But What Is an Instant Money Transfer?

But What Is an Instant Money Transfer?

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If you feel all worked up but ever so slightly skeptical when hearing the words instant money transfer, you’ve come to the right place.

Instant money transfers or instant payments are just a fancy way of saying you send someone money in real time - think cash in hand, but online. As a matter of fact, if you’ve ever split a dinner bill with friends or sent money home in an emergency, it’s likely you already made instant transfers.

So what makes it possible for these online payments to be processed in no more than a few seconds? We explain everything you need to know about instant money transfers.

What is an instant money transfer?

An instant money transfer allows you to send and receive money in real-time. You can think of it like sending a message or an email that gets delivered instantly.

Instant money transfers are frequently used when sending relatively small amounts of money between friends or family members. They usually require the use of an online service or mobile application that either connects to your bank account or requires you to deposit an amount of money which you’ll then use to make transactions.

You can also read more about peer-to-peer payments here.

Although they’re called ‘instant’, the actual duration of many such transfers may range from a few minutes to 24 hours, especially if the account needs to be topped up before you send.

How do instant transfers work?

An easy way to understand how instant money transfers work is to look at a common alternative: bank transfers.

Bank transfers are well known for their long processing times, which can range from one to five working days, especially if the transfer is sent abroad. These long times are due to the fact that many banks process payments in groupings, at set times throughout the day.

Bank transfers can suffer further delays depending on the destination country, currency, and bank schedules. Same-day bank transfer options are available, for example, if you make a transaction inside the European Union. We explained SEPA same-day payments here.

Instant money transfers, on the other hand, are processed one by one as soon as they’re initiated, irrespective of weekends, holidays, destinations, or currencies.

What are the benefits of instant money transfers?

By far, the biggest benefit of instant payments is that money is immediately available to the recipient. This makes it easier than ever to support family members, lend money to friends, make emergency payments, or split daily expenses.

Instant money transfers also provide a simplified sending process compared to traditional money transfer methods. Typically, you can create an account in minutes and need minimal recipient information in order to send (no more than the recipient’s phone number, email address, or card number).

Can you send an instant money transfer abroad?

Yes. You can send money abroad instantly, from card to card, with Fin.do.

Fin.do enables you to transfer any currency to more than 50+ countries, from your smartphone, without having to store or deposit money in your account. To start sending and receiving money with Fin.do, all you need to do is install the app and add your card(s).

Fin.do facilitates money movements directly between cards. With no funds stored in your Fin.do account, money becomes available to your recipient as soon as you send it, without delays or holds of any kind.

You can add any type of Mastercard or VISA card to your Fin.do account, including credit, debit, prepaid, or gift cards. You can learn more about the different types of cards and how to use them with Fin.do here.

Summing up

Instant money transfers are an easy, convenient, and, above all, quick way of sending money online. They eliminate the hassle and delays caused by traditional bank transfers so you can access your money as soon as you’ve received it.

Fin.do is a card to card cross-border money transfer app that doesn’t require you to deposit or store funds in your account. It enables you to send money overseas easily and instantly.

To try the benefits for yourself, get started with Fin.do in minutes.

Download Fin.do to send money today

Countries we work in

Are you planning to transfer money abroad? Fin.do is currently available in these countries: