Stop Overpaying Fees When You Send Money With These Simple Transfer Tips

Most people will need to send money on a regular basis whether it’s to friends, family or for other commitments. You can send money through your bank or a money transfer company.

Through a bank

The easiest way to send money is through an existing bank account. If you are sending money to someone within the US, then you you might not have to pay any extra charges.

Online transfer with an account number and transport routing number (RTN)

To do this you will need the bank details of the person you are sending to. Some banks may charge a fee and it can take 2-4 days to complete.

Online transfer with email address or phone number

This is only available with some banks. The payee receives an email or text with instructions on how to get the money. It generally takes less than a day to complete.

Wire transfer

This takes less than a day though there is usually a fee to pay for this service. You can do it in person, over the phone or online.

Money order

Literally buying money: you pay the bank a small fee and the order is mailed to the recipient, who can then cash it at a bank or post office.

Through a money transfer company

Western Union is probably the best-known money transfer service, and you can pay into someone’s bank account or they can receive the money as cash at an authorized location. If the receiver has a mobile wallet with the money transfer company, they can also receive it that way. The process is usually more or less instant, and the money can be collected in minutes.

What to be aware of

Using a money transfer company is much more flexible as the receiver doesn’t need to have a bank account. However you will have to pay fees for the service, and the exact amount depends on the amount of money you want to transfer. You don’t have to make the transfer in person and many companies have an app or a website where you can make the payment. You can even send to someone in prison via a telephone number or commissary.

International transfers