Online money transfers are all the rage these days. For example, instead of splitting the bill at a restaurant, most people now opt to figure it all out later over Venmo or Zelle.
Many landlords even accept rent payments over money transfer apps. These online payment systems have revolutionized how easy it is to pay your way through the world.
However, not all money transfer services are created equally. Keep reading, and we’ll tell you everything you need to know about the most popular ways to transfer money online.
PayPal is one of the oldest online money transfer services. Most people, by now, are familiar with it. PayPal is easy to use, and many online stores have integrated it into their checkout system.
However, it is worth noting that PayPal recently increased their instant transfer fees.
Venmo, which is now owned by PayPal, is another commonly used money transfer service. Some businesses now accept Venmo as payment in lieu of cash or a credit card.
Venmo does impose a limit for transferring money online. Plus, now that they’re owned by PayPal, they also have higher instant transfer fees.
Both apps still offer free transfer in 2-3 business days.
3. Cash App
If you’re looking for cheap money transfers online, Cash App may be a good option for you. Cash App has a lower instant transfer fee than Venmo does.
However, be wary of Cash App. It is not as highly regulated as Venmo or other services, and may be frequented by users with unsavory intentions.
Zelle is a recently developed money transfer service that claims to be more secure than Cash App or Venmo. Zelle communicates directly with your bank account, so it is fairly secure.
However, it is worth noting that Zelle (like Venmo, PayPal, and Cash App) offers very little fraud protection. If someone misuses your Zelle account, too bad. That money is gone.
If you’re looking to make foreign currency online money transfers, look no further than Transferly. Transferly offers fair currency exchange rates and low fees.
Sending money in foreign currencies can be tricky, and it is important to use a currency exchange service that you can trust.
Cryptocurrency is one of the most cutting-edge modes of transferring money online. Many people opt to settle their debts using Bitcoin because it operates on an extremely secure network.
Cryptocurrency can also be used to send payments to people in foreign countries, however; it takes time to learn how to use it.
7. In-Message Payments
Facebook Messenger and iMessage chats both have the option now to send money inside their apps. iMessage chats use Apple Pay, and Messenger is connected with PayPal.
These transfer methods are comparable in safety and fees to PayPal or Venmo.
Use Online Money Transfers Safely
Now that you know all about online money transfers, you can choose the service that’s best for you. The best money transfer service for you depends on whether your transfers are big, small, foreign, or domestic.
Whichever service you choose, make sure you can trust it.
For more finance tips, check out the rest of our blog!