If you’re transferring money online more than usual, you’re not alone. In the past few months, digital transactions have soared to unprecedented heights, as changes to the economy and society reshape how we use and store our money.
As more of us send money online, an ever-greater number of platforms and services have arisen, each promising to offer the best possible means of completing the task. Moving money online may be easier than ever, but there are still risks and considerations to take into account.
When you want to send money online, you need to know how it works, how much it will cost you, how to stay secure, and how to keep costs down. For this, we have got you covered. Read on to find out everything you need to know about transferring money online.
1. Not All Platforms Are Created Equal
First off, it is important to note that there are literally thousands of money transfer sites and apps out there, each claiming to be the best. When it comes to your money, it is essential that you cut through the noise and find out which one is right for you. That’s why it pays to consult trusted third-party sites such as Transferly, which offer in-depth and honest reviews on all of the major money apps out there.
2. Transferring Money Online Can Cost You
You might be wondering, do wire transfers cost money? The answer is that it depends. Some apps will charge a commission on overseas transfers 100% of the time, while others will only do so under certain conditions (i.e. if the amount is worth more than $1000 USD). If you want to save money with your transfers, it is crucial that you read the small print and find a genuinely commission-free transfer app that suits your needs.
3. Security is Everything
This might seem obvious, but it really does bear repeating. When transferring money online, you cannot afford to be lax about your security. You should be taking every possible precaution to ensure that you are using a platform that is 100% safe, secure, and trusted. Conduct thorough research and read what others have to say about a platform or service you are considering. Always make sure that your platform holds a valid license from a trusted financial watchdog authority.
4. Consider Currencies
You might think that you have found the best money transfer service in the world, only to realize that they do not offer services in your currency. When you are transferring money overseas, you need to ensure that the service you are using offers services in both your base currency and your destination currency. If it does not, your transaction may get held up and you could face significant issues with sending or receiving your payments.
Smart Money Tips for 2021
When transferring money online, it pays to be informed. For more smart money tips that will keep you in control of your finances in 2021 and beyond, we have got you covered. Make sure to consult our expert Money pages to learn more.
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