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12 Ways to Transfer Money
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(image: https://farm4.static.flickr.com/3845/33295410384_8240ba2daf.jpg)12 Best Methods to Transfer Money
By Spencer Tierney Senior Writer | Certificates of Deposit ethics, ethical banking, bank deposits Spencer Tierney is a consumer banker at NerdWallet. He has covered personal finance since 2013, with a particular focus on certificates of deposit as well as other banking-related topics. His work has been highlighted on The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He is based in Berkeley, California.
And Ruth Sarreal Content Management Specialist bank account bonuses Ruth Sarreal is a specialist in the management of content covering consumer banking topics at NerdWallet. She has more than a decade of experience writing and editing for consumer websites. She was previously editor of articles on personal finance topics for GOBankingRates. Her work has been featured in Nasdaq, MSN, TheStreet and Yahoo Finance.
Updated Oct . 3, 2022
Written by Yuliya Goldshteyn, Assistant Assigning Banking Yuliya Goldshteyn is a bank editor at NerdWallet. She was previously an editor, researcher and writer in a variety of industries, from health care as well as market research. She earned a bachelor's degree in the field of history at the University of California, Berkeley and a master's in sociology from University of Chicago, with an emphasis on Soviet culture and history. She is located at Portland, Oregon.
Many or all of the products we feature are provided by our partners who pay us. This affects the products we feature and the location and manner in which the product appears on the page. However, it does not influence our evaluations. Our opinions are our own. Here is a list of and .
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Check out our top picks for the best methods to transfer money:
Best for mobile:
The best referral bonus for you:
Fastest for domestic transfers Transfers to domestic destinations:
Most popular online:
Transfers that are not bank-based are the best choice.
The best option is to send $10,000 or more to the U.S.:
Cheapest for international bank-to-bank transfer:
The fastest transfer time for international transfers:
Ideal for large-scale transfers internationally:
The best option for transfer options:
The best option for a simple sign-up process:
The best bank accounts of the year
Switching banks? Are you looking for a savings account that has a high-yielding rate with a great rate? Shop our 2023 Best-Of Awards.
When you are sending funds online, the best method to send it depends on the method and location you'd like to send it. We evaluated charges, speeds and other features to find the most reliable international and domestic money transfer services. Be sure to use these services to ensure that you're paying the correct person. Most of the time there's no guarantee of the money back if it goes to the wrong recipient.
>> Protect your money: Find out
Why you can trust NerdWallet Our editors and writers follow strict guidelines to ensure that our reporting is fair and accurate So you can pick the options that work best for you.
Plus, check out the summary of our choices
How do I transfer money online, through mobile or in person
Best ways to send money International
Venmo is the best for mobile phones.
Cash app: The best for referral bonuses.
Zelle The fastest option for domestic transfers (tie with 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: The best to send at least $10,000 within the U.S.
The best ways to transfer money: International
MoneyGram: Cheapest option for bank to bank transfers.
Xoom: The fastest option transfer speed for transfers to international destinations.
OFX: Excellent for international transfers in large amount.
Western Union: Best transfer choices.
Wise: Great for simple registration.
The most efficient ways to transfer money to the U.S.
Here's a rundown of the best ways to transfer money within the country.
Venmo: The best choice for mobile
Why it's our pick:
Highly evaluated app available on iOS and Android.
Easy, quick, and fun and socially-engaged money transfers.
+ Venmo in a nutshell
The app's ratings for Venmo are among the top of domestic providers we considered: 4.2 stars in the Google Play Store and 4.9 in Apple's App Store.
It's completely free to send and receive money when you link to a bank account, debit card or the prepaid debit card. Credit card transactions cost 3 percent on the amount you pay. With a few taps on Venmo after you've verified your identity, you can make payments of up to $60,000 per week.
Your and your friends' transactions will show up -- without amounts on the news feed. If you'd rather keep your transactions secret, you can modify your settings to ensure that only your family members or you and the other person you're paying receiving money from will be able to see your transactions.
+ Important to know about Venmo
The money you earn appears immediately on your Venmo balance, however cashing out to a bank account takes one to three days . You can transfer funds to a debit card, generally within 30 minutes, with an additional 1.75 percent fee. (For more details, read .)
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Cash App: Great for referral bonus
We're recommending this because:
Bonus of $5 when someone makes use of your referral code to sign up and then send money.
No fees to transfer or receive money.
