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Need to Send Money Abroad By Email

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The Internet has become significant part of personal communication and business. It has also made banking and money transfer facilities more convenient. If you want to send money abroad from UK, you may opt for money orders, bank drafts, bank wire transfers, or Money Gram facilities. Though not a very conventional way, you can also send money via email.

Money transfer via email is similar to sending of an E cheque. The money is not actually transferred by an electronic mail – only the instructions to retrieve funds are sent online.

When you send money via email, you need to open your online banking session and choose the intended recipient, the amount to be sent, as also a security question and answer.

The funds are debited instantly and involve a surcharge. An email or text message is then sent to the recipient. This has the instructions to retrieve the funds and answer the security question, via a protected website. However, if the recipient of your funds is subscribed to online banking at one of the participating institutions, the funds are deposited instantly without any extra charges.

When you send money online through emails, unlike a cheque, the funds are not frozen in the recipient's account. Also, an e-Transfer cannot bounce, as the funds are guaranteed - they are debited from your account immediately upon initiating the transfer. As long as you and the intended recipient bank at participating institutions, the funds are sent and received instantly.

If the person or organisation receiving money does not have an account with the participating institutions or is not subscribed to online banking at all, the funds get deposited in 3 to 5 working days and involve the surcharge. It is thus convenient to send money via email when both parties have accounts with participating institutions.

Need to know more about ways to send money abroad and compare facilities available? Visit: send money online

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