Thanks to developments in new technologies, online money transfer has become faster and safer. Individuals and businesses have become more capable of transferring money online for buying, selling, and other purposes, compared to traditional methods. By 2026, the global transaction value of digital remittances is expected to reach $35.8 billion at a compound annual growth rate of 13.8% between 2020 and 2026.

Salla, the Future of E-Commerce: An Easy Platform to Start Your Business

Online money transfer is an essential element in e-commerce  as it ensures smooth transactions for customers and online store owners. Payment methods differ for each country depending on the country's location and the level of accessibility to this method within its territory.

In this article, we have compiled the top 4 online money transfer services, which are the most common in terms of usage, fees, reliability, or transaction speed. We also present the benefits of each service so you can make the right decision.

What is Online Money Transfer?

These are payment methods that refer to a solution for transferring money from one account to another, via a digital system, for the purpose of paying for a service or purchasing a product online. Alternatively, it is a means of sending cash to a person or entity in another city or abroad. This type of transaction can be performed via any device connected to the internet, and therefore it is sometimes called an electronic transfer.

Online money transfer methods have constantly evolved to meet the demands of expanding and internationalizing e-commerce. All e-commerce platforms offer online money transfer solutions to collect payments from your customers locally or abroad.

What Are the Benefits of Online Money Transfer?

The following are some of the most important benefits that make sending and receiving money online one of the best solutions in e-commerce:

• An easy and fast solution, as the user can transfer money in minutes from a computer or via mobile applications, and in most cases, the recipient will receive it instantly.

• Ease of use; online money transfer platforms are designed to make it very easy to perform transfers without any complications or too many steps.

• They require low transfer fees, in addition to complete transparency in displaying transfer fees or exchange rates in advance,  so you can discover the difference in what you will pay and the exchange rate you will get.

• Secure services, thanks to high security settings, well-known payment solutions ensure that funds arrive safely using their advanced technology. In addition, most platforms are certified by government regulators worldwide.

• Fast technical support, most online money transfer solutions have responsive technical support that can help you at any time, day or night.

• Global transfer solutions, well-known online money transfer services now cover dozens of countries ranging from 50 to 140 countries around the world, allowing for the expansion of transfers.

The Top 4 Online Money Transfer Methods in the World

Although  this process is generally available worldwide for the largest brands, it is always important to verify and determine your choice. Below are the top 4 online money transfer services to choose from that best suit your online store and customers:

1- Money Transfer via PayPal

Launched in 1998, PayPal is currently one of the most widely used payment methods around the world, whether for paying for purchases or sending money between different people or entities.

 PayPal is considered a secure payment infrastructure  through a strong and fast encryption system. This solution allows money to be sent and received  via the link on the merchant's website or the PayPal app without having to enter bank details for each transaction.

PayPal is licensed in Luxembourg as a credit institution. The company is supervised by the CSSF (Commission de Surveillance du Secteur Financier) in Luxembourg.

Key Features of PayPal:

•  Very high money transfer limit.

•   Transaction speed.

•   Many available payment methods.

•   Available in more than 200 countries.

•    Amazing payment capabilities.

•    Great local transfers without currency conversion.

•    Mobile application.

•    Ease of  online transactions.

How Do You Transfer Money Using PayPal?

 To send money via PayPal, you only need the recipient's email address or mobile number. If they do not have a PayPal account, they will need to open one to receive payment.

Here are the steps to follow: 

To send money from a computer:

• Go to your PayPal transfers page.

• Enter the recipient's name, email address, or phone number and click Next.

• Click Send to a Friend or Pay for an Item or Service.

• Enter the amount and click Continue.

• Verify the information and click Send Money Now.

To send money from the PayPal app:

• Tap Send.

• Enter the recipient's name, email address, or mobile number and click Next.

• Enter the amount you want to send and click Next.

• Choose your preferred payment method and tap Next.

• Verify the information and click Send Now.

Timeframe

Payments made via PayPal balance, credit card, or instant transfer are instantly added to the recipient's PayPal balance.

2- Money Transfer via MoneyGram

MoneyGram is a company specialized in money transfers since 1940, with more than 80 years of experience in the field of money transfers. Today, it has more than 350,000 branches worldwide, offering services online and at physical points of sale.

Key Features of MoneyGram

• App is available.

• Fast transfer, more or less, depending on the chosen payment method.

• Present in more than 200 countries.

• Several years of experience in the money transfer field.

• Online transaction capability.

Here are the steps you need to follow if you choose an online transaction:

• Create an account or log in.

• Select the recipient.

• Choose the payment method and the amount.

• Send the money.

For transfers via an agent:

•  Go to the agent with a valid identity document and the recipient's contact details.

•  Pay the amount to be transferred and the fees.

3-Money Transfer via Skrill

Skrill is a completely secure digital wallet that offers multiple payment methods to ensure instant transactions. This system allows customers to pay directly on the website without being redirected to a third-party web interface.

Skrill defines itself as: an instant bank transfer solution accepted by over 3,000 banks worldwide, allowing your customers to pay directly from their bank accounts without leaving your online store.

Skrill is a powerful solution for e-commerce, as it was specifically designed for it, and it is integrated with an extensive network of shopping cart systems, ensuring better liquidity for transactions.

What are the key features of Skrill? 

• Fast transfer.

• Instant payment method with a high level of customer acceptance.

• Enhances strict security measures of banks.

• Helps increase online sales and customer conversion rates.

• Customers do not need to register.

• No security costs.

How Do You Transfer Money Using Skrill?

 Sending money to a mobile number or email address:

• Obtain a commercial registration, log in to Skrill and go to the "Send" section.

• Choose "Send to a mobile number or email address".

• Enter the recipient's number or email.

• Specify the amount you will send.

• Write a message to the recipient, if you wish.

• Confirm the amount and send it.

Transferring to a mobile wallet:

• Log in and go to the "Send" section.

• Choose the money transfer option to send to a mobile wallet.

• Select the country and currency.

•  Specify the amount to be sent.

• Choose the payment method.

• Enter your recipient's name and phone number.

• Confirm the amount and send it.

4-Online Money Transfer via Western Union

Established in 1851, Western Union is considered one of the oldest money transfer services. This company facilitates and secures international transfers for businesses and individuals alike, offering fees that are among the most competitive in the market. You can get a quick, free estimate of the total cost of the transaction using the calculator displayed on the official website.

Features of Western Union:

• More than 150 years of experience in money transfers.

• Competitive fees compared to many other platforms.

• Multiple payment and payout methods.

• Available in more than 200 countries.

• Fast transfer, more or less, depending on the payment type.

• Mobile app is available.

• Online transactions.

How Do You Transfer Money via Western Union?

Here are the steps to follow:

Simply log in to your Western Union account, or create one if you don't have one, to start your online money transfer. You can send up to $1,000 before you need to verify your identity.

1. Enter transfer details: Select the recipient's country, enter the amount you want to send, and the payout method.

2. 2. Enter recipient details: Enter the recipient's name exactly as it appears on their identification documents, as well as other details required according to the payout method.

3. Finally, comes the payment: Pay with a credit card, or via bank transfer. You will receive a confirmation email with the tracking number (MTCN) or a text message if you chose to transfer to a mobile wallet.

Finally...

Global remittances and online purchases are expected to continue growing year after year. Regardless of the product or service you offer, online money transfer services can help expand your business.

At Salla, we make sure to keep pace with the rapid developments in payment technology and methods. Therefore, we provide electronic store owners on the Salla platform with the feature to integrate with key, trusted Saudi banks that support e-commerce, in addition to the most prominent available payment methods.

Enjoy the most powerful features and build your online store with Salla now!