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.
When sending funds to someone without a bank account, a multitude of practicalities must be considered. The money transfer needs to be not only safe and secure, but also efficient and easily accessible. In this guide, we will detail the various ways to successfully and securely transfer money to an unbanked person, whatever the circumstances.
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 […]
In this article, we’ll cover the best way to transfer an inheritance from overseas, tax regulations you need to be aware of (which vary depending on where you are located), and what paperwork you may need to file to avoid double taxation. What’s the best way to receive inheritance money from overseas? When transferring a […]
Why might you want to send money as cash? People send cash to others for various reasons, as sending cash comes with a selection of advantages over other money transfer methods. Some reasons people send cash include: If you/your recipient doesn’t have a bank account: Online bank transfer is an option if either the sender […]
Why might I want to send money online? The digital revolution the world has undergone in the past few decades has made us more connected than ever. Reaching someone on the other side of the world is now as easy as a few clicks of a button, and where the digital world goes, money follows. […]
Are banks the best option for international money transfers? Here we discuss how to transfer money abroad efficiently.
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 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.
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 a number of minutes in some cases
Many companies support transfers to hundreds of countries worldwide
Person-to-Person apps and services
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:
PayPal: One of the most popular ways to send money online to friends and family as well as paying 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 particularly 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 often both parties will need to have an account for the app you are using.
Banks
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 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.
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 make sure the service you are using can facilitate this. A number of 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 pick ups are often available very quickly)
Our guide to sending money instantly covers some of the top services to use for rapid transfers anywhere around the world.
With online banking making accessing your money as instant as sending a text, you’d be forgiven for assuming transferring your money abroad from a bank account would be just as quick. However, transfer speeds can vary depending on a number of factors – and you bank account might not be the best option to send […]
Here we discuss why the speed of money transfers differ and which money transfer providers offer the fastest services.
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, 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.
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 prepared ahead of time. For sending money online, you will usually need the following details of the person or organisation you are sending to:
The name of the person (or organisation) 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 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 CVV security code
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. 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.
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.
Mobile wallets
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.
About Wallet by BudgetBakers Bank It has raised $434K in funds from four investors who are Rockway Capital, Petr Zamecnik, Ivan Svitek and Startup Yard. The app is also regulated and authorized by the Financial Conduct Authority, which indicates that it’s safe for the general public. Can I use Wallet by BudgetBakers for international bank […]
About Skrill In some ways, Skrill is unique in its market positioning. It’s not an uncommon payment service for primarily online businesses. Alongside PayPal, it’s interestingly one of the most common transfer services used by online casinos. At a glance, Skrill seems to offer low rates and several special bonuses. They also have their own […]
Mobile top ups
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.
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 around the world as it allows customers to remotely reload the balance of a recipient’s phone credit, which can come in handy in an emergency or […]
In the past few decades, sending and receiving money around the world has become more convenient, more accessible, and more cost-effective for the millions of people sending global remittances every single day. The growth of specialist money transfer providers offer an alternative to the expensive fees and unfair exchange rate margins often charged by traditional […]
What is a money order? Pre-internet, many people around the world had no choice but to send money in the mail, albeit cash or cheque. The first known instance of a money order (also known as a postal order) dates back to the late 1800’s, when the U.S. Postal Service began issuing them so people […]
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? Recognising how the destination impacts the limits of your transfer, will give you a better understanding of what sort of minimum and maximum amounts are able to be sent and received. We have outlined the key differences between a domestic and international money transfer below. Domestic transfer These types […]
When sending or receiving an international money transfer, it’s useful to familiarize yourself with the regulations that apply to you and the other party. This includes transfer limits, tax regulations, and whether you need to declare the transaction to any regulatory bodies.
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 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 country, […]
Europe is home to 44 countries, but not all of them use the euro. This makes sending money to the continent less straightforward than you may have originally anticipated. Those looking for cheaper alternatives when sending an international money transfer, must always consider the destination country, currency and costs involved. To reduce the cost of sending money to Europe, we have put together this guide which outlines the best ways to save money on European remittances.
Bank charges can drastically affect the value of your international money transfer, so it pays to be in the know. In this guide we will outline how to steer clear of the types of fees which commonly catch customers out.
The wide variety of global service providers offering “free money transfers” can appeal to those searching for the best deal. However, nothing in life is free, and in a bid to reduce any disappointing outcomes, we outline what to expect when dealing with free money transfers.
Finding the right money transfer service is important. We compare the top 10 money transfer providers.
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 are sending money domestically compared to 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 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.
✓ 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:
PayPal
Venmo (US only)
Cash App (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. 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.
What is an international money transfer provider? An international money transfer refers to the process of sending funds to an individual or company overseas. It is up to the customer to decide whether this transfer is received electronically or in cash. Traditionally, this transfer would be processed by your bank, but there are numerous specialist […]
In the modern world we live in, you’re more likely to find yourself overwhelmed with options to send money domestically rather than limited. From more traditional methods that have been around for years such as money orders, to the new and innovative apps that make sending money possible with just an email address, in this […]
When transferring money to Europe, you want to consider all the details. We can help you find the best deal possible.
FAQ
How much does it cost to send money online?
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 organisations 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.
Bottom line
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.
Below we’ve compiled a list of top news and guides for you to read. If you want to know more about the industry, be updated with recent changes to expatriate and travel laws, changes to regulations or anything else, check out some of our top news picks:
This helpful guide will share what you need to know about bank transfers to Spain. You will learn how to choose the right bank for your needs to compare the many choices out there. We will also share details about tax implications that need to be considered before sending money. Finally, we present 3 top alternative money transfer companies that you can use for sending money to Spain.
