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Online money transfer services pros and cons

Time to read: 6 minute(s)

There is probably not a single person on the Earth who would not like to send money online to other people or transfer it to the account of a company. It is not surprising, because few people will decide to break away from important matters to go to the other end of the city and personally transfer money for goods or services, not to mention going to another country. It is more rational to find out how much money can be transferred via the Internet and choose the best way. Make transfers as easy as possible with PayDo. Just a few minutes, and your money is already credited to the account of the company or individual recipient. It’s simple, fast and convenient and you don’t have to think of anything. Thousands of users have already appreciated the high quality of our service.
How to send money online? There are several ways to do it, and each of them has its own advantages and disadvantages. It is very important to keep this in mind before settling on one of these ways. After all, if you make a quick decision, you may end up paying a high fee, and what’s worse, making the recipient of the money wait for more than one day until the funds are credited to the account.
Let’s take a look at a few popular ways by which you can make an online money transfer.

Wire transfer

Even though some people don’t trust banks, they still transfer money using these oldest financial institutions. They value reliability and a high degree of security in this method of transferring funds.
A bank transfer is ideal when you need to send a significant amount of money, for example, from the account of one company to the account of another. In this case, the bank acts as a guarantor of the successful completion of the transaction, saving you from additional nerves and worries.
However, there are some negative aspects of bank transfers. If you make a money transfer, it will be almost impossible to cancel it. Another disadvantage is a very high commission for the transfer, especially when it is made between different countries.

Online transfers

One of the clear advantages of online transfers is their simplicity. All you need for making such a transfer is a computer or smartphone with an Internet connection. How can you quickly and easily pay utility bills, recharge your cell phone or make other payments? Online money transfers will also help. It will be enough to make just a few clicks, and the transfer will be successfully made. If you have online banking connected, you can manage your money quickly and easily.
If we talk about the disadvantages, we’d like to mention the low level of security because it’s much easier for intruders to steal information online than to break the bank’s protection. At the same time, they are helped in the theft of confidential information by the users themselves, who do not follow the security rules when paying online.

PayPal and other systems

If you choose PayPal, you can transfer money to other people and companies quickly and effortlessly, and you can do it directly from your bank account. Today it’s much harder to find a site that doesn’t accept PayPal payments than the other way around.
If we talk about the disadvantages, first of all, we recall the high commission for the return payment, in addition, according to many users, the technical support service is not always and not quickly respond to the question. You have to wait very long, up to several months, until it is unblocked in blocking the account. So in the case of PayPal, everything is not as good as we would like it to be.
And right now, we will take a look at several money transfer services and their main features:

1. PayDo


With us, you can quickly and remotely set up and manage your business and personal financial flows, send and receive SEPA and Target2 payments. All transfers are free, instant and have no restrictions. We offer our services to businesses and individuals from EU/EEA and non-EU/EEA countries, making SEPA and Target2 transfers faster and easier than ever before.

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2. Xoom


PayPal created this service. Thanks to it, you can transfer even small amounts of money, for example, only 10 dollars, while not paying large commissions. The limit of remittances per day for each user is 3000 dollars. A Money-back guarantee is provided, and a high level of safety of transfers as well. The only thing you are not happy about is the floating commission, making users overpay for the service.

3. Currency Online


This company is a real old-timer on the money transfer market. You will not believe it, but this company has provided services since 1986. Considering the high level of competition, it keeps the cost of its services at a competitive level. Working with this company, you will not have to pay commissions that are inherent to banks. The high level of security and exceptional reliability are the obvious advantages of this service. If we talk about the disadvantages, they also exist. You will not be able to use the services of this service without registering. In addition, you will not be able to get cash or pay by credit card, and the transfer may take several business days.

4. Epay


This company offers fast money transfers and other interesting services, particularly currency exchange, deposits to any accounts, online payments, and so on. Before starting its work, this company’s specialists accumulated international experience to provide their services at the highest level. Using the services of this firm is safe due to the certificate, and the company’s activity is legal because it operates based on a license obtained from the MSB. The exchange rates here are also quite attractive, and perhaps the only drawback is that they only support 17 currencies, but soon, the company has promised to add more currencies for fast and smooth money transfers.

5. WorldRemit


This firm was founded in 2010, and today its services are already used by about 4000000 people. In addition to money transfers, users can also use the service bank deposit.
Even if the transfer you plan to send is the first in your practice, you will understand everything thanks to the clear interface of the site. There is no need to go through long and complicated registration on the company’s website so that you can initiate the transfer in just a couple of minutes. Also, the company provides an opportunity to both credit the money to your account by wire transfer, and get cash or receive funds through recharging your mobile account. The company provides services to clients from 140 countries. But it is important to consider that the commission is taken as a percentage of the amount you transfer, so if you are transferring a very large amount, you probably better to apply to another company that takes a flat fee.

6. TransferWise


The main goal of the company is to revolutionize the market for bank transfers. To put it simply, the company plans to provide money transfer services on much more favorable terms than the banks do. It consists not only in maximum transparency of commission, but also in a fair currency conversion rate. It would seem that everything is just perfect, but the recipient of the funds will have to wait up to 5 days, so the company’s work is not fast.
There are no limits on the transfer amounts, the exchange rate is favorable, and there is no need for complicated registration on this website. But be prepared that the company will ask for your social security number or other documents for identification.

Wrapping Up

We can still consider for a long time the companies which offer the opportunity to transfer money quickly, easily, and on the most favorable terms. However, you can get many of these details from the Internet and the companies’ websites. The most important thing is not to agree to the first conditions you see and always compare conditions of different companies so that you can transfer money on the most favorable terms without overpaying.

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