The novel COVID-19, otherwise known as Coronavirus, has adversely affected everyday living. The global economy is under serious threat. The stock market is experiencing the biggest hit of all times since the 2008 crash.
As much as this is a primary global concern now, an immediate challenge is the effect of the pandemic on everyday transactions. With most countries around the world on temporary lockdown, it’s becoming a lot more challenging to get money across to people, especially if you’re transacting through cash or cheque.
There’s also the challenge of how people will be able to access the stimulus package the federal government is preparing to send to its citizens. With millions of Americans preferring to either deal on cash or cheque, it’s become a growing concern as to how this money will get to people.
Let’s bring this to your doorsteps.
If you have dependent relatives who get regular cheques from you to survive, you’re probably wondering how you can send funds to them. The banks have shut down, and you can’t even do any form of physical transaction.
Again, if your business runs remotely or you work with freelancers within America, you may have to devise another means other than cheques to make payment for services.
If there was ever a time we need online money transfer platforms, it is now. They provide the easiest and fastest means of sending money across to anyone. Whether they are in the same country or across the Atlantic, you can send what we call digital or internet dollars to them.
It’s called the internet dollar because it’s money you send to people over the internet. You don’t need to visit any bank or physical location. All you need is to register an account with these online platforms. The recipient also requires an account to access the funds. Easy breezy.
There are so many platforms available for you to use to send digital dollars quickly to anybody across the globe. Here are a few online money transfer platforms you can take advantage of to send money across to loved ones or remote workers instantly.
You can’t talk about online money transfer without mentioning PayPal. It’s the world’s most popular and preferred means of payment. It’s the first point of call for many online businesses, service providers, writing services review platforms like Best Writers Online, freelance websites, book review platforms like Goodreads, digital marketing agencies, and individuals who do any form of digital money transaction.
With a global reach of over 190 countries and more than 20 currencies, PayPal is far-reaching than any other online money transfer platform available today. It is safe and reliable as the owners made security on the platform a top priority.
It isn’t a cheap way to send money. PayPal is only free if you’re transferring money from a linked bank account or your PayPal balance. Otherwise, the fees are on a high side. It goes as high as 4%, depending on the country you’re making the transfer from.
Notwithstanding, so many people have relied on PayPal to easily and quickly send money to other people online. If you can deal with the high fees, there are other alternatives you can choose from. You’ll see them from the next point.
For the records, Dwolla is a payment service that serves business people best. Though it has provisions for personal transactions, the fees make it more suitable for business transactions. However, recent users say there’s been an improvement in that over time.
There are a lot of packages you can enjoy as a business owner. Dwolla partnered with some banking and financial institutions to create a payment platform that cuts out the fees merchants pay for accepting card payments. It’s pretty much like PayPal, but with a slightly different approach to the payment processing.
You can get money to anyone with any of the following means of identification; an email address, a phone number, or a Dwolla ID. You’ll have to link your bank account to your Dwolla account so you can seamlessly move funds from across both accounts.
There are some exciting features you may want to look out for as a Dwolla account holder:
- You can leave money in your Dwolla wallet for future use. Not to worry, Dwolla has a secured transaction protocol to ensure the safety of your funds.
- The MassPay feature allows you to make multiple payments at the same time.
- You can set up recurring payments for your regular transactions. There’s no need to come back all the time to initiate the payments over again. You can also discontinue at any time you want.
- Facebook Messenger
If you think that Facebook Messenger is only a messaging tool, then you have to think again. There’s a whole lot more you can do with the app. One of the newest functions is to make and receive payments.
Facebook has always been an innovative company. They’re always looking for ways to incorporate things to make their apps more appealing to users. Incorporating a digital money transfer feature into the Messenger app is one such innovation.
Here’s how it works.
The system works as a card to card money transfer process. You need to, first of all, add a debit card (Visa or Mastercard) that is issued by a U.S. bank. The recipient also needs to add their debit card to receive the money. Both the sender and receiver have to be residents of the United States.
All transactions are free. When the initial setup is over, you only need to start a conversation with the person you intend to transfer money to. To make the transfer, click the dollar sign on the chat window and follow the instructions.
So, you can do much more than texting with the Facebook Messenger app.
- Google Wallet
There’s almost nobody on the face of the planet that doesn’t have a Google account. You must have a strong dislike for Larry Page not to. That’s how easy and fast it is to send money to people using Google Wallet.
If you have a Gmail account, the process is a lot faster than when you don’t. It doesn’t make the use of other emails any slower. However, with or without a Gmail account, you must have a Google account to take advantage of this platform.
The transactions are free if you’re moving money from your linked bank account or your Google Wallet. But, if the transaction involves a card, then you attract a three percent charge for each transaction – that’s high in comparison to other online money transfer platforms.
You can keep money in your wallet to use for future transactions. You can also make ATM withdrawals using the debit card linked to your Google Wallet.
Though it’s an effective way of sending internet dollars to anyone on the planet, some things are disconcerting about it. The inability to transfer funds through a credit card, the high fees for debit card transfer, and the delay in processing bank transfers to other people give cause for concern. In essence, there’s an unspoken rule always to carry out transactions from Your Google Wallet balance.
Don’t let the lockdown imposed on us due to the outbreak of COVID-19 keep you from getting money across to the people you love or business partners. Take advantage of any of the platforms I mentioned to make a smooth and fast digital dollar transfer.
Gregory is passionate about researching new technologies in both mobile, web and WordPress. Also, he works on Best Writers Online the best writing services reviews. Gregory in love with stories and facts, so Gregory always tries to get the best of both worlds.