My Profile
Congratulations! Your Instant Same Day Payday Loans Online Is About To Stop Being Relevant
12 Best Ways to Transfer Money
Advertiser disclosure You're our first priority. Everytime. We believe that every person should be able to make sound financial decisions with confidence. Although our site does not feature every business or financial product that is available in the marketplace, we're proud that the advice we provide as well as the advice we offer and the tools we develop are objective, independent simple, and completely free. How do we earn money? Our partners compensate us. This could influence which products we write about (and where those products appear on our website), but it doesn't affect our suggestions or recommendations, which are grounded in many hours of study. Our partners do not pay us to guarantee favorable review of their services or products. .
12 Best Methods to Send Money
Written by Spencer Tierney Senior Writer | Certificates of Deposit and ethical banking, as well as banking deposits Spencer Tierney is a consumer bank writer for NerdWallet. He has been writing about the personal financial sector since with a focus on certificates of deposit and other banking-related topics. The work he has written for him was covered by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. The location of his work is Berkeley, California.
And Ruth Sarreal Content Management Specialist Accounts with banks, bank account bonuses Ruth Sarreal is a specialist in the management of content covering topics related to consumer banking at NerdWallet. She has more than a decade of experience in writing and editing content for consumer websites. She previously edited content on personal finance topics for GOBankingRates. The work she has written for her was highlighted by Nasdaq, MSN, TheStreet and Yahoo Finance.
Updated Oct 3, 2022
Edited by Yuliya Goldshteyn, Assistant Assigning Editor Yuliya Goldshteyn works as a banking editor for NerdWallet. She previously worked as an editor, writer and a research analyst in a variety of industries, from health care to market research. She received a bachelor's diploma in the field of history at the University of California, Berkeley and a master's degree in sociology from University of Chicago, with the focus on Soviet cultural history. She lives within Portland, Oregon.
The majority or all of the products featured here come from our partners who pay us. This impacts the types of products we review and the location and manner in which the product appears on a page. However, this does not affect our opinions. Our opinions are entirely our own. Here's a list of and .
Discover savings accounts that best meet your financial goals
Answer a few simple questions to find accounts that meet your needs.
Take a look at our suggestions for the best methods to transfer money:
The best mobile phone:
Best for referral bonus:
Most efficient for domestic transfers
Most popular online:
Best for nonbank transfers:
The best option is to send $10,000 or more to the U.S.:
Cheapest for international bank-to bank transfers:
The fastest transfer time transfer times for international transfers:
Best for transferring large amounts internationally:
The best option for transfer options:
Ideal for simple registration:
The year's best bank accounts
Do you need to switch banks? Need a high-yield savings account with a great rate? Shop our 2023 Best-Of Awards.
When you send money online, the most efficient way to do so depends on the way and the location you want to send it. We looked at fees, speed and other features to find the most reliable international and domestic money transfer service. Note that you should always be cautious when using these services to ensure you're making payments to the correct person. Most of the time you're not guaranteed any refund in the event that your money is sent to the wrong person.
• Protect your cash: Learn about
Why you can trust NerdWallet: Our writers and editors follow strict guidelines to ensure our coverage is truthful and accurate So you can pick the options that work best for you.
+ See a summary of our choices
How do I transfer money online, on the phone or in person
The best ways to transfer money International
Venmo: The best mobile.
Cash app: The best for referral bonus.
Zelle: Fastest for domestic transfers (tie to Google Pay).
Google Pay: The fastest in domestic transfer (tie in with Zelle).
PayPal: The most well-known online.
Walmart2Walmart: Best for nonbank transfers.
Bank wire transfer: Best to send $10,000 or more to the U.S.
Best ways to send money: International
MoneyGram: Cheapest International bank-to-bank transfers.
The Xoom is the fastest in international transfer.
OFX: Ideal for international transfers with large amount.
Western Union: Best transfer choices.
Wise: Ideal for easy registration.
The most efficient ways to transfer money within the U.S.
Here's a brief overview of the most effective ways to send money domestically.
