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What Are the Best Money-Transfer Online Services in 2021?

By CarolPosted in Money TransferNo Comments

Ever since the first web-based transfer service first came online, entrepreneurs, digital artists, and a wide variety of other individuals have discovered that paying or getting paid through an online service can be faster and easier than using the services of a bank.

Now, there are dozens of services that are designed to help individuals send money (and sometimes invoices) or request payments and having the money deposited in an online account that has nothing to do with the banking system. Some of the better-integrated services of this type can even enable individuals to get paid and spend money without having to ever open a bank account.

This having been said, an entire market arose once the first few money-transfer apps came online. Now, companies are constantly looking to innovate and to offer more functionality to their users. So, which are the best money-transfer apps of 2021?

PayPal

PayPal is one of the oldest and most successful money-transfer services around. It has proven its reliability countless times and it is integrated into a wide range of applications, platforms, e-commerce websites, and even devices. The service is extremely easy to use and is usually a great choice for individuals that are not accustomed to money-transfer platforms.

The main disadvantages with PayPal are the lack of customer protection, the somewhat large 3.7%+$0.30 transfer fee, and the long waiting period needed to withdraw money. In some cases, it can take up to 5 days for the money to reach the user’s bank account. Despite these issues, PayPal has been around for many years and it remains one of the best services of its kind.

TransferWise

TransferWise is one of the most affordable ways to send money across countries. Setting up an account only takes a few minutes and the platform even offers a debit card that can be used to access any one of the over 40 currencies that the service operates with.

The secret behind TransferWise’s money-transfer speed is the fact that the money never really gets send anywhere. When a user from country A sends money to another individual, in country B, he deposits the amount into a TransferWise account opened in country A. The platform then sends the same amount of money to the recipient, out of one of its accounts in country B. In other words, TransferWise has multi-currency accounts in all the countries that it is available.

Stripe

Stripe is one of the most popular PayPal competitors. The platform is designed to cater more to the needs of businesses and entrepreneurs, than to those of regular individuals. As a result, it offers almost the same level of eCommerce integration as PayPal.

Unfortunately, the transaction fees are also similar to those offered by PayPal. This makes it a great alternative, but not necessarily a better service.

Payoneer

If Stripe is a popular PayPal alternative, then Payoneer is competing with TransferWise. The platform offers a debit card that is linked to the user’s account and works with a wide variety of ATMs, from all over the world.

One of the more interesting things to keep in mind about Payoneer is the fact that payments from other users of the platform are free, making it great for businesses and entrepreneurs.

Skrill

Skrill is more than just another money-transfer platform. While it does offer a debit card, as well, it is one of the few services of this type that focuses mainly on cryptocurrency. Skrill allows users to create accounts for regular currency but also gives them the option of creating cryptocoin wallets.

From a functional point of view, Skrill offers a lot of integration with gambling platforms and online games that require real-world funds to play.

How to Efficiently Safe Money in 2021?

By CarolPosted in SavingsNo Comments

A new year has started and this has given many a fresh start, especially when it comes to saving money. Whether it is because financial analysts argue that we may be on the brink of a large-scale economic recession, or because you expect to have large expenses in the future, the best time to start saving money is at the beginning of the year.

This is mainly because it will give you a better idea of how much money you can save in one year, but also because it makes planning your expenses easier. This having been said, what are the most efficient ways to save money in 2021? While finding the best ways to do this will depend on your lifestyle, on how much you are willing to sacrifice your creature comforts, and on your income level, there are a few methods that everyone can use:

Budget Your Income

The first thing that everyone should do, provided that they have a stable source of income, is to create a monthly budget. Simply write a list of vital expenses (such as utility bills, rent, recurring medical bills, etc.) and one for creature comforts and occasional expenses.

Look at the first one and establish if anything can be moved to the optional expenses list. Once only the vital items remain, add them together and determine how much money you will have to spend each month.

