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What Is An Online Money Transfer
What is Online Money Transfer?
In today’s fast paced world with the need to have everything done instantly, it is no surprise that the need for instant banking services, without even entering the bank premises has arisen and met with. The younger generation of the working class would rather do everything online that go stand in-line. It is mostly people who grew up in the 60s who even think nostalgically of the olden days when your bank manager was as much a personal friend as your doctor.
Nowadays, we can have an account opened online and operated almost exclusively online with the net banking facilities offered by banks. The bank representative and the customer seldom ever meet. You can pay for almost everything under the sun from your bank online or with your credit or debit (ATM) card. Then there is the option of online money transfer.
Once you register with your bank for net banking facility and a password is generated, you can do almost all your financial transactions online, without ever stepping away from your desk at home or the office. You can pay utility bills, credit card bills, buy anything you want, pay insurance premiums etc. all online. You need not bother with checkbooks, or stand in queues to pay bills of any sort. All this is available with the undertaking on the bank’s part that in the event of any errors on the part of the bank, the resultant losses will be borne by the bank. All this flexibility and convenience comes absolutely free.
In Canada banks are required to maintain the privacy and are responsible for the security of your transactions. the Canadian banks provide access to more than 5000 companies whose bills can be settled online, from anywhere, anytime. You can do online money transfer from one account to another, using Money Gram. You can wire money instantaneously anywhere in Canada as easily as sending an email, by using Interac Email facility.
All you need is a net banking enabled bank account and an email. The funds get transferred instantaneously. Unlike the wire transfer that was popular till a few years back, this is instantly received at the recipient’s end and does not take hours or days like it used to.
When doing online money transfer internationally one has to look for the lowest possible exchange rates. Agents are available who cater particularly to people who work overseas and need to do money transfer on a routine basis. Such international transfers are affected using universally agreed upon codes like ISO, SWIFT or IBAN. These codes can be 8 or 11 digits and denote the originating and recipient bank account areas, if required at a later date by monetary regulatory agencies for verification purposes, given the ever present threat of terrorist strikes. The security forces and regulatory bodies should be able to follow the money trail in order to find out where the funds come from for supporting such terror strikes, and so it is our duty to try and be transparent in our money transactions.
In today’s fast paced world with the need to have everything done instantly, it is no surprise that the need for instant banking services, without even entering the bank premises has arisen and met with. The younger generation of the working class would rather do everything online that go stand in-line. It is mostly people who grew up in the 60s who even think nostalgically of the olden days when your bank manager was as much a personal friend as your doctor.
Nowadays, we can have an account opened online and operated almost exclusively online with the net banking facilities offered by banks. The bank representative and the customer seldom ever meet. You can pay for almost everything under the sun from your bank online or with your credit or debit (ATM) card. Then there is the option of online money transfer.
Once you register with your bank for net banking facility and a password is generated, you can do almost all your financial transactions online, without ever stepping away from your desk at home or the office. You can pay utility bills, credit card bills, buy anything you want, pay insurance premiums etc. all online. You need not bother with checkbooks, or stand in queues to pay bills of any sort. All this is available with the undertaking on the bank’s part that in the event of any errors on the part of the bank, the resultant losses will be borne by the bank. All this flexibility and convenience comes absolutely free.
In Canada banks are required to maintain the privacy and are responsible for the security of your transactions. the Canadian banks provide access to more than 5000 companies whose bills can be settled online, from anywhere, anytime. You can do online money transfer from one account to another, using Money Gram. You can wire money instantaneously anywhere in Canada as easily as sending an email, by using Interac Email facility.
All you need is a net banking enabled bank account and an email. The funds get transferred instantaneously. Unlike the wire transfer that was popular till a few years back, this is instantly received at the recipient’s end and does not take hours or days like it used to.
When doing online money transfer internationally one has to look for the lowest possible exchange rates. Agents are available who cater particularly to people who work overseas and need to do money transfer on a routine basis. Such international transfers are affected using universally agreed upon codes like ISO, SWIFT or IBAN. These codes can be 8 or 11 digits and denote the originating and recipient bank account areas, if required at a later date by monetary regulatory agencies for verification purposes, given the ever present threat of terrorist strikes. The security forces and regulatory bodies should be able to follow the money trail in order to find out where the funds come from for supporting such terror strikes, and so it is our duty to try and be transparent in our money transactions.
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