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Financial technology has made it easier than ever to transfer money. Whether you're using a phone or a computer, you can send (or receive) money with a click of a button.
According to the experts at SoFi, there are several ways to transfer money from one person to another. These include wire transfers, writing a check, email money transfers, and mobile apps.
Before selecting a method to transfer money, consider the following questions.
● When does the person need to receive the money?
● What are the transfer fees?
● Do you have the correct personal information for the recipient?
● How safe is the method that you're using?
● What happens if the person doesn't receive the money?
Bank-to-bank transfers can save time because you don't have to leave the house to complete them. These external transfers allow you to electronically move funds from an account at one bank to another. Here are four ways to send money to someone.
1. Mobile Apps
From MoneyGram to PayPal, hundreds of mobile apps allow you to send and receive money. Typically, these apps are operated by third-party providers. Some companies don't require you to have a bank account to use their services. Keep in mind that you may have to pay a fee. Be sure that you understand the terms of service before using the app.
2. Checks
It may be hard to believe that people still write checks. You can transfer money to another account or person through mobile transactions with your bank. Writing a check isn't the quickest way to transfer funds. It can take a few business days to complete the transaction. If you're looking for a quick way to send money, try another method.
3. Email Money Transfer
Contrary to its name, the bank won't transfer your money through email. It's called an email money transfer because the financial institution notifies the transfer recipient via email. Here's how it works. The sender logs into an online bank account to access the money transfer section. Next, the sender completes and submits a short email transfer form that includes a security question. The bank notifies the recipient of the transfer. The recipient must accept the money and answer the security question correctly.
4. Wire Transfer
In terms of speed, a wire transfer is the best way to transfer money between banks. Domestic and international are two types of wire transfers. Typically, domestic transfers cost more than international ones.
Here's the information that you'll need to transfer money domestically.
● Routing Number
● Recipient's Name
● Account Number
● Recipient's Address
Wire transfers are only available on Mondays through Fridays. They aren't available on bank holidays or weekends. Depending on the bank's policy and the time of the transfer, the recipient can receive it the same day.
It's great to have options when you need to transfer money to someone. Take time to explore these wire transfer methods so you can transfer funds safely and quickly. Also, trusted and reliable applications to conduct safe and protected transactions.
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