Ben Todd | Jun 2, 2017 | 0
4 Ways To Send Money Using Internet Banking
If you wish to manually send money using Internet banking, then there are a number of ways you may do it. In this article, we have discussed and explained the four most common methods for manually sending money. They include an Internet banking transfer, a wire transfer, a PopMoney transfer and a BillPay transfer. We also explain a little bit about how they work and how you may use them. If you are interested in other methods used for transferring money, then carry on after reading after learning about the four transfer methods because we cover a few other money transfer methods too.
Send Money Using Internet Banking Transfer System
Your bank may allow you to send money to your bank accounts and other external accounts right away without having to pay a fee. Others banks will allow you to send money for free, but it takes overnight rather than happening right away. These are Internet banking transfers, and they work in two different ways. They work with either internal banking networks that transfer the money right away, and they work with automated clearing houses (ACHs) where the money takes a night to transfer.
The Use Of Internal Banking Networks
When you send money from one of your accounts to another of your accounts, the bank uses its internal network to send the money. That is why banks they are often willing to conduct your transfer for free and instantly. There are some banks that will also allow you to transfer money for free and quickly to other domestic banks. That is because they are using the same internal networks or local domestic networks that cost them very little to maintain or use.
The Use Of Automated Clearing Houses
Your bank may allow you to send money to other accounts (not your own) for free, but you may have to wait until the next day for the recipient to receive the money. In this case, your bank is offering you ACH (Automated Clearing House) transfers for free. At the end of the day, your bank collects a list of all the account transfer requests and hands the list over to an Automated Clearing House. They are the ones who transfer your money overnight to the recipient.
If I Send Money Using Internet Banking, Will It Cost Me Money?
One of the two transfer methods mentioned above are probably going to occur when you send a bank transfer, which means there is a high chance your bank transfer will be free. You can always check your bank’s fees schedule if you are worried about fees, especially if you are worried about the fee being drawn out right away. On the other hand, you could throw caution to the wind, make the transfer, and then wait and see if they charge you a fee at the end of the month. It isn’t great financial advice, but it is the way to go if you cannot be bothered to find and read through your bank’s fees schedule.
How Difficult Is An Internet Bank Transfer?
An Internet bank transfer is not that tricky in most cases. I consider the method that HSBC uses to be the most complicated and yet the most secure, so here is how they do it. Firstly, you have to sign in and click the “Move Money” button on the screen.
You then click on the “New Payment Or Transfer” tab on the left and pick between sending money to one of your accounts, to a recipient who you have already entered into the system, or to a brand new recipient.
If you click on the “New Payee” button, you are taken to a screen where they ask you to add in all the details and information needed to send the transfer. As you can see by the image below, you have to enter your recipient’s bank details and then use the clicker fob they give you to generate a code that allows you to authorize the transaction. The way it is worded may be a little different with your account because this is the UK version of the HSBC website.
Enter the information and the transfer occurs either instantly, or it takes overnight. In most cases, it will only take longer if you are transferring overseas, or if there is a security problem and they put a hold on the funds for a while.
Send Money Using Internet Banking Wire Transfers
If you need to send large amounts of money, or if you need to send money quickly, or if you need to send money abroad, then a wire transfer is a good option. Many online and high street banks in the US will allow customers to send ACH transfers overnight and instant wire transfers. However, many banks charge a fee for sending a wire transfer. In most cases, you are paying for the convenience of having the money sent immediately.
You Can Conduct Wire Transfers Online
Wiring money via your bank account can be done online, and the process is very similar to moving money via bank transfer. The process that was explained with pictures in the section above is very similar to the process required to send a wire transfer.
You log into your account and select the wire transfer option. Enter the account information of the recipient, such as the account holder’s name, routing number and bank account number. You may also be asked for a SWIFT code, but it depends upon the bank that is conducting your transfer.
Check Your Balance And Entered Details Prior To Sending
Prior to sending the wire transfer, you should check your available balance. Most banks will inform you if you do not have enough money available in your account prior to sending the wire transfer. Once you have entered all your information, and you have set the date for transfer (be it immediate or scheduled for a future date), you need to review the information you have entered before you send.
