A few years back, the only way of sending money home was to go to banks, but that is no longer the case. You can now send money to your friends, family, pay bills online in seconds, or complete a money transfer thanks to innovation in digital technologies and companies like Western Union.
Online money transfer is extremely convenient, rapid, and almost comes with no added fees. All you need is a savings bank account, and you are good to go; however, there are a few things you have to make sure of before using this service.
Perhaps you need to send money to your family, pay your child’s school fee, help a friend in need, or divide dinner costs with a friend. Whatever the cause, many people will need to make an online transaction at some point.
Although online money transfers are simple and rapid, there are a few things to consider before beginning a transaction. Don’t worry, as we are here to help you out with that. In this article, we will discuss some of the important things that you should keep in mind during an online transaction.
Things to ensure while transferring money online
Perhaps you need to send money to your family, pay your child’s school fee, help a friend in need, or divide dinner costs with a friend. Whatever the cause, many people will need to make an online transaction at some point. Make sure you cross-check these things before you begin.
Verify beneficiary information
In order to make an online transaction, you will first have to add all the necessary details of the person receiving money. The name of the beneficiary, their bank account number, daily transaction, IFSC code, and branch name will be required.
The name of the beneficiary, their bank account number, daily transaction, IFSC code, and branch name will be required. This is the most critical step; that is why you must be very attentive while doing this. You must double-check the entered information before entering it in order to identify any errors. Even a slight mistake could lead you to a big problem.
Turn on transaction notifications.
You must also register your email address and phone number with the bank, as well as turn on transaction notifications.
Suppose your bank account information is ever compromised and funds have been transferred from your account. In that case, you will receive a notification that will allow you to take immediate action to prevent additional damage.
Never use public Wi-Fi.
The next crucial piece of advice for safely transferring money online is to avoid using public Wi-Fi. This is particularly important if you conduct online transactions through your bank’s mobile app. Public Wi-fi connections are unsafe and could lead to the theft of your financial in
For mutual fund investments, it is best to use SIP. It is a method of investing in which a fixed sum is withdrawn from your bank account on a regular basis and deposited in the account of your choice.
Although online money has its benefits, there are some things you must take care of, such as verifying beneficiary information, turning on the transaction information, and avoiding the use of public Wi-Fi.