In Arab society, the culture of profit and work via the Internet has become widespread, and this is of course a positive thing that enhances the opportunities of the digital economy and the financial independence of individuals.
However, there are still some misconceptions and misconceptions that spread among people about working online, and some people can resort to ineffective or even illegal methods of profit. Today I will explain to you the most important ways in which people withdraw their money after making money from the Internet.
1. Electronic wallets
E-wallets are an easy and fast way to receive and transfer funds locally. It is considered one of the most important technical solutions that facilitated and accelerated financial trading operations. There are two main types of e-wallets:
- Electronic wallets issued by local banks: Local banks provide this type of electronic wallets to their customers, as these wallets allow them to control funds and make payments and transfers via the Internet. Banks also provide mobile applications for electronic wallets that facilitate easy and secure access to financial services.
- E-wallets issued by mobile network service providers: This type of wallet is usually offered by mobile telecom companies and electronic payment service providers. These wallets may allow you to pay mobile phone bills and installments and make mobile payments easily and comfortably.
E-wallets are considered a safe and reliable means for daily financial dealings. They also contribute to facilitating the financial life of individuals and saving time and effort in payment and transfer procedures. This technology is constantly evolving and witnessing an increasing spread in the Arab world due to its benefits and ease of use.
2. Financial Intermediary
A broker in the field of receiving profits is considered a person who collects money on behalf of its owner. The need for a broker is necessary when one of the parties finds it difficult to transfer or receive money directly, and this may be due to circumstances related to the customer himself or the method used for transfer.
For example, a person may be exposed to an excellent online business opportunity, but find it difficult to receive his earnings from a client due to the use of an inappropriate or unavailable payment method in his country.
In such cases, he has two options to solve the problem:
1. An apology for carrying out the work if it has not started yet.
2. Resorting to the financial intermediary to receive profits from the client.
Resorting to a financial intermediary is another solution that can be used to solve this problem and it should be done only if the person has carried out the required work or part of it, or if he knows a reliable intermediary that he can rely on to receive his profits.
When using a financial intermediary, part of the amount collected is paid as a fee to the intermediary for the service it provides, and this amount is usually greater than the normal transfer fee, and is determined based on the agreement between the parties involved.
Attention must be because the use of the broker to receive profits may not be completely guaranteed and depends on the reputation of the broker and the personal experiences of individuals with it, and there are other means of receiving money globally such as (Paysera, Wise), but the aforementioned methods are the most common and used among freelance platforms and commission marketing networks.
3. Digital Currency
Payment by digital currencies has become available in a large number of sites on the Internet, as many electronic stores rely on this method to provide flexible payment options for users, and some self-employment platforms provide digital currencies as a means of receiving profits.
The digital currency payment mechanism requires owning a digital wallet to receive profits. Profits are paid in the approved digital currency on the site or platform on which the profits were made.
Among the important advantages of paying with digital currencies:
- Get cryptocurrency without mining: By relying on cryptocurrency payment, people can get cryptocurrency without having to participate in mining operations.
- Possibility of investment: Investing in cryptocurrencies is an option for some, as cryptocurrencies are currently on the rise in value.
- Low Transfer Fees: Cryptocurrency transfers are much lower in cost compared to traditional bank transfers.
Of course, this method also has some disadvantages, including:
- Legal restrictions in some countries: Digital currencies face legal restrictions in some Arab countries, or dealing with them is prohibited.
- The instability of the value of digital currencies: Digital currencies witness a great fluctuation in their value, which can cause instability in the value that an individual owns.
- The need for secure wallets: You need to get a digital wallet that provides high protection because hacking and theft of digital wallets are widespread.
- Lack of platforms that support digital currency payments in the field of self-employment.
- Converting into fiat currencies: To convert cryptocurrencies into fiat currencies, one needs a special platform and this process may be complicated for some people.
All in all, cryptocurrency payment is an option worth exploring for individuals who are looking for a flexible and futuristic way to transact money online.
4. Post offices
Post offices are one of the most famous and oldest means of receiving and sending money locally. Post offices can be used to collect profits from customers residing in the same country as you.
The transfer is done through a money order and only an ID card is required for receipt. In addition, you are not required to have a checking account to transfer money through post offices.
Among the important advantages of money transfer through post offices:
- Speed of transfer: Funds are transferred relatively quickly through post offices.
- Low transfer fees: Post office transfer fees are low compared to some other methods.
- Ease of procedures: The process of transferring money via post offices does not require complicated procedures to receive it.
- Maximum amount: The maximum transfer amount is EGP 50,000.
However, there are some disadvantages that you may deal with when using post offices to transfer money:
- Inquire about the arrival of the remittance: It may be difficult to inquire about the arrival of the remittance except by visiting a post office.
- Working hours: The transfer can only be received during the specified working hours, and it cannot be received on holidays and official holidays.
- Delay in receiving: Receiving the transfer from the post offices may take longer than necessary at some times.
In general, post offices remain a reliable option to use when you need to transfer funds locally, and may require some regulation to make use of them more effectively.