Merits and demerits of money transfer in international level

money transferSuppose you need to send money urgently to your parents who live some different country or continent. What will you do in such case? You need not worry much as you can simply transfer the money online. But this online money transfer facility in international level too has certain merits and demerits.

You can send the money at a lightning fast speed. Gone are the days when you had to wait for weeks and even months before you receive the money. Also changing the money received to the local currency was a difficult thing. This has been made much easy by the advent of the online banking facility where you can transfer money simply by a click of your mouse. Also the money can be withdrawn at the local currency seconds after it has been transferred.

But then the service taxes charged by the online banking facilities or the money transfer platform are much higher. In most cases you even have to furnish details like your credit or debit card number and pin which raise a question of security. Even if any technological glitch occurs or if the connection fails during the transfer, then in most cases the money is debited from your account but is not successfully credited to the receiver’s account.


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