Offline Vs Online mode of Money Transfer - Make Money Online

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Offline Vs Online mode of Money Transfer

With rising popularity, money transfer has become a key component of our banking lives. With different banks offering money transfer, the amount of convenience during foreign remittance has increased substantially.

There are different ways to transfer money. However, they all can come under two major categories - offline and online money transfer. While both the types have their own traits, people usually get confused choosing one over the other.

Today we will check the performance of both the modes against key aspects that allow quick, safe, and convenient money transfer. Read on and be informed.

Which mode of money transfer to go for?
The online process of transferring money includes various methods such as a wire transfer. On the other hand, the offline methods include bank drafts and cheques. Under both the categories, people desire to obtain a safe and well-protected transfer of their money. However, there are other factors that become relevant when you want to choose one method.

1. Past record of the company
Services like money transfer carry the additional responsibility of handling money in a safe way to drive a secure transfer. For this, the transfer channel needs to have in-built checks and high level of security within the technology framework. And this can happen only when the channel has deep experience in this. Hence, the pedigree of the company matters when selecting an offline or online mode of transfer.

2. Convenience of fund transfer
Apart from the speed, the convenience of sending and receiving money matters too. And an online method gives you better comfort than an offline method. Most people know how to use the internet platforms. Plus, the quick access to the platforms makes it easier to send money via online methods.
Along with the sending process, the online methods are also convenient in receiving money. The receiver gets immediate access to the transferred money, without the hassle of going to the bank or obtaining several permissions.

3. Speed of the transfer
Speed has become an important factor when it comes to transferring money. People desire to send and receive money as fast as possible. And online transfer method wins the race,hands down. The online fund transfer methods present different time durations for the process. But they all are viable and faster than the offline methods.

This advantage becomes possible due to the automated clearing process associated with the online methods. The authorities leverage technology to provide quick permissions for the money transfer. On the other hand, an offline transfer takes up more time.

4. Location coverage of the transfer and technology advantage
The location coverage for an offline method depends on the availability of the bank branches. The branch needs to be available in the locations physically. However, this is not an issue with the online facility. All the sender needs is access to the bank’s net banking portal. As a result, you get to send money easily to any location wherever the bank’s internet banking facility is available.

5. Any time tracking

Before selecting the apt transfer mode, you need to assess what facilities you have to track the transfer from sender to recipient. When you know where your money is at any given point of time, you can be assured of total peace of mind. And this can be a vital factor to check for before picking an offline or online money transfer mode.

Our Views
Finally, combining all the factors together, it becomes clear that an online method of transferring money is much better. The online fund transfer options provide you speed, convenience, location coverage, etc. And they all help you leverage the facilities to the maximum extent.
Offline Vs Online mode of Money Transfer Offline Vs Online mode of Money Transfer Reviewed by Dhanur Chauhan on 3:08 AM Rating: 5