Online Money Transfer

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Internet has brought a revolutionary change in our lives. Besides revolutionising communication, Internet facilitates faster business. Online Money Transfer is one of the most important concepts that make business conducted on the Internet more efficient.

Online money transfer is transferring money over the Internet through platforms provided by financial organisations such as banks and credit card companies. Online money transfer is known by many names such as Electronic Fund Transfer, Online Fund Transfer, or Instant Money Transfer.

Internet Banking

When Internet Banking, also known as online banking, came into picture it transformed the earlier banking model entirely. There are many factors that prove its credibility.

Internet Banking has introduced bank customers to a world of convenience. It allows customers to utilise bank services over the Internet. It is cost effective as one can access it from home. Internet banking allows its customers to access and regulate their bank accounts from the convenience of their laptops or personal computers.

The advantages of Online Banking:

It saves time, money and energy of physically going to an organisation to conduct the money transfer.
After a basic registration process, one can access their account simply by going to the website and logging in, anytime of the day without the limitations of bank hours.
There is less amount of paperwork and the probability human error is low.
Utility bills (such as electricity and water bill,) can also be paid over their bank accounts

Account to Account: Many banks offer internet banking services, almost all banking services, such as deposit, withdrawal or transfer, can be conducted online. Account to account transfers through Internet Banking offer money transfer at a very fast pace, making it the best available option so far. Most banks also provide a follow-up email or SMS on account credit completion.

Many banks, credit card companies and financial organisations provide virtual accounts; transaction involving stored value of this electronic money is commonly termed as an e-wallet. This means not only faster money transfer, but it also means a cash-free transfer.

Card-Based Funds Transfer: Plastic money, a generic term for the cash-free options of credit cards, debit cards and prepaid cards, is increasingly becoming the popular medium for money transfer. These cards can be utilised for online money transfer as well.

Electronic Funds Transfer: Also known as EFT can be broadly defined as one of the faster source for fund transfer. EFT is the electronic exchange or transfer of money, either within a single financial institution or across multiple institutions through the use of an electronic medium. The term covers a number of different concepts. Direct debit, sometimes called electronic cheques or e-cheques, for which a business debits the bank accounts, is also a type of electronic transfer.

Sending Money Online

People move away from their families and country for better occupational opportunities or a better future. They are still connected with their families through many ways. One of them is sending money to their loved ones.

The field of remittance has received a great advantage due to the advent of Internet. Global Money Transfer options are getting better by the day. Remittance through Internet is one of the best examples of Instant Money Transfer. Money can be sent from one country to another via a remittance house. The remittance or exchange house will offer remittance for an exchange rate and service charge. Money2anywhere, the online money transfer portal by UAE Exchange is one good example of online remittance.

Instant Money Transfer: Many remittance and exchange houses offer Instant Money Transfer options. Apart from providing instant money transfer through Internet or mobile, they may provide many products designed to transfer funds from one account to the other. The sender sends the money using such product and the beneficiary receives the amount in a matter of hours or minutes. FlashRemit, product for real time remittance account credit by UAE Exchange is an excellent example of Instant Money Transfer.

Making Online Banking More Secure

Latest computer systems come with built-in virus scanners, spyware detection and removal tools. Research and development has made the Internet safer and more secure. In addition, banks also update their systems with the most secure protocols.

Creating public awareness through e-mailers or advertisements informing customers about the measures to take to avoid account hacking and vigilance while divulging any bank-related data.
Banks take stringent measures with multiple levels of authentication and safety measures.
Surveillant approach by banks in guarding their system against any potential threats.
Digital certificates assigned by companies ensure the basic safety regarding the usage of a particular website.