+ Cash App in an easy to understand
Cash App allows you to transfer and receive cash for free by cashing out your linked bank account or debit card. You can set up your own $Cashtag, or username, within the app to make it easier for others to locate you and make it easier for them to send you payments. Contrary to the other P2P applications and methods to transfer money from this list, Cash App offers a $5 bonus when someone joins with your referral link and then sends at least $5 to the account they have created.
+ Important to know about Cash App
You'll require an account with a bank account to use Cash App. Cash you receive will show up instantly in the app's balance but it will take one to three days for the funds to appear in the balance of your bank account if you choose to transfer it. Cash out immediately on your debit card however you'll have to pay an additional 0.5 percent -1.75 percentage fee.
You're only allowed to send and receiving up to $1,000 per 30 days. If you want to increase your limit, you'll have to provide more personal information such as names of all your children, birth date, and last four numbers of your Social Security number. If you send money through a credit card you'll be charged a 3% fee. (For more details, refer to .)
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Zelle is the fastest (tie to Google Pay)
Why it's our pick:
Delivery is usually within minutes.
Already integrated with more than 100 financial institutions bringing together more than 100 million people.
+ Zelle in the nutshell
With Zelle, you can send and deliver money within moments between accounts of various financial institutions. You may already have access to Zelle's service via your bank's website or mobile app. Over 1,000 credit unions and banks have joined the network this means that their 100 million-some customers can use Zelle through their bank's site or mobile app. Even if your financial institution doesn't on the network, Zelle may be used as an individual app.
+ Important to know about Zelle
You'll require a U.S. bank account to make and receive payments . Zelle does not charge any charges, but any of its partner banks can choose to. While limits differ by bank, some of the largest banks have daily transfer limits of $2,000 or $2,500.
Zelle is not intended to purchase or sell items and therefore you aren't protected from these transfers. In addition, if you send money to the wrong person, or transfer the wrong amount, you might be in trouble. Security is only in place if someone is able to steal or hacked your Zelle account or password and then uses the account to transfer money.
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Google Pay: Most efficient (tie to Zelle)
The reason we picked it:
Instant transfers to a debit card for lower fees than other payment providers charge.
The seamless integration of the money transfer services in emails.
+ Google Pay in the simplest terms
Google Pay lets you transfer funds for free by using a QR code, the recipient's name, phone number, or email address. You can also withdraw funds instantaneously from the wallet in the app to a debit card at the cost of 1.5% fee. If you're not in a rush, you can cash out for free to your bank account, which takes between one and three business days. The maximum you can deposit is $5,000 each day. Debit and bank accounts can fund transfers, but credit cards and prepaid cards are not able to do so.
Plus, it is important to be aware of Google Pay
Google Pay covers 100% of all verified unauthorized transactions , which isn't a given in all transfer apps and services.
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PayPal: Most popular online
The reason we picked it:
High transfer maximum.
More than 400 million active accounts worldwide.
+ PayPal in an easy to understand way
PayPal allows free transfers within the U.S. when you fund through a bank account or PayPal balance. If you make a purchase using credit card (and unlike other companies the debit cardcomes with a cost: 2.9 percent of the total amount and 30 cents. Bank account transfers are completely free.
Plus, important to know about PayPal
According to your currency, the maximum amount you are able to send out per transfer varies between $10,000 and $60,000. But if you're sending that much money, making it with a bank offers more safeguards for your balance including FDIC insurance.
Transferring money to banks for free can take between one and 4 business days depending on if the transfer was initiated after 7 p.m. ET or on the weekend. You can also make payments instantly to a linked debit card. You can transfer or send cash through the website or mobile application for iOS and Android, or at PayPal.Me which lets you create your own personal link that family and friends can pay you. (Read our .)
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Walmart2Walmart: Best for nonbank transfers
We're recommending this because:
It is a convenient way to transfer money to and/or from a Walmart store.
+ Walmart2Walmart in an easy to understand way
If you're looking to transfer money, Walmart is a convenient alternative, particularly if you and/or your recipient are near the store: You can send money through the Walmart store for pickup at the Walmart. Walmart has a partnership with a variety of companies that offer money transfer services, so you can also transfer money via any MoneyGram, Ria or Western Union location for pickup at any one of many thousands of U.S. Walmart stores, where the recipient is able to take the money in minutes. You can also send money from a Walmart for pickup in just a few minutes at an Western Union or MoneyGram location. (Ria locations don't offer a pickup choice.)
+ Important to know about 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 information on Walmart financial services, including information on the FTC lawsuit against the company, please read our .)
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Bank wire transfer: B est for sending $10,000 or more to the U.S.
