4 Money Transfer Methods
Transferring money from one person – or account – to another is easier than ever thanks to the technological advances of the last decades. Traditional methods are quickly going the way of the dinosaur as faster, safer, and more affordable options become increasingly available.
Read on to learn four ways to transfer money safely, securely, and affordably.
Bank Transfers
Your bank can help you set up many types of transfers. Most financial institutions offer some sort of online banking and some even have apps for managing your account. Transfers from one account to another can often be done through these avenues without any outside assistance. For international or other money transfers that are more complex, the majority of banks help with the process. Some charge fees for this assistance, especially if the transfer is not internal but going to another financial institution. To make a wire transfer to an account at a different bank, you will need to know at least the destination account number. You may also need to find the routing number for that institution, but most banks can find this for you. Overseas transfers require a lot more information to process. You will often need to provide the name and address of both the recipient and the bank as well as the international bank account number (IBAN) and SWIFT/BIC code for that institution.
Western Union
Western Union is a leading name in money transfer services. From its humble beginnings in the late 19th century to today, Western Union has focused on customer service. Today, this service charges a flat rate to transfer money to a different city, state or country. This flat rate is based on the amount being sent, where it is being sent, and the speed of the transfer. They also charge an exchange rate fee for international transfers. This amount may be higher than it is for other avenues like bank transfers, but it is often still affordable.
Zelle
Founded in 2017, Zelle is one of a host of apps for transferring money to enter the market in recent years; others include Venmo and PayPal. These transfer platforms process digital payments and transfers through partnerships with private financial services firms. To utilize these apps, you are required to enroll with a valid U.S. bank account, email and mobile phone number. The recipient also needs to have an account and you must know their preferred email and/or phone number to send them funds. Most of these services do not charge you to send money but they may charge the person receiving the funds. Always make sure you know the finer points of the specific transfer app you are using.
Email Money Transfers
You can initiate a wire transfer through email in some instances. This form of transfer operates as an electronic check and thus, may take time to clear in the recipient’s account. That means it may not be the best option if the money needs to be received quickly. Sending funds this way may cost a nominal fee and are often initiated through your bank. While secure in most instances, email money transfers are often used in phishing scams and you should be cautious of unexpected transfer notifications you receive.
Transferring funds by cash or check is not always an option. By utilizing one of the methods outlined above, you can send money to anybody in the world for a nominal fee. Shop around and find the best method for your specific needs.
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