At some point or the other, everyone owes someone for something. Perhaps you owe a co-worker for lunch, or a friend bought you tickets to the game or another friend sold you his DVD player. You might even have hired freelancers abroad and wish to pay them. In any case, why not send money online instantly? So today we will take a look at some easy ways to transfer money internationally, locally or to any bank account same day.
Table of Contents
1. Wire transfer
Executing wire transfer is as easy as making a phone call. Write down the recipient’s name, bank account number, the receiving bank’s SWIFT code (for international transfers) and bank routing number. You also need to have your own bank account with money in it. Optionally, you also will need a computer or phone with Internet connection to login to your account. Alternatively, call or visit the bank. Determine the amount of wire transfer. Note that banks charge a small fee for such a transfer which can vary if you are sending money internationally.
2. Square cash app
You can also send money online instantly if your recipient has an account on Square Cash app. You, on the other hand, may or may not have an account here. However, you do need to know the recipients cashtag url. This is a great way to send money online instantly but it is not available outside US. Other top apps to send money include Venmo.
This is the best way to transfer money internationally or domestically and you need not have an account on PayPal. If you do not have an account, ask your recipient to create a PayPal link and send it to you. You can also use the SignUp link to send money using your credit card. The advantage of using this method is that you can send large amounts internationally and also the transactions are rather fast. PayPal also has their Xoom service to send money, reload mobiles and pay bills around the globe.
4. Western Union send money
Western Union send money has several options. You can send money using your debit or credit card to another bank account, nationally or internationally, to a Western Union agent location, to a mobile wallet, or from your bank account to their bank account/ agent location. Fees for these transactions range from $5 to $10. The cash pickup with this method is considered one of the fastest. On the downside, this method to send money online using debit card is rather inconvenient for small amounts.
Most banks charge up to 5% in hidden fees. TransferWise is nearly 8 times cheaper. The advantage of using this method to send money internationally is that they use average or mid-market exchange rate between the buying and selling parties. One the downside, there is no online chat, and they also have maximum transfer limits. Read reviews of TransferWise before using it to send money.
Personal checks are safest and easiest way to send money to someone. This is a secure method for the payer as the personal check can be cancelled any time. For the recipient though, there may be some inconvenience as his/her bank may or may not accept foreign checks. Also, the payee may have to pay the exchange rate. This method is also slow as the check needs to be mailed. Some checks remain valid only for certain time period beyond which they expire.
7. Send money to email address
Many banks offer this convenient method to send money to someone without a bank account. Login to your account and go to Transfer tab. Select the option of sending money to an email id or phone number. This is a low cost method to send money.
You can use your mobile to send money to anyone with PoPMoney. It is simple, secure and you can also sign up directly on their website or through your bank account. You can use PopMoney to send money, send a money receipt request or even collect money from a group. It is also easy to set up recurring payments with this system.
Looking for easy, fast cheap and best way to transfer money internationally? Try WorldRemit as they offer first transfer free of cost.
As can be seen there are many ways to send money to someone without a bank account, online or using a debit card. However, all of them have fees which you need to be aware of. Explore various options so that you can make an informed choice.