You would like to send money to a friend here are the best ways to transfer money online or maybe you live in Canada and you want to send money to a friend in Africa but you don’t know how to do it, in this article you will see ways to transfer money online. There are other methods but here we will list out only 5 and give details about them.
Whatever the reason, at one time or another, most people need to send money to a family member, friend, or someone else. There are several ways to send money online, each with its advantages.
5 Ways To Transfer Money Online
Zelle is one of the ways to transfer money online if you want to transfer money to someone but it does not matter about the added bonus, Zelle is good in peer-to-peer for bank accounts transfer. Some of the tools used to transfer money online are due takes days but Zelle can complete the transfer in a few minutes. More than 5,000 financial institutions are now on the Zelle Network, which is the number of people that access it makes it fast.
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How Zelle Works
To use Zelle you have to sign up directly, which is mostly done on their bank app or website. If your bank is not partnering with Zelle, you can still use the service through its android and iOS apps.
Payment options: You can only send money directly from your bank account with Zelle.
Fees: $0 to send or receive money (Zelle recommends confirming with your bank or credit union that it doesn’t charge additional fees to use the service.)
Transaction limits: Depends on the sender’s bank or credit union. Customers whose banks have not partnered with Zelle and who are using the service via its smartphone apps, can only send $500 per week.
PayPal is also among the ways to transfer money online. Funds are received instantly into a recipient PayPal account and can be transferred directly to their bank account. Some Paypal has the advantage that if a recipient does not want to link their bank account, they can use their Pay Pal balance to spend money instead. PayPal’s International transfer comes with hefty fees, it best way of sending money with the U.S.
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How it works: Those who have a Pay Pal account can send money to friends and family through the App, or online via a web browser.
Time to receive funds: Funds are received instantly in the recipient’s PayPal balance and can be transferred to their bank account as soon as the next day.
Transaction limits: Verified accounts have no limit for the total money that can be sent, but are limited to up to $60,000 (or sometimes $10,000) in a single transaction.
For those who mostly send a large amount of money can use wire transfer, and it’s also the ways to transfer money online. There is a specific fee for wire transfer, to make a wire transfer, you visit or go online with your bank or a wire trader company.
- Fees vary based on the institution, though it could be free based on the type of account a customer has. Companies may charge a fee for sending as well as receiving wire transfers, and rates may increase if you’re sending the money to someone outside the U.S.
- Time To Receive Funds is generally one day or less.
There are many ways to transfer money online but we chose to drop only 3.