Articles

How Does Online Money Transfer Work?

by Giselle Lobo Writer & Blogger

Money is a necessity for every person, no matter which caste, creed, religion, or race they belong. It gives them the security and peace of mind that they deserve. They can fulfil all their demands and wishes without struggling or borrowing funds from other people. After all, they save themselves from running into huge debts and the inability to repay them.

When people need to pay for services and products they access, they use many methods apart from cash payments. With the introduction of digital payments, sending money to India has become more accessible by using Electronic Funds Transfer (EFT). The amount gets debited from one bank and transfers to another with the help of data. The best example of EFT is debit and credit card payments.

But online money transfer is utterly different from EFT. People can use it to send money instantly by transferring the money to the receiver’s bank account. They need to enter necessary contact details like cell phone number and email address for sending and receiving payments online. It is possible to send money using a PC with an internet connection as well. The system is safe, secure and convenient to use. Mailed checks take a long time for delivery to the recipient and are at risk of getting lost or stolen.

Several safety measures ensure that the money goes where it needs to go. Transfer methods use multiple layers of data encryption. The money goes out into the Internet as coded data, and once the recipient’s bank or service receives it, it is decoded and deposited as currency. The ACH (Automated Clearing House) processes all kinds of online transactions, including money transfers. There are various other services for protection which include confirmation phone calls to both the parties, confirmation emails and insurance policies that guarantee the credit or debit of money.

Many children living abroad send money to India because they support ailing parents and their families. They can use the bank transfer facility, also known as Wire Transfer, which takes up to 48 hours for the amount to credit in the recipient’s bank account. The sender receives a foreign currency exchange rate to build a profit margin for the bank.

Several money to India companies like UAE Exchange, Western Union, Transferwise, etc. allow Indians to send money abroad and vice-versa. Online payment systems like PayPal, Dwolla, Skrill, Payza, Payoneer, etc., also allow users with the same facility and are accessible on smartphones with the help of compatible apps for Android and IOS operating systems.

Parents can meet their needs and depend on their children’s’ income transfers. They can live a financially peaceful life without worrying about monetary expenses and arrangement for funds. Children can fulfil the needs of their parents without any inconvenience and maintain an emotional connection even while staying abroad.


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About Giselle Lobo Advanced   Writer & Blogger

32 connections, 1 recommendations, 135 honor points.
Joined APSense since, September 14th, 2017, From Melbourne, Australia.

Created on Sep 14th 2020 06:13. Viewed 287 times.

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