Best Ways to Transfer Money Online
To find out the different ways to transfer your money, read this simple money transfer guide below:
The typical way of transferring funds is through banks. If you’re transferring money from one account to another in the same bank, then you can do this very swiftly without any fees.
However, if you need to transfer money to another bank, state, or country, you’re going to have to ask your bank teller to facilitate the service, for a small price. Just remember that you will need the account name spelled properly, the account number and the routing number of the bank you’re sending the funds too.
Overseas money transfers via the banks become even more complicated because you will need to provide more details including the name and address of the account holder, all the account information and the swift code or IBAN number of the bank who will be receiving your funds.
International wire money transfers cost money, but you can choose to transfer it in US dollars or in a foreign currency based on the recipient bank’s location. Rates of this kind of international services depend on your bank.
Certain financial institutions will allow you to transfer money online to another person as if you were just paying an online bill. If you choose an online money transfer, you will need the recipient bank’s routing number.
If you want to conduct an international money transfer, you will need the swift code or IBAN number of the bank. You must also provide the recipient’s name as it appears on the account.
This method is especially handy if you transfer funds on a regular basis because you can set up the frequency and is often cheaper than money transfers done with a teller.
Reliable Money Transfer ServicesThere numerous money transfer service companies now from Paypal to Venmo, Xoom and Remitly, among others. Transaction fees between these services can vary a great deal depending on several factors such as:
- the amount you are sending
- the country you are sending it to
- the exchange rate of the day
- the currency you choose to send
- how the recipient will collect the money
- how you pay
Make sure your read the fine print so you know how much it will cost, if the service has any additional fees and the requirements you need to meet.
MoneyGram or Western Union
Both companies provide similar services that allow you to transfer money to different cities, states or countries. They both charge a flat rate for the money transfer based on the speed of the transfer, the location the money is being sent to, and the amount that is being sent.
If you choose to use this service to make an international transaction, make sure you check the rates. Otherwise, you may be unpleasantly surprised when the bill arrives.
Going this route is very quick and easy. The money is delivered almost instantly, which your recipient can then pick up by giving the transaction number you were given by both companies.
Writing a check is another way to transfer money because you can deposit it to another account, hand it to a person or sent it via mail.
Checks are best for local transactions because when a recipient deposits a check overseas, the bank will conduct a thorough check before releasing the funds, and it could take a while for the money to be deposited. The recipient may also have to pay a fee for check encashment.
There are other methods to transfer money but the ones mentioned before are the most popular ones. The most important consideration in choosing is to do your homework by reading the fine print, so you can avail of the cheapest ways to transfer the money.