How Does Online Money Transfer Work?
by Giselle Lobo Writer & BloggerMoney 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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Created on Sep 14th 2020 06:13. Viewed 287 times.