Most problems and issues relating to wire transfers either involve fraud or incorrectly entered details. Fraudster will often pressure people to send wire transfers because scammers know they are almost impossible to cancel or reverse once they have been sent. Some people enter incorrect details when they send wire transfers, which means the money is either held up by the bank for days/weeks, or it is sent to the wrong person.
Send Money Using Internet Banking PopMoney
PopMoney is not actually a bank function, it is the name of a money transfer business that is similar in some respects to PayPal. Banks sign up for PopMoney and offer it as a function of their service because it allows their customers to send money using mobile apps, mobile phone numbers, and email addresses. Plus, the cost is minimal for the bank, and the risk is mostly on the part of the PopMoney company and not the bank, which also helps the bank save money.
You can hop onto the PopMoney website and see if your bank offers PopMoney transfers. If they do not, then PopMoney allows you to sign up and use the PopMoney transfer service directly rather than through your bank.
Sending Money To A Mobile Number Or Email Address
With PopMoney, you can use their interface, their app, or your bank’s PopMoney interface and send money to people using their mobile number or email address instead of having to enter their bank details. Send the money, your recipient is informed, and the money goes directly into the recipient’s account.
You may also request money with PopMoney. Send out a request for money to a single person or to a group. The recipient(s) receive a notification of the request. The notification usually comes with buttons (links) that the recipient may click. Clicking the button leads the recipient to a page that allows him or her to pay the PopMoney request. The money is then transferred into your account.
Is PopMoney Safe And Secure?
The fact that the service goes through apps and mobile devices means it is slightly more vulnerable than it should be. However, most people use PopMoney through their online banking account or banking app, which means it is slightly more secure than your average money app. In my opinion, PopMoney appears to be safe and secure and there have not yet been any large data or security breaches.
BillPay is a banking function that you may use instead of setting up direct debits or automated ACH transfers. In many cases, businesses and utility companies ask you to set up recurring payments. They set it all up for you and the required amount of money is drawn from your account each month when your bill is due. Some people prefer to pay their bills automatically in this manner, and quite a few insurance companies offer a discount if you pay in this fashion.
However, if you like to keep a tight hold on your money and prefer to do things manually, then you can do it with BillPay. It is just another manual way of sending money to the companies that you owe money to.
Bill Pay Aggregated E-Bills And Alerts
One of the BillPay features you may be able to enjoy is called aggregated e-bills. Electronic copies of your various bills are delivered to your BillPay center rather than to your email address. This helps to centralize your bills and bill information, which is handy if your email inbox isn’t very organized.
Another possible perk of BillPay is its alerts system. Your bank may allow you to set up bill/payment alerts via their BillPay service. The function will generate email alerts that are sent a few days prior to your bills being due. The idea is that you pay your bills manually whenever you receive the alert emails.
Bill Paying History And Automated Payments
Your bank may allow you to see all of your old payments, and it may allow you to see your pending payments. It should also allow you to pay your bills from different accounts that you hold with the same bank.
Most people use BillPay because they do not want to set up automated payments with a company they owe bill payments to. However, if that is not the case, the user may set up automated payments with the BillPay system. The only problem is that BillPay only sets recurring payments where the same amount is sent each time.
Enter Your Bill Payment Details
Don’t bother trying to enter all your bill information in at one time. Add each bill just a few days before it is due. For example, if your trash collection bill is four or five days away, grab your bill and enter all the relevant details into the BillPay system. You only have to enter each recipient one time because the information is stored on the system so that you may use it again the next time you wish to pay the bill.
Other Sexy Methods For Transferring Money
If you are looking to send money domestically or internationally, you may like to try one or more of the methods listed below. In our digital world, you do not have to rely on your bank to transfer money.
PayPal – My Personal Favorite
I love PayPal, even though I know they don’t offer the best currency conversion rates, and even though they stick me with fees whenever I receive money– I still love PayPal because I can use it to buy just about anything online without having to plug in my card details. You can set up several different cards into your PayPal account and then use whichever card you wish when you buy things.
You can load money into your PayPal account and then send it to family and friends for free. If you do not have money in your PayPal account, then you can have the other person create an invoice and then pay the invoice. In that case the recipient is going to have to pay fees, but you will be able to pay the invoice without having to maintain a balance on your PayPal account. When you pay an invoice, the money may be drawn directly from your bank account.
