Top 10 Methods for Fast and Secure Money Transfers
If you need to pay a friend back for dinner, send rent to your landlord, or give a gift to a niece in another state, you sometimes need to move money quickly and safely. Here’s a look at the best ways to send money in 2024.
**10 Best Ways To Send Money**
Here are the top methods to send money quickly:
– **Western Union**: Ideal for in-person money transfers
– **Xoom**: Great for clear pricing
– **Zelle**: Best for fee-free transfers
– **Wise**: Excellent for handling multiple currencies
– **Bank wire transfer**: Best for secure payments
– **Walmart MoneyCenter**: Good for international transfers
– **PayPal**: Widely used
– **Venmo**: Perfect for social settings
– **Cash App**: Best for low fees
– **Google Pay**: Best for a comprehensive digital wallet
Before sending money, you’ll need to pick a service. Each one offers different exchange rates, fees, and speeds.
1. **Western Union**
– **Best for**: In-person money transfers
– **Pros**: Can send or receive physical cash, fast transfer options
– **Cons**: High transfer fees
Western Union serves 150 million customers and operates in 200 countries with 130 currencies. You can send money online, via a mobile app, or at physical locations. In-person or phone transfers are quick, but online transfers using a credit card take one to three days, and bank account transfers can take up to five days.
2. **Xoom**
– **Best for**: Transparent pricing
– **Pros**: Low transfer minimum, fast transfers
– **Cons**: No live chat support, slow delivery for some destinations
Xoom, a PayPal service, offers secure and quick transactions to over 160 countries. Fees start at $1.99 for credit or debit card transfers, and exchange rates vary by country. For example, sending $1,000 from your PayPal account to a bank account costs $17.75, while using a bank account or savings account costs $10.
3. **Zelle**
– **Best for**: Fee-free transfers
– **Pros**: Available through most major banks, no fees
– **Cons**: Cannot cancel transactions, some complaints of fraud
Zelle allows fast and free transfers between bank accounts using a phone number or email address. Most banks support Zelle, but you can also use the mobile app. Transfer limits depend on the bank, but the app allows up to $500 per week.
4. **Wise (Formerly Transferwise)**
– **Best for**: Easy use of multiple currencies
– **Pros**: Hold over 40 currencies in one account, easy to use
– **Cons**: Not the cheapest option
Wise is great for sending money overseas with transparent, low fees. For instance, sending $1,000 to Euros costs $7.06 in fees. You can pay by bank account, debit, or credit card, with card payments being instant and bank transfers taking up to two business days.