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Different Modes of Money Transfer and Their Pros and Cons

By Posted on 2 m read 81 views

Money transfer these days has become quite easy even in overseas. One cannot give any excuse other than he or she does not have it at all at the time of lending it to someone. With the extensively developing Hi-Tech world, the modes of money transfer have become broader and now there are so many options to send or receive virtual money. There are thousands of such applications which are giving the quick facilities of money transfer. Today you just need to have a bank account and a Smart Phone for a quick money transfer to your peers who are overseas.

          Today digital money payment system has become so popular that it is quite rare to find a person who is still using the old-fashioned system of sending money through post offices. Until the transaction amount is very huge, it is not even necessary to use the net banking system. Today mobile applications are available to make the money transaction happen within seconds. The reason that people are getting depended on online money transfer system more and more are as follow:

  • Time-Saving: In the hush-hush life of today, nobody has time to wait for several days to send or receive money. Now taking care of the lack of time, the digital payment system is made so that the transaction is done within seconds. It is as simple as if someone has given a call that he needs money and the money is sent.
  • Transparency: One more quality which makes it different from the traditional money transfer system is that the user has all the transparency of the transaction. The money is of the user, so he or she must know the process. Taking this into consideration, the user gets to know when the money is deducted from the bank account and even whether the transaction is successful or not.

  • Lesser risk of theft: Where there is money, there will be theft. The saying is common and pragmatic too, but when it comes to virtual money, the thief has to be a prominent hacker to steal the money or data. This way there are fewer chances of stealing the money or losing the money.
  • Control in Expenditure: The digital payment systems keep the monthly record of all the transactions. Seeing all the transactions in front of the eyes encourages the feeling of saving money. Because of this while making a money transfer the user thinks before.
  • Very convenient: The e-commerce system for money transfer is hassle-free and pretty convenient because of no complications during the process. You just need to remember the UPI and your transaction is done within seconds.
  • Extra savings: The fee of operations while opting for electronic Fund transfer is just 1% of the whole amount unlike the offline mode of money transfer which deducts hefty of charges. On the top of it, the user gets attractive cash back offers at the particular transactions.