Money
transfer is one of the greatest boons of technology, an kind of emergency can
be handled with quick access to money.While transferring money there are a few
basic things that come to our mind, like- Will the money reach on time? Will it
reach safely? Will the person receive as much as I am sending? Etc. Before we
decide to transfer money, it is important to have some idea to the answers to
all these questions. To give you that idea, here is the list of best ways for
transferring money within and outside America.
WITHIN
AMERICA / DOMESTIC TRANSFER
1. Square Cash (for direct account transfers) - unlike Venmo this does not involve the use of a digital wallet, as here money is transferred from the bank account of one person to another. Here also the maximum possible transfer is for $10,000. It also links with your debit and credit cards and hence allows you to transfer directly from your account. It has a feature called $ cashtag for receiving money.
2. Venmo (for mobile
transfers) -
While using a mobile to transfer money, we usually transfer using a digital
wallet. Venmo links with your bank accounts and transfers money using your
credit cards or debit cards. Using Venmo you can transfer money less than
$10.000. If you receive money through Venmo, it will deposit in your Venmo
balance, and cannot be accessed by your account earlier than two days after you
receive the money.
3. Walmart 2 Walmart (for
direct cash transfers) - This is the quickest way to transfer money, just go to the
nearest walmart store and ask the person you want to transfer money to, to go
the store near them. With this you can instantly exchange cash, this costs less
than transfers through Western Union and MoneyGram. You can only send money up
to $10,000.
OUTSIDE
AMERICA / INTERNATIONAL TRANSFERS
1. TransferWise (for mobile
and online transfers) - The main advantage of using TransferWise is the mid market
rate, it offers a foreign exchange rate lower than the ones offered by banks.
The user has the option of sending money in 36 currencies, if based in U.S. The
transfer can be complete within a day or might also take several business days.
The limit of transfer is set at $10,000
2. Xoom (for receiving money)
- This
offers the option of cash pickup as well as account transfers. This is a quick
way for money transfer, and money can either be in the currency of the sender
or the recipient. It specializes transfers up to $2,999 in 50 countries.
3. Western Union (cash
transfers) -
This is the oldest and one of the most trusted brand for cash transfers both
national and international. It offers cheaper transfers as compared to
international bank wires. It has the most wide spread network with over 100,000
ATMs and 500,000 global agent locations. It also has an app and an official
website, but its specialization is cash transfers.
It certainly has the biggest
network and provides maximum pick up locations unlike any other provider word
wide.
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