Traditional money transfer systems might have been effective but were very time consuming. It could take up to several weeks for your money to reach its designed place.
Online money transfer has been made possible with the adoption of the World Wide Web. Banks need to be constantly connected to this global network to accept money transfers from other banks across the world.
Banking services and systems around the globe have undergone a huge facelift over the years. Online money transfer is such a significant development in the banking sphere. Let us have a quick check on how to transfer money online.
Transfer Using MoneyGram
To transfer money using MoneyGram one needs to setup an account. Do so by providing the correct personal information like name, address, bank account details.
MoneyGram also helps estimate the cost of the online transfer, this service can not only make online transfers to mentioned individuals bank accounts but also sent money directly to authorized locations upon a request from the user. A confirmation email is sent to the sender once the online transaction is in progress.
Using Western Union Money Transfer
Western Union Money Transfer is primarily required if you have to pay a bill which is due soon, or send money across to a friend or family member overseas. The ‘online’ section in the website would require you to enter the name of the country the money is being sent to along with the details of the person concerned, after doing so, you have to mention the amount to be transferred.
Here, a registered customer can directly make the transfer without any further holdups, while new customers would be required to create their account or sign up before they are allowed to send the money.
Upon signing up, the user is presented with two choices, either make the online transfer directly to the recipient’s bank account or direct/instant transfer (here the recipient has to be physically present in the receiving end to pick up the money directly). Choose as per convenience and the request for transfer would be confirmed to you via an email.
Online Money Transfer Between Bank Accounts
This is perhaps the most common way to transfer money online. Since most of the banks now offer online banking services, it becomes easy to transfer money between them. All you need to do is to setup a new account and activate the online banking facility. A user can now add or link other bank accounts to their accounts.
Linked accounts enable the holder to transfer money via the internet regardless of the type of account they are holding. All one has to do is login to the bank’s secure website and select transfer money, provide the details of the transaction and hit send. That is it, the transfer is completed and a confirmation is sent to the sender.