Online money transfers have become an increasingly popular way to send money to friends and family, pay bills, and make purchases online. With the convenience of being able to send money from your computer or mobile device, it’s no surprise that more and more people are using online money transfer services.
However, there are many myths and misconceptions about online money transfers, which can make people hesitant to use these services. Some people believe that online money transfers are not secure, that they are too expensive, or that they are only for tech-savvy individuals. In this blog post, we will dispel these myths and provide the facts about online money transfers, so that you can make informed decisions about how to send money online.
Myth #1: Online money transfers are not safe.
This is perhaps the most common myth about sending money online. Many people believe that sending money over the internet is inherently unsafe, but this is simply not true. In fact, when done through reputable and secure platforms, sending money online can be just as safe, if not safer, than sending a check or making a bank transfer. In Lebanon specifically, banks are no longer the best option. After the economic crisis that started in 2019, the majority of the Lebanese population lost trust in the banking system when all of their deposits got stuck in the banks. Looking for an alternative such as Purpl became a necessity.
Myth #2: Online money transfers are only for large amounts.
Another common myth is that online money transfers are only for large amounts of money. This is also not true. Online money transfer platforms are designed to be flexible, and you can use them to send any amount of money, whether it’s $5 or $500. In Lebanon, the overall average amount for money transfers to Lebanon is around $600. However, more than 60% of those transfers stand at around $300 or even less.
Myth #3: Online money transfers are only for domestic transactions.
Another myth is that online money transfers can only be used for domestic transactions. In reality, many online money transfer platforms are designed to facilitate international transactions, so you can use them to send money to anyone anywhere in the world. Purpl, for example, enables cross-border money transfers to Lebanon. Through its network of remittance partners, the Lebanese diaspora around the world can now send money to Lebanon with the lowest fees.
Myth #4: Online money transfers are only for personal use.
Many people believe that online money transfers are only for personal use, such as sending money to friends and family. However, this is not the case. In fact, online money transfer platforms can be used for a variety of purposes, including paying bills, making business payments, and even donating to charities. For this reason, most online money transfer platforms are transforming into digital wallets aiming to become lifestyle apps.
Myth #5: Online money transfers are expensive.
Another myth about online money transfers is that they are expensive. In reality, many online money transfer platforms offer competitive rates and fees, and some even offer free or discounted transfers for certain types of transactions. Additionally, online money transfer platforms often offer more convenient and faster service than traditional methods, which can save you time and hassle. The cost of money transfers to Lebanon is among the 5th highest worldwide without accounting for the cash out fees imposed on the beneficiary. Since we know that every dollar counts, with Purpl, the cost on the senders is the lowest currently available in Lebanon, up to 3x cheaper compared to traditional players. As for the beneficiaries, they can save time and money. They can cash out from 100+ ATMs from all around Lebanon and with ZERO fees.
In conclusion, online money transfers are a safe, flexible, and cost-effective way to send money. Despite some common myths, online money transfers can be used for a variety of purposes and can be a great alternative to traditional methods of sending money.
Written by: Mayssa Abillama