Due to the booming money transfer industry, sending money online need not be complicated or expensive. Instead, there are plenty of straightforward and affordable options to choose from. That is, if you’ve done your research and find the right method of sending money for your needs: we can help you here. In our Sending Money guides, we will break down some of the best ways to transfer money, albeit online or in-person, as we provide an overview of the most recommended money transfer companies that can help you find the best deal for your money.
What Can Slow Banks Down? Banks in Canada use the financial messaging system SWIFT international payment network for money transfers. In fact, the majority of payments sent outside of Europe are sent via SWIFT. The BIC and the IBAN are used to locate the required account to apply funds to an international bank. Incorrect bank […]
How to send money overseas with your credit card There are several ways in which you can use your credit card to send money overseas: the two most prevalent are through banks and using online money transfer services. Before sending money by credit card, it’s always important to compare your options to guarantee you’re getting […]
In this article, we’ll look at whether you can send money without a CVV code and potential alternatives if you don’t have access to your card. What is a CVV code? The CVV (Card Verification Value) is the three-digit number on the back of your Visa or MasterCard debit or credit card. On American Express […]
When you’re looking for the best way to transfer money internationally, there are several factors to consider. Speed versus cost, convenience versus security, the destination, the amount of money you are sending: all of these things can have a significant impact on what is the ‘right’ way for you to send your money internationally. The […]
Pros and cons of debit cards for sending money Debit cards are similar to credit cards but are linked to your checking or bank account. The money is immediately deducted from your bank account when you make a purchase or complete a transaction using your debit card. A credit card allows you to borrow money […]
Using money transfer services
Ideal for sending money internationally, money transfer services have made huge strides in the past couple of decades to make sending your money abroad cheaper, faster, and more accessible than ever.
With several transfer providers focusing significantly on their digital presence, you can now access your account and initiate international transfers 24/7 from your mobile app, with the possibility to send or receive funds from the other side of the world within minutes.
Money transfer services work by users signing up for a free account and entering the transfer’s details. Most providers have several payment options, such as bank transfers and card payments.
Using a trusted provider
Whether you’re paying bills abroad, supporting family members back home, or something else entirely, transfer providers like WorldRemit are one of the best ways of getting your money abroad cheaply, quickly, and securely.
What are the benefits of money transfer providers?
Money transfer providers are one of the most popular ways to send money online because:
They tend to have lower fees than traditional banks
They offer more competitive exchange rates
They can get your money to your recipient within several minutes; in some cases
Many companies support transfers to hundreds of countries worldwide
Person-to-Person apps and services
Multiple services will allow you to send money for free straight from your bank account to another person. Usually, these services or apps allow you to link your bank account, or you can pay by card (credit cards will usually have a small fee).
Top sending apps include:
PayPal: One of the most popular ways to send money online to friends and family as well as pay for online purchases and subscriptions, PayPal is one of the most well-known payment services online. A bonus is that most other people will already have a PayPal account to save the hassle of setting up a new account when you need to get money to someone. When sending money domestically, most PayPal transfers are free.
Venmo: Available in the US only, Venmo is a free payment app that transfers funds from your bank account or debit card and can be sent using your recipient’s username, phone number, or email address. Venmo is popular with the younger generation mainly because it allows messaging with each payment.
Cash App: Cash App is another popular app for sending and receiving money online with no fee. To send money, you simply need your recipient’s username, phone number, or to scan their Qr code. Cash App is only available in the US and UK.
Zelle: Zelle is a US peer-to-peer service for bank transfers, offering fast and free bank transfers to customers whose banks are partnered with the service. To sign up, you need to register directly on Zelle via the app, and you can then send money directly from your bank account to your recipient.
What are the benefits of person-to-person sending apps?
For small, domestic payments between friends and family, the apps listed above are some of the most efficient ways of getting your money to someone quickly and cheaply. The one caveat is that both parties often need to have an account for the app you are using.
