4 Ways You Can Send Money to Someone
Are you thinking about sending money and torn between the various options? If you’re uncertain about which option is best suited for you.
Here are four options worth considering:
. Bank-to-Bank Transfer
A bank-to-bank transfer is a relatively simple way to send money. To conduct a bank-to-bank transfer, you’ll need the recipient’s account number and routing number.
Once you have the recipient’s account and routing numbers, follow these steps to transfer money from one bank to another:
- Sign in to your bank account via the bank’s website or app
- Look for the bank transfer option and select it
- Key in the recipient’s account and routing numbers
- Perform the transfer
You may need to verify you’re the account owner to complete the transfer in some cases. Once you authorize the transfer, it may happen immediately or take a few days, depending on your bank. Fees also vary from bank to bank. Therefore, consult your bank before performing the transfer to avoid unexpected fees.
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. Wire Transfer
While bank-to-bank transfers are a simple way to send money, they are best suited for sending small amounts of money. According to the experts at SoFi, “For larger amounts and international transfers, wire transfers are a better option. Wire transfers can allow you to send huge amounts in less than 24 hours, and you can send money in foreign currency.”
You can either opt to use your bank or a trusted wire-transfer service like Western Union, MoneyGram or Wise to perform a wire transfer. If you opt to use your bank, you’ll require the recipient’s name, address, account, and routing numbers. If it’s too much hassle, leave it to SoFI Invest (SoFi Bank) to sort it out for you.
On the other hand, if you opt to use a wire-transfer service, you may not require a bank account, but you’ll need the recipient’s name and address. You may also be required to sign up for an account with the wire-transfer service.
Remember that while wire transfers are a fast and convenient way to send vast sums of money, they can come at a hefty cost, particularly for overseas transfers.
. Peer-to-Peer Transfers
Peer-to-peer transfers, also known as P2P payments or money transfer apps, can allow you to quickly send money using an app if you have the recipient’s email address or mobile number. Some popular P2P payment providers include PayPal, Venmo, and Zelle.
Generally, peer-to-peer transfers are an inexpensive and fast way to send money. Remember that while the recipient will receive the transaction notification immediately, transfer times may vary from one provider to another. Additionally, while some peer-to-peer transfers are free, some providers may charge fees to process transfers if you perform them using a debit or credit card.
. Personal Checks
Consider sending a personal check if you’re sending money to someone who can’t receive electronic payments. Writing a personal check is an inexpensive way to send money – mainly if your bank offers free checking.
To send a personal check, you’ll need the recipient’s name and address. Once you write and send the check, the recipient may have to wait for a couple of days to access the money, depending on the mail service and how fast the recipient deposits the check.
Nowadays, transferring money to others is relatively straightforward due to the available money transfer options. However, before picking an option, consider the merits and demerits of each method to identify a suitable one for you.
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4 Ways You Can Send Money to Someone
