How to Send Money over Internet

Internet has brought us many great things. One of the greatest and useful internet inventions is the online money transfer services. These money transfer services do not require any physical location and as a result the charges are very low than other money transferring services.

Let us look in to the top 3 services.

1. PayPal

PayPal is an e-commerce business. It is mainly used for making payments and transferring money online.

Some important features are:

• To deposit money at PayPal account, you can use credit card or make debit from bank electronically.
• When money is transferred from PayPal account, the beneficiary can withdraw it by requesting a check from PayPal.
• Or the beneficiary can transfer money to his bank account or deposit at his own PayPal account.
• PayPal is used as a payment processor by many online traders, auction sites and commercial users.
• For such transactions PayPal charges a fee which depends on the payment option, currency and country of user.

2. MoneyBookers:

Like PayPal, Moneybookers is also an e-commerce system which is used for transfer of money and making payments.

• Electronic substitute to conventional methods like checks or money orders.
• Payment processor for many online auction sites and merchant websites.
• To reduce scam and avoid money laundering, the identity verification is required before starting to use the service.
• Once you complete additional verification, you can transfer up to €50,000 in period of 90 days.

3. Xoom:

Xoom is an online money transfer service. Using this service you can send money to your friends and relatives online.

• You can transfer money to 41 countries in world.
• To fund the money transfer, you can use your PayPal account or credit card or the bank account.
• The beneficiary can collect the money in local currency or US dollars.
• Xoom has association with banks as well as money transfer payouts.
• It has thousands of locations from where recipient can collect his payment.

Because of all these reasons, money transfer is increasingly becoming online.