Of course, another option for sending your money online is to use your bank. If you are looking for a straightforward bank-to-bank transfer, using your bank’s online app can be a convenient way to do this.
Convenience or cost?
It’s worth noting that banks will often have higher fees than third-party services. If you are sending your money abroad, for example, a money transfer provider will almost always have lower fees and better exchange rates.
What are the benefits of sending money online with your bank?
Sending money online with your bank can be a convenient way of getting your funds to your recipient, as you don’t need to sign up for a new account with a third-party provider. However, banks also tend to have the highest fees associated with money transfers (particularly international transfers) and slower transfer times.
How can I send money online instantly?
It’s important to know that not all online money transfers will be processed instantly, so if you need to get your money to someone urgently, you should first ensure the service you are using can facilitate this. Several things can affect how quickly your transfer is processed, including:
Where you are located
Where you are sending funds to
What payment method you select (bank transfer can sometimes take longer than a card payment, for example)
How you choose for your recipient to receive the funds (cash pickups are often available very quickly)
Our guide to sending money instantly covers some of the top services to use for rapid transfers worldwide.
Are instant money transfers really instant? There are money transfer companies that let you transfer money from one country to another instantly, but usually, ‘instant transfers’ refer to an operation executed in minutes. While many companies offer ways to send money online instantly, it does not mean all their transactions will be instant. It means […]
How long does an international money transfer take? We hope the above information has outlined the various factors which dictate the transfer speed of international payments. Generally, if you are sending money in one of the most traded currencies, like CAD or USD, international money transfer providers are likely to be able to deposit the […]
Sending money online with a debit card
Paying by debit card to send money online is a popular choice for many people looking to transfer money. Essentially an extension of your bank account, paying by debit card is a widely accepted payment method and means the funds will leave your account near instantly, which means you’re not borrowing money to send a transfer.
However, remember that sending money via debit card can incur higher international transfer fees than other means. Our complete guide to sending money with your debit card will take you through the pros and cons in more detail.
How do I transfer money to someone else’s bank account?
The steps to transfer money to someone may vary slightly depending on what method you use to send money online. However, generally speaking, the process will be relatively similar and straightforward:
Step 1: Choose your provider
First, decide how you’re going to send your money (money transfer provider/bank/app etc.). Comparing providers on cost, speed, reliability, and accessibility is a good idea here.
Step 2: Create your account
Next, make sure you’ve signed up for an account with whatever third-party provider you are using and verified your identity (in some cases this can take a day or two so setting this up in advance is a good idea).
Step 3: Enter the details of your transfer
To initiate your transfer, you’ll need to enter the details of your recipient. This could be as simple as a username, phone number, email address, or could require more details such as your recipient’s full name, bank account number, sort code, and IBAN/SWIFT codes for international transfers.
Step 4: Double-check the charges
Check the fees that are associated with your transfer and the estimated transfer time to make sure you’re happy with the charges and know how much your recipient will receive.
Step 5: Start your transfer
Once you’ve double-checked the details you’ve entered are correct, you can start your transfer. Depending on where you are sending funds to, it may be processed instantly or may take a couple of working days.
What details do you need to transfer money online?
Although your provider will no doubt guide you through the process of sending your money online, it’s helpful to have all the details you’ll need to be prepared ahead of time. For sending money online, you will usually require the following information about the person or organization you are sending to:
The name of the person (or organization) you are paying
The bank account number of the account you are paying into
The sort code of the account
The date you want the payment made
The sum you are sending
If sending internationally, what currency do you need it converted into
A payment reference, so the payee knows where the money came from
Occasionally, the name and address of the bank you are sending to
In some cases, the IBAN/BIC codes of the account you are paying into
In addition, you’ll need to provide some details about yourself. This typically includes:
A valid form of ID such as a passport or driving license to verify your identity (may not always be required)
If paying by bank transfer, your full name as it appears on the account, bank account number, and sort code/BIC/SWIFT code
If paying by card, the long 16-digit number on the front of your card, the expiry date, and the CVV security code
Read our guide on sending large sums of money internationally for more information on the documents you may need if sending a larger amount abroad.
