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Technology plays a huge role in nearly everything we do these days. This includes banking and sending money to family, friends, and creditors. Virtual money transfer is available through several companies and apps, but you’ll need to know which ones are best for you. Here are a few suggestions for safely sending money so you can take advantage of technology, especially while socially distancing.
When it comes to online money transfer, you can likely use your bank to take funds from your account and send them to a friend or family member. If the person you’re sending the money to has an account with the same bank, the transfer is usually free.
If you’re transferring funds to someone with a different account, you’ll pay a small fee that will be deducted from your account at the time of the transfer. Some banks have a limit on how many transfers you can perform per month for free and other banks won’t allow you to transfer to certain financial institutions.
If you want to use bank transfers for all or most of your financial obligations, particularly during quarantine, check with your bank for more information and to safely schedule your transfers.
Well-Known Money Transfer Companies
Some of the companies that are known for money transfers, like MoneyGram and Western Union, are now accessible online. This may make you more comfortable with sending money online if you’ve used these companies at check cashing or retail locations in the past.
You can download the apps for Western Union and MoneyGram and send money to companies for bill paying purposes. You can also send money to friends and loved ones, whether they’re in the same city as you or live in another country.
Money Transfer Apps
There are also additional apps that are designed for online money transfer. Paypal has long been a leader in the money transfer sector. The Paypal website/app allows you to send and receive money from customers and transfer the funds to your bank account. You can also use money to send money to someone who has a Paypal account.
If the recipient doesn’t have Paypal, he/she will receive an email asking if they’d prefer to transfer the funds to their bank account. Paypal is also beneficial because many online vendors will take Paypal as a form of payment so you can safely use the money in your account to make purchases.
Of course, there are also several additional apps you can use to quickly and conveniently send money. Venmo is a reliable app for sending and receiving payments. The app is connected to your bank account and you’ll see transaction activity for your bank account in seconds. This makes it easier to keep up with your financial activity.
CashApp is also a widely popular app. Individuals and companies use CashApp to transfer funds. CashApp also offers a debit card so you can use the funds in your account the same way you’d use money in a bank account. Or, you can transfer CashApp funds to your bank account.
If you want to start using online fund transfer apps and websites for your professional and personal transactions, you’ll likely find these financial websites and apps helpful.