Why it's our pick:
Transfers large sums of money between banks another within minutes or hours.
and Bank wire transfer in an easy to understand way
Sending a wire transfer through your bank may be the most efficient way to send a large amount quickly. Although they're as easy as P2P apps are however, they restrict the amount you can transfer, typically $1,000 to $10,000 per transfer and delivery may take several days. Contrary to that, bank wire transfers generally are delivered within minutes or hours.
+ Important to know about bank wire transfers
There is a high cost for transfers. According to an examination of big banks, the median domestic wire cost for sending is $25, and 15 dollars for the receiving (see ). If you have to transfer a lot of money within minutes, though it is possible that the expense will be worth it.
Are you interested in transferring money by wire? Find out more.
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Best ways to make international money transfers
Below, you'll find our picks for the best ways to transfer money abroad. When you transfer money to another country, you typically face two charges: the cost to transfer money (also known as the outbound or upfront fee) as well as fees for foreign exchange, or the markup on the exchange rate that financial institutions use when they transfer money between themselves. Consider both fees to find the most cost-effective option.
+ See advice for money transfers and definitions for common money transfer terms
Definitions: Money Transfer Rates
Three rates determine how much your cash transfer will cost, as well as the amount of money your recipient will get.
Exchange rate: A exchange rate is the value of one currency in relation to another currency. For example, if want to convert U.S. dollars to euros it is important to know what one U.S. dollar is worth in euros.
Midmarket rate The midmarket rate also known as the interbank rate or the 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 an exchange rate markup when making a decision on the price of your transfer. They give customers an exchange rate that's the mid-market rate and another percentage or markup, so that they can make a profit on the transfer.
Example of a midmarket rate: If the exchange rate of U.S. dollars to Mexican pesos is 20 psos per dollar, then a two markup in exchange rates means that the service is offering you 19.6 pesos for each dollar. If you transfer $500 using a midmarket rate, you'd transfer 10,000 pesos. However, with a markup of 2 that means you'll be sending 9,800 pesos. The more markup you pay, the less your recipient will receive in exchange for their currency.
General advice on international money transfers
1. Find out the way exchange rates work (and how to choose the most favorable rates). One of the ways the money transfer service providers earn their money is through exchange rate markups. The majority of transfer companies won't offer the rate of exchange you'd get from a currency exchange site like that found at Bloomberg.com as well as Reuters.com. These sites only tell you the cost of one currency in relation to another, but they can be a useful starting point for knowing what the ideal rate will look like in the present. When you check rates for exchanges on international transfers with services like Western Union, focus on the exchange rate markup by examining the amount of foreign currency. The more it is higher then the lower the markup, and the more money your recipient will receive.
2. Compare the total transfer cost across multiple providers. There are two kinds of fees: upfront cost and exchange rate markup (see the previous paragraph). Find the provider that has the lowest fee combined with the best exchange rate that you can find. Most nonbank online providers provide lower rates for transfer rates than banks.
3. Avoid paying with a credit card. This is an option offered by some providers, but there might be a higher initial cost and your credit card issuer might add additional charges like interest and cash advance fees. A transfer made via a bank account directly tends to be much less expensive (and far slower) transfer. If you need money delivered promptly, consider using a debit card and you will pay a lower fee than using a credit card.
CashGram is the Cheapest for bank-to-bank transfers
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 commands a network of locations in more the 200 nations and regions. Transfers between different locations take a few about 15 minutes for cash pickup. This is similar to MoneyGram's main rival, Western Union. Transfers made online or via mobile apps to bank accounts in different countries can take up to an hour or a single day. Other services can take several business days to transfer funds to bank accounts. If you want to transfer money from a bank to a bank, MoneyGram is the cheapest option.
Plus, it is important to be aware of MoneyGram
You'll have to pay fees. For sending between $200 and $1,000, average fees range from between $6 and 14 in each of the nations we studied and based on the sending and receiving methods. MoneyGram also marks up the exchange rates anywhere from about 0.60% to nearly 8.44%. In the countries we studied the maximum amount you can transfer per transaction ranges from 10,000 to $15,000. these limits are on the low range when compared to other services on this list. (See our .)
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Xoom: Fastest
The reason we picked it:
Transfers to bank accounts overseas in just a few minutes for certain countries.
