If you need to send money online then you have a number of choices ranging from your regular online banking to email money transfer services to third party money transfers and more than a few others that fall into more than one category. Choosing a way to send money online can be confusing to the first timer so following are a few things to consider when looking to transfer some money.
Look at what options the recipient accepts. If it is just a friend whom you owe money to then ask them what is the easiest. It may be as simple as them just giving you their bank account details and you can complete the payment from your bank account using something like a ‘pay anyone’ feature. If it is an online store then most display their payment methods fairly prominently on the website and they probably include major credit cards, debit cards and bank transfers at a minimum. It pays to check the payment options before you commit to buying something so you can be sure you are able to pay for it easily.
Because of local laws, not all funds transfer methods are available in all countries. This makes it difficult when sending money online if you or the other party are in a country where the common methods are not available. That said, you can usually come up with some method so don’t let it deter you. Again, advance planning when sending money overseas is always advisable.
If you are sending money online to pay bills, you just need to make sure it arrives before the due date and so if you know a payment takes, for example, three days to reach the recipient, then you just need to initiate the payment three days in advance. If you are buying something at a website and really need the goods quickly, then you should be aware of the fastest methods. Some of these include PayPal and direct bank transfers from your online banking.
At the end of the day, if you are sending money either locally or overseas, there are a variety of ways and you should be able to do it with the minimum of fuss. Just make sure you pay attention to all the steps and before you click the final confirm button, be sure you have completed all the details correctly. That typo in a bank account number might not mean you lose your money, however, you may end up spending a lot of time dealing with banks to get your money back. A little time invested up front will pay off in the long run.