Whether it is to pay your close one or to pay your utility bill or make a payment to your overseas supplier, you may need to send money into another bank account. It can be challenging if you have not done it before. We are providing you a list of step by step instructions that would help you transfer money to another person’s bank account easily and safely.
Services that help you send money to another person
Option 1: Send money from your bank account to the bank account of another person
TransferWise is a credible and convenient payments and money transfers service using which you can easily send money from your account to the account of another person. This transfer facility works for both inside and outside the US.
What is TransferWise (domestic or international)?
TransferWise began as a peer to peer global platform to connect people and their money throughout the world. This new smart technology links local bank accounts in various countries. TransferWise skips heavy international bank fees and provides users with the real exchange rate on their monetary transactions.
This helps them to execute financial transactions without worrying about charges or getting confused in lengthy execution steps. To use this scheme, there are no monthly charges. Just a small fee is charged at the time of transferring money outside or within the US or switching between currencies.
Option 2: Use of a service that requires your recipient to sign up to obtain the money into the bank account
Money gets deposited into the chosen service. Once it happens, the recipient can withdraw their money from the service and deposit into their own bank account. To be able to use this service, it requires that your recipient is already registered with this service. With the help of this service, you can easily send them money. This service can be a little slow as compared to other money transfer options.
Services that provide transfer of this type are:
- Facebook Messenger Payments (Only for US domestic only)
- PayPal (For both US international and domestic)
- Square Cash (For US domestic only)
- Snapchat Snapcash (Only for US domestic only)
- Venmo (For US domestic only)
Option 3: You send the money and recipient deposits it in their bank account
This way of money transfer can be executed in following ways:
Cash
Here you can deliver the money in the form of cash to the bank account of the recipient. You need to go to the bank and fill in the deposit slip by entering information about the recipient bank account. These details can be recipient account number, account branch, and amount. You need to hand over this slip along with the cash to the cashier at the bank. Money will get credited into their bank account instantly.
Check
You can do the transfer via cheque too. Fill in the details in the check, and make it “Account Payee”. Cheque should be in the favor of the person to whom you are transferring money. Once the details are checked, the amount will get credited to their bank account.
Conclusion
Whatever be your priorities, transfer time, cost, or transparency, you will definitely get option to execute your task. It only takes a little amount of time to figure it out. The above information will definitely educate you about the different money transfer methods so that you can choose the best one for your requirements.