Here’s How We Can Transfer Money Online Hassle-Free

0

Opinions expressed by Entrepreneur the contributors are theirs.

You are reading Entrepreneur India, an international franchise of Entrepreneur Media.

From time to time, we find that you need money. The best way to get a personal loan is to lend it to someone known to avoid high interest rates. Your credit score will also be taken into consideration when applying for a personal loan. Likewise, when our family or friends are in need, we do the same. Thanks to state-of-the-art technology, there are several options available in the market if you want to transfer funds instantly. There are different ways to do this depending on your needs. Various factors such as amount, location and recipient contact details will come into consideration.


graphicstock

Here are the 5 best ways to transfer money online:

1. Online bank transfer

One of the easiest ways to transfer money is through a local bank transfer. To do this, you must have a working Internet connection and set up your account with your bank. You will need the bank details of the person you are going to transfer the money to. Details include bank account number, IFSC code, brand name. Some banks take time to approve a beneficiary. If you transfer regularly, you can use this method.

2. Transfer via Personal Loan App

Online personal loan apps allow you to transfer funds to your family or friends in your contact list through the app. Once you apply for the fast loan, you will then be given the option to choose a transfer option, where you can select “Transfer to a friend”. You can transfer to 5 contacts at a time and you will be able to select the desired amount. Once you submit the request, your transaction will be initiated. The entire transaction is done instantly if you are already registered in the app.

3. Transfer via Paypal

Paypal is an application that allows individuals to transfer the amount to another account. The transaction is free for the sender but a small fee is charged to the receiver.

4. Bank transfer

Wire transfer is an electronic transfer of money from one financial entity or another using a network. Bank transfer is one of the common ways to send money abroad. The process is fast and secure. You can send it through your bank. The exchange rate is based on the rate offered by the bank; the funds will be available to your recipient in India within a few days.

5. Online wallets

Online wallets are another option for transferring funds. You can do this if both parties have an account with the online wallet. Most wallets do not charge any processing fees.

These are the top 5 ways you can transfer money to your friend and family. If in case, you have no access to funds and your friend is in urgent need, getting a quick loan through online application is a good idea. The approval process is much faster and you can forward it directly to your friend.

Share.

Comments are closed.