In today’s world, many people use the internet in every aspect of their lives. One such way is in the realm of personal finance, which has increased in usage so much that people are beginning to conduct their entire financial life digitally. You can now use digital payment platform providers like the Cashero app to make instant transfers to other Cashero users worldwide. In addition, there is no longer a need to pay high fees when exchanging from one currency to another.
In this article, we’ll look at the choices available to you when you’re trying to figure out how a person can move or send transfers online using the financial services providers available in the market. To help you choose the right method, we’ll outline why you may need to use digital services to send transfers as well as the benefits and drawbacks of doing so.
Why you may need to send a transfer online
It’s all very well knowing how to send a transfer online, but it’s essential to identify why you may need to do so. Highlighting the instances in which instant online transfers are extremely useful can help individuals better understand what method of transfer works best for them.
Paying for goods
Perhaps one of the biggest reasons you may need to make a transfer online is to pay for goods that you want to purchase. Very often, regular shops and businesses will have an online shopping site where individuals can purchase products directly. Every so often, however, some companies will not have this ability and instead require a transfer from a person’s bank account. Knowing how to do so is thus imperative if you want to be able to buy anything online from a site that does not cater to live purchases.
Moving funds to another account
Many of us have more than one account open, sometimes at the same financial institution or at different ones. We do this for many different reasons – having a savings account separate from an everyday spending account to ensure that you actually save money and do not delve into savings to cover day-to-day expenses. It’s very convenient to be able to transfer funds instantly online from the comfort of your own home.
Sending a transfer to someone else
We frequently need to transfer funds to friends or family. Often, transfers are not huge amounts or for any important reason; it could be an individual giving a cash gift instead of an actual present. Being able to send transfers instantly online gives you the ability to do this with ease. It could also be that a person is overseas or in a location where it is difficult to receive cash as a gift – again, this is where an instant online transfer is useful.
How to send a transfer instantly online
There are a number of highly effective ways to send transfers instantly online, and choosing the one that is right for you comes down to how easy you find it to follow the relevant process. Some methods of online transfers charge fees, while others are free. It’s not uncommon for money transfer companies to charge fees, particularly when it comes to international transfers. You may find that even higher fees are assessed if you want faster service times, so be sure to check that you know what you will be charged for using any of the below services.
Moving funds via wire transfer
Using a mobile app or your bank’s website to carry out a wire transfer to send money to another account is a straightforward way to transfer. Apps make the process as easy as possible – all you need to know is the recipient’s account details and your online login details.
Most traditional banks offer free transfers between different accounts, even when sent to a different bank, but you may have to wait three to five days for the transfer to process. Instant transfers can have a fee of up to $25, and transferring to other countries is a challenging process because you will likely be hit with both currency exchange fees and the transfer fee.
The Cashero App
The Cashero app allows you to send a transfer instantly from one Cashero user to another. We’ve taken the pain out of remembering account or card details – all you need is your recipient’s phone number. Once they register on the app, you can send transfers easily to each other. Because everything happens online, you can enjoy the convenience of being able to make transfers 24/7 – including weekends and holidays.
Money Orders
Money orders are an old-school method but are still a useful way of transferring money around the world. Using them means you can wire money to a recipient’s bank account, even if they are in far-flung corners of the globe. The transfer can also be picked up directly in the local currency at specific locations. Again, they may vary a lot in terms of fees, but they’re generally a safe bet. If you want instant same-day transfers, you’ll need to be prepared to pay a high price for that service.
Bear in mind that the selection of online payment methods is constantly growing. There are more and more companies setting up online transfer apps in an effort to be the best the market has to offer. Before making an online transfer, it is best to evaluate at least a handful of companies before settling on one for their service.
Benefits of online transfers
The number of people opting to visit their traditional bank to make a transfer is continuously dropping as online payment providers make digital transfers more convenient and user-friendly. The following benefits of online transfers are ones that cannot be replicated by more traditional money transfers:
Records
Using an online service means that you have an automatic record of the transfer. Being able to have a trail of transactions is exceedingly beneficial, particularly if there’s any confusion about a payment to a person or a business that pops up.
Speed
Once you are familiar with online payments and transfers, the speed at which you can settle bills or send transfers is impressive. The Cashero app offers instantaneous transfer speed, so you can send transfers to other users anytime. There are no holidays or weekends to plan around.
Ease
Being able to make transfers from the convenience of your home or on the go is a huge benefit, especially when compared with time-consuming traditional transfer methods.
Safety
The level of security is extremely high with online financial institutions. For example, security of the transfers through the Cashero app is guaranteed through various features such as multi-party computation and hardware isolation that comes with Intel SGX enclaves.
Drawbacks of online transfers
Of course, nothing is perfect. There are several drawbacks to online transfers that you should be aware of, but most if not all of them can be overcome easily.
User Error
When making online transfers, there is usually only one person to check that it’s being done correctly; it’s possible to make errors if the details of the transaction are not double-checked. As a result, online transfers are prone to user error and subsequent delays but are avoidable with some care and attention.
Digital Education
Not everyone is confident with using the internet, and there are some that may not even have a smartphone or internet connection. While this is becoming increasingly rare, the ability to use an app or a website is needed to make online transfers. A level of familiarity and confidence is required to avoid transfer errors.
Hackers
While online financial services tend to be incredibly safe, hackers are continuously developing new methods for cybercrime. As a result, it is in your best interest to utilize available security protocols to ensure you are protected. Using strong passwords that are different across all accounts is a good start, as well as using VPNs. Additionally, when making digital transfers only consider companies with a strong record in online security.
Key takeaways
The ability to send a transfer instantly is one of the biggest benefits the internet has brought to our everyday lives. Taking advantage of the benefits digital transfers provide is an easy way to save yourself time and effort in managing your finances. With the Cashero app, you can make instant transfers to other users so that your funds go where you need them to, instantly.
Content Disclaimer:
As of the date of publication, the information contained on this page is deemed to be factually accurate for all terms of conditions, features, and fees. Changes made to Cashero’s terms of conditions, features, or fees after the publication of this content may not be accounted for.
App Disclaimer:
The Cashero App is now available for download in both the Apple App Store and Google Play Store, though not all features are currently functional. Cashero has not yet officially launched.
