How To Send Money To An Individual

Jump to our picks for the all-time ways to send money:

• Best for mobile: Venmo

• All-time for referral bonus: Cash App

• Fastest for domestic transfers: Zelle  || Google Pay

• Most popular online: PayPal

• Best for nonbank transfers: Walmart2Walmart

• Best for sending $ten,000 or more within the U.S.: Bank wire transfer

• Cheapest for international transfers: OFX

• Fastest for international transfers: Xoom || MoneyGram

• All-time transfer options: Western Union

• All-time for piece of cake sign-upwardly: Wise

When you send money online, the all-time way depends on how and where you desire to send information technology.

Nosotros compared fees, speed and other features to detect the all-time providers for domestic and international money transfers.

Why you can trust NerdWallet: Our writers and editors follow strict editorial guidelines to make sure our coverage is off-white and authentic, then you lot can cull the options that work best for you.

+ See a summary of our picks

How to ship money online, on mobile or in person

• Venmo: Best rated for mobile.

• Cash app: Best for referral bonus.

• Zelle: Fastest for domestic transfers (tie with Google Pay).

• Google Pay: Fastest for domestic transfers (tie with Zelle).

• PayPal: Most popular online.

• Walmart2Walmart: Best for nonbank transfers.

• Bank wire transfer: Best for sending $ten,000 or more inside the U.S.

• OFX: Cheapest for international transfers.

• Xoom: Fastest for international transfers (tie with MoneyGram).

• MoneyGram: Fastest for international transfers (tie with Xoom).

• Western Spousal relationship: Best transfer options.

• Wise: Best for easy sign-upwards.

Best ways to send coin: Domestic

Read review	Venmo: Best rated for mobile.
Read review	Greenbacks app: Best for referral bonus.
Read review	Zelle: Fastest (tie).
	Google Pay: Fastest (tie).
Read review	PayPal: Nearly popular online.
	Walmart2Walmart: Best for nonbank transfers.
Banking concern wire transfer: Best for sending $10,000 or more

All-time means to send money: International

Venmo: Best rated for mobile

Why it's our selection:

• Highly rated app for iOS and Android phones.

• Free, like shooting fish in a barrel, socially engaging money transfers.

Venmo'south app ratings — in combination — are the highest of the domestic providers we considered: iv.iii stars in the Google Play shop and iv.9 in Apple'south App Store.

It's gratis to send and receive money when you link a bank account, debit card or prepaid debit menu. Using a credit carte du jour costs three% of the transaction. With a few taps on Venmo, yous can ship up to $iv,999.99 per calendar week for peer-to-peer transactions.

Your and your friends' transactions volition pop up — without amounts — on a Facebook-like news feed.

Money yous receive shows up instantly in your Venmo remainder, but cashing out to a bank account takes 1 to three business days . You can also transfer funds to a debit menu, typically within 30 minutes, for a i.5% fee. (For more details, read our Venmo review .)

Cash App: Best for referral bonus

Why information technology's our pick:

• $5 bonus when someone uses your referral code to sign up and ship money.

• No fees to send or receive money.

Cash App lets you send and receive money for free with greenbacks from your linked bank account or debit carte du jour. You can create your ain $Cashtag, or username, in the app, to make it easier for people to find you and send you payments. Unlike the other P2P apps and ways to send money on this list, Cash App offers a $five bonus when someone signs up with your referral link and sends at least $5 from their new account.

Yous'll need to have a bank business relationship to use the Cash App. Money you receive volition show up instantly in your app balance, but it will take 1-3 days for the money to show up in your bank account if you choose to transfer. You lot can cash out instantly to your debit card only you'll pay a ane.v% fee.

You're express to sending and receiving a maximum of $1,000 per 30 days. If yous want to increment your limit, yous'll demand to provide more than personal data such equally your full name, date of birth, and last iv digits of your Social Security number. If you send money using a credit menu, you'll exist charged a 3% fee. (For more information, run across our Cash App review .)

Zelle: Fastest (necktie with Google Pay)

Why it's our selection:

• Delivery tends to be within minutes.

• Already integrated with over 1,000 financial institutions, connecting more 100 million people.

With Zelle, you tin send and evangelize money inside minutes between bank accounts at different financial institutions. You lot might already be using Zelle's service through your bank's website or mobile app. Over 1,000 banks and credit unions are on board, which means that their 100 million-some customers can use Zelle within their bank's website or mobile app. If your bank isn't part of the network, Zelle is likewise bachelor equally a standalone app.

