3 Ways To Send Money Instantly
A few years ago, sending money to friends, family, and business partners was limited to cash and checks. This made the process of transferring money both locally and overseas tedious, slow, and risky. But with the emergence of digital banking and online money transfer services, it is easy, fast, and convenient to send money.
Some money transfer service providers are committed to transferring your money instantly and conveniently without hassle. But others charge exorbitant rates for their services or are not very reliable. With the abundance of digital payment options and instant money transfers, it can be challenging to know the best way to transfer money. This article will give you the 3 most reliable ways to send money instantly.
PayPal
If you do not have a free PayPal account already, now is the perfect time to create one. PayPal is a popular peer-to-peer online money transfer platform with millions of users from all over the world. Its accessibility and payment methods make it the most popular online money transfer platform.
With PayPal, you can receive money instantly from all over the world. You can then transfer the money to your bank account almost immediately, especially if you are not changing the currency. The instantaneous transfers make it possible for businesses to do international transactions, thereby broadening their customer base and making more profits.
If you are concerned about sharing your bank account information with strangers, PayPal is a great option for you. With PayPal, you can transfer money to different recipients or receive money from different senders without linking your PayPal account to your bank account. About 75 percent of online merchants accept PayPal as a creditable payment method, so you can pay for goods and services directly from PayPal.
PayPal also has a mobile app that allows you to send and receive money on your mobile phone. It offers several payment methods, including your bank account, credit card, and debit card.
But for you to send or receive money on this platform, you have to have an account. You also need to understand that you will be charged a small fee to send money overseas through PayPal or if you want to exchange currency. All verified PayPal accounts have an unlimited amount of money they can send in total, but they are limited to up to $60,000 in a single transaction.
Zelle
Zelle is one of the most commonly used peer-to-peer tools for transferring money between banks. While traditional bank money transfers take a couple of days to complete, Zelle allows you to complete the transfer in just a few minutes. Currently, more than 5,400 financial institutions around the world are on the Zelle network. This means that many people are enjoying fast, fee-free money transfers.
According to Forbes, more than 171 million transactions were done on Zelle during the second quarter of 2019, accounting for over $44 billion in bank transfers. Even credit unions are working with Zelle to offer this money transfer service. But for you to enjoy the benefits of this service, you have to sign up with Zelle, either through your bank’s app or website, and enroll in your profile.
Zelle also has Android and iOS apps through which you can access its services. However, for the recipient to receive your money, they must have an account at a bank or credit union partnered with Zelle. It’s free to send or receive money through Zelle, but you should check with your bank or credit union to see if they charge fees to use Zelle.
Also, the transaction limit depends on your bank or credit union. If your bank hasn’t partnered with Zelle and you want to send money using Zelle’s mobile app, you will only be able to send $500 per week.
Cashero
Cashero is an international cash transfer service operating in more than 164 countries. It also lets you have a multi-currency, high-yield savings account, which means it may work to serve as a replacement for your current savings, while earning you more annual interest.
To use this money transfer service, you must have an account with Cashero, which is easy to set up. Plus, the great thing about Cashero is that all personal transfers are free, meaning you’ll never pay a single penny to send your money. Casherp transfers between accounts are instant, but withdrawing from your Cashero account into your bank account takes anywhere from a few hours to a few days, depending on your bank and location.
Conclusion
With these instant money transfer services, it is now convenient and faster to send large amounts of money to loved ones and business partners worldwide. But you have to do your research to know which money transfer service is best for you. Read the fine print to know how much the service charges for its services and other important details.
