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How do the different ways of money transfer differ from each other?

Nowadays, there may be many different reasons why you might need to transfer money to another account. It can be a gift, financial assistance, payment for a purchase, or payment for utilities. Transferring directly to a bank account, including a free online account, involves a number of advantages over conventional money transfer methods. After all, you won’t have to stand in line at the bank. Moreover, it is a reliable and secure process that implies complete protection of your personal banking details. Nevertheless, it is worthwhile to examine the issue of types of money transfers in more detail, as well as talk about the differences between money transfers.

Types of money transfers

There are just a few types of money transfers that are most popular in our country:

Interbank transfer involves the transfer of money from one account to another. Intermediaries in this operation are banking institutions. Such processes differ from each other depending on their cost (fee charged) and the timeframe of the transaction. Interbank transactions can be represented by several options:

– Transferring money from account to account. This is done using online platforms that work not only through an internet browser, but also as a mobile application. The process is carried out in a matter of minutes, as the funds are transferred directly from your account to the recipient’s account. All you need to know is the beneficiary’s card number, first name and last name. You may have to pay a fee if you transfer money abroad. The biggest advantage of this kind of transaction – you can do it anywhere and anytime. The platform is supported 24 hours a day. And the transfer is possible even without leaving your apartment. In addition, you can perform such operations even using a virtual card.

– An electronic bank transfer involves transferring funds directly from your nearest bank branch or post office. This is especially relevant for those for whom the world of digital technology and online banking is a very confusing technology. For such transfer it is important to provide not only bank details of the recipient, but also your own. All the rest will be done by the bank’s or post office’s employees instead of you. And the money to the recipient’s account can be received within a few days. The disadvantages are that such transactions take much longer compared to the previous method. On the plus side, you don’t have to do anything yourself, because the bank employees will do the transfer for you.

– Transfers from an e-wallet are also notable for their simplicity and convenience. The operation is carried out as quickly as possible, and you don’t have to go anywhere to do it. But there is a big disadvantage in such processes, as the e-wallet system is not supported by all countries of the world. Nevertheless, experienced users have found a way around such restrictions.

Advantages of WestStein money transfers

The WestStein prepaid card offers a host of benefits when transferring funds from one account to another. With a free online account from the service, you can shop, make payments, and transfer your funds to other accounts without being tied to your location. When travelling to other countries, you no longer need to withdraw money from ATMs and carry it to exchangers. All your money is instantly converted into euros and vice versa if you pay or transfer money.

You can order a prepaid MasterCard directly from the website. As a result, you will be able to link three additional cards to your main account, so transfers will take a minimal amount of time. These cards can even be used by children over the age of 13. Besides, absolutely all cards of the service, including virtual debit card, support contactless form of payment.

You can use your IBAN account to receive payments. You have the option to fund your own account with money transfers as well as to transfer cash savings to other accounts. A big advantage is the possibility of SEPA transfers.

However, the most important advantage of money transfers with WestStein is the convenience and security of use. You won’t have to worry about the integrity and security of your personal data, and the risk of falling for the tricks of fraudsters is reduced to zero if you use the card correctly. You can apply for a WestStein virtual card online.