In a bid to help our readers find the best way to send transfers of $20,000 and above, we have put this guide together, to outline the safest, fastest and cheapest options for transactions of this size. As well as providing an overview of key factors we will run through money transfer providers that facilitate large overseas transfers.
This Wire Transfer guide is designed to offer assistance to readers who may be struggling to find a suitable provider for their larger remittance needs of $10,000 or more. Whether you are sending this amount for personal or business reasons, this guide will help you minimize fees, save time and find a safe and secure service for your next transfer.
Wire fraud is a long-standing problem that affects millions of people around the world every year. The sophisticated nature of certain fraudulent activity means many unsuspecting people fall victim to the traps set by criminals, both on and offline. This guide to Wire Fraud aims to quell your fears and help you make correct, well-informed decisions when arranging your next money transfer.
This page outlines what you need to know about using a roll number to execute transactions. Understanding the different components of bank account information enables you to assess what information is needed to make a transaction. This page is useful for international money transfer customers that want a better understanding of what a roll number is all about.
Being on the receiving end of an undesirable exchange rate can be detrimental to any type of international transfer, no matter the size or destination country, but it is especially damaging to international business transfers that make regular mass payments. Foreign exchange risk, or FX risk, derives from the exposure of an organisation during international transactions in a foreign currency. This guide will help any company or business understand key risks and mitigate potential loss of assets.
Understanding the intricacies of international taxes can be one of the most stressful parts of sending money overseas. We want our readers to have access to all the relevant information in a bid to avoid unexpected bills. In this helpful guide we share everything you need to know about various taxation rules and regulations when moving money between countries.
About International Workers Day Every year on May 1st global communities observe International Workers Day. This annual public holiday is an opportunity to celebrate hard-working professionals in all lines of work, by commemorating the success of international workers’ rights groups, such as the Federation of Organised Trades and Labour Unions (FOTLU). In 1884, it was […]
Germany and Turkey have a close relationship, and with a large number of Turkish people living in Germany, this is a popular money transfer route. For this reason, there are many ways to set up safe and speedy international remittances between these two European countries. In this guide we will shed light on one of the most practical and secure methods, as we explain how to transfer funds from Germany to Turkey using Sofort.
In just the first half of 2020, UK finance reported almost 15,000 impersonation scam cases – an 84% increase compared to the same period in the last year. A large portion of these scams can be attributed to the COVID-19 pandemic causing an up-tick in criminals impersonating the police or government organisations for financial gain. […]
Being a mum means taking on many different jobs: carer, teacher, chef, cleaner, nurse, chief budgeter…and that’s just to name a few! At times, keeping it all together can feel like an impossible mission, but thankfully, there are other mums all over the world ready to be a shoulder to lean on, a listening ear, […]
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 […]
With technology making it easier than ever to connect with people all over the world, one particular section of the workforce benefiting from global modernisation is freelancers. Freelancers already have the advantage of not needing to limit their job search to a five-mile radius around their local area, and with an increasing number of tools […]
Whatever your reasons, sending money internationally is more accessible than ever these days, with digital transfer providers allowing 24/7 access to money transfers at the tap of a few buttons on your smartphone. Realistically, you could get your money to your recipient in a matter of minutes. That being said, being prepared for the details […]
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.
Foreword by the CEO, Jonathan Merry The national lockdown enforced by the British government during the first wave of the COVID-19 pandemic forced many companies to adopt a company-wide, work-from-home policy. This unprecedented action saw a meteoric shift in attitude towards a higher level of acceptance for employees working from home. In many ways, it was a giant […]
What factors should I consider when sending money home? When choosing a money transfer service for sending money home, there are a variety of factors to consider to help you find the best deal. Here’s a quick summary of what to bear in mind. The amount you’re sending: Most money transfer services have a limit […]
The different options for transferring money When sending money, it is important to know the options available, and how they differ in terms of speed, cost, safety, and other factors. Here’s a quick summary of the different ways you can make person-to-person payments. Banks Banks are largely perceived to be the safest and most established […]
COVID-19 and the Money Transfer Industry Message from Jonathan Merry, CEO of MoneyTransfers.com From international travel to retail, COVID-19 has hit every aspect of life around the world. In parallel, similar effects have been seen in the world of business, which has seen the biggest drop in activity since the great depression. However, the trajectory […]
With the announcement of Facebook’s cryptocurrency – Libra, the team at Money Transfers decided to look into the potential impact this could have on privacy concerns surrounding Facebook, and whether this could affect consumer adoption of Libra. Key Findings Facebook users are divided on whether to store their money through a service such as Libra […]
Starting Out People transfer money across borders for a variety of reasons. You may have family in another country, and need to send them money. Or you may be making an overseas investment. It is also possible that you are trying to make a transfer as part of a business transaction. Or you are simply […]
The Brexit Impact Britain’s planned exit from the EU infamously referred to as ‘Brexit’ has been one of the biggest shake-ups in modern-day politics. Never out of the news for a day or two the event has been incoming for the past 2 years and there have been drastic effects for both supporters of Britain’s […]
Article Factchecked by Elliot Laybourne on 20th July 2022
Elliott is a former investment banker with a 20 year career in the city of London.
During this time he held senior roles at ABN Amro, Societe Generale, Marex Financial and Natixis bank, specialising in commodity derivatives and options market-making.
During this time, Elliott’s client list included Goldman Sachs, JP Morgan, Credit Suisse, Schroders Asset Management, and the Pennsylvania State Public School Employees Retirement System, amongst others.
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.
