Sending money has never been easier, thanks to technological advancements. Long gone are the days when it took days or even weeks before the money could hit the recipient’s bank account. Today, the internet has made it effortless for people to send and receive money across the globe within minutes. But transferring money online can be confusing, especially if you have not done it before. It can be challenging to understand how you can sit on your computers and send money to a friend or family member thousands of miles away.
There’s a lot of information on the internet for transferring money online. Unfortunately, some of this information is not accurate. If you are just getting started with online money transfer, then there are certain things you should understand.
Amazing Myths And Facts Of Transferring Money Online:
Here are amazing myths and facts of transferring money online:
1. You should always check the exchange rates/send money at a particular time of the day
This is a common myth that’s often peddled on various internet platforms.
However, the time of day you send money online has little or no impact on the exchange rate.
The world’s currency market doesn’t sleep. Any major world events could have a significant change in your chosen currency.
This means there’s no best time to send money online. What matters most is the value of the foreign currency you are using.
It is possible to study the markets but predicting the future is another nightmare.
2. Wire transfer is more secure than online money transfers
Traditional banks indeed experience very few instances of fraud. But the truth is that they still have some flaws, just like online money transfer services.
Most people prefer online transfers because of convenience and speed. You can send the money today, and the recipient gets it within minutes or hours.
Unlike traditional banks where you can wait for not less than three days.
3. Transferring money online is complex
Some people believe that sending money online is confusing and takes a long time. This is not true because the process is straightforward.
Anybody with basic IT knowledge can send money without any difficulties.
All you have to prepare is to follow the instructions and counter-check details before initiating the transfer.
4. Money transfer services are expensive
You will need to cater for the money transfer services. Although wire transfer may appear cheap, there are always hidden costs that you may not realize.
This is different from online transfers that clearly show you the fees charged.
5. It’s easy to lose money with online transfers
This is not true. Like any money transfer service, you need to be careful and avoid entering incorrect details when sending money.
In most cases, money is lost or delayed if you enter the wrong details or share your password with third parties.
Technology has dramatically impacted the money transfer industry. Today, it is possible to send and receive money instantly, unlike before.
However, it is good to exercise caution whenever you are transferring money online.