These days, sending money securely online is easy, straightforward, and relatively inexpensive. That is, if you’ve done your research and find the right method of sending money for your needs. With the majority of money transfer companies now operating with a digitally-led focus, you no longer have to deal with the hassle of cash or cheques to get your money to another party. Plus, you can send and receive money online from anywhere in the world.
In this guide, we’ll be breaking down how to send money securely online, some of the best ways to send your money, and our top recommended money transfer providers to help you find the best service for you.
There are a number of ways you can send your money online in safety these days, each suited to different circumstances. These include:
Ideal for sending money internationally, money transfer services such as TransferGo have made huge strides in the past couple of decades to make sending your money abroad cheaper, faster, and easier than ever.
With a number of transfer providers placing a huge focus 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 otherside of the world within minutes.
Money transfer services work by users signing up to a free account, and then enter the details of the transfer. Most providers have a number of payment options such as bank transfer and card payments.
Whether you’re paying bills abroad, supporting family members back home, or something else entirely, transfer providers like TransferGo are one of the best ways of getting your money abroad cheaply, quickly, and securely. With bank grade security, TransferGo are a highly secure money transfer operator.
Money transfer providers are one of the most popular ways to send money online because:
There are multiple services that will allow you to send money for free straight from your bank account to another person. Usually, these services or apps give you the option to link your bank account or you can pay by card (credit cards will usually have a small fee).
Top sending apps include:
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 often both parties will 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.
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.
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 to 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.
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 make sure the service you are using can facilitate this. A number of things can affect how quickly your transfer is processed, including:
Our guide to sending money instantly covers some of the top services to use for rapid transfers anywhere around the world.
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, keep in mind that sending money via debit card can incur higher international transfer fees than some other means. Our full guide to sending money with your debit card will take you through the pros and cons in more detail.
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:
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 prepared ahead of time. For sending money online, you will usually need the following details of the person or organisation you are sending to:
In addition, you’ll need to provide some details about yourself. This typically includes:
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.
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 is one of the fastest ways to get your money to your recipient. Not all money transfer providers offer this service, so make sure it’s available before locking in your transfer. A few of our top recommended providers that do offer cash payouts include WorldRemit and Ria Money Transfer.
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 in the form of a mobile top up. This can be helpful if, for example, you are sending 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.
The best way to send money online will vary depending on the circumstances of your transfer. Different providers will be more suitable if you are sending money domestically compared to if you are looking to send money abroad, for example.
A few of our top recommendations include:
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.
TransgerGo, for example, has a fixed free structure that is clearly displayed when you enter the details of your transfer, with a range of options that allows you to prioritise 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.
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:
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. This is because many providers have a maximum sending limit, whilst others require further verification of your identity before they can process your payment.
We would recommend using our comparison tool to help you find a suitable provider for the amount you are looking to send.
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 easier 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.
MoneyTransfers.com has an active affiliate relationship with TransferGo, and receive compensation when a user signs up at their service. This article has been made independently and the affiliate relationship with Global Reach has not influenced the rankings of their services.
Yasmin is the content writer for MoneyTransfers.com. With an English degree from the University of Nottingham and over 5 years’ experience freelancing in the personal finance niche, Yasmin joined the team with a mission to make international money transfers accessible and easy to understand for all. When she’s not writing, you’ll find Yasmin on her yoga mat or planning her next escape to the mountains.