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What electronic money transfer systems are there?

2016-06-12 00:00:00

The constant movement of money and the massive spread of information and computing technologies have led to the emergence and popularization of electronic money transfer systems. With their help, millions of people gained access to making transfers to any corner of the planet or within the country. The only difference is in commission and execution speed. Electronic money transfer systems are constantly evolving - the functionality is expanding, the level of commissions is decreasing, and the quality of service is improving. But not everyone knows what electronic money transfer systems are, and what are their features.

 

Advantages and Disadvantages of Electronic Money Transfer Systems

The first thing to start with is to consider the pros and cons of such operations:

  1. The advantages include:
  • Low transaction fees.
  • A chance to receive funds through an ATM in case the money has been credited to the card account.
  • The ability to manage the account via the global network.
  • Availability of using an existing card or e-wallet.
  • High transaction speed.
  1. The disadvantages are:
  • High commission for sending funds. Moreover, the more popular the system, the higher the transaction costs.
  • The presence of certain limits, which often do not allow sending the required amount.
  • The limitations of some payment systems in terms of countries where funds can be transferred.

 

Types and features of electronic money transfer systems

Now it is worth considering what systems for making transactions exist and what are their features:

  1. Western Union is one of the most popular brands today. The company is originally from the United States and has been providing funds transfer services since 1851. Western Unions profits are in the billions of dollars a year. The system has been operating in Russia since 1991. Over the years, thousands of customer service points have appeared. The advantages of the company include:
  • Reliability that meets current quality standards.
  • Service speed. According to the companys employees and users, the translation arrives in a few minutes.
  • Ease of use. There is no need to open an account to use the service of the system. It is enough to have only a passport. It is also possible to send online - without visiting the service point.
  1. PayPal is a payment and electronic money transfer system. It is the most popular in the world due to the ability to make transactions between residents of more than 200 countries around the world. In order to use the system, it is enough to go through the registration procedure, enter personal data and "link" the banks credit card, from which money will be withdrawn later.

Advantages of an electronic money transfer system:

  • High speed of payment processing.
  • The minimum commission level.
  • The ability to make transfers all over the world, without being tied to a specific region.
  • Ease of use and a high level of security for client funds.
  1. Unistrim is another electronic money transfer system that operates in many countries around the world. Initially, transfers were only possible offline, but over time, users gained access to transactions through the global network. In addition to money transfers, it is possible to directly transfer funds to such EPS, such as Webmoney , Yandex.Money and others. The commission is only 0.5%, which is considered one of the lowest rates. Sending funds is possible using Qiwi terminals , through dedicated service centers or through the global network.

Benefits:

  • Customer service in over 95 countries worldwide.
  • Low commission.
  • High speed of translation.
  • The ability to send funds in several ways.
  • Ease of use.
  1. MoneyGram is a leader in the field of payment transfers, a well-known brand with a well-deserved reputation in the world. Making transactions in the system takes a minimum of time. All that is required from users is a passport.

Benefits of making transfers using the systems capabilities:

  • Transaction time is only 10-12 minutes.
  • More than 2,000 payment agencies located in many parts of the world.
  • Ease of translation and availability of services for everyone.
  • Professional support service.
  1. Zolotaya Korona is a well-known electronic money transfer system in Russia and in the world. The systems capabilities allow instant transactions to many countries around the world. At the same time, the system is integrated into other systems, including Faster, Avers and others.

 

Advantages of an electronic money transfer system:

  • Availability and ease of use. To send funds, you only need to carry with you paper that would confirm your identity (for example, a passport).
  • High speed. The user can expect to receive a transfer within 1-2 seconds after sending the funds.
  • Ease of use. After the transaction is completed, the recipient receives an SMS, which is available to receive funds on the spot.
  • Low fees. The company offers some of the lowest rates in Russia, which contributes to the regular expansion of the contingent.
  • Addresslessness. When making a transfer, it is enough to indicate only the city and country where the funds are sent.

Electronic money transfer systems are constantly being improved, becoming more convenient and accessible for customers. The main task of companies is to expand the range of services provided, simplify the transfer process, reduce commissions and speed up transactions. All this is possible - especially against the backdrop of the fierce competition that is taking place today.

Alternatively, you can use our Xchange exchanger as a transfer system. In fact, you can choose absolutely any direction of translation.