Are E-Wallets Really Safe to Use? Here’s What You Need to Know
E-wallets, digital wallets where you store and spend money without a debit or credit card, is actually very safe. But many people still remain wary. When you can’t physically see or understand where your money is held and how it’s transferred, it can be a little worrying.
At Remitbee Online Money Transfer, we have the My Wallet option, which isn’t quite an e-wallet but it is a way to make an online money transfers. We don’t mean to brag, but we are pretty knowledgeable about online money safety!
Here’s what you need to know about e-wallet safety from the experts…
Can You Trust Electronic Wallets?
First, let’s plainly and clearly explain how e-wallets work. To being you must sign up with an e-wallet, whether it’s PayPal, ApplePay or a cryptocurrency e-wallet. Next, you deposit money into the e-wallet from your bank account. Finally, you use the e-wallet to spend that money.
The safety questions you probably have are:
- Does the e-wallet have access to my bank account details?
- Do they share my details with the people/services/businesses I buy from?
- Are they easily hacked?
- What happens if my money is lost?
- What guarantees are in place?
- Do e-wallets charge me for making online money transfers?
The main reason we like e-wallets and why they’re considered safe is that they don’t use bank details. Not your card number and not your account number. Once you’ve sent the transfer from your bank account to the e-wallet, your details aren’t used again.
When you make a purchase, no real payment data is used. The money is sent without your card number or any financial information. Even in the unlikely event that the transfer is hacked (e-wallet payments use a high level of encryption) the hackers can’t access your card details or bank details.
Furthermore, using e-wallets is cheaper for you. By transferring money without private financial info like your card and account number, it’s cheaper for the e-wallet service and for the merchant you’re sending money to.
Our video showing you how to load money into your Remitbee wallet will demonstrate how easy it is.
Finding a Safe Online Money Transfer Solution
Let’s start with money.
E-wallet services shouldn’t cost you. As we’ve covered, e-wallet transfers are a lot cheaper for everyone involved. The best e-wallets will pass on that saving to you, like Remitbee. Send more than $500 using our MyWallet payment option and you won’t pay a cent to transfer your money to India or beyond.
Next, there’s transparency. For example, here is Remitbee’s transactional guarantee policy that clearly states what happens if your money is lost. A reliable e-wallet will not only have a clear guarantee policy but will also make sure their services are as secure as possible.
How are transactions encrypted? Where is data stored? How long is it stored for? These are all questions that the e-wallet website should clearly explain. Check for these before you sign up!
In conclusion, e-wallets are a very safe way to transfer money. To make sure you’re extra safe, only use electronic wallets that can prove their safety, like Remitbee. Discover more about how Remitbee can help you with international money transfers .