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Money transfers. Pros and cons

Денежные переводы. Плюсы и минусы

Every person who is faced with the issue of transferring funds through the territory of Russia or far abroad thinks about which option is more reliable and less costly. Consider the popular ways to send money, their advantages and disadvantages.


What types of transfers are there?

Of the many options for sending money, we will consider the most secure solutions, as well as the advantages of these money transfers:

Specialized offices.
Banking institutions.
Postal services.
Payment systems.

Specialized Offices - Intermediary Translations

There are a number of proven companies for sending money within Russia, to the CIS countries and foreign countries. These include: Western Union, MoneyGram, Zolotaya Korona, Asia Express, ALLURE, Anelik, Contact, UniStream, Migom and many others. In order to send money, you must visit the nearest office of the company, present identity documents, indicate the country, city, full name and address of the recipient. Further, the sender is given a receipt confirming the transaction and a code word that must be communicated to the recipient.

The disadvantages of money transfers include a high commission in the range of 2-6%, which must be paid on the spot. It is important to know that such companies limit the amount of payment and do not exclude possible delays in payments. The pluses include ease of use, the frequency of the location of the companys branches and the ability to cancel the payment before the recipient gives the code word to the operator. It is also surprising that firms often hold promotions and give gifts to those who constantly transfer money through them.


Banking Institutions - Transfers with Opening an Account

One of the most popular and reliable options for transferring money to another person is undoubtedly a bank. The advantages of money transfers through a banking institution are solidity and the absence of deception, so people try to resort to its services. It attracts that transfers within the branches of one bank are made instantly. And to transfer a single payment, you dont even need to open an account.

The advantages of this type of payment also include the possibility of making a transfer in cash, from a card or from an account. There are also disadvantages to this method. These include: the duration of payment execution between different banking institutions, which can be up to three working days, the obligatory presence of the sender at the bank and fairly high commissions. By the way, citizens of Russia in any case will need to open an account with an institution, the annual or monthly maintenance of which will cost a certain amount.

Postal services - an option to choose from

The disadvantages of money transfers by mail are territorial limitations from 20 countries. Commission fees are also high and range from 4 to 6% of the payment amount. The obvious advantages include ease of transfer and the ability to trace the transaction. To carry it out, you need to visit the post office and present your identity documents to the operator. Such translations had no alternative before the development of information and computing technologies and the Internet and were very popular in Soviet times.

At the moment, Russian Post offers such transfer methods as Fast and Furious and postal order. With the first option, the commission is about 150 rubles, and the money will be delivered to the recipient within 60 minutes. In the case of a postal order with home delivery, the commission will be about 170 rubles, the delivery time is 6 days, which cannot be attributed to the advantages of money transfers by mail. If the sender wants to receive a notification of receipt of payment, the commission fee in this case will exceed 300 rubles.


Payment systems - payment mobility

Electronic payment services such as Qiwi, WebMoney, Yandex.Money have secured the right to exist on the Internet. The advantages of this type of transfer include: instant transactions to anywhere in the world and the ability to pay for goods and services through the global network. There are convenient ways to replenish a virtual wallet (using terminals, bank cards, through specialized offices).

The obligatory passage of the registration stage on the website of the payment resource refers to the disadvantages of money transfers through payment resources. In order to use the functionality of the system in almost all payment services, you need to go through data verification (attach a scanned copy of your passport and bank card).

High fees and restrictions on the volume of payments, even in the case of a private transfer, do not honor this method. However, this option is the most comfortable of all of the above. Transferring money to a citizen of any country without leaving home, without queues and at any convenient time makes this payment method truly the most rational.

Naturally, which translation method suits one person may not work for another. Therefore, any user, through trial and error, will choose the most suitable option for him in each specific case.


Decent alternative

The emergence of the cryptocurrency and the Bitcoin payment system of the same name has made significant adjustments to the established standards of money transfers. In fact, the network is getting good reviews. Among the advantages, the facts should be highlighted that the system allows people to carry out transactions 24/7/365 without unnecessary territorial restrictions and any limits. A feature of the network is the absence or presence of a meager commission for the implementation of cryptocurrency transactions.

However, it was not without its drawbacks. The speed of money transfers, due to the problems of falling network bandwidth, has recently become relatively lower. However, given the merits, this should not be emphasized. Often, the transaction is still carried out much faster than international transfers involving traditional financial institutions and instruments.