What is an e -mail transfer of money?

E -mail transfer of money is a banking service offered by financial institutions in some countries. People can use this banking service to transfer money to others who hold bank accounts in the country from which they initiate the transfer. The service basically acts as a bank transfer to the bank, except that it is processed online and does not require the sender to have information about the receiver's bank account. The sender usually only needs an account in the bank that offers this service and the name of the recipient and the e -mail address. They often worry about the placement of sensitive information in e -mails that could be captured. The truth is that the money is not actually transferred by e -mail and the account numbers are not sent via e -mail messages. These transfers are referred to as transfers of money on e -mail because the recipient receives the e -mail announcement let him know that someone has sent him a transfer of money.

the way in which the e -mail overwall worksD Money is quite simple. Individual login to the account with the participating bank or other financial institution and clicks on the button or card and go to the money transfer section on the web. It then fills in an online form to set up money transfer. The form is usually relatively short and asks for the exact amount of the money the person wants to transfer, the e -mail address of the recipient and the security question. This security question is used to ensure that only the intended recipient gets access to the transferred funds.

When the transfer initiator fills in the desired form, it usually clicks on the conversion to start the transfer. The recipient receives an e -mail notification of the transfer and must accept it before the banking institution completes the money of the ransferring. However, in order to have access to money, he must know the correct answer to the security question. If the notification of e -mail conversion converts to the wrong e -mail address, the unintended recipient will not be able to raise money unless he knows the answer to withouta roast question.

There are some services that allow consumers to send e -mail transfers on an international scale. However, these services may charge higher fees or take further security measures. In some cases, sending e-mail transfer can take a little longer than the transfers of the same country.