1) PayPal: Best for Peer-to-Peer Domestic Transfers and Large Domestic Transfers
PayPal is the quickest and safest method to pay for things online. It allows you to pay for your favorite items at millions of online retailers in the United States and 203 other countries without having to change currencies. So knowing how much you’re spending is as simple as spending it. Signing up for a PayPal account and using the PayPal app to receive and transfer money to other PayPal users is completely free.
PayPal not only allows you to make one-time purchases, but it also allows you to arrange recurring payments for all of your monthly bills and subscriptions.
PayPal works hard to keep your financial information safe, whether you’re paying bills, sending money, or making a purchase.
It’s quick: You won’t have to input all of your financial information every time you purchase. With PayPal, you can get through the checkout process quickly.
Simple: Not only is it free to join up for PayPal, but you can also use your PayPal balance or bank account to make purchases and transfer money to relatives and friends in the United States. See the full list of charges.
2) Zelle: For quick domestic bank transfers, this is the best option.
You must be a registered user to send money with Zelle. You can sign up on the Zelle app interface or through the Zelle link in your bank’s mobile app for free. The transaction will take 2-5 minutes if the recipient is also a registered user and their bank is one of Zelle’s partners. However, if the beneficiary chooses a bank that is not part of the Zelle network, the transaction will take longer, anywhere from 2-3 business days to much longer. To transfer or request money or a charge, you must first ensure that your friends or customers (if you’re a business) are enrolled on the Zelle platform. There will be delays if this is not done. Unlike other fast payment apps like Venmo and Cash App, which allow you to make transactions with anybody who has the app, Zelle requires you to make transactions between banks.
You’ll need to enter their email or phone number if you’re sending money to someone who hasn’t linked their bank account to the Zelle network. The system will then send them an SMS or email notifying them of the payment and providing a link for them to accept it.
If their bank is a Zelle partner, all they have to do is open a Zelle account on their bank’s website or mobile app to complete the transaction. To receive money using Zelle, one does not need to link their bank account. Transfers to debit cards are also possible with the app. You must, however, have an active deposit account with one of the partner banks to send money.
Zelle has no transaction fees because it is controlled by a banking consortium, so you can send and receive money without worrying about deductions. However, there is a catch. Different banks have different fees, and these fees may be reflected in your Zelle transactions, so check with your bank first before sending money.
Benefits of Using Zelle
Some of the most notable advantages of using Zelle to transfer money include
No transaction fees: You can send or receive any amount for free!
Apps and web portals that are simple to use.
There is no minimum requirement.
There are no registration or agent costs.
When both parties have Zelle-affiliated bank accounts, transfers are instantaneous.
They are backed by several well-known and trustworthy US banks.
3) Transferwise: World Travelers’ Favorite
Managing money across borders might be tough if you frequently find yourself waking up in one nation and sleeping in another. Exchanging funds into a foreign currency regularly can add up quickly. TransferWise, a startup that specializes in “borderless banking,” makes it simple to manage money in several currencies. Regular money transfers can also be made through the platform without the need to open a borderless bank account.
How it works: With TransferWise, you can open a borderless bank account for free with just a $25 deposit. Each component of the bank account can be marked for a specific currency; for example, if you add a euro balance, the bank account will be assigned a SWIFT number, just as it would in Europe; if you add a GBP balance, the amount will be assigned a sort code. More than 40 currencies can be held and managed in the bank account. A MasterCard debit card is linked to your TransferWise Account, and funds can be contributed in a variety of ways. According to the firm, withdrawing cash from a foreign ATM is around a sixth of the cost incurred with conventional debit cards, and the account may convert currencies between balances (for a nominal fee).
Direct debit, wire transfer, debit card, credit card, and Apple Pay are all alternatives for payment. Payment options fees are determined by the currency being paid or converted to.
4) Remitly: It’s the best way to send money from the developed world to the developing world.
Remitly is a Seattle-based online international money transfer startup started in 2011 by Matt Oppenheimer intending to make money transfers simple, low, and quick for immigrants. It allows you to send money online from 16 developed countries, including the United States, the United Kingdom, Ireland, Australia, Canada, and a few European countries, to over 50 countries worldwide.
Remitly is a formidable candidate in the money transfer startup race, which has been dominated by established companies such as commercial banks, Western Union, and MoneyGram. Remitly has raised a total of $420 million in investment, the most recent being $135 million in 2019.
Remitly’s mobile app or website allows you to send money from anywhere with an internet connection.
How to use it?
Create an account with the sender’s information, such as email address, name, address, phone number, and so on, or use Remitly login
Select the destination country and the amount you’re sending
Enter the recipient’s information
Choose a payment method
Click “Send Money,” and your money will be on its way.
5) WorldRemit: The fastest way to send money internationally
WorldRemit boasts some of the lowest cash transfer costs, and their exchange rate is better than that of competitor Xoom. Users can now send money to people in more than 145 countries.
How it works: To utilize WorldRemit, you must first create an account, which is free.
Bank account, credit, debit, or prepaid card, Poli, Interac, iDEAL, Salford, Google Pay, Apple Pay, Trustly Costs are all applicable. Transfer fees vary and are dependent on where the money is being sent. For example, it will cost $3.99 to transport $50 to a Walmart in Mexico.
Most transactions are instantaneous or very instantaneous; home delivery might take anywhere from 24 hours to seven days, depending on your location.
Sources and references : https://www.forbes.com/advisor/banking/best-ways-to-send-money/