Money exchange and remote payments: how much does security cost

The pandemic, the obligation of quarantine at home and the social distance have imposed the use of remote telematic transactions to ensure the safety of all.

There has never been a boom in digital payments, but also in the exchange of money between individuals: what are the most convenient and flexible ways to send and receive money remotely? The latest observatory compared the advantages and limits of three instruments: online Pay , account cards and applications for exchanging money 꽁머니

The surveys were conducted in May 2020, taking into account the main conditions disclosed on the websites and information sheets of the credit institutions, in relation to the products examined.

Online Pay: low cost service, but only for those with a matching current account

online Pay is the service that, through the mobile banking app of some credit institutions, allows the exchange of money and payments in the affiliated shops and to the Public Administrations that adhere to the service.

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The money is withdrawn from your current account , or from your prepaid card with IBAN . On average, a fee ranging between 0.13 and 0.70 euros is applied to each transaction made with online Pay . Every day, on average, you can make purchases up to a maximum threshold of 477 euros . While, on the other hand, the average monthly limit is 1346 euros . After which it will no longer be possible to pay with this tool.

The most obvious advantage of exchanging money in this mode is the economy. In fact, transactions are often free. Some lenders include the service in the cost of the checking account or debit card. Other banks, on the other hand, charge a fee for each transaction, regardless of the contractual conditions of the debit card. Another advantage is the convenience, you can ‘move’ money using your paired mobile number : therefore you can send and receive from all the contacts in your address book. Or you add a new number at the time to make the transaction.

Unfortunately, not all banks support the service. And this creates disparities in the possibility of using them. It is still a new service with little diffusion in the territory : there are about 2000 affiliated shops in Italy that accept payments with online Pay, even if many other commercial activities remain outside. However, only the bank customer who holds a current account or a card with IBAN can use online Pay and this constitutes a limit.