When you need to transfer money, there are a lot of options that are available. But if cost is your main concern, check out these low-cost ways to transfer money.
MoneyGram and Western Union
These companies offer services that allow you to transfer funds to another state, city, or country. They charge a flat fee for the transfer, which is based on the location you’re sending funds to, the speed of the services, and the amount of money you are transferring. If you’re doing an international or overseas transaction, you’ll also have to keep the exchange rate in mind. These companies don’t usually provide the best exchange rate, which results in a hidden fee if you send funds this way. But one of the main advantages of sending money this way is that it tends to be extremely convenient.
PayPal has become an increasingly popular (and low-cost) way to transfer money. You can send money to another person free of charge, as long as you have a verified account. You can verify your PayPal account by simply linking it to a checking account. Also, no fees apply if you are using any existing PayPal balance to send money to someone. If you choose to send money via a debit card or credit card, a fee does apply. However, the sender can choose who incurs that fee.
Your banking institution
Your bank can help you with various kinds of money transfers. If you’re just moving funds from one account to another at the same bank, this is something you can normally do for free, and you may even be able to do it online. If you want to send the money to a bank account at another financial institution, you will need both the routing number and checking number. International money transfers may be available for a low-cost, but are usually not free of charge. They also require much more information.
Cashier’s checks and money orders
These can be great choices in particular situations (for instance, when giving a landlord your down payment for an apartment). They are almost as good as cash, but they are made out to a specific recipient. Unlike a check, there is no waiting for these items to clear. Additionally, you can purchase them at various locations, such as the post office.
Some banks give their customers the option to transfer funds online to someone else, much like you would when paying a bill. Routing and checking account numbers are needed, in addition to an IBAN or SWIFT number if you are transferring the money to a recipient in a different country. This can be a particularly helpful technique for transferring money on a routine basis, as you can set up how often the payments will be made. Often, e-transfers are less costly than transfers done through a bank teller.
It may seem like a method that’s becoming slightly outdated, but one straightforward and simple way to transfer funds from one account to another is through a personal check. This is often a good option for those who prefer not to do any of their banking online.
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Nothing above is meant to provide financial or tax advice. You should meet with appropriate professionals for such services.