Different Ways to Send Money
Options for Transferring Money
There are many reasons why you would want to send money to someone, it might be that you need to make a payment to someone, or someone you know needs financial help. You may simply want to send someone a monetary gift. Whatever the reason, there are many options available if you want to send money. Be sure to check the fees of each institution before you decide to use them to send money.
Whenever you send money, be aware of money fraud and what types of scams are circulating. Never send money to someone if you are not sure of their identity or if they ask you for your personal information.
About Wiring Money
Wiring money means that you are electronically transferring money to another person. The parties involved are either individuals or institutions. When you wire money to someone they receive it very quickly, there are many options for sending money by wire including sending the money to their bank account or emailing it to them.
Wire Money with Your Bank Account
This is when you wire money between two bank accounts. It can be done at financial institutions or it can be done online. In order to receive money from a bank wire transfer, both parties involved must have bank accounts. Money transfers through bank accounts can be done within the same country or internationally.
Wiring Money With Paypal
Money can be wired using PayPal and it works very much like a bank account.
If two people have PayPal accounts you can send money from one account to the other. It is also possible to send money to a person or institution that does not have a PayPal account: as long as they have a bank account, it is possible to send money using your own account. Be advised that depending on what country you reside in, and what type of transaction you are doing there might be fees involved.
Use Amazon to Send Money
Amazon offers a service where you can send online payments to other people using your amazon account. The service allows the money to be sent directly into the recipients email account.
How to Send Money Without a Bank Account
Money Transfer Companies
There are many companies that specialize in transferring money without using a financial institution. They generally charge a fee for transferring your money. Always be careful and do your research before you choose which company to do business with: fee structure varies from place to place. Make sure that when using a company that transfers money that they are reputable and have good reviews. The benefit of using a wire transfer company, is that they offer money transfers without using bank accounts and you do not need to enroll in any programs in order to send and receive payments.
Send Money With Western Union and MoneyGram
Western Union and MoneyGram are the two most popular money wire companies in the United States. They both charge fees for sending money and they both allow a person or company to send money locally and internationally. You can send money using their online service, or by mobile device, telephone or in person at one of their branch locations. The money is received fairly quickly, sometimes within several minutes of sending it. You also have the option of getting a prepaid card with them.
Be advised that there are several scams involving money transfers, so be cautious: never send money to someone you don’t know and never send money for someone else.
Send Prepaid Cards
Send a Prepaid Credit Card
A prepaid credit card works more like gift card than an actual credit card. There is a prepaid amount of money on the card and you are not charged interest on purchases. You can send the card to someone by mail or electronically. You can use the credit card just like you would use a regular credit card, online or in stores that don’t ask for a pin when making credit card transactions. Many prepaid credit cards are also reloadable, so you can add more money to the card whenever you wish. Be advised that prepaid credit cards have activation fees. Check to see if there is an expiration date on your card. Also some prepaid credit cards companies charge fees for inactivity and slowly take the money away if you are not using it.
Send a Gift Card
A gift card is when money is loaded up onto a card which can then be spent all at once or in intervals. The card reader keeps track of how much money remains on your card, making it convenient for multiple purchases. Generally gift cards can only be used in one place, such as in one particular store or chain of stores. Another issue with gift cards is that it cannot be replaced if it gets lost or stolen.
Send Money by Personal Check
If you have a checking account than you can send checks. Although many places no longer accept checks, for the most part financial institutions still accept them. Checks are useful because you can send them by mail. If your check gets lost or is stolen, you can cancel the transaction to protect your money.
A money order is an amount of money that is printed out and issued by either a financial institution or by the post office. It can then be sent by mail to the recipient.
A cashiers check is similar to a money order, but it is issued by a bank: The bank takes the money from your account. Some people prefer it over money orders because there is less fraud with cashiers checks.