With more and more transactions happening online, it is natural for you to find the need to transfer money at one point or another. The only thing about this is that it can cost you a certain amount whenever you do so. If you want to save money on processing these kinds of transactions, then you should know the most economical methods for money transfers there are. Here are a few:
Peer-to-peer (P2P) money transfers are done through online payment services. This means that your account holders from the same service can send and receive money from each other. This makes it cheaper in the long run since the costs to transfer funds from one account to another doesn’t cost you a thing. And if it does, it would only cost a small percentage of the amount you are sending. This cost is much lower than the amount it would be for you to make a money transfer transaction through your bank or a money transfer service.
Using online payment services to transfer funds can also help you cut costs when it comes to exchange rates. This is because you can fix your account so it caters to the currencies that you most often use. This way, your balance will reflect the amount in the different currencies and enable you to choose which currency you want to make your transfer with as well.
Another cost-effective way for you to transfer money is to send the funds directly to a person’s credit or debit card. The amount that this will cost you will only be the monthly charge you need to pay for the online payment service that you are using. What’s more, the amount that you send will be able to reflect immediately into the Visa, UnionPay, or MasterCard that you send the money to. The cardholder will be able to cash out at any affiliated ATM even in other countries within minutes of you sending the transaction through.
Email money transfers
You can transfer funds with the use of just the email address of the person. This secure payment system is known as an email money transfer or EMT. Mostly used in Canada, it is now possible to use this money transfer system worldwide.
Secure and economical
When you use EMT, it is more secure than most other methods because the funds are not transferred by email. By using a computer or the mobile app, the sender will indicate the amount to be sent. There is also the choice from which account it will be debited from, like either their bank account or debit card. The funds are then sent using the established money transfer networks.
A reliable money services company
There is a Canadian money services company that has created a mobile app for this method to be used internationally. You may also access their various services at their money services website. The advantages of using their email money transfer services and other advanced payment solutions include that of security and cutting down the cost of transaction fees.