How to Transfer Money Online Without Commission: Real-World Tips for AFM

In the modern world, online transfers have become an integral part of financial life. Their speed, convenience, and accessibility make them the preferred payment method for millions of people. However, convenience often comes at a price in the form of commissions, which can "eat up" a significant portion of the transferred amount, especially with frequent transactions. In this article, we will reveal the secrets and share real-world experience on how to transfer money online without commission, explore interesting features of Armenian banks, and provide useful life hacks.

Why Banks Charge Commissions and How to Avoid Them?

Banks charge commissions for money transfers for several reasons: to cover operational costs, ensure transaction security, and generate profit. Nevertheless, various strategies exist that allow you to minimize or completely avoid these charges. The main thing is to carefully study your bank's tariffs and terms of service, and also to consider alternative options.

Here's what to pay attention to:

1. Type of transfer: intra-bank or inter-bank. Typically, intra-bank transfers between accounts of the same client or between accounts of clients of the same bank are performed without commission or with a minimal fee.
2. Transfer amount: some banks offer limits for free transfers, and a commission is charged when these limits are exceeded.
3. Transfer method: online banking and mobile applications often offer more favorable terms compared to transfers made through a bank teller.
4. Transfer currency: transfers in foreign currency can be more expensive due to conversion and correspondent bank fees.
5. Availability of service packages: some banks offer comprehensive service packages that include free transfers.

Life Hacks and Real Examples: How to Transfer Money Without Commission

Here are some practical tips and real-world examples to help you avoid transfer fees:

1. Utilize Intra-Bank Transfers: This is the simplest and most reliable way to avoid commissions. If both the sender and recipient use the same bank, the transfer will most likely be free or incur a minimal fee.
2. Example: If you want to transfer money to a friend who is also a Converse Bank client, use the Converse Mobile app. In most cases, such transfers will be free. The situation is similar with other major banks like Ameriabank, Ardshinbank, and Acba bank.
3. Use Fast Transfer Systems via Phone Number or Card: Many banks offer the option to transfer money using a phone number or card number, which is often commission-free. This is especially convenient for smaller amounts.
4. Example: In Armenia, many banks are actively developing phone number transfers through their mobile applications. Simply enter the recipient's phone number, and if it's linked to a bank account in the same bank or a partner bank, the transfer will be completed. Check your online banking functionality, such as Evocabank with its EvocaTOUCH or IDBank with IDBanking.
5. Take Advantage of Payment Systems: Some payment systems, such as ArCa, Visa, and Mastercard, allow transfers between cards from different banks. Commissions in this case can be significantly lower than traditional interbank transfers, or even absent as part of promotions.
6. Example: Use mobile applications that aggregate services from different banks and allow you to transfer funds from card to card. For instance, apps like Telcell Wallet or EasyPay might offer more favorable conditions for transfers between cards from different banks, sometimes with minimal or no commission under certain conditions.
7. Watch for Promotions and Special Offers: Banks periodically run promotions where transfers may be free for a certain period or for specific customer categories.
8. Example: Some banks offer "cashback" or commission refunds for transfers as part of loyalty programs. This can be relevant for customers who actively use online banking.
9. Open an Account in the Same Bank as Your Primary Recipients: If you regularly transfer money to the same individuals or organizations, consider opening an account at the same bank they use.
10. Use Transfers by Account Number or IBAN: While this method often involves commissions, they can be lower for online transfers compared to visiting a bank branch. It's crucial to ensure you've entered all details correctly to avoid delays and additional fees.
11. Example: To transfer funds to another person's account in a different bank via the Ameriabank mobile app, you'll need the recipient's IBAN. The commission will depend on the amount and the bank's tariffs, but it will be lower than if you were to make the transfer over the counter.

What Can Be Done and What Commissions Exist: A Detailed Guide to Armenian Banks

Let's look at the specifics of online transfers in the largest Armenian banks:

Interesting Related Features:

1. Customizable Limits: Most banks allow you to set limits on online transfers for your security and to control your spending.
2. Payment Templates: Create templates for frequently recurring transfers; this significantly saves time and reduces the risk of errors.
3. Auto-Payments: Set up regular automatic transfers, for example, for utility bills or topping up family and friends' accounts.
4. Push Notifications: Receive instant notifications for every debit or credit, which helps you monitor your finances.
5. QR Code Transfers: Some banks offer the option to transfer money by scanning a QR code. This simplifies the process and reduces the chance of error.
6. Money Request: In some apps, you can send a request to another user to receive money, which is convenient for shared expenses or repaying debts.

FAQ: Frequently Asked Questions

Q: Can I transfer money from a card of one Armenian bank to a card of another Armenian bank without a commission?

A: Direct card-to-card transfers between different banks usually incur a commission. However, some banks or payment systems may offer promotional terms or minimal fees. Always check the tariffs before making a transfer.

Q: What information do I need to transfer money online?

A: For an intra-bank transfer, the recipient's card number or account number is usually sufficient. For an inter-bank transfer by account number or IBAN, you will need the recipient's full bank name, the bank's SWIFT code, the recipient's account number or IBAN, and their full name. For a transfer by phone number, the phone number is sufficient if the recipient has linked it to their bank account in the same bank or a partner bank.

Q: Is it safe to transfer money online?

A: Yes, modern online banking systems use a multi-layered data protection system, including encryption and two-factor authentication. However, it's crucial to follow basic security rules: never disclose your login, password, or card CVV code to anyone, and only use official bank applications.

Q: What should I do if I made a mistake when transferring money?

A: Immediately contact your bank. The sooner you reach out, the higher the chances of canceling or reversing the erroneous transfer. However, be aware that the process can be complex, especially if the money has already reached the recipient's account.

Conclusion

Transferring money online without commission isn't a myth; it's an achievable reality with the right approach. A deep understanding of bank tariff policies, utilizing intra-bank transfers, fast payment systems, and promotions are the main keys to saving money. We've explored how Armenian banks offer various options, from commission-free intra-bank transfers to promotions on inter-bank operations. We also highlighted important features like customizable limits and auto-payments that simplify financial management.

Pay special attention to the type of transfer, the amount, the method, and the currency, as well as the availability of service packages that can significantly reduce your costs. Don't forget the importance of security: always use only official communication channels and protect your data.

Armed with this knowledge and advice, you can significantly cut your expenses on financial transactions, making online transfers as cost-effective and convenient as possible. Share this article with friends so they too can learn how to save on transfers and leverage all the capabilities of modern online banking!