The internet has made a variety of things possible that have until now only been dreams. Something like an online money transfer is a prime example. When it comes to understanding money transfers it is important that you understand that there are several options at your disposal. Each option has its own benefits and draw backs and understanding each can help you to make an educated decision when it comes to transferring money online.
The first option that you have is using a third party site like PayPal to transfer funds from one online money account to another. This is quick, incurs only minimal fees, and is a secure way to transfer money and keep track of your transfers easily. Though it is incredibly easy it also has some drawbacks. Each party must have an account in order to complete any transaction and setting up an account takes at least three days. Also, when you transfer money from account to account it stays in the PayPal account rather than being transferred automatically to a bank account. Transfer to a bank account takes at least two days. If you need money quickly this is not necessarily the best method.
There are also some banks that allow direct transfer from account to account over the internet or the telephone. Though all banks do not allow this, there are a select few that allow transfers over the internet from one account to another. Most banks allows users to transfer money between their own accounts freely and with little hassle. The last option that you may want to consider is using an online money transfer site. Something like Western Union offers a service where you can transfer money for a small fee over the internet. This is far easier than going to a grocery store or post office to send a money gram or sending a check to someone.