8 Tools For Sending Money To Family And Friends Fast - Forbes

Transaction limits: $4,999.99 weekly for person-to-person transactions after ... The Cash App limits how much money you can send to people. SelectRegion UnitedStates UnitedKingdom Youmightbeusinganunsupportedoroutdatedbrowser.TogetthebestpossibleexperiencepleaseusethelatestversionofChrome,Firefox,Safari,orMicrosoftEdgetoviewthiswebsite. advisor Banking AdvertiserDisclosure 8ToolsForSendingMoneyToFamilyAndFriendsFast KevinPayne,  DaphneForeman Contributor,  Editor Updated:Sep3,2020,10:02am EditorialNote:WeearnacommissionfrompartnerlinksonForbesAdvisor.Commissionsdonotaffectoureditors'opinionsorevaluations. Getty Sendingmoneytofamilyandfriendsusedtobelimitedtocashorcheck.Buttheriseofdigitalbankingappsandserviceshasmadeiteasierthanevertosendmoneytolovedonesquickly. Withanabundanceofdigitalpaymentoptionsavailable,choosingthebestwaytosendmoney cangetalittletricky.Whilemanymoneytransfertoolsarefreetouse,somechargefees.Andsomesolutionstakelongertoprocesstransfersthanothers. Hereareeightwaysyoucansendmoneytofamilyandfriendsfast. 1.Zelle Fees: None Transactionlimits: $500weekly,maybesubjecttobanklimits Transfertime: Withinminutes Zelleisapopularpeer-to-peerpaymenttoolforsendingandreceivingmoneyviabanktransfers.Thecompanymanagedroughly$519millionworthoftransactionsduringthefirsthalfof2020alone.IndividualscanenrolltouseZellethroughtheirbank‘smobileapporbydownloadingtheZelleapp.EitherthesenderorthepersonreceivingmoneymusthaveaccesstoZellethroughtheirbankorcreditunion. Zellepaymentsareprocessedquickly,withthemoneyaccessiblewithinminutesinmostcases.Ifyou’relookingtogetmoneytolovedonesfast,itdoesn’tgetmuchfasterthanZelle. Zellemakestheprocesssimpleforthereceiver,too,sendingthemanotificationthatexplainswhattheyneedtodotoreceivetheirpayment. 2.Venmo Fees:3%feewhenusingacreditcard;otherpaymentmethodsarefree Transactionlimits: $4,999.99weeklyforperson-to-persontransactionsafteridentityconfirmation Transfertime: Instant Digitalwalletsarebecomingmorecommon,andVenmoisoneofthemostrecognizedwalletapps.AvailableoniOSandAndroid,Venmomakesinstantpaymentstofamilyandfriendsabreeze.UnlikeZelle,Venmoisn’ttiedtospecificbanks.BothpartiesneedaVenmoaccount,whichiseasilysetupusingamobilephonenumberoremailaddress. UserscaneitheraddfundstotheirVenmoaccountorlinkanexternalpaymentmethodlikeabankaccountorcreditcard.VenmoalsoallowsuserstosynctheirphoneandFacebookcontacts. Oncesetup,userspaybyinputtingthecontactname,includingareasonforthepaymentandsettingthetransferamount.Themoneyshowsupintherecipient’sVenmoaccountalmostinstantly.Usersalsocanrequestmoneyfromotherindividuals. 3.PayPal Fees: NoneforU.S.transfersfundedbyPayPalbalanceoralinkedbankaccount Transactionlimits: $10,000to$60,000limitpersingletransactionforverifiedaccounts;limitsmayvarybycurrency Transfertime: Typicallyinstant,eChecksmaytakeuptosixdays MillionsofshoppersworldwideusePayPal,butit’salsoagreatwaytosendmoneytofamilyandfriendswhenneeded.PayPalaccountsarefreetocreateandeasytouse.Allyouneedtodoissignupandthenlinkabankaccountorpaymentcard.Youonlyneedthereceiver’semailaddressorphonenumber.SenderscaneithertransfermoneyintotheirPayPalaccountorjustsendmoneydirectlyfromtheirlinkedaccountorcard. Onlysometransfersarefree,though,sobesuretocheckbeforesendingmoney.Forexample,U.S.transfersfundedwithacreditcard,debitcardorPayPalCreditwillpay2.9%ofthefundedtotalplusa$0.30fixedfee.Forinternationaltransfers,thetransactionfeeis5%ofthesenttotal($0.99minto$4.99maximum)fortransfersmadebycashoralinkedbankaccount;forcredit,debitorPayPalCredit,add2.9%ofthefundedtotalandafixedfeebasedonthecurrency. PayPalisaccessibleonlineorviathePayPalmobileapp.Theapp,availableoniOSandAndroid,tracksallofyourtransactionsforeasyaccountmanagement. 