Venmo: Best for mobile
We're recommending this because:
Highly reviewed app available on iOS as well as Android.
Free, easy, fun and socially-engaged money transfers.
+ Venmo in a nutshell
Venmo's app ratings are among the highest of the local providers we looked at: 4.2 stars in the Google Play Store and 4.9 in Apple's App Store.
It's completely free to send and receive funds when you connect a bank account, debit card or the prepaid debit card. The cost of using a credit card is 3% for each transaction. Just a few taps on Venmo after you've verified your identity, you can send up to $60,000 per week.
Your and your friends' transactions will pop up , without the amount on a news feed. If you'd prefer to keep your transactions private, you can change your settings to ensure that only your friends or only you and the other person you're paying or receiving money from will be able to see them.
It is crucial to know about Venmo
Money you receive shows up immediately within the Venmo balance, however the process of cashing it out to a bank account takes one to three business days . You can also transfer funds to a debit card, usually in 30 mins, for the 1.75 percent fee. (For more details, read .)
From top to bottom
Cash App: Great for a referral bonus
The reason we picked it:
Bonus of $5 when someone utilizes your referral code to sign up and send money.
There are no fees to send or receive cash.
Cash App and the Cash App in an easy to understand
Cash App allows you to send and receive money by cashing out the connected bank account or debit card. You can make your own unique $Cashtag or username in the app, to make it easier for others to locate you and make it easier for them to send you money. Unlike the other P2P apps and ways to transfer money from the list below, Cash App offers a $5 bonus when someone sign-ups using the referral code and sends at least $5 through their new account.
Plus, it is important to understand the Cash App
You'll need to have an account with a bank account to use Cash App. Cash you receive will show up instantly in your app's balance however, it can take up at least three working days for money to appear in the balance of your bank account if you choose to transfer. You can cash out instantly to your debit card but you'll pay an additional 0.5% -1.75 percent cost.
You're limited to sending and receiving up to $1,000 per 30 days. If you wish to increase the limit, you'll need to supply additional information about yourself, including the full address of your name and birth date as well as the last four digits of the last four digits of your Social Security number. If you make a payment via credit card, you'll be assessed a fee of 3. (For more information, please refer to .)
From top to bottom
Zelle The fastest (tie Google Pay) Google Pay)
We're recommending this because:
Delivery is usually within minutes.
Already integrated with more than 100 financial institutions bringing together more than 100 million customers.
+ Zelle in the nutshell
With Zelle, you can send and deliver money within minutes between bank accounts in different financial institutions. You might already be using Zelle's service through your bank's mobile or website. More than 1,000 credit unions and banks are signed up and that means the 100 million customers they serve can use Zelle on their bank's website or mobile application. If your bank isn't on Zelle's network Zelle may be used as a standalone app.
+ Important to know about Zelle
You'll require an U.S. bank account to make and receive payments . Zelle doesn't charge any charges, but any of its partner banks may choose to. Although the limits for each bank differ but some of the biggest banks set the daily maximum transfer limit at $2,000 or $2,500.
Zelle is not intended to purchase or sell items It's not a way to protect yourself from these transfers. Additionally, if you make a transfer in the wrong direction or transfer the incorrect amount, you could be out of luck. Protections are limited to when someone is able to steal the password to your Zelle account or password and uses it to transfer money.
Back to top
Google Pay: Most efficient (tie to Zelle)
The reason we picked it:
Transfers to a debit card for less than other payment processors charge.
Smooth integration of money transfer service in email.
+ Google Pay in an easy to understand way
Google Pay lets you transfer funds for free by using an QR code, the recipient's name, telephone number or email address. You can also make a cash withdrawal immediately from the app wallet to a debit card for the cost of 1.5% fee. If you're not working in a hurry, you can cash out at no cost to an bank account, which takes up to three days. The maximum amount you can transfer is $5,000 per day for seven days. Bank accounts and debit cards can fund transfers, but the credit and debit ones cannot.
+ Important to know about Google Pay
Google Pay covers 100% of verified transactions that are not authorized however this isn't a guarantee for all money transfer apps and services.
