Advantages and disadvantages are attached to everything on the planet Earth. As far as money sending concerns; although the advancements in IT have made it possible to send money online in minutes, yet the dark side of the picture cannot be overlooked along with appreciating the bright aspects. At first, let us take a view of the advantages of international money transfer online services:
- The first and most prominent benefit we get from these services is the speed. Gone are the days when people had to wait for weeks for money transactions. At present, you can transfer money online from one place to another in minutes.
- Various banks have featured power transfer, which enables you to track the money online whether you are a recipient or a sender of that money.
- Lots of banks have featured remittance. With the help of this feature, you can receive money in your local currency and use it right after you receive it.
- Another benefit is that you can send money directly to bank accounts via online banking now-a-days.
- Online money transfer services have provided a platform to online business-groups where they can move fast and grow rapidly without wasting time in the formalities of sending money offline like waiting for the checks to clear.
Having walked through the advantages which online money transaction offers, now let us turn to the disadvantages it bears.
- The weightiest disadvantage is the transfer fee charged by international money transfer online services. You must have to pay some fee to them, otherwise it is impossible to use the services.
- Sometimes involvement of credit card and debit card in online money transfer leads to losses. In other words, your money is not one hundred percent secure in the process.
- Some websites are used to keep money temporarily in case money is not sent directly to the bank account. The user passwords for these websites can be hacked by hackers resulting in the loss of money.
- When you send money online, you have to face the technical difficulties of the process.
- You have to be patient because long queues are quiet usual in online money transactions.
- The quick transaction in debit cards causes difficulties in recovering lost funds.
By and large, online money transfer services are neither from heaven nor from hell. In spite of all their advantages, lots of people rely more on offline money transactions. And in spite of all their disadvantages, a huge percentage of the world’s population uses international money transfer online services on a regular basis.