9 Best Companies to Transfer Money to Other People Online
Money transfer operators are the emerging channels for money transfer which is happening at quite a large scale between nations. Traditionally, the services were performed by various commercial banks, post offices and very few money transfer operators. They used to be mainly located in office locations and money used to be transferred physically.
Billions of dollars are being sent every year in lieu of compensation payments, self-payments and household transfers, particularly by migrants of developing countries like Asia, Africa, and Latin America, using remittance services. This has led to increased investments in fields of health, education, and small businesses in such countries.
The money transfer operators have eased the task to quite an extent these days. You just need to enter the details of the account you want to transfer the money to and send it for payment. It has become as easier as surfing data over the internet.
Following are some of the money transfer websites:
There is no other name like PayPal when it comes to transferring money online. It is into the payment processing business since 1998. You need to sign in to your Paypal account, enter the details of your debit card or bank account and you are all set to send or receive money online.
PayPal has also launched Xoom service where you can send money directly to a bank account, mobile wallet or even do a physical money transfer. It takes up to 5 days to cash out money from a PayPal account to a bank account.
- Mobile apps available for Android, Windows, and iOS
- International money transfers
- Secure encryption technology
- Round the clock phone, email and chat assistance
Fees: No fees are levied to send or receive money using PayPal or Bank account balance. But if you use debit/credit card, you pay 2.9% + $0.30 for within USA transfers (can be paid by either the sender or the receiver). For other countries, the fee is 3.4 – 3.9% + $0.30.
Google Wallet uses the Gmail address of either parties to transfer money to each other. The service is in the experimental phase with the international users. Google sends money through the Wallet account, or from a linked debit card, bank account, or credit card.
It is the easiest way to send or receive money. If you have a phone with NFC, you can use it for contactless payments in brick-and-mortar stores, to check out when shopping online, and even use the Google Wallet card as a physical card (backed by Mastercard) that’s tied to your Google Wallet account.
Using Google Wallet is fast and easy, and money cashed out from your account to a bank account or debit card takes about a day or so to land, if that much. Plus, it’s free to send money from your wallet, debit card, or bank account (it only costs money if you use a credit card), and it’s free to receive money as well.
Best of all, since all a person needs is a Gmail account to use Google Wallet, odds are they already have it as a payment option, even if they don’t actively use it. In addition, Google just announced Android Pay, which may be an even improved version of Google Wallet.
- Android and iOS friendly
- Can be used as a physical card backed by MasterCard
- Free to send as well as receive money
- Fast processing within a day
Fees: The fee is only levied for debit/credit card transactions and is equal to 2.9% of the transaction amount.
Website: Google Wallet
Amazon pay can be used right within your amazon account. It is a great way to send money for the people who greatly rely on it for daily purchases etc. With it, you can send money even to someone who doesn’t have an amazon account. To receive, money, the person first creates an account. Up to $1000 USD per month can only be sent through it.
- Operable right from the Amazon account
- Can be used to send money using the email address
- Great to rely upon for daily purchases.
Fees: The fee consists of a 2.9% domestic processing fee and $0.30 which is an authorization fee. Also, tax where applicable.
Website: Amazon Pay
MoneyGram is the second-best service in the world for easy money transfers through a local post office branch. All you need to do is fill out a form for the amount of money you are willing to transfer. In most cases, you can make this part easier by simply presenting your MoneyGram Plus card. After the submission of the form along with the money, you will be given a reference number to pass on to the receiver. Within minutes, the money will be transferred.
- Quicker money transfers with MoneyGram Plus card.
- Money transferred directly to bank account for some countries.
- More than 350,000 locations for money collection.
Fees: For transfers up to $50 to $900 within the US, the flat fee rate is $11.50 and 2% for amounts above that.
Western Union is another best money transfer service which offers many kinds of services such as money in minutes, next day service, sending money to mobile phone or bank account and transfer to an inmate. Depending upon the service, you will need to fill out the form and have the agent pick it up for you along with the cash amount/payment through mobile wallet and other sources and the money is sent right away.
- Different kinds of services available.
- Fast receipt generation with tracking number.
Fees: For credit/debit card to WU agent location, it is $5. For credit/debit card to mobile wallet, it is $5.
Website: Western Union
Venmo is another great service to transfer money effectively. For using Venmo, you will need to link a bank account with your Venmo account. Money transfers can only take place between the directly linked bank accounts and not through credit or debit card transactions. The associated bank account must be verified before use.
- Direct transfers from bank accounts to bank accounts.
- Easy transfers with the help of Venmo app.
Fees: For credit card transactions, 3% fee is applied for a transfer through Venmo account.
Neteller is very much similar to an online e-wallet which works in a similar way as an online bank account. For transferring money through Neteller, you need to have an account and you must add money to it using a bank account or credit card. Payments can take place via Neteller directly. However, for converting Neteller balance to cash, you need to request for an e-check online so that the money is transferred to your bank account in less than a week.
- Direct transfers through Neteller account.
- Money transferable even if recipient doesn’t have a Neteller account.
Fees: Transactions involving currency conversions, Neteller adds 3.99% to average daily interbank market rate. For VIP members, foreign exchange fee is 1%.
Xpress Money offers money transfers associated with many different kinds of services such as cash pickup, mobile money transfers, bank transfers and door delivery. You can use your bank account to send money or you can use credit cards or e-wallets to transfer money across countries.
- Xpress Money ties up with different services for mobile wallet transfers.
- Different services for different countries.
Fees: Fees is applied based on the currency which can be found out using the free currency calculator on the official site.
Website: Xpress Money
Skrill is another very widely used money transfer service. All you need to do is bring all your payment details together and create a Skrill account. Payments and money transfers can be done via account balance or stored cards in a very easy and straight-forward way. Withdrawing funds from Skrill account is easy as well.
- Free money receiving in Skrill account.
- Free uploading of funds into Skrill account.
Fees: 1.9% of the amount sent for tran
sferring money to another Skrill account.
What about other online money transfer websites? Have you used any one of them? Please share your experience with us.