There are a number of different ways to send money online and they aren’t all created equal. When it comes to transferring funds from one person to another, or business to business, many people find that apps are the way to go. To send money online, international money transfer, Ria Money Transfer makes the process simple and straightforward.
Due to the advancements in online banking and other virtual financial services, more people are turning to the internet to complete all of their banking tasks. It is no surprise that as these services are deemed secure and safe, they are growing in popularity. It will be interesting to see just how traditional banks and other financial institutions adapt to the many changes in technology that are occurring.
Not all fund transfer services are created equal
Ria Money Transfer app to send money online, app for international money transfers, app to send money internationally spells out its process and timeline very clearly. This is another way that apps can set themselves apart from the other methods that are available. Using an online resource to transfer funds takes less time and is typically less expensive. The other most common options, online money transfers through a bank, or an electronic funds transfer (EFTs), can be more expensive and take several days longer to complete.
When it comes to sending money overseas, time is usually of the essence. Waiting 2 to 3 days for funds to clear a bank following an EFT, or for a wire transfer to be executed can take much longer than a simple online transfer. Here’s what typically happens with each method of transfer:
- Wire transfer – this transfer typically needs to be taken care of in person. Whether at a bank or a wire transfer service, there is paperwork to fill out. The fees are typically higher than online transfer services. It can take a day or two for the wire to be initiated and another period of time for the funds to settle in the recipient’s account. For a higher fee, the process can be expedited. Also, most banks charge both the sender and the recipient a wire fee. Referred to as incoming or outcoming wires, they both typically carry some type of fee with them.
- Online transfer – to send funds this way, one typically logs onto their financial provider and enters the amount of money to be sent and the recipient. Banking details can be used, but so can mobile phone numbers and email addresses. This means that funds can be sent without having the recipient’s banking details. Many people find this added level of security appealing. Funds can typically be received by the next business day. And, for an additional fee, many platforms offer instant transfers.
- EFT – this type of transaction needs to be set up ahead of time. If you have ever had a financial institution linked to another that you use, you are familiar with the process of linking the two accounts. This process can be even more laborious when the transfer is made overseas. Because of these limitations, EFTs are typically used for recurring expenses that can be set up in advance, such as monthly bill payments.
While there are a number of different ways to transfer money, even overseas, people who are looking for the kind that has the lowest cost and the shortest turnaround time usually opt for an online money transfer. Knowing what service is necessary for your transaction can help limit the selection. Anyone who is looking for a fast and cheap option should look into an online money transfer.
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