Back to top
PayPal: The most popular online
Why it's our pick:
High transfer maximum.
There are more than 400 million active account in the world.
+ PayPal in a nutshell
PayPal provides free transfers to PayPal's U.S. when you fund through a bank account or PayPal balance. When you pay with credit card -- and unlike other service providers one that accepts debit cardscomes with a cost: 2.9 percent of the sent amount and 30 cents. Bank account transfers are completely free.
+ Important to know about PayPal
According to your currency and the currency you use, the maximum amount you are able to send out per transfer varies between $10,000 and $60,000. If you're sending this much money, making it through a bank will provide additional security for your account, such as FDIC insurance.
Transferring money into banks for free can take between one and up to four days based on whether the transfer was initiated within 7 p.m. ET or on weekends. You can also pay instantly to a debit card that is linked. You can pay or transfer money on the website or mobile app on iOS and Android, or at PayPal.Me, where you create your own personal link that family and friends can use to pay you. (Read the full article on our .)
From top to bottom
Walmart2Walmart: Best for nonbank transfers
We're recommending this because:
Convenient option for sending cash to or from an Walmart store.
+ Walmart2Walmart in the nutshell
If you're looking to transfer money, Walmart is a convenient option, especially if or your recipient live near an establishment It is possible to transfer funds through an Walmart store for pickup at an Walmart. Walmart is a partner with many payment service providers, so you can also transfer money via any MoneyGram, Ria or Western Union store for pickup at any one of the thousands of U.S. Walmart stores, where a recipient can collect the money within minutes. In the same way, you can transfer money to a Walmart for pickup within minutes at a Western Union or MoneyGram location. (Ria locations don't offer a pickup option.)
Plus, it is important to be aware of Walmart2Walmart
In the majority of states, the maximum you can send per day is $2,999.99, and prices start at $2.50. (For more details on Walmart financial services, including details on Walmart's involvement in the FTC lawsuit against the company, please read our .)
Return to the top
Bank wire transfer: B est for sending $10,000 or more to the U.S.
We're recommending this because:
Delivers large amounts between banks the next within hours or minutes.
Transfers to banks in the nutshell
Sending a wire transfer through your bank may be the most efficient way to transfer large amounts quickly. As convenient as P2P apps are however, they restrict the amount you can send. Typically, you can only send between $1,000 and $10,000 per transfer and delivery could take several days. Contrary to that the majority of bank wire transfers arrive within hours or minutes.
+ Important to know about bank wire transfers
There's a steep fee for transfers. According to an examination of the largest bank accounts, the average domestic wire fee for sending money is around $25, while it is $15 for receiving (see ). If you need to send lots of money in a matter of minutes, though the cost may prove worth the cost.
>> Interested in transferring money via wire transfer? Learn more about wire transfers.
Back to top
Best ways to transfer money internationally
Below, we'll provide our recommendations for the top methods to transfer money internationally. If you transfer money abroad, you generally encounter two charges: the cost to transfer money (also known as the outbound or upfront fee) and the foreign exchange fees as well as the markup on the exchange rate that banks use when transferring money among themselves. Take a look at both fees to determine the best deal.
+ Read our advice on money transfers and definitions for common money transfer terms
Definitions: Rates of Money Transfer
There are three rates that determine the amount your transfer will cost and the amount of cash the recipient will receive.
Exchange rate: An exchange rate is the cost of one currency in relation the other currency. For example, if you would like to change U.S. dollars to euros then you should determine the value of the value of one U.S. dollar is worth in euros.
Midmarket rate: The midmarket rate, also called the interbank rate, also known as an interbank exchange rate is the exchange rate that big banks use to exchange currencies between each other.
Markup on exchange rates: Many service providers employ markups on exchange rates in price your transfer. They give customers an exchange rate which is the midmarket rate plus the additional amount, also known as a markup, in order to earn profits on the transfer.
