Money transfers online are common among bank cardholders, but in an age when different payment systems are gaining popularity, users can’t do money transfers without the same feature implemented on their chosen platform. Let’s take a look at how money transfers work in this article using Genome as an example and how it helps businesses grow and develop.
How Does a Money Transfer Work?
There are always three entities involved in money transfers: the sender, the recipient, and the intermediary. meaning that money can be sent through a bank, a payment system, or even the post office. eWallet can also be used for money transfers.
Our particular case uses a model similar in its work with the card-to-card transfer. Only in the case of the Genome system, it is a way of money transfers from one Genome account to another.
One of the major advantages is the transparency of the transactions. You will be able to track all information about the payment and receive comprehensive information.
The second distinct advantage is security. Since Genome uses anti-fraud tools to keep clients’ money and data safe. And of course, the convenience, as internal transfers between Genome users are processed instantly.
How to Use a Money Transfer?
For such money transfers, you do not need to specify the full details of the recipient. All details are already known to the system. All you need is to create an online account, it can be a personal or business account. In any case, to enter your online account, you will need to go through the verification procedure.
Then everything is simple. If you are in Europe, you choose your online account with EUR or USD to send money. Then you need to fill out the recipient information. This can be an email address, IBAN, or Genome account ID. And that’s it! You confirm the transaction and the recipient will receive the money.
And here are all the steps you need to do:
- Make your account;
- Choose transfer feature and currency;
- Fill out recipient info and confirm the transfer.
And most importantly, your transaction will pass without a commission. That is, if you use this payment system for business purposes and carry out a lot of transactions, you and your clients can save a fairly large amount of money.
