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Different types of online money transfers


2nd Dec 2021 Pensions & Retirement

Different types of online money transfers
Whether or not you have sent money abroad before brushing up on your knowledge is always a good idea.
After all, fees, taxes and the services available are ever-changing so being as up to date as possible is a real positive. Things to keep in mind when implementing an online money transfer is the costs involved and how long the money transfer is likely to take. After all, if it is going to take 5 days to reach the person you are sending money to then knowing this in advance is essential.
The good news is that when it comes to online money transfers there are plenty of options, so with a little research finding the one that suits your needs shouldn’t be too hard.

Tips to make your international money transfer as easy as possible

If you think that you need to send money to someone in the future, especially if that transfer is likely to be abroad, then it is important that you start looking into your options now. With most of these services you need to sign up for an account, submit your details and wait for your account to be verified. If the time comes when you need to send money to a friend or family, then you don’t want to be waiting for your account to be verified. Instead, get this stage of your account ticked off of the list now and that is one less thing to worry about.
It is also worth letting the person on the other end know what you have done, what service you have signed up with and what they might need to do in order to receive the funds. That way you can both be as organised and informed as possible when the time comes that money needs to be transferred.
Many people like to send money to a debit card in order to ensure the recipient can access the funds quickly. If this is the case then check that the method you have chosen supports this. For example, PayPal will send directly to a PayPal account and while the person can then withdraw to their bank account this can sometimes take up to 12 hours, which is a delay they could do without. 
Check the terms of the money transfer platform you are interested in using and make sure you know everything that is involved in making a transfer happen. Otherwise, if you do need to send money to reach the other person quickly and you’re not already organised you could end up paying a premium in order to make a transfer happen. This is a fee which could well have been avoided just by doing some research now and making sure that you know everything involved. Most platforms have details of their services, fees and terms on their website so making sure you know everything there is to know shouldn’t be too much of a chore.

Debit Card/Bank Transfer

Most of us already have a bank account and as such, a bank transfer can be a really easy way to get a money transfer done. You’ll need some details from the person that you want to send the money to – their bank details and possibly name and address if you are sending money internationally. 
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