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Guide To Sending Money Online

Updated on November 15, 2008

There are times when we need to send money, and send it real fast!!

So,what do we do?

Send money order online! They are fast, inexpensive, practical ,secure and can be sent to anywhere in the world. There are two choices open, one by Bank and one by Internet.

What is online money transfer by bank? Online money transfer is the electronic transfer of money from one bank account to another. The recipient should also have a bank account and the money is transferred electronically within minutes direct into a bank account of the recipient. By this bank-to-bank account transfer, no actual cash is exchanged, but the electronic balances are adjusted accordingly in their respective accounts.

What if one does not have access to a bank account?

A cash wire transfer is viable .The money is paid at the bank and at the time of the disbursement of funds, the recipient produces the identification.Cash wire transfers are costly and moreover they do have certain drawbacks. During a purchase transaction a seller can supply false information to the sender of the cash wire transfer, collect the cash at the receiving end under the false ID, and diaappear without delivering the products.

What is online money transfer by Internet?

There are popular reliable financial providers like Western Union, PayPal, E-gold, Ikobo, Moneygram and Xoom which does not require you to have an account with them to transfer money online.

Western Union(www.westernunion.com) - has outlets worldwide and the money is transferred electronically between these outlets. A person can pay the transfer fee and money at a Western Union and the recipient can collect the fund from the nearest Western Union branch within minutes. The advantage of this method is that there is no need for Internet access or bank.

Pay pal(www.paypal.com) is the world's largest online payment service which allows people from all around the world to buy and sell off the internet. All one needs is an email address. The fees for such transactions may be a percentage of the money being transferred or a fixed fee, irrespective of the amount being transferred.

Ikobo(www. iKobo.com)- is a service that allows you to send money to anyone with a Visa debit card. All you have to do is to fill up the necessary information via its online form. When Ikobo receives the necessary information, the recipient and prepaid re-loadable Visa debit card are sent and your money can be collected.

Moneygram (www.emoneygram.com) - includes Same-day service and Economy service. The Same-day service is for urgent money transfer and the economy service takes about three to five working days.

Payko (www.payko.com) - sells money order online. Using your Master or Visa credit card you can send money order via Payko by regular mail, first class mail, priority mail, or express mail.

Finally, there are the nationalised Bank's International Credit and Debit cards like Visa and Mastercard ,as well as ATM cards which enable online money transfer within minutes. Whenever these cards are swiped at a retailer, wire transfer is authorised from the bank account of that card to the retailer's bank account.

Online money transfers are quick paperless transactions . In addition to this easy money transfer, as a safety measure, the details of the country’s name, the location of the regional bank and the customer’s account number are all facilitated by using the IBAN that is, International Bank Account Number.

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    • Laila Rajaratnam profile imageAUTHOR

      Laila Rajaratnam 

      9 years ago from India

      Thanks Anamika for the comment and for becoming my first fan!Feels great:) I am new over here and I am just feeling my way around here :)

    • Anamika S profile image

      Anamika S Jain 

      9 years ago from Mumbai - Maharashtra, India

      Gr8 Information you have here Laila.

    • Laila Rajaratnam profile imageAUTHOR

      Laila Rajaratnam 

      9 years ago from India

      Yes,Venugopal,online money transfer is the easy and best way to send money.But then,advanced technology do not seem to deter the unlawful activities of terrorists.It appears that they do find ways and means to beat technology!

    • VENUGOPAL SIVAGNA profile image

      VENUGOPAL SIVAGNA 

      9 years ago from India.

      On line money transfer facility is the best way of sending money. This is the best way of constructive usage of advanced technology at a time when it is used for unlawful activities of terrorists.

    • VENUGOPAL SIVAGNA profile image

      VENUGOPAL SIVAGNA 

      9 years ago from India.

      On line money transfer facility is the best way of sending money. This is the best way of constructive usage of advanced technology at a time when it is used for unlawful activities of terrorists.

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