15 Aug 2022
The world is clearly divided into two halves. One-half more or less comprises the developed countries with strong economies, and the other half comprises developing countries with struggling economies. Most people travel to developed nations to find better work and earn money. They send money back to their families to support their household, children’s education, healthcare, and several other needs.
Technology has indeed made international money transfer easy and convenient. It also has affected your financial behaviour substantially. But, where technology has given birth to online payments, the perils and doubts regarding online safety cannot be ignored completely.
Advanced technology and digitisation have eased human life immensely. Transferring funds across borders using digitised solutions frees you from various hassles. However, several people remain uncertain about whether to use online payments or not, considering the risks of fraud and online scams. Here, you’ll find valuable information about how online payments are safe and the best way for you to transfer money to your family and friends from abroad.
Let’s first see what online payments are and how they work.
Online or digital payment is the virtual movement of funds without involving hard cash. In the beginning, online payments required some paperwork and money. Banks, for example, still need some paperwork if you want to initiate an online transaction. Suppose you do not have the required amount in your account already. In this case, you will first have to deposit cash into your account, do some paperwork, and initiate a transaction.
But, rapid technological development has completely revamped online payments. All you need to do to send your remittances online is simply log into your international money transfer app and move your money.
It is literally as simple as it sounds, especially with the online money transfer app of the world’s leading remittances services provider, ACE Money Transfer.
Online payments operate based on specialised software and algorithms. The apps that deal with and facilitate online payments are based on these algorithms. The parties involved in an online payment must be connected to a secure internet network. It is thus essential to ensure that the apps they use are credible in terms of safety and security.
Let’s now take a quick look at the benefits of online payments.
The benefits of making an online money transfer are aplenty and can require a whole blog to cover all. But, here, the most important ones will be explained briefly.
The most significant benefit of online payments is to save time. Through online payments, you can move your funds in a matter of a few seconds and with the help of a few clicks.
Imagine a scenario where you are ailing and cannot move because the weather outside is harsh, but making payment takes precedence over everything else. Obviously, you will somehow manage to go out and make a payment physically. And in this scenario, you have no idea what the roads and traffic outside are like. Right?
Now, contrast this scenario with the one where the two conditions mentioned above are still intact, but you have the option to initiate a payment online. You can initiate online transactions by lying on your couch instantly. Does it not save you from the hazards of having to travel to a physical office to send payments to your loved ones?
Online payments enable you to initiate a transaction right from the middle of your comfort zone. Not only can payment be made from your comfort zone, but it can also be initiated while you are on the go.
Digital methods of sending money home enable you to save a significant amount that usually goes away in terms of transaction costs through traditional methods. ACE Money Transfer provides the best international money transfer services, allowing new customers to send their remittances for the first time free of charge. It is indeed a luxury many other money transfer services cannot afford. Therefore, making online payments is highly cost-effective because it saves the fee you are likely to incur if you use traditional methods.
Since online payments are quick, they can cater to matters that require your immediate financial attention. Imagine you absolutely forgot to pay one of your utility bills until the evening of the last date. What will you do? One, to pay it with a late fee and may have to face disconnection. And the other is to make the payment online regardless of the time to avoid paying late fees and service interruptions. This is one of the enormous benefits online payments can offer.
But, all of these benefits do not come without perils. There are a few risks involved in online payments also. Let’s delve into those.
Many risks are involved in online payments. A few are discussed briefly below.
Online scams are a significant threat to the ones indulging in online payments. Many cases have been reported about online hacking and money thefts, etc.
If you make online payments and are just one degree less conscious than required about the details you are entering in the app you use, you are highly likely to lose your money. Drop-in your consciousness level can be minor, but the loss will be huge.
Unstable internet networks are a norm in developing countries. What to speak of unstable connections and networks, large parts of many developed countries are totally deprived of an internet connection in the first place.
There are many online frauds under different titles, such as Phishing and Identity Thefts, etc., that the scammers use. But, regardless of the title of those frauds, the core aim remains the same: to deprive you of your money.
Let’s now see how you can stay safe in online payments.
Following are the safety measures that you must follow while transacting online.
A small typo error while entering the data in the app you use can lead you to trouble. Therefore exercise extreme caution and double-check the details before hitting send.
Use strong, unique, and somewhat awkward combinations of letters, symbols, and numerics for your passwords to protect your devices.
Many places like eateries and restaurants offer free Wi-Fi connections, and even many bus services also provide the same facility. Never connect to these kinds of internet networks to make online payments.
Never share your account and log-in details with anyone. Instead, it is admissible to drop a call from an unknown number when the caller says they represent your bank and other financial institutions you are connected with.
Let’s now take a quick look at the best online payment service to send money home from abroad.
As explained above, the best alternative for expatriates to send money online is the user-friendly service of ACE Money Transfer. You get speed and efficiency through it, paying minimal to zero fees as transaction charges. The company has a robust security mechanism that ensures fully protected transactions worldwide from 29 sending to 100+ receiving countries.
You get the lowest fee, the best currency exchange rates, speed of funds transfer, and ultimate security with ACE Money Transfer. The primary responsibility to be secure online rests with the customers since there is little a company can do if you share your details with a scammer.