The process for how email money transfers work is really quite simple. The only time consuming part is the initial set up and if you have all the relevant details handy then that doesn’t take a lot of time either. As you can imagine, the details for each money transfer service varies, suffice to say you will need your bank account details and hopefully you can remember all your personal details such as name, address, date of birth etc!
Like the online bank accounts offers by many banks these days, the e-wallets (common term for the email money transfer accounts) are all managed online. Simply go to the secure website for the service and join for free. You will need to supply details as to how to fund the account and this is where your bank account and/or credit card details are required. Some of the services allow you to have either and then choose which one for each transaction. You can also maintain funds in the account or have a zero balance and it automatically replenishes as needed. This makes money transfers truly hassle free once you have them set up.
Once your account is opened and you have verified your details (if necessary) then you can fund the account. Just look for the page usually labeled ‘Deposit’ or ‘Fund’ and you can transfer funds to your e-wallet account. When you have a balance in there you can then go shopping, make a donation, send money to family overseas or whatever you wish.
To make a payment or send money online to some-one, look for a page labeled something like ‘Transfer’ or ‘Make Payment’. Then you just have to complete the online form which usually have requires details like the recipient’s email address (or even phone number for some services), amount, currency, funding source and then a message to the recipient. If you are paying for goods or services, make sure you follow the merchant’s instructions for what to include in the details area.
Once the transaction is completed you will see a confirmation screen with a unique reference number/code. Make a note of this just in case you need to refer to the transaction again. You will probably also receive an email confirming the transaction.
The recipient will also receive an email from the online money transfer service notifying them that they have money. These are the best type of emails to receive! The email will include the details you entered.
That’s about it. Simple isn’t it?
To withdraw money bank to your bank account is just as easy. Look for the page usually labeled ‘Withdraw’ and complete the details. As your bank account details are stored there’s no need to enter them again. For most online money transfer services you just need to enter the amount, the withdrawal method (you can choose to get a check with some of them) and that’s about it. Just remember to check if there are any fees applicable.