Has a friend or family member requested funds on short notice? Perhaps you are looking to send money from one personal account to another. The digital age has ushered in a host of unique options and transferring money online has never been easier if you appreciate the mechanics as well as the options at your disposal. Let’s take a look at both concepts in greater detail.
The Basics of Transferring Money Online
What are the Benefits of Online Money Transfers?
One of the main reasons why consumers prefer online transfers arises from the fact that the funds will normally be received in a much shorter period of time when compared to dealing with a traditional bank. There are likewise many times when the associated fees will be scrapped entirely. This is particularly relevant in the event that monies need to be sent to a far-off location. Banks may have difficulties accommodating such a request on short notice. Finally, the use of advanced security features such as 256-bit AES encryption helps to ensure that your personal details will remain safe from prying eyes. There are even times when the use of a private transfer service entitles the account holder to receive a physical debit card that can be used in synergy with his or her existing bank account.
What Types of Online Transfers are Available?
This type of digital transfer is also beneficial thanks to the numerous options at your disposal. Here are some of the most common systems designed to send money between two parties:
- Bank wire transfers
- Third-party services such as Western Union
- The use of e-wallets such as PayPal and TransferWise
- NEFT (National Electronic Fund Transfer) when dealing with domestic correspondences
As we can see, there are a host of options which can be leveraged when money needs to be sent. All of these systems can accommodate regular transfers as well as short-term needs.
How to Find the Best Service Provider
Transfer fees are arguably the most important issue to settle from the beginning. While it is normally free to open an account with online services, some will charge a nominal tariff when sending or receiving funds (often the case when the recipient is using a different service provider). Another metric involves how long it will take for the funds to become available after they have been sent. Services such as PayPal and Western Union will normally clear the transfer immediately. Online banking may require a few days before the funds can be withdrawn. If you require immediate access to this liquidity, it is often best to pay a small fee in return for instantaneous withdrawal capabilities.
The Top UK Online Money Transfer Services
There are a plethora of online transfer firms which can be accessed within the United Kingdom. As this is a highly competitive industry, the majority of firms seek to entice clients with lucrative offers. We have compiled a list of the most trusted companies to consider:
- TransferWise: Supporting more than 650 digital transfer routes.
- Azimo: Currently works in more than 160 countries.
- TransferGo: Associated with reduced fees.
- PayPal: One of the oldest and most trusted money transfer sites to date.
Thanks to these and other options, sending money across the digital world has never been easier.