Money transfers and withdrawals are some of the most common banking services that everyone uses on a daily basis. However, problems with time, fees and process sometimes can make something simple become a hassle.
How to avoid these problems so you can always move money effortlessly without getting stressed about it? Join Timo in finding out the most common problems you can encounter when moving money and the best way to avoid them in the following article.
1. Money transfer fee
Using bank cards has become a popular form of banking transactions today. Although moving money online comes with it’s benefits and conveniences, there are also problems that users can rarely avoid, such as money transfer fee. While money transfer fees associated with money transfers within the same bank or on the same system are usually low or free, inter-bank money transfer fees often vary (depending on regulations of different banks).
To avoid these fees, before opening a bank account, you should consider choosing a bank that offers free inter-bank money transfer service, especially if you use this form of banking transaction on a regular basis. Timo is currently one of the banks that offer free money transfers to more than 40 banks in the NAPAS system.
In contrast with traditional banking, Timo is operated on a digital platform, hence transaction fees are minimized.
2. Time consuming
Inter-bank money transfers usually take longer than transferring money to the same bank or the same system. The transfers can even be delayed on weekends and holidays and the beneficiary might have to wait until the next working day to receive the money.
With Timo, this inconvenience has been overcome by the 24/7 money transfer feature, applicable for transfers to banks in the NAPAS system. You can move money anytime and anywhere, even outside of official working hours or even on weekends. The beneficiary will also receive your transfer within a few minutes after the transaction is carried out.
3. Concerns about safety and security when moving money
One of the risks associated with money transfers is having your account hacked or even your card being stolen. And this gets even more serious if your phone is also stolen as this can lead to you possibly losing your money especially if you receive your OTP to verify your money transfer through an SMS messages.
To limit this risk, take time to observe your recorded transaction history to promptly find any strange transaction and alert your bank to lock your card/account.
With Timo, you would not have to worry about this as we allow our customers to verify their transactions with iOTP right in the Timo app instead of having to receive OTP via text messages. A unique Username and Password or Touch ID would be required to login to the Timo App providing another layer of security. You can also lock and unlock your Timo Debit card in the Timo Web and Mobile app in cases of emergency to avoid your account being abused.
4. Inaccurate account details
Inaccurate account numbers, inaccurate beneficiary’s name, inaccurate bank branches are common mistakes that users can make when moving money. Inaccuracy can happen when you provide others with your own account details or when you transfer money to a wrong beneficiary. When transferring money to the wrong beneficiary, it will be a hassle getting your money back as you would have to go through several rounds of paperwork, such as filling in a Refund Request.
With Timo, we will help you to get full account details in just a few steps in the app. All you have to do is click on the main Menu, tap on Share my bank details, tap on Share and choose your communication method.
Additionally, to enhance your convenience, we also allow our customers to transfer money quickly through the beneficiary’s bank card number. All you have to do is enter their card number and their full details will be displayed clearly and accurately in the Timo app. For Timo cardholders wanting to transfer money to each other, you can easily get this done with one of the following beneficiary’s information, such as: account number, card number or email.
The Timo app also automatically saves the beneficiary’s details from the first time you send them money to make it more convenient for you in the future.