What to Keep in Mind Before Transferring Money Online

What to Keep in Mind Before Transferring Money Online

online money transferThe rapid increase in immigration worldwide, ease of travel and the fast economic pace of change, not to mention the advances in technology and the internet have all led to increased demand for quick convenient transferring of money. Whatever the reason for transferring money whether it is to family and friends, to pay bills back home whilst away travelling, for purchasing overseas property or paying for bargain auction wins on E-bay… online money transfers are only set to increase and are here to stay. For example, you can get a site that offers Perfect Money deposit in the USA and use it for transfers.

Here are some of the most common complaints or gripes customers have with online money transfers:

Safety Concerns

Although the procession of endless veirification forms that need to be filled in before transferring money online security breaches still do occur. False web-sites looking exactly the same as the official sites are occassionally encountered also. If you ever receive an e-mail containing a link you must ensure that it is leading to the official site and not to a spoof site. These sites can be extremely convincing right down to containing terms and conditions of usage and so on… be careful.

Large Transfer Fees

Can I buy Bitcoin with PayPal instantly and at a low cost? Yes, you can. However, while online money transfers at first can seem relatively cheap the fees can soon add up. This is especially true if you regularly send money each week in small amounts as these proportionally speaking fees wise tend to take the biggest hit.

Authorization Processes

Of course authorization processes are necessary however it can take time which can seem to take forever especially if it is an urgent transfer. One method PayPal use is to deposit and withdraw two small amounts of money in to the users bank account.
They then have to re-enter that amount into the verification forms which can cause delays of days. Whilst US citizens and most citizens in developed western countries can set-up transfer accounts very easily it is not quite so easy for people from countries who don’t have access to such bank accounts. Whilst the transfer agents are simply protecting themselves guess who suffers the inconvenience.

Scams and Cons

Whilst most scams and cons can be avoided through using common sense there are still times when you may let your guard down. This is when you may fall prey to such activities. A few simple guidelines to arm yourself with include: Never pay for goods and services in advance to people or companies – especially if you have never used that companies services before, don’t share passwords or use simple codes that could be easily worked out from your personal details, use a combination of letters and digits and change your password at regular intervals. Beware of contact from far away strangers, yes it sounds ridiculous to even contemplate replying to that e-mail from Nigeria promising you a share of a transfer but guess what people do…don’t be one of them.

Whilst online money transfers are not the only option they certainly are one of the most convenient. However it is not all positive there are still some pitfalls and negatives involved in online money transfer. The above are four concerns you should know before engaging in online money transfer.

Written by GiovannaP