Technology continues to amaze us each day. New ways are being developed with any task, including transferring money cross-country with ease. Take a look below at how money transfers work.
Is It Safe?
Money transfers were traditionally done by wiring it over via different companies that can send it abroad for you safely. According to the folks at Ria Money Transfer, keeping you and your money safe is the number one priority. A lot of these establishments have sophisticated modeling that allows them to spot suspicious transactions long before any harm can be done. Things have changed over the years since the money-wiring age, and thanks to the digital world, it can be done easily and quickly through developing apps and websites that are securely monitored 24/7.
Why Do People Like It?
The popularity is because it's completely convenient; it's undeniable that online transfers have changed the game entirely. The transfers have become fast, reliable, and safe. Traditionally, the transfers were sent to one bank or credit union to another using a network; it’s a simple bank-to-bank transfer. But now, you don't really need that anymore, because you save time and effort by sending it directly through the various apps to the person you want. So, you don't have to worry about any processing times that used to take up to 24 hours; it can be done much quicker than that and the fees are much less!
Are There Any Concerns?
The aspects of the money transfers leave little room for any worries; the matter of currency conversion fees which are generally costlier than a money transfer fee means you'd be spending less when you transfer this way. Not to mention that it gives you nearly instantaneous delivery; it takes data only seconds to travel on the Internet with no physical complications to virtually anywhere in the world.
Are There Limits?
Unfortunately yes, but when you think of how easy it is to do this, it's well worth it. There are limits on how little or how much money can be sent, and how much can be transferred in a period of time. For example, some apps or websites cap any online transfer coming out of the U.S. at $3000 each time. You can send more, but it will be broken up into chunks. Others cap transfers at $899.99 at a time, for a maximum of $3000 in a 30-day period. And some allow transactions of up to $10,000 domestically, and a few places limit the usage of a preloaded card to $500 per day.
Is Having A Bank Account Needed?
In some cases, you don't have to have a bank account to send money online or even to receive it from an online transfer. This is where credit cards come to play, by applying funds to an online money transfer, credit card companies view it as a purchase and not a cash advance. So you won't be limited in this situation.
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The convenience of money transfers are tremendous; you can easily send and receive money worldwide with the help of technology.