Can You Send Money To Another Person's Bank Account
Whether it'south to pay dorsum a friend or family member, split utilities with a roommate, or possibly even make a payment overseas, sometimes yous demand to transfer money into someone else's bank account.
If you're not sure where to start, or what transfer method volition be correct for you, read on to find out what you need to know.
You'll acquire all nigh sending money inside the Us and also how to save when sending coin overseas with Wise, which is 6x cheaper compared to other alternatives.
| 📝 Hither are the 6 ways to transfer money to someone else |
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1. Cash
One of the most mutual ways to transfer coin to someone else is to do information technology in greenbacks. You can withdraw cash from your own bank account either at a depository financial institution branch or past using an ATM.
So you tin evangelize the greenbacks to the owner of the recipient depository financial institution account in person, allowing them to deposit it themselves, or yous tin go to a branch of their bank and ask to eolith money into their bank account.
However, some banks and other fiscal institutions don't permit depositing cash into some other person's business relationship because of the loftier likelihood of fraud with greenbacks payments. Then this might not be the all-time way of doing this.
2. Wire transfer
If you've e'er heard someone in a movie say they'll "wire" money to someone, this selection might audio daunting. But it's really easier than you'd think. Wire transfers are just a method banks employ to move money between each other electronically.
For most banks, y'all'll have to go make a wire in person. If your bank is in another function of town, or yous take a jam-packed schedule, this tin can exist an effect.
Wires are a bit pricey, as well: depending on your banking concern, the price may range anywhere from $15 - $35 or more. If you're looking to make an international wire transfer, costs go up fifty-fifty more.
On elevation of the upfront fee from your bank (which may range from $35 - $60), you lot'll be hit with poor exchange rates and flat bank fees from perchance up to 3 correspondent banks.
International transfers also take a bit more time. Anywhere from 1-v business organisation days, depending on your recipient's land.
| 💡 Cost and even speed-wise, yous're nearly always better off using Wise over your bank for an international wire (SWIFT) transfer. |
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3. Sending money online
Maybe you lot've heard of these apps and services that let you transfer money online on a website or via an app.
In this scenario, your recipient will already need to be registered with the service. From inside the service, you lot tin send them money.
Once your recipient knows you've sent them money, and it'south waiting in a balance for them.
This works with services like:
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Facebook Pay
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Zelle
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PayPal
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Greenbacks App
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Venmo
But, let'due south face it, your granny's probably never going to sign up for it.
Which ways if you're sending money to someone who isn't so tech-savvy, you may need another options that don't require them to buy a smartphone and download some apps.
iv. Wise
To transport money direct from your banking concern account to another account, within or outside the Us, Wise tin can exist a bully option.
Their smart, new technology continued local bank accounts in respective countries, skipping hefty international bank fees and helping normal everyday folks relieve up to 6x compared to other alternatives.
Yous can sign up for a Wise business relationship for gratuitous. No monthly charges. Yous'll notice just small, off-white fees when you switch between currencies or send money inside the United states or abroad.
Once you're all ready, you tin begin holding a rest in dozens of currencies — sending your money all over the globe. Or just inside the United states.
Y'all can also go the Wise carte du jour, which you can use to pay for goods and services all over the world.
Get a costless Wise account today
5. Check
A common way to transfer money is simply by writing a cheque, which can you tin can evangelize in person or ship in the mail service.
Simply fill out a check, paid to the order of the other person, or "cash." Either y'all or your intended recipient will then need to deposit the check into their bank account.
While checks are getting less and less common these days, there are many banks still accepting them.
6. Coin lodge
If you're going to postal service the money, a money order is a more than secure culling to cash or a check, since it tin can be traced and canceled if information technology gets lost or stolen.
The fees for money orders depend on the provider, expect to pay around $2 for domestic coin orders and up to $12 for an international one.
As you pay in advance for a money gild, it ways there's no need to keep sufficient funds in your account while y'all await for information technology to be cashed.
| 💡 You can buy a coin order at places like the Post Part, a Western Matrimony location or Walmart. |
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Source: https://wise.com/us/blog/how-to-transfer-to-another-bank-account
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