Whether you’re sending money abroad to help out a relative, paying your share of a bill, repaying a small loan from a friend or paying a small business owner for their service or product, there are many different ways to securely transfer money today. In the past, a bank was usually the only option for sending money, but over the past couple of decades, more companies have grown in popularity for providing quicker, cheaper, and more convenient money transfers. Some of the top ways to send money to family, friends and others include:
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International Money Transfer Apps
Money transfer apps are often the best way to send money to friends or family abroad. Using an app like Ria Money Transfer, you can take advantage of the best exchange fees and send money easily and instantly to various countries around the world. Whether you’re helping out a friend or family member abroad or paying an overseas freelancer for their work, it’s a convenient alternative to making a bank transfer if you’re paying somebody who will be receiving the money in a different currency to yours.
International Wire Transfer
Another option to consider when it comes to sending money to people abroad is an international wire transfer. This can be convenient as you already have direct access to the money in your bank and will only need to provide the bank details of the recipient to make the transfer. All you will usually need is their IBAN, or international bank account number. However, there are some disadvantages to this, including higher fees for sending money internationally, and the fact that transfers will not typically be instant.
Peer to Peer Transfer Services
Peer to peer transfer services work in a similar way to international money transfer operators. PayPal, Cash App, and Venmo are some of the most popular options that can be used to conveniently and cheaply send money to your family and friends. They offer user-friendly apps and can usually be used to send an immediate payment that will reach your recipient instantly.
Bank Transfer
If you are sending money to somebody who is in the same country as you, a bank transfer is another convenient option that is available. This can be an ideal way to send money if you do not want to use a third-party app to manage payments, and in most cases, can be processed instantly or on the same day. A domestic wire transfer is usually easy to set up; all you need is the bank details for your recipient. It can be done using online banking, mobile banking, over the phone or by visiting a branch of your bank.
No matter who you are sending money to or the purpose of the payment, finding a reliable way to send payments either domestically or abroad is important. When looking for the right money transfer or payment service, some of the top things to prioritize include speed of transfer, low fees, security, and reliability. Availability is also important if you’re using the service to send money abroad.