Did you know that Western Union allowed their customers to send money between 3 major cities back in February 1871? Before the internet, sending and receiving money was a tad more complicated compared to nowadays. We have put together this guide to share the top ways to send money online avoiding a trip to the store.
Keep reading to learn the top options you have when you are looking at how to send money online.
1. Zelle
This has become a popular way to send money online because there are no fees and the receiving party will usually have their money within minutes. You simply connect your bank account to your profile and it allows for simple sending and receiving transactions through your computer or smartphone.
Keep in mind that there are transaction limits per week (depending on your bank limits). Usually, you are limited to $500 per week.
2. PayPal
If you are looking to send money internationally or locally PayPal is one option. You can find the best price online when you are sending money abroad but PayPal will allow you to send transfers from one account to another within minutes.
The person receiving the money has the option to keep the money in their PayPal account or they can transfer it to their bank account. For those that have a verified account, they can send anywhere between $10,000 to $60,000 per transaction.
3. Venmo
This app that is owned by PayPal will allow you to send up to $4,999.00 per week once your identity is confirmed. The great thing is that as long as you are not using a credit card to send money they will not charge you a fee. If you do use a credit card you will have to pay a 3% fee.
Sending money this way is convenient because it is an instant transaction for both parties. There are also other options to sync your Facebook contacts or telephone contacts to your account.
4. Cash App
This is another app you can install on your smartphone and use it to send money instantly to someone else that has the app. They can opt to keep the money in their cash app profile or transfer it to their bank account. In a seven-day period, you can send $7,500 total to other people.
Keep in mind that they might require you to submit identification if you send more than $250 over a seven-day period. Cash app also allows you to send money using a credit card but they will charge you a 3% fee.
Now You Know the Top Ways to Send Money Online
We hope that now that you have the best ways to send money online, you can make an informed decision next time you are sending money to family or friends.
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