5 Benefits of Online Money Transfers

Online money transfers are gaining huge popularity thanks to the convenience and ease they offer. Along with minimal fees, it offers other great benefits such as less paperwork and security for your money. Our handy guide showcases 5 benefits of online money transfers so you can send money easily abroad to those you love.

What is an Online Money Transfer?

An online money transfer is an electronic way of transferring money from one bank account to another from a web-based service. It’s possible to make an online transfer between the same bank operators or different operators as well as within the same country or internationally. 

How Many People Use Online Money Transfers Today?

Did you know that it’s estimated that by 2023, the amount of transactions in digital money transfers from around the world will total an amount of $143, 096 million? 

Other interesting online banking stats include:

• Banking apps are used as the primary banking method by 39% of people around the world
• The number of global online banking users is expected to exceed 3.6 billion by the year 2024
• 75% of customers prefer to use online banking instead of physical branches

5 Benefits of Online Money Transfers

When compared to traditional banking, there are a range of additional benefits of online money transfers. Some of these advantages include:

1. Faster transaction times 

Most traditional banking services require you to visit the branch in person and wait in line to be attended to. The benefit of online money transfers is that you can save time by completing your transaction online from the comfort of your own home. In addition, with bank transactions the processing time may vary and can take up to two business days for it to be completed. Some online money transfers can be completed instantly so you can enjoy faster transaction times.

2. Added security measures 

When dealing with checks or cash, you could put yourself at risk of theft. There is also no guarantee on your money. Thanks to online money transfers, you can enjoy an added level of protection knowing there are security measures in place.

3. Dedicated customer support and assistance 

Unlike traditional banks which have opening hours, online money transfers offer  personalised assistance through  online chat or WhatsApp support . If you have a query about how to transfer money to a recipient overseas or have a concern about a transaction you can contact the support team easily using just your phone. 

4. Lower fees

Traditional banks often charge higher fees for transactions than with online money transfers.

5. International transfers 

With online money transfers you are able to transfer funds to family or friends overseas. Many service providers also include access to a currency conversion tool so you can monitor the exchange rates and send money online when the rates are in your favour. This enables the entire process to be simple and convenient to use. 

Introducing Mama Money

Mama Money is a mobile app that allows you to make international money transfers online or with cash to over 50 countries around the world. We offer an easy, safe, and affordable way for people in South Africa to send money to their friends and family across the globe. 

Mama Money Benefits

Mama Money allows users to enjoy the incredible benefits of online money transfers by including the following features:

• Speedy transaction times - your recipients can receive money instantly
•  Low fees and costs – our transfers cost less to send
• The ability to send money 24 hours a day, 7 days a week all over the world
• Convenience – send money using your smartphone in minutes
• Secure transfers - we guarantee your money is secure
• Low fees of 5% or less. Plus, there are no hidden fees
• Your personal information is protected and will remain confidential

Our Zimbabwe customers will enjoy even better rates when partnered with the following banks:

• ZB Bank
• AFC
• BancABC

We have also introduced a cash-out token that can be used at any of our direct partners. To collect money, your recipient will simply need to provide our Mama Money agent with the transfer code.
 

Which countries can I send money to using Mama Money?

With Mama Money, you can send money to over 50 countries located across the world including Africa, Asia, and Europe.

Mama Money in Africa:

Botswana, Cameroon, Congo (ROC), Democratic Republic of Congo, Ethiopia, Ghana, Kenya, Malawi, Mozambique, Nigeria, Rwanda, Senegal, Somalia, Tanzania, Uganda, Zambia, and Zimbabwe.

Mama Money in Asia:

Bangladesh, India, and Pakistan.
 

Mama Money in Europe:

Andorra, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech, Denmark, Estonia, Finland, France, Germany, Great Britain, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxemburg, Malta, Monaco, Netherlands, Portugal, Romania, San Marino, Slovakia, Spain, Sweden, Switzerland, and the Vatican.

How Can I Register with Mama Money?

To register an account simply visit your nearest Mama Money agent or sign up for an account on your mobile phone by completing these simple steps below:

1. Download the Mama Money app
2. Enter your details
3. Provide proof of your ID
4. Submit a photo of yourself

We've streamlined our account activation process! Now, if all your documents are in order, your account will be activated instantly.

How Can I Send Money with Mama Money?

To send money locally or internationally using Mama Money follow the steps below:

1.     Login to the Mama Money family App and select ‘’Send Money’’

2.     Choose the recipient to who you are sending money

3.     Enter the amount you would like to send and press ‘’Next’’

4.     Select your preferred payment method and press ‘’Confirm & send’’

You can also send via USSD once you are registered by dialling *134*542#

To find out more about the incredible benefits of online money transfers and how to switch to Mama Money follow us online via  Facebook,  Instagram,  Twitter, or  LinkedIn.