The Internet has revolutionized the way that money and other funds are transferred from one place to another. In the past, the sole ways for transferring money overseas were through banks, agents, and wired cheques. All of these three common options, however, are very problematic. Banks in the past only offered fund transfers between accounts that subscribed to the same bank, while cheques meant up to 21 days of waiting just for the cheque to reach the country – and once in the country, the cheques still have to be delivered to the actual homes. Agents, on the other hand, are more difficult to find and can transfer only limited amounts of real money, and only in major areas of a country.
Today, however, there are plenty of ways of sending Internet money transfers. Here are some of the top choices that you should look into.
- Online banks. The growing number of banks and the increasing power of the Internet when it comes to online cash transactions have forced many banks to loosen their traditional transfer options, where money could only be sent between different branches of the same bank. Today, there are many banks that automatically have online features for their accounts that only need to be registered online. Once registered, you can transfer funds to other registered accounts online, as long as the other banks also allow non-branch bank transfers. This allows for much flexibility, but not every bank has adopted the policy. Keep in mind, however, that these banks are not wholly free, and often have a charge for the transfers. Always check fees for services, as well as the local money converter rates to see how much your money will amount to when conversion has applied.
- Phone based transfers. Mobile technology and the web are quickly intertwining because of the growing popularity of broadband based Internet access and WiFi. Through this, phones can be used to access the Internet. At present, however, most phones are equipped with minimal browsing capabilities, which mean that sensitive information such as bank accounts cannot yet be stored in most phones. There are plenty of forerunners, however, such as Apple’s iPhone, which has a sophisticated browser that can safely store all types of data, including passwords and bank accounts. If you have these types of phones, it is possible to access your online bank account and send money overseas.
- Private third party service providers. The quickest growing way of sending money, however, is through private third party service providers. Through companies such as PayPal and Western Union, sending money can be as opening up an account in the company’s site, and conducting transactions through e-mail. The winning advantage that these third parties have is that they can accommodate a large number of banks. With an account in almost any bank, it is possible for you to transfer funds to almost any other bank through PayPal and other similar money transfer sites. You can even play Internet poker and get the prize for your online win delivered through these sites.
Whatever method you choose for sending an online money transfer, be sure that you are dealing with companies and sites that are protected with SSL encryption technology to avoid spyware and other malware from stealing your account information – and possibly the contents of your account as well. Keep your firewall turned on during all Internet transactions as well, to prevent computer hacking. With these in mind, transferring funds can be easy.