The convenience and efficiency of managing finances have led an increasing number of people worldwide to prioritize using services to send money online.
Whether you intend to send funds to your friend, pay for a service, or make an international payment, the options to make it happen are numerous.
Unaware of what are the best ways to send money online? If that’s the case, look no further; we’ll not let your guard down! This detailed blog post is where you will discover four practical ways to make online money transactions effortlessly. So, continue to read on.
1. Wire Transfers
Online wire transfers, which most money transfer platforms like SoFi offer, are one of the most reliable ways to send money electronically between individuals or companies. This type of transfer can be carried out by a bank (often called a “bank wire”) or by a money transfer service other than a bank.
This online method is best for those who intend to send large sums. To proceed with such transfers, your bank representative must complete the mandatory forms.
These forms typically require the recipient’s name, bank, account number, and routing number, which is a unique identifier for the recipient’s bank branch. The sender supplies all the necessary details for the transfer, which helps maintain the security of the process.
2. Mobile Payment Apps
Mobile payment apps like Venmo, Paypal, and Cash App have revolutionized the way we send money internationally. These user-friendly online platforms enable users to send and receive money immediately using their smartphones. This makes the entire process convenient and accessible.
If you often have to send money back home – regardless of the purpose, you can link your bank account or credit cards with the payment app of your choice.
These apps are user-friendly and capable of protecting your financial and personal data. However, it’s necessary to be aware of potential fees for instant transfers or transactions funded by credit cards.
3. International Money Transfer Services
Another best way to send money across borders is through reliable international money transfer services, such as Western Union and Wise. These platforms specialize in facilitating global transactions.
Compared to traditional banks, they offer competitive exchange rates, which means they provide rates that are close to the market rate and lower fees. You can send money online to be picked up in cash or deposited directly into foreign bank accounts.
It’s strongly advised to search and compare rates and fees. Both of them vary depending on the country where you intend to send money and what transfer method you’ve chosen.
4. Cryptocurrency Transfers
For people in search of modern financial avenues, cryptocurrencies facilitate a unique way of sending money online. Using platforms such as Coinbase and Binance, they can buy, sell, and transfer digital currencies, like Bitcoin and Ethereum, to and from.
Cryptocurrency transfers charge lower fees and have quick processing times, especially for international transactions. These capabilities make them the most sought-after choice for many.
However, volatility in cryptocurrency value and some users’ lack of familiarity with it may pose serious challenges. Therefore, be wise and do meticulous research before deciding to send money online.
