Sending cash online is simple, fast, and usually inexpensive. You do not have to take the money to some institution and be nervous because of its losses. There is also no need to cash checks - one can get funds from any country and send them anywhere.
You can choose the provider that fits your requirements: price, speed, domestic or international money transfer. We will discuss the list of the most reliable, fastest, and least expensive variants.
PayPal is a banking organization owned by eBay, which enables users to send funds to other users from their PayPal account, bank account or debit/credit card. To transfer money, both of them must have a PayPal account.
If the person, you want to send money to, is not registered with PayPal, he will receive an email or message with an offer to create an account to receive the sent money. Yes, every financial operation requires a registration or a certain identity authentication, whether you send money to your brother in Australia or applying for online payday loans in Canada.
PayPal transfers are free if they come from your bank account or PayPal balance. But if you pay with the help of your debit or credit card, then a commission is charged: 2.9% of the total sum plus 30 cents. Let's look at the details. The maximum sum of the transfer is $10 000, and the transfer takes from one to three working days. The transaction can be done via a website or a mobile application on phones.
Venmo, held by PayPal, is a free payment app that draws funds from your bank account or debit card. You can also add messages to every payment that is so useful.
This application has a very high rating. When using a credit card, a 3% commission is charged. With a few clicks on Venmo, you can send or receive to $2,999 per week. When you join Venmo, you have a maximum transferability of $299. But if you add some information about yourself, that transferability will increase.
Square Cash works through email which affects some fairly obvious security issues. But the service itself is safe. Working in this format can be quite frightening for the beginners who will have to trust the creators of Square.
Square also introduced its own Cash applications for the iPhone and Android, which have a non-standard interface. When you open the application, a numeric keypad allows entering the amount in dollars. Then the application substitutes the entered sum in the email and adds it to a copy of email@example.com. Enter the friend's name, press send and the money is transferred. Square Cash looks incredibly simple.
With Google Wallet, you can send money to any email address for free. The advantage is that recipients do not have to be Google Wallet users. They just need to enter their bank account number or debit card number.
Facebook Messenger allows people not only to communicate but also to make transfers thanks to the partnership with PayPal. But it requires a PayPal account anyway.
Online bill pay is another transaction option, but compared to others, it loses in speed. A mandatory condition is the provision of a check, which can lead to a delay in the transfer for several days.
Wired transfers are an instant transfer between bank accounts, but with a commission of approximately $35.
MoneyGram, Western Union make money transfers at physical locations with a phone support but now they also admit online request payments. You should remember that services charge average fees.