In order to understand how to send money via ewallet , one must first understand the technology and processes which enable this fintech solution which enables money transfers in today’s financial environment. Fintech is causing a disruption to the traditional methods of banking and finance and is widely being hailed as the next tech revolution, with massive benefits to both the provider and to the consumer. This is enabling lower pricing to the consumer, along with faster and more efficient processing times in a number of financial fields, ranging from payments and transfers to hedge fund technology. Overall this can only have a positive effect to the accepted means of products delivery at present and in the future. Fintech is not to be feared, but embraced with open arms.

What is an ewallet?

You could be forgiven for not knowing the answer to what is an e-wallet, most people do not retain the fundamental understanding of what an e-wallet is and how they came into existence. If we look back 20 years ago, there was no such thing as an e-wallet or was there? 20 years ago, there were a number of products which were available to the consumer in order to help them facilitate their money transfer needs, whether it was for a domestic money transfers within a nations’ boundaries or borders or if it was for an international money transfer from one country or territory to another. Let’s look at these before looking at the definition of what is an e-wallet and how to send money via ewallet through the Moneymailme
Some of the products available consisted of the following:

Swift Transfer for International Transfers

Swift is an instant messaging system which was then tweaked to enable money transfers from bank to bank across borders. This was the preferred method of sending money across borders and within the banking community and was also the fastest method for international transfers. All banks were issued with a unique swift code which identified which bank the money should be sent to and the identifying branch and account holder would be identified within the message. This was and still is a very competent method of transferring cash but is not without its drawbacks. Money can get lost in the system and, though funds can be traced, if the funds are lost and sent to the wrong bank, it can take some time for the funds to be repatriated to the correct account.

Western Union international transfers

Western Union is one of the oldest methods of sending cash and was formed through the merger of the New York and Mississippi Valley Printing Telegraph Company and the New York & Western Union Telegraph Company in the year 1856. You can see the company in action in many of the old western movies when people use the local wiring company to send messages via Morse code. Western Union offers its customers the ability to transfer funds across the globe, providing the customer with a unique transfer identity number which can then be passed on to the ultimate recipient of the money transfer. Senders must also provide details on the recipients such as name, address, phone number , email, passport number and they can also enable a secret question, which only the recipient can answer. The main drawback with a Western Union transfer and a prime target of fintech disruption is the cost of a transfer, which tends to be one of the highest transfer costs in the current market. Current technologies such as the Moneymailme app can also offer instant transfers for a fraction of the cost associated with a Western Union transfer.

International Bank Account Number – IBAN

With normal international bank transfers which is not swift related and the international bank account number or IBAN system is utilized to initial and complete transfers. This system is cheaper and slower than a swift transfer as the name of swift with an IBAN transfer takes from 3 days anywhere up to 10 days for the transfer to be completed. With this in mind, an IBAN transfer is also priced accordingly and is thus cheaper than a swift transfer.
So these traditional methods which have been associated with money transfers for recent times have been the target of fintech entrepreneurs who have identified the need for faster and more efficient methods, which allow the consumer to benefit in the greater scheme of things through lower pricing. In doing so, we have seen the arrival of e-money systems which in turn through necessity birthed the e-wallet. The initial e-money system was of course the bitcoin system which has gained infamy through a number of frauds and scams. Bitcoin is knocking on deaths door but in its wake a new spectrum of financial products have been born out of the technological structures which were set up and now have been used to further the fintech revolution. So, let us get to the questions at hand: What is an e-wallet and how to send money with an e-wallet?
An e-wallet by definition is a digital wallet for the storage of money to be utilized at a later date for a number of functions but as this article is centered on how to  send money with an ewallet, we can redefine the wallet as a digital holding place for funds before the transfer of the funds to a destination point. Transferring funds can be seen in two ways. Transferring funds domestically in the same currency or transferring funds internationally after completing a currency conversion.

This is How to Send Money via Ewallet Using Moneymailme

Step 1. Download the Moneymailme application via ITunes here or the GooglePlay store here .
Step 2. Once you have downloaded the application, upload the relevant documentation to prove you are, who you are. This fights any fraud and ensures the users is compliant with anti-money laundering laws.
Step 3. Await verification of your uploaded documentation, this can take up to 48 hours.
Step 4. Upon verification, you are free to upload funds to your e-wallet.
Step 5. Initiate conversation via chat or video with the person you wish to transfer funds to.
Step 6. Send the required amount of funds and enjoy the chat or video system.

So, we how this has clarified your question on how to send money via ewallet and of course , if you are still unsure on how to send money via ewallet , please do not hesitate to contact us via the Contact Page and we will be more than happy to help you with your queries.

Leave a Reply

fifteen − twelve =