The advantages and disadvantages of online international money transfer services

The advantages and disadvantages of online international money transfer services

Advantages and disadvantages are associated with everything on planet earth. As for sending money; although the advancement in IT has made it possible to send money online in minutes, still the dark side of the picture cannot be ignored along with appreciating the bright aspects. First, let’s look at the advantages of online international money transfer services:

  • The first and most important benefit we get from these services is speed. Gone are the days when people had to wait for weeks for a money transaction. Currently, you can transfer money online from one place to another in minutes.
  • Various banks offer power transfers that allow you to track money online, whether you are the recipient or the sender of that money.
  • Many banks offer money transfers. Using this feature, you can receive money in your local currency and use it as soon as you receive it.
  • Another advantage is that you can send money directly to bank accounts through online banking now.
  • Online money transfer services have provided a platform to online business groups where they can move fast and grow fast without wasting time in offline money sending formalities like waiting for checks to clear.

Having looked at the advantages that online money transaction offers, let us now turn to the disadvantages that it brings.

  • The most serious drawback is the transfer fee charged by online international money transfer services. You have to pay them some fee otherwise it is impossible to use the services.
  • Sometimes credit card and debit card participation in online money transfers leads to losses. In other words, your money is not one hundred percent safe in the process.
  • Some websites are used to temporarily hold money in case the money is not sent directly to a bank account. User passwords for these websites can be hacked by hackers, resulting in loss of money.
  • When you send money online, you have to face the technical difficulties of the process.
  • You have to be patient because long queues are quiet common for online money transactions.
  • Fast debit card transactions make it difficult to recover lost funds.

Overall, online money transfer services are neither heaven nor hell. Despite all their advantages, many people rely more on offline money transactions. And despite all their shortcomings, a huge percentage of the world’s population regularly uses online international money transfer services.

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