Tag Archives: online money transfer

Cardless Withdrawal in Malaysia

By Mohammed Waseem

Cardless cash withdrawal is the new trend that is starting to become common around the world. It works mostly in case of money transfers, where senders transfer an amount to the beneficiary who has the option to withdraw the cash at an ATM without using a card. It works with codes that recognize the transactions.

Malaysia’s Maybank has a money transfer app that enables the senders to send money to anyone in Malaysia, without even knowing their bank account number. The former can send money using the recipient’s mobile number. The latter then receives a text message with the code that should be used for withdrawing the cash.

MaybankOnce the transaction has been initiated and the recipient has received the code, they can visit any of the Maybank teller machines and use the bank’s cardless withdrawal function to collect the cash. The code has to be provided to authenticate the transaction.

The transfer completes instantly and the recipients can collect the cash as soon as they receive the text message containing the code. A number of countries have introduced this facility to simplify local money transfers and this have proven to increase the adoption of online banking and money transfer.

The bank introduced this service in Singapore last year and in Malaysia now; Maybank expects at least 30% increase in the value of online transactions in the next two years. The current value of Maybank’s online transactions is 13 billion ringgit, which is equivalent to $4 billion. They also have a plan to introduce the service throughout the network that extends to Cambodia, Indonesia and the Philippines.

The app not only facilitates money transfer, but also enables the users to perform many other banking transactions including bill payment, prepaid mobile top up, etc. The money transfer facilities include instant transfer using the recipient’s mobile number and interbank transfer.

The app is available for download for Android, iOS and Windows Phone devices from the respective app markets.

Mobile Money Transfer By World First

By Mohammed Waseem

We have heard and discussed about foreign exchange companies getting into the money transfer business; there are a lot of them in the market, each trying to outperform the other by offering exceptional services. Each of them try to attract customers and offer services comparable to those offered by banks, but at a much lesser fee.

We had learnt about a money transfer service offered by World First last week; let us now discuss about the Android and iOS solution offered by them to transfer money on the go. We had learnt that they provide better rates and charge lower fees, with the mobile app, customers can get all those services right in their hands.

World FirstThe app is available on Google Playstore and on iTunes. At present, only individual customers are fully supported, but corporates can still use the app for few features. It may be available for the latter very soon, as the company is working on it. Users can easily and quickly send money using a debit card, any time from their smartphone or tablet, it takes as less as 30 seconds to complete a transfer.

Payments tracker helps the senders track their transfers and know when the recipient has received it. They can also check live rates and initiate a transfer accordingly, in order to ensure best rates and more money for the recipient. In addition, the app has an inbuilt currency converter that helps the users know the value of the recipient’s currency and send money in local currency accordingly.

Users also use this app to make transfers between their own accounts. The services offered through this app are similar to that offered online on World First’s website, but for the fact that transfers can be done anywhere and at any time, the app is just great. It is also on par with other money transfer apps. The android app can be downloaded from here.

Online Money Transfers: A Growing Business

By Joyce Morse for SafeCashTransfer.com

Online money transfer is a modern way of wiring money, but it uses electronic funds transaction or EFT through a bank. You might use EFT to pay bills such as a credit card or utility payment when you authorize a payment through your bank or at the payment website.

Transferring money online works the same way, but it is for money to be sent to a business or individual instead of paying a bill.

Send money online
Online money transfer

Why the growth in money transfers and more importantly, why you should you care about them? It is becoming more likely that you will at some point either need to send money or receive money from someone. The easiest way to do that is by using an online money transfer service.

Employment

One of the primary reasons for growth in the online money transfer business is due to the fact that more employers are hiring employees outside of their city or state. They may even work with employees or contractors from another country. These employees need to get paid and sending a check in the mail has many negatives. The check takes too long to reach the destination and it takes too long to clear to make funds available for people that need the money for living expenses.

To solve this problem, introduce the money transfer. While it’s convenient for the sender to initiate payment after services are rendered, it’s even more convenient for the recipient to get within hours or days. Instead of waiting weeks, they can use their money right away.

Global Consumerism

Another reason that money transfer services are growing is due to increased online purchasing. People no longer are limited to shopping in their own city or state; they can buy from anyone anywhere. One of the safest ways to send and receive payment without providing sensitive information is through PayPal or other online payment services. The money is then transferred from the buyer’s account to the seller’s without giving out any bank account or credit card information.

The security provided by these services has helped the online shopping community to grow. People feel safer to buy over the internet when their information is kept secret by payment agencies. This is especially true when you are dealing with a business or individual that you have never heard of before. Sites such as Ebay use this payment method for many of the transactions between buyers and sellers.

It is expected that this method of payment for goods and services will continue to grow at a fast pace both because of international employment and online purchases. The newest trend is with mobile applications that allow money transfers. Many companies are adding this into their services to attract and retain customers that spend more time on their smart phones than on their computers.

As the growth continues, online money transfers will become more common. If you haven’t already used this service, it is likely that you will in the future.

Good Experience With Xoom.com

Xoom corporation logo

I recently found myself needing to send $750 to a friend named Adam in El Valle de Anton, which is a small town in Panama. I went to my bank (Bank of America) and inquired about sending a money transfer. They told me I had to come back early the next morning and it would cost $45.

Instead, I went home and logged on to Xoom.com, an online money transfer service based in San Francisco.

Checking the rates, I found that it would be $27.99 to send $750 to Panama using a debit card or credit card; and only $9.99 if I funded the transaction from my bank account!

So that’s what I did. I used my bank account to send the money. Until recently money sent to Panama via Xoom could only be picked up at a few selected banks in the capital city, which is 90 minutes away from El Valle. But now Xoom has partnered with the Super99 grocery store chain as well, so money transfers can be picked up at any Super99. And there are Super99 stores everywhere, including in Coronado, only 30 minutes away from El Valle.

The money transfer was completed quickly – within an hour or so. My friend Adam told me that it was easy to pick up the money. He said he didn’t know that money could be sent from the USA to Panama so cheaply, and that he would recommend Xoom to others as well.

Overall it was a quick and easy transaction, and inexpensive. If you need to send money to Latin America, I highly recommend Xoom.com.