Online Funds Transfer – Pros Over Cons

While the digital technology has changed the way we do anything and everything, it has also put cash into a stiff competition with electronic money. An increasing number of people are now keen to work with virtual wallets instead of carrying hard cash in hand for making different purchases and payments. Here are the stark advantages of transferring funds online despite the few disadvantages.

Online Funds Transfer - Pros Over Cons

Online funds transfer – Pros

Saves time

Money transfers between virtual accounts can be completed within a few minutes. On the other hand, wire transfer or a postal transfer can take a few days. Also, there is no need for you to visit the banker’s location and wait at the queues for hours.

Controls expenses

Online transfers through sites like enable you to have a greater control over your expenses and disbursements. You need not keep writing down all the petty expenses you made. This will take more time than the actual disbursements. The virtual account will contain a record of all the transactions you did online including the shopping and money transfers. It is possible for you to check it back at any point in time. The ability to maintain a reliable record of your transaction is a very important advantage of online funds transfer.

Minimizes the risks of losses and theft

You can never lose your digital wallet and no one can steal it from you. Though there are a number of scams online, there are good ways to secure your e-currency account.

Lower transaction fees

While paying the ISP (internet service provider) or a mobile account replenishment through UPT (unattended payment terminal), you will come across higher fees. Nevertheless, while availing of the electronic payment system, you will only incur an operational cost of around 1% of the total amount which comes to your advantage.

User-friendly method

The online funds transfer services are intended to reach a wide range of audience. Hence, in majority cases, the system comes with an intuitive user interface. You can also support your queries online anytime. You can also get your queries solved in the online forums on the subject.

Greater convenience

You can carry out a transaction during any time and from anywhere without having to worry about the working hours of banks. Just when you have the internet access, you can hope to send money anytime.

Online funds transfer – cons

No system or facility on the earth can come without any disadvantages. Online funds transfers is not an exception to this. Here are some of the drawbacks of this transaction method.

  • There are upper limits to the maximum amount you can transfer and the number of transactions you can perform on a given day.
  • When you do not focus enough on security rules, there is a danger of your account being hacked and funds swindled. In cases where the processing company is hacked, your personal information can be accessed leading to identity theft and digital robbery.
  • No transfers can be done anonymously. Each of your transactions is recorded permanently. If this is a disadvantage for you for some reason, you are at an inconvenience.
  • When the internet connection fails, you cannot access your online account.

On the whole, the wonderful advantages of online funds transfer thoroughly outweighs the disadvantages making it a promising way to deal with money for now and in future.

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