In this age of modern technology, everything has become easier and quicker. In fact, everything is only a few clicks away, whether you want to do some shopping, book your tickets or find some information. Similarly, sending money to someone has become quite simple these days and you can get it done with the least amount of hassle. However, when you are transferring money, you don’t just look for convenience; you also want to keep your cost as low as possible. In this situation, you can use the following low-cost ways to transfer your money wherever you want:
Obviously, the first option everyone has is to use their bank as they can assist you with different kinds of fund transfers. This option is easiest when you want to transfer money in the same country and accounts in the same financial institution or even in a different one. While you can also make overseas money transfers through your bank, it requires a lot of paperwork and you have to have lots of information. Plus, the cost doesn’t really make it feasible for international transfers.
There are lots of financial institutions online that enable you to send money online to another individual, just like you would pay a bill online. You need bank routing numbers and account numbers for this purpose along with the IBAN or SWIFT code if international transfers are being made. The name of the account holder is also needed. These e-transfers are less expensive than banks and allow you to set the frequency of the payment if it has to be done regularly.
Money Transfer Companies
You can find a number of money transfer companies such as the Western Union or MoneyGram that can be used for transferring money to a different city, state or country. A flat rate is charged on the transfer, which is based on the money’s destination, the amount you are sending and speed of the transfer. In the case of international transfers, an exchange rate is also charged. There are numerous such money transfer services and there is competition amongst them over the exchange rate. You can visit a money transfer comparison website, such as WireCompare, to do a comparison of the different rates and opt for the most feasible one.
If your bank offers free checking, you also have the option of writing a check and then depositing it into another account or giving it to the recipient. You can also send the check to someone by mail, if they are in a different state or city. However, it is the international transfers that are tricky. When a check is sent internationally, there may be cashing delays as not all banks accept foreign checks or may charge a sum for doing so.
Email Money Transfers
This kind of money transfer service works just like an electronic check. Funds are not physically transferred via email; only the transaction is initiated and the recipient has verified that funds are available. No bank account number is required, but a security question has to be answered.