Example A case in point: If the midmarket exchange rate of U.S. dollars to Mexican pesos is 20 psos per dollar, then a 2 markup in exchange rates means the provider is giving you 19.6 pesos for every dollar. For a $500 transfer with an average rate, you'd send 10,000 pesos, but with a markup of 2 it would result in 9,800 pesos. The more markup you pay, the less your recipient will receive in exchange for their currency.
General guidelines for international money transfers
1. Know the way exchange rates work (and how to find the most favorable rates). One of the ways the money transfer service providers earn their money is through markups on exchange rates. Many transfer companies don't give the rate of exchange you'd find on a currency exchange platform like the one at Bloomberg.com or Reuters.com. Those sites just tell you the price of one currency relative to another, but they are a helpful starting point for knowing what the ideal rate will look like this minute. If you are looking at your exchange rates when you make international transfers with services like Western Union, focus on the exchange rate markup by examining the foreign currency value. The higher it is, the lower the markup and the greater amount the recipient gets.
2. Compare total transfer costs across different providers. There are two kinds of costs: upfront fee and markup on exchange rates (see below). Choose the one that offers the lowest fee combined with the best exchange rate that you can find. Most nonbank online providers provide cheaper transfers than banks.
3. Avoid paying with a credit card. It's an option for some companies, but there may be a higher cost upfront and the credit card company may tack on costs such as interest and cash advance charges. A transfer paid by bank account directly tends to be a less costly (and much slower) transfer. If you need money delivered fast, you can use the debit card option, which will also incur fees that are lower than credit cards.
The MoneyGram service: Cheapest transfer from bank to bank
at MoneyGram
Why it's our pick:
Most affordable fees for transfers and from accounts at banks.
MoneyGram and the MoneyGram acronym in one sentence
MoneyGram operates a network of more than 200 countries and territories. Transfers between locations take only a few minutes to be delivered as cash pickup. This has a similarity to the primary competitor, Western Union. Transfers made online or via mobile app to bank accounts in various countries take one hour or just one business day; other providers can take several business days to transfer to bank accounts. If you want to transfer money from a bank to a bank, MoneyGram is the cheapest choice.
Plus, it is important to be aware of MoneyGram
You'll need to pay fees. If you send $200-$1,000 the average fee ranges from between $6 and 14 in each of the nations we studied according to the method of sending and receiving. MoneyGram will also mark up exchange rates ranging from 0.60 percent to 8.44%. For the countries we researched and compared, the amount you can pay per transaction is around $10,000 to $15,000 -- the limits are at the lower range when compared to other services on this list. (See our .)
Back to top
Xoom: Fastest
We're recommending this because:
Transfers to bank accounts overseas within minutes for some countries.
+ Xoom in an easy to understand way
Xoom-is an PayPal service that specializes in fast transfers to about 160 countries. You can transfer up to $100,000, but the greater the amount you want to transfer, the more time it will take along with the additional personal data you'll have to provide (such as passports or Social Security number and a bank statement or pay stub). It is possible to transfer funds using a bank account, debit card credit card or payment methods stored inside your PayPal account, and most transfers are made in a matter of the timeframe of a few minutes. Xoom is a partner with banks of major importance in other countries, which allows users to have money delivered to bank accounts, or in certain countries, for cash-in-hand pickup, or for mobile phone reloads.
Plus, it is important to be aware of Xoom
Cost is where Xoom lags behind competitors. Xoom earns profits from exchange rates, but it gives better rates for sending higher amounts to specific countries. The transfer of funds from one bank account to another are not always free. In general, charges may be higher if you make use of a credit or debit card. (For more information, visit our .)
Return to the top
OFX: Best for international transfers with a large amount.
at OFX
The reason we picked it:
There is no maximum limit on how much you can send.
No fees, no matter how much you send.
+ OFX in an easy to understand way
OFX is free of charge, regardless of the amount you send. Additionally the online service allows you to transfer money at current exchange rates or at target rates for the future -which means that your money will transfer once the exchange rate has been achieved. In your location in the U.S., you can send money in over 50 currencies. OFX is ideal if you need to send more than other providers on this list allow, as there is no limit on the amount you can transfer.
