Understandng the difference between wire tansfers and sending money online

When it comes to sending money abroad, many people wonder if it is a safe proposition. There are a number of different ways to send money online, international money transfer, Ria Money Transfer is one of them. It can be a source of worry for people who have never taken advantage of this technology before.

Using an app rather than a wire transfer to send money overseas

If a reputable app is used, sending money overseas via the internet is in fact safe. The most important element for users to remember is to access the app via a secure connection. This means that sending an online money transfer using a public network, such as one at a coffee shop, is not a safe proposition. Take a look at the Ria Money Transfer app to send money online, app for international money transfers, app to send money internationally as an option. Accessing an app like this over a secure connection is a safe way to transfer funds.

Differences between an online transfer and a wire transfer

Many people who are wary of using the internet to transfer funds or send money to a family member overseas rely on wire transfers. There are a number of reasons why people are more comfortable with this method as it is one that has been around for a considerable period of time and it is one that people are familiar with. However, even if it is the most familiar and long-standing method of transferring funds, it doesn’t mean that it is the best.

Below are several of the drawbacks associated with traditional wire transfers:

• Increased costs – the fees associated with wire transfers can range from $25 to $50 or even higher. Online money transfer apps charge a nominal fee, usually less than $10.
• Takes a longer period of time – it can take several days for a wire transfer to be initiated, sent, and received. When using an app, funds are generally available the next business day. And, there are even options on some platforms for immediate receipt of the money.
• Both the sender and the receiver are charged a fee – in addition to the higher fees that are charged for wire transfers, it is also notable that the sender and the recipient have to pay for the transfer. Most online platforms either don’t charge a fee to the recipient or don’t have a fee at all.
• It is often necessary to go to a bank or service provider in-person to execute a wire transfer – while an online transfer can be executed from anywhere with a secure internet connection, that is not the case for wire transfers. Banks and wire transfer service companies require signed forms for the transfer, with many institutions making the sender come in to physically sign the forms. While some banks and wire service providersare beginning to allow online signatures, there is still more paperwork for a wire transfer than for an online money transfer.

Anyone who needs to send money regularly is concerned about convenience and cost. If two services provide the same level of security, these next two factors often weigh heavily on their decision. As more and more people become comfortable with conducting personal finance transactions online, it will be interesting to see if wire transfers remain relevant.

Looking into the available apps that provide a free or low-cost option is a smart idea. Knowing what options are available and their advantages and disadvantages is part of being a responsible consumer. It is likely that the prevalence of online money transfers will increase while that of bank-initiated transfers decreases.