Every Money Transfer And Remittance Term You Need To Know: Letter O

Last updated: October 05, 2022

Online Money Transfer

An online money transfer is a money transfer executed via online channels like a website or a mobile app. Almost all money transfer companies provide online ways to use their services.

In the olden times, the only way to send money internationally was to go to your bank or visit the office or branch of brick and mortar remittance companies. But since the dawn of the digital era, everything is done online. Money transfers are no exception, and almost always, you can do them online.

Also known as: Online Remittance
Also see: Money Transfer, Money Transfer Agent, Money Transfer Operator (MTO), Peer-to-peer (P2P) Transfer, Remittance, Remittance Service Provider
Further reading: Best Ways to Send Money Internationally
Complete Guide to Send Money Online
What Is a Remittance and How Does It Work?
How To Make The Most Of Your Remittance

Online Remittance

Since international money transfers and remittances are synonymous terms, the same applies to online money transfers and online remittances. Simply put, an online remittance means an international money transfer executed using an online service provided by a money transfer company - this would generally be either their website or mobile app.

Online remittances tend to be cheaper than their in-person counterparts as the money transfer company saves money on operational expenses by handling the transaction online vs in-person at an office or branch.

Also known as: Online Money Transfer
Also see: Money Transfer, Money Transfer Agent, Money Transfer Operator (MTO), Peer-to-peer (P2P) Transfer, Remittance, Remittance Service Provider
Further reading: Best Ways to Send Money Internationally
Complete Guide to Send Money Online
What Is a Remittance and How Does It Work?
How To Make The Most Of Your Remittance