies while transferring money online.
- Cross-check all the details to make sure that the transfer takes place without any delays and disturbances.
- Make sure that you have enough balance in your account because if you go overdrawn you will have to invariably pay heavy fees.
- It’s highly recommended that a reference is provided while transferring money either within the same bank or a different bank.
- When you transfer money online, make it a point to double-check the sort code and account number provided are accurate.
The Transferring Speed
If time is problem for you and you need to transfer money immediately then you have two very reliable options – wire transfer and the National Electronic Funds Transfer (NEFT) system. Though it might take 24 hours to complete the transfer, yet there are also options to make it happen in real time.
Through ‘direct transfer to bank accounts’ money can be sent instantly. This can be done with arrangements with oversee banks or automatically through clearing house facility in countries such as the US.
In comparison to the online transfers the offline transactions will definitely take time. A cheque that is issued in foreign currency will get encashed by the holder in 7-10 days. This is the time that is taken by the banks to verify deposit. Money orders take up to 30 days to get cleared. While debit and credit card transactions take 1-4 days.
Check with the bank
You need to check with your bank if it allows for money transfers options to abroad. This is because not all banks have this facility, especially if money has to be transferred to or from abroad. This facility is mostly limited to urban areas. You will also have to check with the bank if they handle a particular currency while remitting money from abroad. US Dollar, Pound and Euro are covered by all banks.
The overall convenience
Online transfers have eliminated the hassles of either going physically to the banks or the delay that were associated with money transfers within the country or abroad. The speed, the cost and the overall convenience have improved for the persona transferring money and the recipient. But all said and done, if you are not comfortable with the online transfers, you can go for offline version.
Transferring money online is extremely convenient, and most of the times in control. But, smartness lies in staying sharp and using precautionary methods in order to avoid any hassles that might crop up.
Guest Author: Ella Rich
She is an advertising expert who loves to write about financial, banking and money related issues faced by the millennials today.