Sending money used to be a job handled exclusively by banks and other large financial service institutions. They did their job well, but left a lot to be desired. High international exchange rates, added fees, and exceedingly long turn around times were the norm. While nobody will claim that bank transfers are entirely outdated, modern Americans have so much more choice in the matters
The internet has ushered in a new era of online money transfers.
Though there are a lot of options, it’s easy to pick the wrong platform and over spend on your transactions.
Sending money used to be a job handled exclusively by banks and other large financial service institutions. They did their job well, but left a lot to be desired. High international exchange rates, added fees, and exceedingly long turn around times were the norm. While nobody will claim that bank transfers are entirely outdated, modern Americans have so much more choice in the matter.
These days, you can send money anywhere you please, from just about anywhere. Same-day deliveries are the norm now, thanks in large part to the various apps and online transfer services available to anyone with an internet connection. Today, we’re going to round up the best and most popular money transfer services on the market to help you find your ideal option.
There are a lot of benefits to using PayPal. The popular money transfer platform is lightning fast and about as secure as it gets. Their intuitive dispute system helps protect against error and fraud. Users can even pay for a variety of online purchases from their PayPal balance directly.
Choosing the Right Money Transfer Service
Key Takeaways
The internet has ushered in a new era of online money transfers.
Though there are a lot of options, it’s easy to pick the wrong platform and over spend on your transactions.
Sending money used to be a job handled exclusively by banks and other large financial service institutions. They did their job well, but left a lot to be desired. High international exchange rates, added fees, and exceedingly long turn around times were the norm. While nobody will claim that bank transfers are entirely outdated, modern Americans have so much more choice in the matter.
These days, you can send money anywhere you please, from just about anywhere. Same-day deliveries are the norm now, thanks in large part to the various apps and online transfer services available to anyone with an internet connection. Today, we’re going to round up the best and most popular money transfer services on the market to help you find your ideal option.
There are a lot of benefits to using PayPal. The popular money transfer platform is lightning fast and about as secure as it gets. Their intuitive dispute system helps protect against error and fraud. Users can even pay for a variety of online purchases from their PayPal balance directly. It’sisn’t all positive. PayPal does charge high fees on international transfers, and your account may be subject to transfer limits. Still, PayPal remains an industry leader, and a great option for those looking to transfer cash domestically.
Platform is incredibly secure.
Funds are available instantly in most cases.
Can be used to fund purchases without the need for a bank transfer first.
PayPal’s foreign exchange rates and fees can be expensive.
Both parties require a PayPal and/or Xoom account.PayPal has a reputation for freezing accounts over trivial offenses.Cash App is easy to use, and offers a much more versatile selection of financial services than some of the other companies on today’s list.1 It’s free to download and doesn’t charge any fees to spend or receive money. The app lets you load up your account and do all sorts of things, including investing, buying crypto, and making purchases.
Cast and easy to use app.
No fees for sending or receiving money.
Offers additional services like investing, buying crypto, and making payments.
Difficult to be reimbursed for erroneous transfers.
Cash App is not FDIC-insured.
Charges a 1.5% fee, or incurs a waiting period on all withdrawals.