PayPal has a very high transfer maximum, and there are over 200 million active users around the world, which is why you find PayPal options on most eCommerce websites when you buy things.
TransferWise – Best Value For Money When Converting Currency
If you are sending money overseas and you want to convert your currency from one to another, then Transferwise is the best value for money. It doesn’t seem that way at first because you see all the fees in advance, but they give you the market currency rate, which means they do not skim profit from your currency conversion rate. Plus, you get to see all the fees in advance, and you get to see exactly how much money the recipient will receive.
Setting up an account is viciously easy, and there is no dormancy fee if you don’t use the account. There is no credit check when you sign up, and you can log in with your email address, your Facebook login or your Google login. Your exchange rate is guaranteed for the day, there is an extensive FAQ section, and the live chat system is very helpful. You may send money from the United States to 58 countries, and in most cases it costs significantly less than other money conversion companies.
To appreciate the true value of Transferwise, you have to look at the amount of money you start with and how much is deposited into the recipients account. Ignore what others claim about rates and fees, judge each transfer and conversion company by the amount you start with and the amount you end up with. If you do that and ignore all the white noise spewed by their competitors, you will see how Transferwise offers the best value for money.
Google Wallet – A Nice Alternative To The Ones Listed Above
The problem that I have with the Google Wallet is that I love Google and all of its services. I even love the Google burger and honestly think that the Google burger technology will save the world one day. As I say, the only problem I have with the Google Wallet is that it doesn’t excel in any significant way.
For example, it doesn’t offer the value for money that Transferwise offers, and it transmits money to your debit account as quickly as PayPal and no quicker. It is just as safe as most other money transfer companies, and it is just as easy to use and just a mobile ready. It is good at everything and great at nothing, which makes it difficult to write about and difficult to promote. All I can say is that the Google Wallet is a good alternative if you do not fancy any of the other money transfer methods listed on this article.
Walmart-2-Walmart – Great For Location-To-Location Cash Transfers
The Walmart-2-Walmart transfer service allows you to walk into a Walmart with some cash, and have it sent to another Walmart location in the country. If you have a family member who needs money and who lives far away in another state, then ask that person to find his or her nearest Walmart. Go into your nearest Walmart, ask for the Walmart-2-Walmart cash transfer service, pay your money and get your activation code. Your family member then walks into his or her Walmart with the code and draws out the cash money. It is a clever service that no doubt has a wide variety of uses for people who are not keen (or able) to send money using Internet banking.
Conclusion – Is There Anything To Worry About When Transferring Money Online?
Online banking and Internet bank transfers are safe, but there is always the risk of identity theft. There is quite a bit you can do, and even more than you shouldn’t do, in order to protect your privacy and online security. There is always the risk that you may take every precaution and your account is still hacked or broken into, so that is something to consider.
Having access to your money and being able to manage your money around the clock is one of the greatest benefits of online banking and online money transfers. Another brilliant benefit is that you are able to access your money from a many places around the world.
One of the downsides of online banking and online bank transfers is that you may have trouble figuring out which banks, money companies and credit unions you can trust. We have reviewed a massive number of banks, money companies and credit unions in our time and some of them have been staggeringly bad, immoral and poorly managed. There is a chance you will end up with a poor quality account, or maybe an unreliable service. If you have such problems, then the first thing you need to do is leave your bank and find a better one. You may also read online reviews to see what other users have said about certain bank accounts before you open them.
Don’t be afraid to give your opinion with your feet, by which I mean you should close your account if you are not getting the best service. For example, if your bank, money company or credit union drags its feet when processing your transfers, or if it charges you fees or excessive fees for transfers, then close your account and find a bank that treats you better. There is no excuse for poor service these days when there are so many alternatives out there.
That is one of the great things about free capitalist countries because when there is a demand it is filled. When banks mess up your savings, then people turn to peer-to-peer savings. When taxis are smelly and the driver are unprofessional, then Uber and Lyft appears. If your High Street bank decides to start latching on silly fees for this and that–online banks appear that offer you better banking services with fewer fees. The only way this type of progress happens is if you dump the service providers that don’t offer you the best.