A long time back, money transfer was a telegraphed service. Back in 1973, the Society for Worldwide Interbank Financial Telecommunication or SWIFT was established by banks for money transfer worldwide. However, with the onset of WWW, things changed forever and for the better. Today, due to digital technology, electronic transfer and e-deposit are a reality. The difference between the conventional money transfer pre-digital era and now primarily lies in the delivery speed. Invariably the speed of such transactions will give thrust and boost to the business and lifestyle aspirations of the common man.

Money transfer via electronic medium should be done responsibly

While the internet has enabled swift e-money transfers, it does not entail that users can be careless and carry out such transactions without any sense of responsibility. You need to consider various aspects when choosing the right platform for online money transfer via electronic medium.  Here are some of the main points to keep in mind:

1. Choosing the right app is imperative – whichever platform or app you choose to facilitate seamless and secure money transfer, ensure that it should be safe, trusted, and credible. Choose a platform that follows end-to-end encryption so that the transfer can take place with the highest security levels.
2. Look into the charges of money transfer, unlike conventional methods or the use of credit cards or debit cards, where transfers cost money, though the charges differ from bank to bank.   In most cases, the bank charges are quite high. However, when you choose a money transfer app, ensure that the charges are minimal along with fast services.
3. Another essential aspect that needs to be considered when going in for electronic payment is to ensure that the beneficiary details are entered accurately. Ensure that the account number or bank details are all accurate.
4. It is also essential to ensure that all risk factors are thoroughly evaluated before undertaking an online money transfer. It is imperative to read, understand and apply the do’s and don’ts and the best practices of online transactions preceding all e-money transfers.

Online money transfer – is it a pro or a con?

Choosing the right app for a money transfer can prove to be a huge benefit. One of the biggest advantages of online transfer of money is that it is fast and swift. Downloading a reputed and trusted money transfer app helps you enjoy the benefit of carrying out the transaction fast anytime, anywhere. In fact, the transaction is completed within seconds or few minutes without the need to fill up paper or document. The paperless method is a big benefit because it directly impacts cutting down trees and the environment.

Besides, the transaction can be carried out at your convenience. You do not have to wait for the bank or the financial institution to open.  Online money transfer entails downloading a credible app and opening it anytime necessary to transfer money electronically. Also, it is immaterial that you are traveling or stationed at your native place. The app will help transfer the money from wherever you wish to carry out the transaction – all that you need is a strong and secure internet connection.

Digitally, you can transfer money to any bank account seamlessly. Be it paying your credit card bill or transferring money to your parents staying in a town or rural area. Another strong reason in favor of online digital money transfer is that the charges involved are minimal and your KYC process is super fast. There is hardly any need for physical verification, and the entire process takes just under a few minutes.

While there are no upfront con of e-money transfer, it is important that enough care is taken to download the right app and use it safely for maximal benefit.