With the world shrinking into a global village, with the advancement in technology and with the extensive use of Internet, sending or receiving money online is just a snap! There are times when we need to send money, and send it real fast. What do we do? Send money order online. They are quick, cheap, convenient and safe and can be sent to anywhere in the world. There are two options for online money order, by bank and by Internet.
What is online money transfer by bank?
Online money transfer is the electronic transfer of money from one bank account to another. The recipient should also have a bank account and the money is transferred electronically within minutes direct into a bank account of the recipient. By this bank-to-bank account transfer, no actual cash is exchanged, but the electronic balances are adjusted accordingly in their respective accounts.
What if one does not have access to a bank account?
A cash wire transfer is possible. The money is paid at the bank and the recipient produces identification at the time of disbursement of funds. Cash wire transfers are expensive and has certain drawbacks. During a purchase transaction a seller can provide false information to the sender of the cash wire transfer,collect the cash at the receiving end under the false ID, and vanish without delivering the merchandise.
What is online money transfer by Internet?
There are popular reliable financial providers like Western Union, which does not require you to have an account with them to transfer money online. It has outlets worldwide and money is transferred electronically between these outlets. A person can pay the transfer fee and money at a Western Union and the recipient can collect the fund from the nearest Western Union branch within minutes. The advantage of this method is that there is no need for Internet access or bank.For either transfer by bank or by internet,the only criterion is to provide the name of the person or firm the money is being sent to and the recipient's account number, the address and phone number of the bank.
Other reliable companies like PayPal, E-gold, and Xoom also offer the option of transferring money on line in a matter of seconds from one email id to another. Pay pal is the world's largest online payment service which allows people from all around the world to buy and sell off the internet. All one needs is an email address. The fees for such transactions may be a percentage of the money being transferred or a fixed fee, irrespective of the amount being transferred.
Ultimately,there are the nationalised Bank's International Credit and Debit cards like Visa and Mastercard ,as well as ATM cards which enable online money transfer within minutes.Whenever these cards are swiped at a retailer,wire transfer is authorised from the bank account of that card to the retailer's bank account.
Online money transfers are quick paperless transactions and furthermore,as precaution, during money transfers, details like the name of the country, bank,regional location and customer account number are facilitated by use of the IBAN that is,International Bank Account Number.
Hope this was sort of clear! :)
