When the age old concept of wiring money converges with EFT, electronic funds transfer, you have created a hybrid called online money transfer. You may not even realize that you are involved in money transfer in Australia, perhaps daily. Whenever you use your debit card to make a purchase, the funds necessary to pay for the goods or services are transferred from your bank account to the bank account of the vendor. What is being exchanged is not real money, but data. This also happens when money is deposited to your account by your employer who uses direct payroll transfer. Online money transfer Australia is the same thing, with a twist.
Online money transfer is the modern way to make a wire transfer. With not much more than a cell phone or an e-mail address, money can be transferred from one person to another instantly. These services are available over the internet, a small fee is charged but it is negligible when you consider you do not even have to leave your house to go to a bank or telegraph office.
The basics and is it safe?
It goes without saying that speed is the main reason why anyone would want to use EFT, it is also safe and convenient.
Mailing a cheque is a time consuming way of sending money between two parties, it takes days to get to the recipient and then more days for the cheque to clear. Sending a cheque internationally is even more complicated due to currency conversion fees. The bank at the receiving end will often give a poor rate of exchange and charge a fee which is much higher than the online money transfer.
Multiple layers of data encryption are used in making the transaction, in this way, should the data be hi-jacked, the data appears as nothing but lines of indecipherable junk. When you are sitting at the computer making the transaction it all appears as a readable language, however, the moment you enter the send command it is coded. When the data hits the bank or service of the recipient, it is decoded and given out as cash.
For added safety confirming phone calls are often made to both the sender and the recipient who have to provide private information that only they would know.
