8 Examples of Money Transfers

Traditionally, when you wanted to transfer money, you went to a bank and asked a teller to do it. However, today’s technology has come up with many ways to move money. Here are some examples of how people transfer money today.

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   Bank Transfers

A bank can help you move money in ways modern transfer services work, such as Ria Money Transfer, cannot. For example, visiting your bank can help you move money between your accounts for free. You can also go to your bank for things like wire transfers.

2. Apps

One of the newer ways to move money is through apps. You can transfer money from your bank account, pay for things, send birthday gifts, and more. Some businesses are using apps to manage direct deposits for their employees.

3. Websites

Many websites have popped up, allowing people to initiate money transfers freely. Individuals and businesses can transfer money to each other for free. However, many websites take a percentage if you wish to speed up your transfer. Additionally, they can report your income if you make enough over a year.

4. Transfer Services

Likewise, online transfer services have developed recently. These generally charge a flat rate to help you move your money. They can also send money overseas. The drawback to this option is that these services tend to have hidden fees based on how much money you send, where it is going, and how much help you need. Despite that, these services are secure and convenient.

5. Cash

If time is not of the essence, you can withdraw cash from your bank account and pay for something in person. As long as the funds are in your account, you will receive them for use immediately. However, you should not send cash in the mail. If your mail goes missing, you can’t get that cash back.

6. Checks

A great way to exchange money in the US is a personal check. That is especially true for people who need to send someone money in the mail since you can cancel one that doesn’t arrive. However, this is not always a great way to send money to another country because many banks don’t accept foreign checks. Additionally, the recipient might face fees to change the funds into their local currency.

7. Money Orders

Money orders are a great option if you need to send money to someone in another country. You can purchase them at your local post office in the currency you need to send. The post office also offers them cheaper than your financial institution would. Most banks try to encourage wire transfers, so they charge a higher rate for money orders.

8. Emails

Some banks allow you to email money transfers. You initiate a transaction via email and are notified that they have funds available. It is like a check. You do not need their bank account information, but they will need to answer a security question to get the funds.

Checking these options will help you decide which is the best for you. Make sure you look at the fees. Additionally, remember that the right choice in one situation might not be the best option in another. Do your homework so you don’t waste money unnecessarily.

Read more: 

• How Could a Savings Account Be Created for You and Your Child?

• What is the Format of a Banker’s Verification Letter?

• Preps You Need to Have a Secure Credit Card Journey