Understanding The Secret Ideas

In the past, you had to rely on cash for paying and transferring 

amount. Now the world has changed. In this modern age, it has 

become very easy for us to transfer money. You know how?

Transferring money from one corner of the world to another has 

become a matter of seconds through the online banking system. 

Online banking has revolutionized the system of money 

transferring.

We can send money from one account to another, within the 

country or outside the country using the internet in a blink. A 

few swipes of cards and clicks on your PC and you can transfer 

the money to your family or friends living abroad or in other cities.

From paying bills to saving money, all we need is a device and 

internet. However, wait! Is it that smooth and simple? Of course, 

no. People make mistakes all the time, and that is very normal.

In the case of transferring money online, we witness many people 

who make very little mistakes that can cost them huge money. 

Making errors during international money transfer is the most 

common occurrence.

The question arises, how can we avoid making mistakes while 

making international money transfers?

In this article, we will get to know what mistakes to avoid while 

transferring money online:

When you open an online banking portal, you see 3 payment options 

for an online money transfer which are

·       Bank account

·       Credit Card

·       Debit Card

Well, never select the Credit card option. One to one payment applications 

charges around 3% of the total amount when you go with transfer through

credit card. However, the amount of transfer service through a debit card is 

free.

But, this is not always the case. Some of the money transfer services like 

Moneygram and Western Union do not charge extra amount if you are using 

a credit card. But still, your credit card issuer could charge you.

You will have to pay a cash advance fee that is fixed by the bank 

(credit card provider) and then you will have to pay interest on that amount. 

The expensive deal, right?

So, what you must do to avoid transferring the amount is to select the money 

transfer from your Debit card

How mainstream, I can never be so careless to make this mistake. Everyone 

thinks that unless they do the exact thing. It might be a very obvious thing but 

believe me, this is a very common mistake made by efficient and careful people.

Getting the correct account detail is standard for online transactions, but when 

it comes to money transfer, it is crucial.

You must double-check all the details before you confirm the online transfer or 

transactions. If you add even one extra zero in the amount, then it can be a 

very expensive mistake.

 Similarly, a single change of digit in the recipient’s account number can transfer 

all the money to a random account.

These little mistakes are sometimes irreversible because the transfers do not 

have a simple refund process. If you mistakenly transfer the amount to an 

unknown person, then you will have to personally contact the account owner. 

If that other person is not willing to return your money, then you are in big 

problem.

However, if the money is not received by the other party yet and you realize your 

mistake, then you can cancel the transfer.

 There are some money transfer companies which allow you to select the cancel 

button, but some do not.

A simple way to avoid all this hassle is to make sure that all the details which you 

enter are correct.  

Many people choose a saving account instead of the checking account while 

funding a transfer with a bank account. Some money transferring application 

like PayPal links up to your saving account during money transfer.

Using saving account is not recommended because the saving account allows 

just six transfers or withdrawal per month. This includes payment of all bills. 

And, if you exceed the limit of transactions, the bank will charge you an extra 

amount on further withdrawals. So, you should not add another transaction 

(money transfer) to the saving account

Also note that if you consecutively make more than 6 transfers/transactions 

through your saving account every month, your account status will change to 

checking account.  

This is another common mistake. Many people lose money when they 

send one payment twice. This can either be a technical error or memory 

mistake by a human.

Many times, the money transfer companies notify you if you make an 

exact money transfer request twice in a row. If you are sending the 

money online to another account and within the 24 hours, you send 

the same amount to the same person, the system will ask you to 

review the order.

So, any guesses on how to avoid this mistake? Always check your 

transfer history before sending money online.

If your money transferring request is showing an error, then contact 

your bank. Do not make excessive requests at once if you see an 

error message.

Many times, the system is down at the time you make money transfer, 

and once it is fixed, your money transfer request proceeds automatically.

If you have to transfer the money to the business partners or contractors, 

then using a personal account is not recommended. In this case, you can 

set up a personal account and one business account.

If you start sending money to the business contractors or companies using 

the personal account, the bank will detect the activity. Eventually, you will 

have to sign up for a business account.

Some banks charge extra amount for a business account, but others will 

offer you friendly offers for business payments. The IRS and third party 

service encourage you to keep the personal and business transactions 

separate.

If you do not want to pay the extra money for the business transfers, 

then look for a money transfer company that offers easy money transfer 

without cutting charges.