Wednesday, November 4, 2015

Money Transfers Made Easy: How to Send Money Safely and Cheaply

Sending a money order or even a check through the mail simply is not a quick or safe way to forward money to someone you love. While it's possible to ask your bank to transfer money from your account to another, this is only an option if the recipient has the same banking institution and can be subject to delays based on the amount of money being sent. 

If you need to get money to someone quickly but you don't want to spend a fortune on the transfer, here are some safe transfer options that won't cost a ton of money.

Paypal Transfers and Cash Cards


There is more than one way that you can transfer money through Paypal. What's great about Paypal is that you can send money with or without a bank account as long as the recipient has their own account. 



By accessing your account, you can send money from the balance or you can attach a funding card and safely send money from the credit card or bank account directly.

If you don't have a Paypal or bank account, many retailer sell funding Paypal cash cards where you can add money and then deposit it into an account by giving the recipient the code. The costs are minimal, with cash cards costing less than $5.00 to add up to $500. 

Google Wallet for Person-to-Person Transfers


While Paypal can be used to pay businesses or to send money to a friend, Google Wallet is strictly for person-to-person transfers. With this option, you can send money to anyone who has an email address by downloading the app. 

The recipient will receive an email giving instructions on how to receive their money, but they must open their own Wallet account before they can place it in their account or spend it. This is a great way to secure banking info while still sending money on the cheap. Google Wallet is not compatible with prepaid cards for funding purposes.

Quick Money Transfers to Multiple Banks


If you want to send money internationally and you don't want to pay expensive international transfer fees, companies like Sharemoney.com make international remittance quick and easy. You can use your bank account or credit card to deposit money into a bank in Brazil or even the Philippines. 

After Sharemoney verifies your identity and the funds, money is deposited immediately in a safe and secure manner. The great thing about this transfer service is that they offer great rates and the lowest transfer fees compared to competitors like Moneygram and LuckyMoney.

Social Media Money Transfers Through Facebook


It didn't take long for Facebook to see the profit potential in money transfers. Now, Facebook users can send and receive money from their friends on their account. It takes 3 days for the transfer to process and currently users can only fund the transfer with debit cards through a banking institution. 

This is a great peer-to-peer payment option that is safe and offers you convenience and protections.

When you transfer money, cost should be a concern but you shouldn't overlook security. With all of the fast electronic methods to choose from, choosing an option can be overwhelming. 

Consider limits, fees, time frames and what is needed to send and receive money. Once you investigate the options, you can send the money the appropriate way.

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