In today’s age of information technology, it has never been easier to send money to different corners of the globe. There is no big hassle of dealing with a large amount of paperwork or even waiting for days for the money to be sent and received. Things have become convenient and instantaneous these days and there are a wide array of options you can use if you want to send funds anywhere. The problem is that with so many methods at your disposal, knowing the best ones can be difficult.
Luckily, here is a short list of the best ways to send money in the digital age:
Yes, it is now possible for you to send money only through your smartphone and internet access. There are a plethora of payment apps available that can be downloaded on your phone and then used for sending money to another person through it by text, email or even direct account transfer. A digital wallet method of transfer is used by most payment apps, which means payment is received in a digital wallet and then transferred by the recipient into their account. There are several such apps like PayPal, Venmo, Google Wallet, Square Cash and even Facebook Messenger.
Money Transfer Companies
People have been using money transfer companies for a long while now such as Western Union and MoneyGram, which are immensely popular. They are still used in the digital age because in addition to their street locations, they also offer online services now. This means that it takes you only a few minutes to send funds in any part of the world in a reliable and secure way. Multiple money transfer companies have now been established and offer competitive exchange rates. You can do a money transfer comparison by checking out comparison websites, such as WireCompare – money transfer comparison, to ensure you are getting the best possible rate for your transfer.
Bank Wire Transfers
The problem with bank wire transfers is that they can often be expensive. Yet, they are also regarded as one of the best ways to send money because they can now be done electronically and are great when you want to transfer a large sum of money. While using banks for sending money can involve a slight hassle as opposed to the other options outlined above, this provides you with additional security. In addition, they also happen instantly so there is no waiting involved.
Apart from these three best ways to send money locally and internationally in the modern world, you can also use the traditional method of sending money. This involves sending money orders, which might not be a new method, but was once widely used. When considering the different methods, it is best to consider the amount you wish to send, the country as well as the speed of the transfer. Take the costs into account and ensure you are aware of any hidden charges or extra fees involved in order to avoid surprises when you make the payment.