You'll need a U.Southward. bank account to fund and receive payments . Zelle doesn't charge any fees, though any of its partner banks tin can determine to. Although limits vary by bank, some of the largest banks set up a daily transfer maximum of $2,000 or $two,500.

Zelle is not made for buying or selling things, and y'all're not protected for those transfers. In add-on, if you send money to the wrong person or transfer the wrong amount, you might exist out of luck. Protections are limited to when someone steals your Zelle account or password and uses it to send money.

Google Pay: Fastest (tie with Zelle)

Why information technology'south our selection:

• Smoothen integration of money transfer service in e-mail.

• Instant transfer of funds to debit cards for complimentary.

+ Google Pay in a nutshell

Google Pay lets yous transfer money for complimentary using a QR code, the recipient'southward name, phone number or email accost. You can also cash out for free within minutes from the in-app wallet to a debit bill of fare. The maximum y'all tin send is $v,000 every seven days. Banking concern accounts and debit cards can fund transfers, but credit cards and prepaid cards cannot.

Google Pay covers 100% of all verified unauthorized transactions , which isn't a given for all coin transfer apps and services.

PayPal: Most popular online

Why information technology's our selection:

• Loftier transfer maximum.

• More than 400 one thousand thousand agile accounts worldwide.

PayPal offers costless transfers in the U.S. when you fund with a bank business relationship or PayPal balance. Paying with a credit card — and unlike other providers, a debit card — carries a fee: 2.nine% of the sending amount plus thirty cents. Depository financial institution business relationship transfers are free.

Depending on your currency, the maximum corporeality you tin ship per transfer ranges from $10,000 to $60,000, surpassing Venmo's weekly maximum. Just if you lot're sending that much money, doing so through a bank provides more safeguards for your balance, such as FDIC insurance.

Transferring money to depository financial institution accounts for free takes ane-4 business days, depending on if the transfer was initiated after vii p.m. ET or on a weekend. You can also pay for an instant transfer to a linked debit card. Y'all can send or receive coin on the website or mobile app on iOS and Android phones, or at PayPal.Me, where you create your ain link that family and friends can use to pay you. (Read our PayPal review .)

Walmart2Walmart: Best for nonbank transfers

Why information technology'due south our pick:

• Cheaper cash transfers than some traditional money transfer companies.

+ Walmart2Walmart in a nutshell

If y'all want to transfer cash, Walmart is cheaper than traditional money transfer companies, such as Western Marriage and Xoom. Y'all tin send money to any of the thousands of U.South. Walmart stores, where a recipient can pick up the money within minutes.

In most states, the maximum y'all tin can send in a 24-hour interval is $2,999.99, and prices start at $iv. (For more about Walmart financial services, read our Walmart Coin Centre review .)

Bank wire transfer: B est for sending $ten,000 or more inside the U.Southward.

+ Bank wire transfers in a nutshell

Sending a wire transfer through your banking company might be the all-time mode to ship a large amount quickly. As convenient as P2P apps are, they limit how much you can send, generally $1,000 to $10,000 per transfer, and delivery can take multiple days.

There's a steep fee for transfers. Based on an analysis of big banks, the median domestic wire cost for sending is $25, and $15 for receiving (see what most banks charge ). If you need to transport a lot of money within minutes, though, the cost could be worth it.

International transfers

When you make a transfer abroad, yous mostly come across two costs: the fee for sending coin (besides known as the outbound or upfront fee) and the foreign commutation fees, or the markup on the substitution rate that financial institutions use when transferring money among themselves. Consider both fees to find the best deal.

OFX: Cheapest

Why it'due south our pick:

• No outbound fees.

OFX doesn't charge fees, regardless of the amount you transport. In improver, its online service lets you make a transfer at current commutation rates or target future rates — pregnant your money volition transfer once your exchange rate is reached — and markups are low. From the U.Southward., you can send coin in over 55 currencies.

OFX has a minimum amount per transfer of $1,000 and no maximum. Delivery typically takes several business days. (Read our OFX review for more details.)

Xoom: Fastest (tie with MoneyGram)

Why it'south our choice:

• Transfers to banking concern accounts abroad within minutes for some countries.

