Today I thought that I would try something different in trying to transfer funds to another party which was business related. Interact E-mail Money Transfer services have actually been around for awhile but I never actually used it. Since for this situation a cheque wouldnâ€™t have been as convenient for the other party as the person was out of town, Iâ€™d figure that I would give it a shot.
I guess security was one of the biggest concern as from a user point of view it just looks like it can be exploited so easily with all these phishing scams and so fourth. Basically, all I had to do was to assign how much funds I wanted to transfer from my business account along with the recipients name and e-mail address. For extra security measures, I had to make up a secret word/phrase that he would have to provide to claim the funds. The person then received the e-mail and upon successfully answering to the e-mail, which was automatically sent from the bankâ€™s end, he was able to deposit the funds.
Everything actually went very smoothly and I must say I was pretty impressed by it. There was a $1.50 fee for using the service so this is not something that I would frequently do, but at least now I am confident in using it as an option if needed.