Steps to Transfer Money Online

Updated on: 2019-11-14 - 2 mins read

Money can be sent in different ways. Here are some points to think before deciding the best option for a transaction:

1. Reason for the transaction

2. Time frame for the transaction

3. Amount of the transaction

4. Frequency of the transaction

By keeping these factors in mind, following steps would be a quick guide to send money online:

Step 1: Choosing the best money transfer service

Depending on the circumstances, the method of sending money we choose might defer. However, independent of the transfer service chosen, we need to make sure that we choose a reliable and cheaper service so that we do not pay more for the transaction fees.

Step 2: Transfer cost

If any transfer service does not give you an estimated cost or does not compare the transfer costs it is best not to opt for those services as they may have certain hidden charges that often show up on the last screen before clicking on the final confirmation tab and hence go unnoticed. Depending on the type of transaction (wire transfer, credit card/ debit card transfer, account-to-account transfer) the transfer fees might defer.

Step 3: Transfer Time

After you decide on a transfer service and transfer fees, we have to enter some basic information about us to verify our identity and payment details. Once the complete account is set up, a transfer can be initiated by providing recipient’s detail. Most of the money transfer services provide estimated time for money to be delivered.

Step 4: Transfer Confirmation

Once the transfer is done and we give confirmation from our end, a confirmation number will be generated from the transfer services which had to be noted down until the transfer is complete and deposited on the other end.