Other payment methods for sending money online
Sending money via bank transfer can be a convenient way of electronically transferring funds between two bank accounts, but it’s not always the quickest way to get your money into your recipient’s hands.
Other ways you can have your payment delivered to your recipient include:
Cash pickups or delivery
Cash is one of the fastest ways to get your money to your recipient. Unfortunately, not all money transfer providers offer this service, so make sure it’s available before locking in your transfer. Some of our top recommended providers offering cash payouts include WorldRemit and Ria Money Transfer.
Fast and easy pick up
Depending on what provider you use, you may be able to choose between having your recipient pick up the cash at an agent location, or they may get the funds delivered directly to their door. Cash pick ups are often available instantly and have low transfer fees.
Many money transfer providers have a large digital focus with user-friendly apps to make managing your transfers accessible 24/7. One popular payout option is to send your funds to a mobile wallet, which your recipient can access if they also have an account with the provider you are using.
Some money transfer providers even offer the option to send money as a mobile top-up. This can be helpful if, for example, you send money back home to family, and paying for their mobile so you can stay in regular contact is part of why you are sending money home.
What is airtime? Sending airtime, or purchasing airtime top-up, refers to the process of adding credit to a recipient’s phone plan. This form of money transfer is popular worldwide as it allows customers to remotely reload the balance of a recipient’s phone credit, which can come in handy in an emergency or for expats living […]
What is an international money order? A money order is a piece of paper, similar to a cheque, which is used as a method to make payments overseas. It is a safe alternative to cash and even personal cheques. On the money order, it is specified who will receive the money, and both the payer […]
Where are you sending the money? Recognizing how the destination impacts your transfer limits will give you a better understanding of what sort of minimum and maximum amounts can be sent and received. Below, we have outlined the key differences between a domestic and international money transfer. Domestic transfer These types of payments can take […]
How to transfer large sums of money internationally? To transfer a large sum of money internationally, you’ll need to find a currency broker or bank that can handle this request for you. Your two main options are: Using a high-street bank which can facilitate large transfers between two bank accounts. Using a specialist money transfer […]
In this article, we’ll cover: The documents and checks you need to be aware of when making an international money transfer How the IRS is involved with international money transfers and the surrounding legislation Any sending/receiving limits that could affect your transfer What documents will I usually need to provide when sending an international money […]
What is a free money transfer? There are a lot of external factors that dictate whether a money transfer will be “free,” and one of these factors is the destination. Domestic transfers, for example, are typically free regardless of the financial provider because the money is simply being sent between two accounts in the same […]
What are the different kinds of bank charges? High street banks and other traditional financial institutions are known for charging a great deal for international money transfer services. Whether you need to make a one-off payment or set up regular currency transfers, it is worth considering the two following bank charges first: Transfer fees Certain […]
If you’ve ever transferred money internationally before, you’ll know the frustration of having to navigate expensive fees and unfair exchange rates just to send your own money to someone else – this can be apparent even when looking for the cheapest way to send money through a mobile app or PayPal account. In this guide, […]
What is the best way to send money online?
The best way to send money online will vary depending on the circumstances of your transfer. Different providers will be more suitable if you send money domestically than if you are looking to send money abroad, for example.
A few of our top recommendations include:
✓ Best for international transfers to friends and family
When sending money abroad, a money transfer provider is almost always the cheapest and most efficient way to get your money securely to your recipient’s bank account – without losing a large percentage of the transfer amount to transaction fees.
TransferGo, for example, has a fixed fee structure that is clearly displayed when you enter the details of your transfer, with a range of options that allows you to prioritize cost or speed. One of their biggest advantages is the company’s 30-minute transfer option when sending money from the UK, with the option for weekend transfers.
