Cheapest Ways To Transfer Money

Published : 6 years ago, on 27/06/2018

The times of carrying cash money in our pockets have long gone. Most of the world today is in the process of moving towards cashless transactions. But with several taxes and duties laid on money transfers, it has become a tedious job to send money from one place to another. We are here to discuss some of the cheapest ways to send money from one place to another.

PayPal

One of the easiest and most well-known ways to trasfer money across boundaries is PayPal. The steps are really simple.

After transferring money from bank account to PayPal account, a person logged simply have to type in the name of the receiver, their E-mail ID or phone number and click next. A short review is followed by a successful transfer. The receiver on the other hand, has to pay a fee of about 2.9% of transaction.

Although the transfers are fast, it can take one business day for the money to reflect in the account of the receiver. The receiver can then choose to transfer the money to their bank account without any additional costs. They also have the option to transfer money to a debit or pre-paid card. However, this process usually has a small fee.

A person can also choose to use a PayPal debit and credit card in order to use the money. But the person should be eligible for the card. In this process, some additional fee is charged, apart of currency conversion fee if used in a different country.

PayPal is one of the safer ways of transferring money. They keep on updating their security software which nullifies fraud to a great extent. Currently, they it might take 2-3 days for a transferred amount to reflect, but that is for the protection against any kind of fraud.

Mobile Payments

Mobile payment applications provide and unprecedented way for the consumers to pay for the goods or services they receive. A small amount equivalent to the cost of good or service can be transferred from a bank account into the mobile payments account. Later, the consumer just have to type in the phone number of the seller to pay for the item. This is incredibly simple and straight-forwards method to transfer money.
In the present scenario, there are several mobile applications who allow users to pay for goods through their phones. As the phones have become a necessity in people’s lives, paying through mobile phone is a brilliant an simplistic idea.
There are many applications which provide the facility for simple mobile payments, free of cost or with a nominal fee. Some of the most famous mobile payment applications are:
1. Venmo
2. Facebook
3. WhatsApp
4. Google Wallet

There are many more examples with different regions having a different application. But most of these applications do a similar job with some small differences.

Bank Transfers

Bank transfers are done thorugh the bank which has a customer’s account. The process might be simple or a little complicated depending upon the bank. This is also a safe process as any bank has multiple layers for protecting the money from computer hackers and online attacks. Although free, bank transfer can be slow in processing the transfer and reflecting the money in the reciever’ account. Moreover, a complicated process might confuse the customer and land him in trouble.

There are many ways for online transfers but the best way for an individual can only be decided by them. Applications might differ from each other and it becomes imperative for the consumer to choose the correct application.