To send money today is a matter of seconds, thanks to the digital revolution that has made the process quite easy. Instead of going physically to a bank to send money, you simply need to have an account and a connection to the internet. Explore the following ways of sending money online, so you can make a wise decision next time you want to complete a transaction.
Wire transfer: a popular means of transferring money online, wire transfer involves sending money from one bank account to another. All you have to do is to have an account and routing number for you and for your recipient. Compared to other forms of sending money online, wire transfer can be pricey or free, depending on the nature of transaction.
For instance if both the sender and the recipient have their accounts in the same bank, they may not incur any fee for the transaction. However, if the money is sent to a recipient with an account in a different bank, the fee charged can be higher.
Online money order: if you thought the paper money orders no longer exist, then you can learn here that they still exist in post offices, grocery stores, and banks. Better still, you can even buy the orders online. While online money orders can send money domestically or internationally, they are available in much smaller amounts compared to the paper orders in post offices and banks.
Besides, the fees associated with online orders are higher when compared to what you can pay when using paper money orders. However, the method you choose depends on your preference and you can still have your money sent either way.
Online bill payment: this is another method of sending money online to one or various recipients. In this method, your bank allows you to set up your bill payment system in a recurring cycle. That way, you can pay your bills every month and even track your payments.
In addition to these methods, you can use e-commerce payment services such as PayPal and other forms of money transfer services such as Western Union to send money online.