Send money to different destinations

T his article explains the various ways being used currently to send money to different destinations. The sending money using the traditional methods is fading and has become less popular. It is being overtaken by the faster electronic methods that have come up due to technological advancements meant for transferring money between individuals, firms and even countries. In sending money, the bank provides several ways of fund transfers to their bank account holders. Money can be send easily and quickly by the bank if it involves transfer of funds from one account to any other account provided it is held in the same bank. If the financial institution to send money to is different from the one where the money is deposited, transfers such as wire transfers can be made. When money is being send to overseas, there exist overseas money transfers but more detailed information is required in regard to the name, address, SWIFT of the bank receiving the money and the information related to the financial institution. In sending money, electronic money transfer methods can be used where the money is transferred though an online platform. For these services the sender is supposed to provide the routing number and account numbers of the receiving bank as well as the account holder`s particulars. This E-transfer provides a cheaper method of transferring money as compared to bank teller services. In sending money through online transfers, an individual can set up the payment frequencies. In sending money, PayPal is cheaper way of transferring funds and its enables transfer of money from one account to the other. Sending money by using PayPal is free but there is a fee that is charged to the recipient when making the cash withdrawal. MoneyGram can also be used to send money to a different destination such as country. In sending money through MoneyGram the charges are at a flat rate and are determined by the transfer speed required and the amount being sent.