Ultimately, the best money transfer provider for your international transfer will depend on the circumstances of your transfer. That is, where you are located, where you are sending money to, the sum you are sending, and the payment and payout methods that best suit you and your recipient. We always recommend using our innovative comparison engine to find the best option for you.
✓ Best for domestic transfers to friends and family
For sending smaller amounts to friends and family, a peer-to-peer app will often be the most affordable and faster way to get your money to the receiving account. Popular apps well-known for their user-friendly interface and free transfers include:
Venmo (the US only)
Cash App (the US only)
✓ Best for sending large sums
Not all third-party providers are suitable for sending large sums, for example, if you need to transfer a deposit for buying a home abroad (see how the Canada deposit insurance corporation affects money transfer customers). This is because many providers have a maximum sending limit, while others require further verification of your identity before processing your payment.
We would recommend using our comparison tool to help you find a suitable provider for the amount you are looking to send.
This really depends on a number of factors associated with your transfer. This includes your payment method and how you choose for your recipient to receive the funds, where you are located, the sum you are sending, and what currency you are converting your money into. Our comparison engine helps you find the cheapest ways to send money to avoid expensive transfer fees.
How long does it take to send money online?
Domestic transfers can be processed as quickly as minutes, although some may take closer to a few hours or even up to 24 hours in some cases. The transfer time for domestic transfers really depends on whether your payment needs to go through additional checks for security purposes, but the majority of the time you can rely on a rapid transfer. International transfer times can vary depending on the provider you are using and the payment method you select. For example, some transfer providers are capable of making international transfers within minutes for particular currency corridors, whilst cash pickups are often a fast way of getting your money into the hands of your recipient. Other transfers, however, can take between 3 – 5 working days – particularly international bank transfers.
What is the safest way to send money online?
Sending money online using your bank or a third-party provider are both considered to be secure ways of sending your money. It’s a good idea to read some user reviews on a reputable site such as Trustpilot if you’re not sure about the company. In addition, we’d highly recommend only sending money to people or organizations that you trust, and that you double check that the details you have for your recipient are all correct as transfers are difficult to reverse once they have been processed.
Sending money online is more accessible than ever nowadays, with apps and online banking making it possible to access your accounts and move your money around the world within minutes. While sending money may be more accessible than ever, however, it also pays off to be informed about what to look for in a transfer provider to ensure you’re getting the best deal in terms of cost, speed, security, and reliability.
The best way to do that? Research the best provider for your specific transfer needs. Specialist transfer providers will all have their own fee structure, exchange rate markup, and transfer time capabilities depending on the two countries you are sending between. Comparing services is the most efficient way to ensure you’re matched with the best option for you.
What to watch out for when sending money When making international money transfers, never trust your money with just any provider. Being diligent about your personal safety, the safety of your device, bank account, and funds will aid in finding the safest way to transfer money. It should be noted that there are several risks […]
In the past, it may have seemed like the only way to securely transfer money to your loved ones was via a bank. Banks are familiar, most of us already have a bank account, and they make sending money both domestically and internationally convenient because our details are already synced up. However, in the past […]
Being informed about your money transfer is a sensible choice for any sum, but if you are sending large amounts of money abroad, in particular, you need to make sure that you comply with the law. That includes any regulations that may apply to large transfers for both the sending and receiving country. In this […]
How to send and receive money online? Using money transfer services Ideal for sending money internationally, money transfer services have made huge strides in the past couple of decades to make sending your money abroad cheaper, faster, and more accessible than ever. With several transfer providers focusing significantly on their digital presence, you can now […]
Yasmin Purnell is a Content Writer and Editor for MoneyTransfers.com. Having over 5 years’ experience writing across a range of industries including finance, insurance, and travel, Yasmin joined the team with a mission to make international money transfers and everything they encompass accessible to all.