Published November 16, 2020 by WC Team

4 Tips for Sending and Receiving Money Online

The world gets smaller every day. People leave their home countries for distant destinations, companies work with freelancers and consultants on the other side of the globe, and retailers expand their operations so they can sell their wares not just to neighbors down the road, but to shoppers in foreign lands.

What does this mean for finance? In essence, it makes it essential to know how to receive and send money online. If you limit yourself to your local bank branch for financial transactions, you miss out on convenient and more cost-effective options.

If you don’t know how to send money online, or if you’re not sure about the best method, these four tips will help you navigate the sometimes confusing waters of online money transfers.

Think Ahead

Payment providers have to protect themselves and their customers. Consequently, they establish rigorous security protocols and procedures to guard against identity theft and other fraudulent schemes that could put people at risk. Since you’ll need to prove your identity and provide essential information, you don’t want to leave it to the last minute.

Maybe you’re thinking about hiring freelancers to design your website in the next six months, for instance, or perhaps you’ve moved far from home and you think you might want to send money back to your family at some point. Find a reliable payment transfer service and create an account now. It’ll be there when you need it, and you won’t have to stress over a time crunch.

Compare Fees

This may sound obvious, but for all intents and purposes, let’s be clear.  You want to spend as little money as possible to send each payment. Make sure to look not only at the cost of sending and receiving payments, but also any currency conversion charges applied on converting funds to local currency. Major eWallets will often make it easy to receive funds, however you may still have a huge headache when it comes to withdrawing the money to your local bank account.

Consider Time-frame

Who has time to sit around for days on end waiting for a payment to be sent and received by different banks in different countries?  We get anxious when it takes Google more than 3 seconds to load a page…do you really want to wait to get paid?

You should know when your money will be debited (when making payments) and when exactly you will receive payments made to you.  After all, you have things to do and a business to build.

Determine Your Needs

Are you working with marketplaces like Amazon, Upwork or 99 Designs? With Payoneer you can easily receive payments from more than 2,000 businesses and marketplaces around the world.  Are you looking for a solution to receive payments from companies in the US, UK or Europe?  The Global Payment Service offers international receiving accounts so you can get paid as if you had a local bank account. Do you need to pay a team member, supplier, or contractor? Make a Payment to just about anyone, even if they don’t yet have a Payoneer account.

If you send money to large groups of people on a recurring basis, you might want to take advantage of our enterprise account . Use it to fund payments to recipients in more than 200 countries. Our service can exchange cash into over 150 currencies, which gives you the flexibility to work with professionals who are based almost anywhere in the world.

Take Safety Precautions

Keep your account information secure and change your passwords regularly to prevent unauthorized use. If possible, initiate all money transfers from your home or office network.  And NEVER post your credit card information (photos of your card)   on social media!

Do you need to send or receive in send money internationally? Sign up for Payoneer today- it’s FREE.