It would be an understatement to say that online transactions have made our lives drastically easier. Paying for a new vehicle? Add beneficiary, pay using NEFT/RTGS. Forgot your wallet? Pay for groceries using your smartwatch. The quality of life and convenience have surely improved for Indians during the last few years post digitization, with COVID-19 acting as a catalyst. However, there are a few prerequisites and guidelines that you must ensure to be in order.
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1) Choosing the Ideal Payment Option is Paramount
With multiple options to pay like UPI, NEFT and RTGS, it can get slightly confusing as to which option to choose. Depending on the urgency, big or small amount, and the nature of transaction, you can choose accordingly but as a general rule of thumb, always choose more formal options like bank NEFT or RTGS to pay larger sums.
Moreover, banks levy transaction charges while using certain options, so be wary. And, while paying on e-commerce websites, always check for bank offers available for various credit and debit cards. So, you just might end up saving a huge chunk of money in the long term.
2) Double Check the Amount and Transfer Credentials
It can’t be stressed enough, but a simple misclick or let’s say, an extra zero can result in a big loss for you, ergo, always double-check the amount being sent and the transfer credentials of the entity about to receive the funds. This might not affect you if you are transferring funds to friends and family, but if you are transferring money to a foreign entity, it just might be a lot of hassle to get your money back.
We have often heard of people randomly receiving crores in their bank accounts and it is due to errors while inputting sensitive payment credentials using the service of your choice.
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3) If Receiving/Sending Funds From/To Abroad, Remember These Things
- Always check the exchange rates: When sending money from abroad to an Indian bank account, keep an eye on currency rates. Rates differ across financial institutions and services.
- Transfer Fees: Banks and various financial institutions levy transfer fees for sending money to a different country. Customers also have the tendency to skip past the fine print but one must ensure that they are comfortable paying the transfer fees levied by the banking entity. You can choose between various transfer modes and select the method that is the cheapest for you.
- Time: Like other factors, time it takes to send/receive money can vary across different services and methods. So, depending on the urgency you can make an informed choice. And remember to make sure that the service is secure.
4) Avoid Transacting Using a Public Computer or At Least, Be Vigilant
If you don’t have access to your personal computer or phone, using a publicly available computer can sometimes present itself as the only choice. So, unless its urgent, avoid places like cyber cafes, public libraries for using computers to transact online. Often, such computers could be a host to malware and other potentially dangerous software like keyloggers, capable of stealing your vital information. But if you don’t have a choice, make sure to be vigilant and change your passwords post haste. Also, always enable features like Two-factor authentication for extra peace of mind.
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