MilliKart has given millions of cardholders with fast, safe and convenient cash transfer services via VISA, MasterCard and Visa cards. Through easy services of VISA, MasterCard and Visa cards, cardholders are able to make transfers from their respective cards to other cards issued by different banks in other countries without having to visit the nearest bank. This service is ideal for people who live abroad or for people who are currently traveling overseas. It is also ideal for those who have cards from foreign countries but are not in need of the local currency to purchase items or take money out. Such people can benefit from the convenience of making a cash deposit into their account through the use of these cards.
However, there are some disadvantages of using the services of these cards. While these are considered as “safe” by many banks, they are also vulnerable to cyber crimes and hackers. Thus, people should be aware of these risks and take necessary measures to protect their personal information and financial transactions from possible intruders. Below are some of the challenges that may pose as obstacles in the process of making international payments via mastercard and visa cards:
Credit and debit card misuse. There have been cases where users have used their credit and debit cards for unauthorized transactions such as buying merchandise without purchasing the item first. Some other uses include non-billing of charges on the purchases, which can lead to the misuse of funds by persons who do not have the means to pay for what they have bought. In addition, some people have been reported to misuse the money transfers for personal gain, gaming purposes and for other illicit purposes.
Non-sufficient funds. One of the common challenges that have been raised against mastercard is that it is insufficient to transfer or settle international transactions. Since most of the time, these transfers are made through the internet, most of the transactions that are done online cannot be fully completed if the bank accounts that have been opened for these transfers are not large enough to accommodate the outgoing transactions. Thus, these challenges may be solved if the customer has sufficient bank balance to make the payment.
Fraudulent use of the credit union. Some people have been reported to have abused the services of the credit union, thinking that they are authorized to use the services provided by the bank account provider when in fact, the transactions were not made through the mastercard money transfer. Thus, there are certain limits that the credit unions impose as to how they will process a particular transaction, as well as the fees that they will charge for the services that they are offering. If you are going to use an international money transfer service, it would be best if you check first if the credit union that you will get your transaction processed through is connected with a Mastercard company.
Expensive international transactions. There are some people who think that using the various money transfer services provided by different banks will help them save a lot of money. However, most of these people failed to consider the impact of these services on their personal budget. These people tend to spend more than what they actually should, and they are unable to cope up with the increasing costs of living.
Mailing a card number abroad. Most of the traditional banks in America do not send money internationally, nor does the banking headquarters of most South American countries send money by card. For most international transactions, you need to have a bank that specializes in these kinds of transactions. There are banks which offer a personal payment service even if the customer does not have a bank account with them. However, the charges associated with this service may be quite expensive, so it is still better if you can conduct all of your money transfers through a bank that offers you a variety of financial services at an affordable price.
Online and phone-based remittance. You can also choose to use one of the menus available for Mastercard money transfer. You can select the kind of payment you want to make, such as by check, cash, or even a credit card. The payment can be made at any time, and you can send it from any location where a Mastercard terminal is installed. These options will allow you to send money to almost anywhere in the world, and they are usually the best options for those who need to complete remittance in a fast way.