Around 45% of Americans hadn’t written a check in the last year, which proves there are multiple ways of transferring funds.
Finding the right method is essential for safely transferring money to your loved one while protecting your account. But, if you haven’t considered the options, you could put your money at risk. Maybe it’s that concern that brought you here; you want to safely send cash and are searching for advice.
Sounds like you? No worries, we’ve got you covered. Here are multiple ways to transfer funds.
Give Money In-Person
If you don’t need to send money online, simply give money in person. That way, you know that your loved one has received the cash. Plus, you can count out the perfect amount knowing that there are zero communication issues.
Make a Wise Payment Transfer
Regardless of whether you’re sending in or outside the U.S., you can quickly send funds using the recipient’s email address or cellphone number. If the recipient isn’t in your address book, simply register their account to make the payment.
For overseas transfers, you’ll receive the mid-market exchange rate so take this into consideration before sending. If this is a common occurrence, it’s wise to choose an option that offers the top international exchange rates to save in the long run.
Write a Check
Another way to exchange money is by writing a check. Although it’s less practical, you can easily transfer funds from your bank account to a recipient’s. The beauty is that you can use checks online or even through an online banking app for an effective option.
Create a Money Order
Regardless of whether you want to transfer money internationally or nationally, you could always create a money order. It’s important to note that it’s more secure than a check because it can be traced and canceled if it gets lost.
Try PayPal
PayPal is an economical way of transferring money, whether you’re a business or an individual. Consumers love how it’s accessible via desktop and mobile so you can access your PayPal on the go.
Although it’s free to send cash through PayPal, the recipient may be charged to cash the payment. If you’ve got a verified PayPal account, you can send a maximum of $60,000 but you’ll be limited to $10,000 for a single transaction.
Also, if your loved one is abroad, use their Xoom service as it lets their customers send cash to people in over 200 countries.
Use Cash App
One of the top payment apps is CashApp. Know, that it’s available in the United States and the United Kingdom, which means you can send money between the two with no fees. To get you started, Cash App lets you transfer a maximum of $250 within a week and around $1,000 after a month.
But, unlike other digital platforms, you can’t cancel a transaction once it’s been confirmed. So pay attention to the username to prevent any issues.
Transfer With Venmo
Another great digital platform is Venmo. In fact, around 14% of American adults use this app for peer-to-peer transactions, which highlights its popularity.
If you’re interested, get your recipient to sign up for the platform so that you can send funds to their phone number or email address. Having an account is essential; otherwise, you’ll be charged a 3% fee if you’re using a credit or debit card.
Like social media channels, you can “add” friends and your transactions are shared on a newsfeed. But don’t worry if you want privacy because you can change the settings.
Go to Western Union
Anyone who has friends or relatives overseas should add Western Union to their list. The company charges a flat rate based on the speed of the transfer, the destination, and how much you’re sending. But remember that you’ll likely be charged an exchange rate, which counts as a hidden fee.
Transfer Money at Walmart
If you don’t know already, the nation’s beloved superstore lets you transfer money. It’s important to note that this is only between stores so make sure the recipient is near one. Luckily, there are 3,000 dotted around the country, which means there are plenty of options to choose from.
Before transferring funds, consider the different tiers of fees. For instance, anything less than $50 costs a $4.50 fee whereas anything between a $51 and $900 fee will cost $9.50. But, unlike other online platforms, you can send a maximum of $2,500 for an $18 fee.
Use Google Wallet
The most appealing aspect of Google Pay is that it’s accessible to anyone with a smartphone, which is the majority of the population. Simply transfer money using the recipient’s phone number or email address, depending on what you have.
You can also apply for a Google Pay debit card where you can make transactions or withdraw cash from ATMs across the country. Aside from being practical, account holders love that transactions are free, regardless of which country the recipient lives in.
Or, if that doesn’t tickle your fancy, check out Google Pay. First, you must link a debit card or bank account before sending funds to your loved ones. Google Pay lets you send around $5,000 if you’re verified and even set up groups so it’s easy to split Ubers or dinner.
Transfer With Apple Cash
In a similar vein, most iOS users are well-versed with Apple Cash. Before you can start, link your debit card to your Apple Wallet to fund the transfer. Then, press the Apple Pay icon in the Messages app and send money via a text message.
It’s important to note that the minimum you can send is $1 while the maximum is $10,000. Also, Apple charges you a 1.5% fee for instant transfers so take account of this before starting a transaction.
Try Zelle
One of the newest players in the game is Zelle. To get the ball rolling, users must enroll their email and phone number with the Zelle app or the company’s bank portal.
Like others on the list, the process is simple. Check that the recipient has a U.S. bank account and enter their email address so that they can receive a payment. Once sent, your friend or family member will receive a notification with instructions on completing the payment.
The beauty of Zelle is that there aren’t any fees to send or receive money, making it the go-to option.
Send Cash With Bitcoin ATM
Cryptocurrency lovers will be excited to learn that they can use crypto exchange to transfer funds. Many enthusiasts use a local Bitcoin ATM because it’s efficient and safe.
Never come across one before? Know, that a Bitcoin ATM is a machine that buys or sells cryptocurrency for cash. Unlike traditional machines, this variety connects you with a Bitcoin exchange, which streamlines the process.
If you’re interested, start by finding a machine near you. Enter your desired amount of cash and enter your loved one’s wallet address into the machine. When you’re ready, confirm the transaction and the recipient will receive the bitcoin in their digital wallet.
Use a Prepaid Debit Card
A great alternative to debit cards is choosing a prepaid one. You can find these in gas stations dotted across the country and in large retailers like Walmart. Start by uploading the desired amount so that you can transfer funds and set up a direct deposit.
An added bonus is that many have apps that link to accounts so that your recipient can access the money.
Transfer Cash Using Facebook Messenger
Yes, you read that correctly; you can even send money via Facebook Messenger.
Click on your friend’s name on the messenger app and hit the dollar sign icon. Note: You must enter your debit card information before sending the funds. If you’re worried about security, you can add a prepaid debit card to prevent cyber attacks.
Use Square Cash
Thanks to Square Cash, you can send money to your loved one’s email address. Start by downloading the app and linking the debit card that you want to send from. Customers love that the recipient doesn’t need the app, which means they’ll receive the money regardless.
However, it’s important to note that it can take up to two business days to process so it’s not ideal if you have a strict deadline.
How Will You Transfer Funds?
Hopefully, you’ll use these tips to transfer funds to your loved ones.
There are many great contenders to take on board, such as creating a money order or using a reputable platform like PayPal. Customers should also send cash via Facebook Messenger or even with Bitcoin ATMs if they have cryptocurrency.
If you’re interested in similar posts, check out the rest of our blog.
