Money transfers are a great way to quickly and conveniently send another person money. However, they can be very expensive because of the high fees if you are not careful. Thankfully, you can try out any of these tips to make your money transfers cheaper. GlobaPax is a great for financial advice and future investments.
Online Payment Methods
Online payment methods are one of the easiest ways to send money, plus it can be the cheapest too if you are smart about your choices. For instance, Paxum offers affordable mass transfer options, so it can be your go-to payment method when you want to pay your employees. If you want an online payment option for online shopping, then you can opt for PayPal. Venmo is one of the best apps for sending small amounts of cash to other users.
Cash may not be the ideal method to transfer money, especially if they are not nearby. However, giving cash as a payment method may be more convenient and affordable in certain circumstances. For instance, if the person you need to give money to you is nearby and there is an ATM, you might as well withdraw cash and give it to the person directly. Typically, using an ATM that is partnered with your bank is free, and if not there is a small charge.
Email Money Transfers
Certain financial institutions offer email money transfers that may be convenient for you. Email money transfers function like electronic checks. The email itself does not transfer the cash; the email merely initiates the transfer and the recipient will get an email that their funds become available. If you can send an email money transfer, they tend to be very cheap; it may only cost you a few dollars to send an email money transfer.
Cashier’s Checks and Money Orders
If you want to send money “physically”, then you can opt for a money order or a cashier’s check. Many post offices sell money orders for pretty cheap, so they are a good option for you. Most of these money orders can cost up to $10, but they can easily go over $10 if you purchase a money order from a bank. They take longer to process than a typical wire transfer, but a money order is easier to trace if the cash does not reach its destination. Bank drafts however may be better if you want to send a large amount of cash since money orders are usually for smaller sums. You may use money orders for local transfers and international transfers through different currencies.
If you have a bank that has free checking, you might as well take advantage of it. Writing the check then depositing it into a bank account is a traditional method, and it can be cheap if you can get it for free. Sending checks locally tends to be easy, but it can be more difficult if you want to send a check internationally.
Transferring money does not have to burn a hole in your pocket. You can make it cheaper without compromising efficiency by trying out the methods mentioned above.