Next, look at your list of creature comforts and optional expenses. This one should be filled with things such as Netflix subscriptions, money that you spend when going out, etc. The key here is to reduce the number of items on this list as much as possible. In the end, the less you spend, the more money you will have to save or direct to more important expenses.

Open a Savings Account

Opening a savings account is often the best way to ensure that you will save money effectively. First of all, it gives you a safe place to store everything you save and the compound interest that the bank will give you should be a great incentive to not withdraw any of it. Secondly, it makes your money work for you. Over time, especially if you make fixed monthly contributions, the account will grow up to the point where it may be possible to treat the compound interest that you get as a secondary source of income. However, a lot of discipline is required to reach this point.

Set Up Automatic Payments and Deposits

If you are worried about forgetting to deposit money into your savings account or are likely to spend the money on other things, consider setting up automatic deposits. Most banks will allow you to set up automatic payments to your savings account, ensuring that you never miss a deposit. Furthermore, setting up the transaction on the same day when you get your salary will ensure that you don’t allow yourself to spend the money.

Look For Discounts, Resell Only Devices, and Find a Passive Source of Income

There is no limit to how much money one can contribute to one’s savings account, or how often. If you would like to give your compound interest rate a boost, then consider making a couple of very large deposits during the first 5-6 months. If your monthly budget is already stretched to the breaking point, you should be able to get additional funds by selling old devices that you no longer use. Alternatively, you could focus on only purchasing discounted products (for a couple of months), or find a passive source of income.

How to Decide What Debt-repaying Strategy Works Best For You?

By CarolPosted in DebtNo Comments

Repaying loans, credit card debt, and other forms of financing is always difficult. While a single loan may not usually be enough to put a considerable amount of stress on an individual’s finances, things tend to get more complicated when one has to repay several forms of debt at the same time. This is especially true for those who have taken out variable rate loans that make it difficult to predict how much or how little they will have to pay in the long run.

There are several strategies that borrowers may use to repay their debt easier. However, which one they choose can be extremely important. One can budget one’s income, refinance a loan, get a debt consolidation loan, or take out a mortgage to repay the debt. Each of these strategies is viable, however, different scenarios require specific strategies and choosing the wrong one can further aggravate things.

This having been said, here is what you need to keep in mind when deciding how it is best to repay your debt:

Establish What Debt You Have to Repay

The first thing that all individuals should do is to write down all the debt that they need to repay. Keep in mind that some forms of debt need to be repaid in instalments while others have a set final term that marks the date by which all the money should be repaid.

This list will help borrowers put their current financial status into perspective. Once you’ve created the list, look at how much money must be repaid per month and subtract it from your income. Ideally, the total of the monthly payments that you make should be less than 30% of your income. If the sum is smaller, then the debt shouldn’t be an issue, however, if it is larger, it may be time to look at how you can reduce the cost of the debt or spread the repayments across more months/years.

Priorities Your Most Expensive Loans and Determine Their Total Cost

The next step is to divide the list in two. One side, write the most expensive forms of debt. These will have to be repaid as soon as possible, especially if they do not have an early repayment fee. The other side should contain all the smaller loans and forms of debt, such as low-interest personal loans.

What Kind of Interest Rate Is Attached to It?

Look at what variable-rate loans you are currently repaying. These will always prevent you from creating an accurate monthly expense budget because the size of the instalments may change depending on various economic factors. Variable interest rate loans should be refinanced or consolidated into fixed-rate ones, making them safer.

Establish If Your Credit Rating Would Be Enough for Refinancing or Debt Consolidation

When deciding what strategy to use, take into account that some courses of action, such as getting a debt consolidation loan, may require a high credit rating. Always choose your repayment strategies depending on your credit rating. Some methods may reduce your score, such as pushing to repay a loan early or having it refinanced while still at the beginning of its term. Other strategies, such as getting a debt consolidation loan may be completely inaccessible to you if your credit score is too low or do not meet other requirements.

Consider How the Situation May Evolve Over Time

Always look at the bigger picture. Even though a loan may have low monthly repayments, it can be difficult to repay if it has a long repayment term or a variable interest rate.