In a world dominated by money, transferring it should be one of the most common actions one could take. The situations where you need to transfer money or have money transferred to you are countless. The modern landscape of money transfer is now changing rapidly, and it had surely needed this as innovation in money transfer has remained stagnant for many decades. From wire transfers to exchanging bitcoin, technology has redefined the meaning of money transfer and incorporated convenience as a top priority. There are a lot of methods to transfer money, but they’re not all suitable for everybody.
This should be a brief outlook on the different methods used to transfer money and each of their pros and cons.
Security and inconvenience of wire transfer
PRO: It’s safe to say that this is one of the oldest modern methods to transfer money. Wire transfer is one of the most common ways to transfer money and it’s usually the best method to transfer huge amounts of money between firms, corporations, institutions, and individuals. Wire transfer services are found all over the world. The best thing about it is that it’s the most secure among all the methods of money transfer since you’re directly dealing with a bank or a trusted entity. It’s also one of the most trusted ways to send money globally, especially if it’s a large amount.
CON: There are some disadvantages; the fees can sometimes be too high, especially if it’s international; the process is irreversible, once the transaction goes through it’s impossible to reverse it; anonymous, which makes it hard to track scammers.
Convenience and unsafety of online transfer
PRO: This is considered the most popular option for transferring money, whether it’s local or international. An internet connection and a smartphone or a computer should be more than enough. The best thing about the online money transfer is the convenience; a lot of people use it to pay bills, purchase products, and services. Transferring money is done in a few taps, and it’s quite fast. It’s easy to access and manage your accounts if you’re using an online banking service. If you look at Ria Money Transfer, you’ll notice that some services provide both online and on-site money transfers. The convenience provided by such services can make it easy to switch from one to another. Some banking sites or online services can have a bit of a learning curve to navigate it comfortably.
CON: The safety of using an online bank is not as well as with using an actual bank; it’s relatively easier to steal your online banking information through hacking or social engineering.
Efficiency and high fees of PayPal
PRO: PayPal can connect to your bank account and allow you to transfer money to any account on PayPal with ease and a lot of speed. They are very popular and accepted at almost all online sites. The worst thing about using it is the high fees for chargebacks.
CON: The customer service isn’t the worst but it’s not very good. If your account is suspended, your funds will be frozen and it could take months to unfreeze them.
There is no perfect way to transfer money with all the options around us. Every money transfer service is striving to be as convenient as possible. You want to research the services available to you to see which one meets your criteria of safety, transfer rates, and efficiency.