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Are you thinking about how to best transfer money online to a friend or family member? If you are working abroad, and want to send money back home to your loved ones to help out with groceries, bills, school tuition and other incidentals, this may be a major concern for you.
There are many people in the world who leave their home to earn more money to help their family and friends make ends meet. Reasons for leaving home might include a lack of job opportunities in their home country, poor working conditions, not enough pay, or all of the above. But once they re-locate and find a job, how do they send the money back home for the lowest cost and with the most security and convenience?
There are many ways to transfer money overseas, so finding the best way may take a little homework.


Different Ways to Transfer Money

 

  • Bank wire. Wire transfers through a bank can be very costly, even though it takes very little time to remit the money to where you want it to go. It’s important to note that you may also have to pay fees for intermediary banks which are not included in the initial cost of the wire transfer; it can end up costing you $40 or more just to send money. This kind of defeats the purpose.
  • Snail mail. Sending the money in the mail can be risky as it can get lost in transit or take way too long to reach its destination. But it’s definitely the cheapest option as the only cost to send the money is whatever it costs for a stamp or two.
  • Ewallet. The sender can load funds into an electronic wallet by credit/debit card, bank account, or certified check. Then transfer money online to an overseas recipient in mere seconds. The cost is nil to send, and usually nominal to receive.

The Best Way to Transfer Money

By far, the best way to help out your friends and family is to transfer money online by ewallet. You do not have to worry about sky-high costs or money getting lost in the mail. Should you decide to transfer money online, transfers between people are instant, and there are usually many ways to get money in and out of your ewallet. One major plus is that the person who receives the money may have the option of withdrawing the cash to a prepaid card that they can use as a credit card. Furthermore, transferring money with an ewallet may also support various currencies at market price.

Before you transfer money online, here are some important points to consider:

 

  • How to fund your ewallet. You have to decide which mode you want to use to get money into your ewallet. Usually you will have no fewer than three different ways to do this.
  • Fees. There can be fees associated with loading your ewallet, as well as fees for the person receiving the money from you.
  • Opening an account. Before you even think about sending money to your loved ones, you will have to invest a little time in opening an account with an online payment platform. You will have to input personal information, as well as banking information (bank account information, credit card information), etc…. You may even have to verify your identity as part of anti-money laundering and counter-terrorist funding protocols. Fortunately, this is usually a quick and streamlined process that is done to strengthen security.

 

   

About the Author Bronze Award Novice

Andrew4M Permalink: http://www.articlevoid.com/?action=permalink&article=54148
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About me: If you are interested in using an ewallet to transfer money online to a loved one, read this article on Payza’s blog. There are many ways to add funds to an ewallet so that you can send money quickly and securely to just about any location around the world.
Link: http://blog.payza.com/2013/04/17/how-to-add-credit-cards-and-bank-accounts/

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