- Posted by Paul on December 21, 2014 in Global Money Transfer
Interested in finding out how to email transfer money online? This post will walk you through the process – how it works, how to do it, and what the potential risks are. We’ll also talk a little about the biggest advantages of email transfers and how these services measure up altogether against alternative money transfer services.
How They Work
Calling these ’email transfers’ may be a slight misnomer – the money itself is not sent over email, but you can order money to be sent and receive sending notifications via email. One of the most popular services for this is Interac. Technically speaking though, you are still just carrying out a bank transfer – the email processing system just makes it a little simpler and ‘cleaner.’
How to Send Money By Email
In order to perform email transfers, you first need to link your bank account to a transfer service. If you just ask your bank about this, they will be able to recommend a service (most banks have a preferred partnership with an email transfer service). To use Interac as an example, all you have to do to send a transfer is register your account, and then use a recipient’s email address to designate who you want to send money to. Type in their email, the amount you want to send, and a security question that the recipient will know the answer to.
Limits of Email Money Transfers
Email funds transfers are typically reserved for smaller transactions, and primarily used for domestic transfers – for example, within your own city or state, or at the national level in the US, Australia or the UK. When you want to send money across borders – especially a large amount of money, for example if you’re moving overseas and need to move all your money, email transfers typically don’t cut it. While you can send international transfers through Interac, for example, this is done in partnership with Western Union – a transfer service which has become plagued by scams and security issues.
Keeping Your Money Transfers Safe
One of the major security concerns when it comes to sending money by email is phishing scams. These are scams where a fraudster sends a fake email requesting you release money to an account you’ve never heard of. For instance, you might receive an official-looking Interac email complete with logo and branding, informing you that you need to send a transfer or pay a made-up fee. Email is generally susceptible to phishing because it can be very difficult to tell who an email is really from, especially if you’re not particularly Internet savvy. Also, because email accounts can be relatively easy to hack (especially if you have a weak password) this can also present another large security risk when sending and receiving money via email.
A service like OrbitRemit, by contrast, has built in safety features that protect against these exact problems – for example, you can track the exact position of your money in the transfer process at any time through our online interface. Check out the video on the right hand side of the page to learn more about how this works.
You can now easily transfer money internationally with OrbitRemit!
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