Sending money through banks in the US can be costly. The transfers also take several days to reach the recipient. Online money transferring companies have made things easier by charging lower fee and offering faster service. Money can be transferred between friends and family, to buy and sell products, or to make payments within the US or abroad. Here is a list of ways to transfer money for you to decide the most suitable method.
Sending up to $10,000
Zelle can be used to transfer money only by linking a US bank account to it. It has partnered with over 200 banks and companies. It can also be used as a stand-alone app. Unless the partner bank decides to charge a fee, Zelle offers free services. The weekly limit is set by the banks, which varies from $2,000 to $2,500. It is only available in areas that are in the US mainland.
Users can send money quickly by linking their bank accounts or debit cards to their wallets for free. For transfers involving the use of a credit card, there is a $3 fee. Users can only send an amount of up to $2,999.99 per week. Venmo is made for money transfer between friends and family; buying or selling through it is not allowed. It is also available only within the US.
PayPal lets its users make transfers within and outside the US if they fund with their bank accounts or already have credit in their PayPal account. To send money through a debit or a credit card, the users will have to pay 2.9% of the amount plus 30 cents. PayPal has a $10,000 limit per transaction.
Sending More Than $10,000
The amount of money that can be sent through Xoom depends on the receiver’s country – the highest being $25,000. It lets people send money to over 70 countries. Senders can make transactions from credit cards, debit cards, or banks. Many banks have partnered with Xoom making it easier for recipients to receive payments directly to their bank account.
People can quickly sign up for TransferWise through their Google or Facebook accounts. It charges less than 1% of the amount. Money can be sent to over 70 countries from the US. It takes several days for the recipient to get it.
3. Western Union
Western Union provides a wide range of services to its customers when it comes to financial transactions. Senders can easily transfer money online or through the app with a bank account, credit card, or debit card. Money can also be sent in person by visiting any of their agents’ office. Western Union has locations worldwide allowing people to send any amount of money within the US or abroad.
Similar to Western Union, MoneyGram lets people transfer money to almost any country, but it has fewer locations. Money can be transferred online or through their app to any bank account. Transferring to banks doesn’t take more than one business day. Transfers can also be made in person by visiting any of their offices.