Money transfers allow individuals and businesses to send money quickly, easily, and safely to someone else, somewhere else, possibly across the world.
Transferring money is a great way to send money to family and friends somewhere else in the world and to quickly pay a last minute bill in order to avoid late fees and negative credit consequences.
They are much faster and more reliable than trying to mail money, especially since mailing cash isn’t safe and mailing a check will require the recipient to wait for the check to clear to get the funds.
Transferring money is usually cheaper than paying for an overnight mail service.
There are two ways to transfer funds to someone else (also called “wiring money”). You can use your bank or credit union to do the money transfer, or you can use a money transfer service company.
If you and the money recipient have bank accounts, using your bank to transfer money is a good option. They will charge you a flat fee and can send it to many other banks; however, it might take 2 to 5 business days to complete the transfer.
Wiring money through a money transfer service is faster than using a bank; however, it might cost more.
You can also transfer money through your credit union, which will probably be quicker than your bank and cheaper than a money transfer service and your bank.
You can transfer money through a service in person with cash, over the phone with a debit or credit card, or online with your debit or credit card (and often direct account withdrawal).
When you wire money through a transfer service, it is generally available to the recipient within minutes of being approved.