Best Ways to Transfer money

PayPal has been around for a long, long time. It beats its competitors like Zelle right out of the gate, thanks to its choice of payment methods. You can transfer money receipts from your PayPal account to your bank account and vice versa. But if you choose not to, you can also spend your PayPal balance directly because a good number of online merchants accept payments via PayPal.

However, international transfer fees are hefty, so stick with US transactions as far as possible. There are is no cap on the total amount of transfers, but there’s a $10,000 limit for individual transactions. 

Western Union is among the oldest ways of transferring money internationally outside of a conventional bank. However, they have kept up to speed with the modernized economy and allows you to make transfers through the Western Union website as well as the app. Alternatively, you could just go to their brick-and-mortar locations in your town.

If the amount of money you need to transfer exceeds $5,000 – you can use WU’s OnlineFX website. Western Union will also let you use cash, or your debit/credit card for making transfers, and this amount will be deposited directly into the payee’s bank account or can be received from a WU location.

Most banks allow their customers to wire transfer their money internationally, but these services tend to come with a hefty fee. In addition to the fee, the bank will also recover an exchange rate markup. However, wire transfers are ideal for transferring money when the sum involved is large. 

PayPal has been around for a long time. It has become a popular choice for online transactions because it’s quick and easy. You can link your credit card or bank account to your PayPal account to transfer money. Now, when you’re using a credit card – you’ll pay the fees charged by your credit card issuer. However, when you’re using a bank account – you’ll incur charges levied by PayPal, and they tend to vary depending on the country you’re transferring the money to and from. So it’s good practice to quickly check which of the two (credit card vs bank) will cost you less. 

Wire transfers are a quick, reliable, and mostly safe way to transfer funds online. In fact, when you’re buying a house, wire transfer is your best (and often the only) option given that it makes the funds available to the recipient almost immediately. Wire transfers do come with a fee, though. The fee depends on your bank, the amount, and whether the transaction is domestic or international.