September 1, 2016

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What are the best ways to send money to an individual?

Money transfer is one of the greatest boons of technology, an kind of emergency can be handled with quick access to money.While transferring money there are a few basic things that come to our mind, like- Will the money reach on time? Will it reach safely? Will the person receive as much as I am sending? Etc. Before we decide to transfer money, it is important to have some idea to the answers to all these questions. To give you that idea, here is the list of best ways for transferring money within and outside America.

1. Square Cash (for direct account transfers) - unlike Venmo this does not involve the use of a digital wallet, as here money is transferred from the bank account of one person to another. Here also the maximum possible transfer is for $10,000. It also links with your debit and credit cards and hence allows you to transfer directly from your account. It has a feature called $ cashtag for receiving money.

2. Venmo (for mobile transfers) - While using a mobile to transfer money, we usually transfer using a digital wallet. Venmo links with your bank accounts and transfers money using your credit cards or debit cards. Using Venmo you can transfer money less than $10.000. If you receive money through Venmo, it will deposit in your Venmo balance, and cannot be accessed by your account earlier than two days after you receive the money.

3. Walmart 2 Walmart (for direct cash transfers) - This is the quickest way to transfer money, just go to the nearest walmart store and ask the person you want to transfer money to, to go the store near them. With this you can instantly exchange cash, this costs less than transfers through Western Union and MoneyGram. You can only send money up to $10,000.


1. TransferWise (for mobile and online transfers) - The main advantage of using TransferWise is the mid market rate, it offers a foreign exchange rate lower than the ones offered by banks. The user has the option of sending money in 36 currencies, if based in U.S. The transfer can be complete within a day or might also take several business days. The limit of transfer is set at $10,000

2. Xoom (for receiving money) - This offers the option of cash pickup as well as account transfers. This is a quick way for money transfer, and money can either be in the currency of the sender or the recipient. It specializes transfers up to $2,999 in 50 countries.

3. Western Union (cash transfers) - This is the oldest and one of the most trusted brand for cash transfers both national and international. It offers cheaper transfers as compared to international bank wires. It has the most wide spread network with over 100,000 ATMs and 500,000 global agent locations. It also has an app and an official website, but its specialization is cash transfers. 

It certainly has the biggest network and provides maximum pick up locations unlike any other provider word wide.


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