May 7, 2015

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Which online money transfer is most safe?

Money transfer services which facilitate sending money instantly from one account to another in a few clicks from mobiles or laptops are highly trendy and widely acceptable. It has become really convenient to send money to a friend by phone or by email rather than asking a bank to process your funds. These days even you live at a distance, not carry money or required to send money instantly  online money transfer is the most convenient and easier one. Though, if you allow banks to discharge service on your behalf you somehow welcome fraudulent transactions, theft or worse. Just like in the case of Venmo a share payment app owned by Paypal has suffered with a malicious hack which resulted in several thousand dollars of users.

From a general perspective Google wallet and Paypal are considered as the most secure. If we see the other services they aim to receive and send money easily as an interface. This convenience may result in some compromising security. However with the time and maturity Paypal and Google both have established additional walls which make money transfer even difficult for ourselves as well. It doesn’t means both are hackproof. In the past Google has suffered with many hacks and Paypal had some security issue as well. It’s true these services are backed by top corporate with more resources and better security.

If you streamline your bank account with Square cash or Venmo it will facilitate instant money transfer from anywhere anytime. But the disadvantaged is that God Forbid if your account get hacked you have to open a new account again as the same happen with the victim of Venmo hack case.

These new apps are competitive, more convenient and make a hassle free money transfer but again open the doors for phishing activities and malicious attacks.
Also Read How safe is Venmo and why is it free?
                    What are the best ways to send money to an individual?

Any alternative to these services?
Convenience comes with sacrifice. However, there are certain alternatives to these money transfer services. Most of the banks these days allow online money transfer to other banks with their customized apps or website. For example Wells Fargo offers Wells Fargo Sure Pay, Bank of America without a unique name, Chase offers Chase Quick Pay and many more.
The plus is if the person is associated with the same bank you just need is his email account and money will be transferred immediately without any fees. If there is a different bank transaction you are required to have account number, routing number and other information especially when you try to split the check on fun activities. The fees will vary as per the amount of money you want to transfer and it will take at least two business days to get the money transferred. It may sound very hassled but every transaction is handled by independent bank with the unique details so chances of hack is very less.       


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