When it comes to transferring money, there is no “one size fits all” method. Money transfer methods vary from person to person. While some love PayPal and can’t live without it, others love Payoneer and think it’s the best. There are still tons of other methods available on the internet to send money, even to countries where you think they can’t easily send money. For example, did you know that you can make a cheap money transfer to vietnam by simply clicking on the link above and following the instructions? Probably you weren’t aware.
High-end technology has made these processes much easier and faster than you can imagine. There are even sites now that wouldn’t ask for your card details or other personal information. Just send the funds you want to transfer to their account, followed by the recipient information, and that’s all they’ll ask. They will convert the money for you (if applicable) and within seconds the other party will receive the money. As you read, you will learn about some money transfer platforms and a general analysis of the pros and cons of these platforms. Let’s get started without further ado.
We started with PayPal because this list would be incomplete without it. This is one of the best ways to transfer money overseas. The GnS account allows you to send payments for products and services in over 200 countries, while the FnF account allows you to send personal payments to friends and family. Some of their supported countries include Lesotho, USA, Algeria, Dominica, and. Egypt.
Payoneer is another go-to platform for millions of people around the world who need to transfer money securely. It is one of the safest ways to transfer money online. Contrary to some complaints that PayPal suddenly held their money hostage in the name of verification, Payoneer is doing the exact opposite. In fact, freelancers and affiliate marketers use it more than PayPal. This company supports many countries including Barbados, Benin, Cyprus, China, Chile, Bangladesh, and Gabon.
It is one of the most popular transfer apps in the world but it only works in the United States, its headquarters. The only reason it’s on our list is because it’s the cheapest way to transfer money in the USA. It basically has no transaction fees. All you need is a US bank account, whether you’re the sender or the receiver, and within seconds you’ve sent money.
- Western Union
It is one of the oldest money transfer platforms in the world. With over 200 countries supported, your money is in good hands. The only complaint we’ve heard so far is that their customer service isn’t top notch. Everything else is fine, so you can continue. Visit any Western Union location in your area, share your and the recipient’s details, deposit the money and within 24 hours the money will be deposited into the recipient’s account. However, this 24 hour delay is for domestic transfers. If it’s abroad, it can take between one and five working days.
Although Venmo has been around since 2009, PayPal bought it in 2012. They have been a very reliable platform for making transfers safely and quickly. No bad payment platform will have more than 60 million users. In fact, the number keeps increasing on a daily basis. You can easily send money to friends, family, and even businesses that use Venmo.
You can send and receive money using this method in minutes. MoneyGram is safe and reliable. You’ve probably seen some of their agents near you helping people send money around the world. They have been around since 1980 and employ over 2000 people to handle complaints, ensuring your money is transmitted safely.
Advantages of online money transfer
Imagine you had to leave the United States for Nigeria just because you wanted to give someone money. It’s too stressful, isn’t it? It wouldn’t even make sense because it would only create a chaotic situation.
Your money is safer when you transfer it with a reliable platform like one of those listed above. Even if something happens to him by mistake, you can easily get your money back because you know the platform to hold it accountable.
Disadvantages of online money transfer
Fees associated with transfers are usually significant, especially when making multiple transfers.
- Susceptible to hacking
The fact that money transfer is an online affair means that cybercriminals can intervene. They can easily get your bank details if you are careless and erase your account. You must take all necessary precautions to safeguard your bank details.
Don’t let anyone discourage you from transferring online. All you have to do is protect your data and be smart about your transfers. Never let someone you don’t trust know your account balance. You will be much safer that way.