It is important to be aware of OFX
OFX has a minimum transfer amount of $1,000. Costs for consumers are in the form of exchange rate markupsthat are at the top of the spectrum when compared to other service providers. Delivery generally takes several business days. (Read our for more details.)
Back to top
Western Union: Best transfer options
The reason we picked it:
An extensive network of locations across the world.
There are many ways to send and deliver money.
+ Western Union in a nutshell
The largest company for money transfers across the globe, Western Union also has numerous transfer options . On the provider's price estimator tool on the internet, you'll see more than a dozen combinations of sending channels, payment methods, and delivery options. It is possible to send money through Western Union's website Western Union website or its mobile app, and you can use the option of a bank account, debit card or credit card -- or transfer money from a nearby agent location with cash.
The physical network of the transfer giant covers over 200 countries and territories, and more fifty million locations all over the world.
Plus, it is important to be aware of Western Union
Transfers are expensive they are among the most expensive of the companies we examined- and only some options provide same-day or next-day delivery. Some online transfer options can require several business days to delivery. (Read our .)
Return to the top
Wise: Best for easy sign-up
at Wise
Why it's our pick:
A user-friendly experience on the web from sign-up to delivery
No foreign exchange rate markups.
+ Wise in a nutshell
Wise (formerly TransferWise) balances convenience and costs on its online and mobile money transfer service. You can sign up with an account on Apple, Google or Facebook account instead of a site-specific login, and the exchange rate you receive is guaranteed until the money arrives at Wise. Wise can transfer cash through its headquarters in the U.S. to about 80 countries (the precise number of countries changes from time to time) without an exchange rate markup. However, they charge an exchange rate charge, which pays for making the exchange happen, but there is no markup.
Plus, it is important to be aware of Wise
In most instances, you'll have to pay two charges: a fixed dollars amount (the upfront fee), which increases depending on the amount you pay, and the exchange fee, which is often less than 1% of the amount you send. From in the U.S. to the countries that we looked into, more than half of the delivery times were estimated to take 2 hours or less. (Read our .)
Return to the top
>> Looking for the right bank to use when you go abroad? Take a look
METHODOLOGY for DOMESTIC TRANSFERS
To identify the top domestic transfer options, we examined the following characteristics of 14 companies: fees, delivery speed of cash or money to the recipient's bank account, user reach (where transaction data were available) Limit on the amount of money that can be sent and measures to protect your data. Priority was given to service providers that offer free transfers, have established histories and maintain strict security measures. We excluded single-bank P2P services since they usually restrict users to one particular bank.
Note: All amount transfer limits are given assuming that the user has authenticated their identities because each app needs to verify their identity. Also, the app will set initial limitations when you first start using the app.
Providers surveyed: , , Facebook Pay (now Meta Pay), Google Pay, and PopMoney, , the list goes on and .
METHODOLOGY FOR TRANSFERS TO OTHER NATIONAL BANKS
We examined seven providers who operate with clients in the U.S., mostly focusing on the major players in the international market for money transfer that are based in market research expert opinions cost analysis, and U.S. internet traffic.
Countries surveyed: Germany, India, Mexico and the United Kingdom.
Providers surveyed: , the , , as well (owned through PayPal).
The fees and markups on exchange rates that are mentioned are based on the study linked below.
About the authors: Spencer Tierney is a writer and NerdWallet's authority for certificates of deposit. His work has been featured on USA Today and the Los Angeles Times.
Ruth Sarreal is a content management specialist at NerdWallet. She has edited and written articles on topics related to personal finance for over five years.
Similar to...
Find the best checking account
See NerdWallet's recommendations for the top checking accounts.
Dive even deeper in Banking
Get more smart money moves - straight to your inbox
Sign up and we'll send you Nerdy posts on the topics in finance that are important to you and other ways to help you earn more value from your money.
If you enjoyed this post and you would like to obtain even more information relating to $255 payday loans online same day nevada (https://www.highclassps.com) kindly visit the web-page.