Complete Guide: What is an Online Money Transfer?

send money online to Gambia

It is a feature that comes with accounts that allows you to send money to Gambia online by accessing your account through:

  • Computer, using your website
  • A phone, using the website or your app
  • A tablet, using the website or your app

How does Online Money Transfer Works?

Many people in this age of globalization work away from home and in different countries. Quick money transfer is now what everyone needs to do business or for remittance. Notwithstanding, the ease of money transfers, people prefer to use online services for their remittances. But the advanced technology has provided us services from which it’s not impossible anymore to send or receive anything or to send money internationally or nationwide. The international market itself is dependent upon online money transfers. Online services involve managing your accounts with a computer or mobile device. Expert has developed services such as ACE money transfer. This will not help us transferring money or funds abroad to countries such as the UK but it will also provide us ease to send money to Gambia and other developing countries. Whichever way you pick to transfer money, you need the following details of the person or organization you are paying:

  • The date you want the payment to be made.
  • Name of the person or business you’re paying.
  • Six-digit sort code of the account you’re paying.
  • Eight-digit account number of the account you’re paying.
  • A payment reference (often your name or patron number) to let them know the money came from you.
  • Sometimes you’ll need the name and address of the bank you are sending the money to. This helps them to check that the sort code is right.

Pros of Online Money Transfer

Some advantages of online money transfer go hand-in-hand with simply being online; others are competitive advantages of their cost structure. The most prominent benefits provided by online transfer include:

  • 24/7 account and service access
  • Speed and efficiency
  • Online bill payment
  • Low overhead can mean low fees
  • Low overhead can mean high interest rates on deposit accounts.

Most online money transfer companies let you transfer at least 12,000 Gambian cedis, but some have much higher limits. For such a transaction, it is extremely advised to use the ACE transfer service to send money globally. One of the recurrently quoted benefits of online transfer is its comparative accessibility. Debtors can access their balances, transfer funds and set up monthly payments from their computers without ever having to leave their homes. Additionally, the majority of online companies offer mobile applications for your Smartphone, although these are also offered by many retailers as well. These online services may not provide direct automatic teller machine (ATM) access but will make provisions for consumers to use ATMs at other banks and retail stores but they had made money transfers to Gambia via the internet trouble-free. They may reimburse consumers for some of the ATM fees charged by other financial institutions. Reduced overhead costs associated with not having physical branches typically allow online companies to offer consumers significant savings on fees.

How can I ensure the security of my online banking?

Verify the validity of your online bank: Read all of the information on the website. Check to see if it’s insured by the Federal Deposit Insurance Corporation (FDIC). The FDIC features an easy-to-use application that allows you to search for banks.
Protect your computer from hackers by following these steps: Hacking attacks aren’t always focused on financial institutions. In truth, a large number of attacks are aimed at customers. Make sure your PC is up to date with virus and malware scanning software. You should also make sure that all of the software on your computer has received the most recent upgrades.

Keep an eye out for imitation websites: Make sure you’re not fooled by sites that have a name that sounds eerily similar to your online bank’s. BankofAnerica.com or Citigrop.com, for illustration.

Final thoughts: Online money transfer companies are continuously improving their security systems to avoid customer’s losses for online money transfers to Gambia and other countries. There are certain points we have mentioned in this article above to take care of from the customer side. Through 2 way validation, updated applications and strong passwords are basic necessities to stay safe online.