Security is the major concern of many people who would like to use online banking to transfer money. Many step back due to security threats and loss of money for hackers. However, with the increase in online money transfer platforms, people switch from brick and mortar banking to online banking. The share of online money transfers has increased from 19% to 34%.
The online money transfer apps are available only in a few countries while few others can use the apps but have to pay a huge amount to get the money transferred. Few others let you receive the amount in cash while a few others would have high speed, cost, and convenience. A few money transfer platforms would make the job of carrying out international money transfers a breeze.
The online money transfer platforms would enable you to transfer money between the accounts quickly and save time for you to visit the banks. The platforms help you to transfer money to friends, family, and merchants in an instant. Not all the transfers would be cheaper. The technology used by the platforms is secure to transfer money with high efficiency. The money transfers can be done to the world quickly and without having to pay an extra amount.
There are two different money transfer platforms available in the online market - Currencyfair and OFX. The currency fair would offer a low margin exchange rate and offer high bank-level security. The interface is simple to use for beginners or professionals to exchange money. The Bank of Ireland licenses bank security. The interest rates would be low, and the transfers would be smooth. The currency exchanges would also take place at a brisk pace. The OFX would charge USD0 on the FX transfers. There would be round the clock support offered to the customers and is regulated by FINCEN.
Transferwise is an automated bill payment option and is ideal for corporate clients and businesses. The interest rates would be low and help you track every transaction. The Currency.com would also deal with the cryptocurrencies and let you transfer the amount to any bank account internationally. The risk and anti-fraud technology would prevent you from falling prey to frauds. The loyalty program enables you to earn points and make ATM withdrawals in an instant.
Well, the online money transfer platforms are unique in their way and give fierce competition to each other. However, the customer has to choose the platform that meets their requirements and preferences. And many platforms would offer you with the round the clock support. Keep in mind choosing the platform that suits your personal or business needs to transfer money without paying a whopping charge for every transfer. So, choose the possible platform in the market that makes money transfers a breeze.