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5 Misconceptions about transferring money online


Online money transfer is a relatively new concept. That’s probably why there are many myths and misconceptions about it. Lack of proper information and customer education has led to speculations about the security and legitimacy of this new-age money transfer method.

It was almost impossible to send someone money and expect them to receive it the same day in the past. But with the introduction of online payments, people can easily send and receive money almost instantly. Several online payment companies facilitate payments at affordable rates.

Below are five misconceptions you often hear when you plan to transfer money online:

 1.     Your money will be stolen

This is not true because online transfer companies use secure and sophisticated technologies that make it difficult for anyone to hack into the system. Although there are a few instances where people’s money has been stolen through hacking, this is always not the case.

Sometimes the fault may be on the side of users who fail to exercise precaution when transacting. It is difficult for anyone to log in to your bank account or mobile wallet without knowing your password.

 2.     Online payments will replace hard cash

It is a fact that online payments have primarily come as an alternative to hard currency. More and more people are finding online money transfers more convenient and ditching cash payments. However, this doesn’t mean that everyone is moving to online payments or online transfer will replace hard cash.

There are many people who are still using other methods to transfer cash. In other words, online money transfer should not be seen as a replacement for traditional methods but rather a complementary way of sending money.

 3.     The transfer process is complex

This is a typical mentality among many people. They think that making payments over the internet is like rocket science. That’s why some get scared to attempt it. On the contrary, online money transfer is simple and straightforward.

All you need is a smartphone or computer with a stable internet connection. The procedure is easy to follow and can be performed by anyone with basic IT knowledge.

 4.     Very few people understand online payments

Although online money transfer started not long ago, many people have embraced it and are learning to use it every day. Almost everything today is moving online, including payments. This means that you will need to learn and understand online money transfer whether you like it or not.

 5.     Bank transfers are way cheaper than online transfers

There are people who believe that using traditional banking to send money is cheaper than using online payment methods. This is not true because sending money online is sometimes free on some online platforms. In fact, most people are ditching traditional transfer methods because of enormous transfer charges.

 Bottom line

There are a lot of mistruths and myths about online payments. But the good news is that most of them are getting busted every day. The world is quickly becoming digital, and there’s a need for everyone to change their attitude towards modern payment methods.