Xoom— a PayPal service — specializes in fast transfers to over 160 countries. Y'all tin can ship up to $100,000, though the college the amount you lot want to ship, the longer yous may have to expect and the more than personal information y'all'll accept to provide (such as a passport or Social Security number and a bank statement or pay stub). You can send money by banking company business relationship, debit card, credit card or the payment methods stored in your PayPal account, and nearly transfers arrive within minutes. Xoom partners with major banks abroad, allowing users to have coin delivered to bank accounts or, in some countries, for cash pickup or as mobile phone reloads.

Price is where Xoom lags backside competitors. Xoom makes money from exchange rates, but it gives amend rates for sending higher amounts to sure countries. Transfers from one bank business relationship to another are only sometimes free. Overall, fees can be higher if you utilize a debit or credit bill of fare. (For more information, see our Xoom review .)

MoneyGram: Fastest (necktie with Xoom)

Why it'southward our pick:

• Fast transfers to depository financial institution accounts or every bit cash for pickup worldwide.

+ MoneyGram in a nutshell

MoneyGram commands a network of locations in more than 200 countries and territories. Transfers between locations take minutes for delivery as cash pickup, which is similar to MoneyGram's main competitor, Western Union. Transfers sent online or by mobile phone to bank accounts in various countries take hours or a unmarried business day; other providers can accept several business organization days to transfer to depository financial institution accounts.

Y'all'll have to pay fees. Average fees for sending $200 to $1,000 range from about $5 to $12 in the countries we surveyed. MoneyGram also marks up the exchange rates up to 0.60%. For the countries we researched, the maximum amount you can send is about $10,000. (See our MoneyGram review .)

Western Spousal relationship: Best transfer options

Why it'southward our pick:

• Extensive worldwide network of locations.

• Many ways to transport and deliver money.

+ Western Union in a nutshell

The biggest coin transfer company worldwide, Western Wedlock also has a sizable range of transfer options . On the provider's price estimator tool online, you'll see more than a dozen combinations of sending channels, payment methods and delivery options. You can send money from the Western Marriage website or its mobile app, and yous can use a bank account, debit card or credit bill of fare — or send from a nearby amanuensis location using cash.

The transfer behemothic'south physical network covers over 200 countries and territories and more half a million locations globally.

Transfers are expensive — i of the most expensive of the providers we looked at — and only some options include same-solar day or next-day delivery. Some online transfer options tin take several business days for delivery. (Read our Western Union review .)

Wise: All-time for piece of cake sign-up

Why it'south our pick:

• No strange substitution rate markups.

• Consumer-friendly web feel from sign-up to delivery.

Wise (formerly TransferWise) balances convenience and costs on its online and mobile money transfer platform. You can sign upward with your Apple, Google or Facebook account, instead of a site-specific login, and your exchange rate is generally guaranteed for at least a solar day. Wise sends money from the U.S. to over fourscore countries without an commutation rate markup — they do charge you an exchange charge per unit fee, which pays for making the substitution happen, only there's no markup and they don't make money off this fee.

In most cases, you'll pay two fees: a apartment dollar corporeality (the upfront fee), which increases with the amount you lot send, and the exchange fee, which is often less than i% of the amount yous send. From the U.S., commitment generally takes several business days. (Read our Wise review ).

METHODOLOGY FOR DOMESTIC TRANSFERS

To determine the best domestic transfer services, we examined the following features for 12 providers: fees, delivery speed of cash or coin to recipient'south banking company business relationship, user accomplish (where transaction information were available), sending amount limit and security measures. Priority went to those providers that offer no-cost transfers, accept established histories and maintain high security standards. We excluded single-bank P2P services since they ordinarily limit users to a given bank.

Note: All transfer amount limits given assume users accept verified their identity as each app requires. There are too initial amount limits when first using the app.

Providers surveyed: Apple tree Pay , Greenbacks App , Facebook Pay, Google Pay, MoneyGram , PayPal , PopMoney, Ria , Venmo , Walmart2Walmart , Western Union and Zelle .

METHODOLOGY FOR INTERNATIONAL TRANSFERS

We analyzed 7 providers that work in the U.Southward., more often than not focusing on major players in the international coin transfer industry, based on market research, experts, cost analysis and U.S. internet traffic.

Countries surveyed: Germany, India, Mexico and the United kingdom of great britain and northern ireland.

Fees and exchange rate markups mentioned are based on the assay linked beneath.

Source: https://www.nerdwallet.com/article/banking/best-ways-to-send-money

Posted by: spauldingablemplaid.blogspot.com

Share this post