+ Xoom in an easy to understand way
Xoom-- a PayPal service that specializes in quick transfers to around 160 countries. It is possible to send up to $100,000, but the larger the amount you want to send, the more time it will take along with the additional personal information you'll have to provide (such as a passport , Social Security number and a bank statement or pay stubs). You can transfer money using a bank account, debit card, credit card or the payment options stored in your PayPal account. The majority of transactions are processed within minutes. Xoom partners with major banks abroad, allowing users to receive money directly to bank accounts, or in certain countries, as cash pick-up or mobile phone reloads.
It is crucial to know about Xoom
Cost is the reason why Xoom lags behind competitors. Xoom makes profit from exchange rates however it has better rates when sending larger amounts to specific countries. The transfer of funds from the one bank account to another are usually free. The overall cost may be higher if you make use of a credit or debit card. (For more details, refer to our .)
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OFX: Great for large international transfers
at OFX
Why it's our pick:
There is no maximum limit on how much you can pay.
No fees, no matter the amount you pay.
+ OFX in an easy to understand way
OFX does not charge any fees regardless of how much you transfer. In addition, its online service allows you to transfer money using current exchange rates or rates that target future rates- meaning your money will transfer once your exchange rate is achieved. From to the U.S., you can send money in more than 50 currencies. OFX is the best option if want to send more than other service providers allowbecause it doesn't have a limit in the amount you can send.
Plus, it is important to know about OFX
OFX has the minimum amount for transfers of $1000. Costs to consumers come in the form of exchange rate markupsthat are at the top of the spectrum in comparison to other providers. Delivery usually requires several business days. (Read our for more details.)
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Western Union: Best transfer options
The reason we picked it:
A vast network of sites across the globe.
Many ways to transfer and send money.
+ Western Union in a nutshell
The biggest money transfer company worldwide, Western Union also has an extensive range of transfer options . On the provider's price estimator online, you'll see over a dozen combinations of payment channels, sending methods and delivery options. You can transfer money via the Western Union website or its mobile app, and you can pay with a bank account, debit card or credit card -- or make a payment at a local agent by cash.
The transfer giant's physical network covers over 200 countries and territories and more fifty million places around the world.
Plus, it is important to be aware of Western Union
Transfers can be costly and are among the costliest of services we reviewedwith only a few options that include same-day or next-day delivery. Some online transfer options can take several business days for delivery. (Read the details on .)
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Wise: Best for easy sign-up
at Wise
Why it's our pick:
Experience a user-friendly and enjoyable experience right from signing-up to delivery
No foreign exchange rate markups.
The essence of Wise and the Wise
Wise (formerly TransferWise) balances convenience and costs on its mobile and online money transfer platform. You can sign-up using an account on Apple, Google or Facebook account, rather than having a specific login for each site. This way, the exchange rate you receive is guaranteed until the money is received by Wise. Wise transfers cash out of its headquarters in the U.S. to about 80 countries (the precise number of countries is subject to change from time-to-time) with no exchange rate markup. They will charge you an exchange rate cost, which pays for making the exchange happen, however, 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 sum of dollars (the upfront cost), which increases according to the amount you send as well as the exchange fee typically less than 1percent of the amount you send. In to the U.S. to the countries that we looked into over half of deliveries were expected to take 2 hours or less. (Read our .)
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Are you in search of a bank that's useful in your travels? Take a look
METHODOLOGY TO DOMESTIC TRANSFERS
To identify the top domestic transfer service we looked into the following features for 14 companies costs, speed of delivery of money or cash to beneficiary's bank account, user reach (where transactions data was readily available), sending amount limit and security measures. The top preference was given to the service providers that offer free transfers, have established histories and maintain high security standards. We excluded single-bank P2P service because they typically restrict users to one particular bank.
Note: All transfer amount limits given assume users have verified their identity since each app has its own requirements. Also, the app will set initial amount limitations for first time users of the app.
Providers surveyed: , , Facebook Pay (now Meta Pay), Google Pay, , , PopMoney, , , , , and .
METHODOLOGY FOR INTERNATIONAL TRANSFERS
We examined seven providers which operate within the U.S., mostly focusing on the major players in the international money transfer industry, based on market research, experts as well as cost analysis. U.S. internet traffic.
Countries that were surveyed: Germany, India, Mexico and the United Kingdom.
Providers surveyed: , , , , as well (owned and controlled by PayPal).
The fees and markups on exchange rates discussed are based on analysis below.
The authors' bios: Spencer Tierney is a writer and NerdWallet's authority on deposit certificates. His work has been featured by USA Today and the Los Angeles Times.
Ruth Sarreal is a content management specialist at NerdWallet. She has written and edited content on personal finance topics for more than five years.
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