4.CashApp Fees: 3%whensentfromacreditcard,1%or1.5%forinstantdeposits Transactionlimits: $7,500totalinanyseven-dayperiod Transfertime: InstantforCashApptoCashApppayments AnothersimplewaytosendmoneytolovedonesisthroughtheCashApp.CreatedbySquare,theCashAppallowsuserstocreatefreeaccountsandquicklysendmoneytootherpeople. SendingapaymentthroughtheCashAppisstraightforward.Openuptheapp,enterthetransferamountandthereceiver’semailaddressorphonenumber,addareasonforthepaymentandtap“Pay.”Sendingfundsrequiresalinkedbankaccountorcreditcard.Therearenofeesforusingitspeer-to-peerservice. TheCashApplimitshowmuchmoneyyoucansendtopeople.Sendersarelimitedto$7,500intotalinanyseven-dayperiod.Theappmayrequireadditionalidentificationifyousendmorethan$250,eitherinonetransactionormultipletransactions,overaseven-dayperiod. 5.GooglePay Fees: None Transactionlimits: $10,000persingletransaction,$10,000everysevendays,$3,000every24hoursforFloridaresidents Transfertime: InstantfromGooglePaybalanceordebitcard,fiveto10daysfromabankaccount Googleiseverywhere,itseems,soitmakessensethatitwouldofferawayforindividualstosendmoneyquickly.AndroidPayandGoogleWalletnowmakeupwhatisknownasGooglePay.Googleaccountsarefreetosetupandareaccessiblethroughonlineaccessanditsmobileapp.YoucanuseanexistingGoogleaccounttosetupGooglePayifyouhaveone. GooglePayusesalinkeddebitcardorbankaccountforsendingmoney. SendingmoneythroughGooglePayisonlyavailableintheU.S.andIndiacurrently. 6.ApplePay Fees: None Transactionlimits: $10,000maximumoverseven-dayperiod,subjecttobanklimits Transfertime: Instant forApplePayusers ApplePayallowsyoutosendmoneytofamilyandfriendsinsideMessagesorusingSiri onyouriPhone,iPadorAppleWatch.Thereisnoextraapptodownloadtoaccessthisservice.Paymentsareinstant.Unfortunately,Androidusersareoutofluck,asarethosewithsomeolderAppledevices. You’llneedtolinkadebitcardtoApplePaytousetheservice.Usersmustbe18yearsorolderandU.S.citizenstosendorreceivemoneythroughApplePay.GreenDotBankprovidestheservices. MoneysenttootherpeoplegoestotheirAppleCashaccount,wheretheycanuseitdirectlyortransfertoabankaccountorVisadebitcard. 7.FacebookMessenger Fees: None Transactionlimits: Subjecttobanklimits Transfertime: Threetofivebusinessdays NotonlyisFacebookoneofthemostpopularsocialmediaplatformsintheworld,butit’salsoanotherwaytosendmoneytofamilyandfriends.YoucansendmoneytopeopleeasilythroughFacebookMessenger. Juststartamessagewithwhomeveryouwanttosendmoney.Clicktheplussignandthenthedollarsign,andentertheamounttosend.Then,click“Pay”tosendthemoney. FacebookuserscansendmoneythroughtheMessengerapporbyloggingintotheironlineaccounts.BothpartiesneedanactiveFacebookaccountandtohaveadebitcardorPayPalaccountattachedtotheirFacebookaccount.FacebookacceptsVisaorMastercarddebitcardsfromaU.S.bank.Youmustalsobeatleast18yearsoldandliveintheU.S. 8.WesternUnion Fees: Feesbasedonmultiplefactors Transactionlimits: Limitsbasedonvariousfactors,includinglocation,serviceandpaymentmethod Transfertime: Instantwiththemobile moneytransferoption WesternUnionistheoldestcompanyonthislist—it’sbeenaroundsincethe1800s.Mostpeopledon’tthinkofWesternUnionasafintechcompany,butthey’vebeenhelpingpeoplesendmoneyworldwideelectronicallysince1871. WesternUnionoffersmultiplewaystosendmoneytofamilyandfriends,includingonline,throughitsmobileapp,inpersonataWesternUnionoffice,overthephoneandatselectretaillocations.Thereareoptionstousecash,adebitcardoracreditcardtosendmoney,dependingonhowyousendit. Youcan sendmoneytoabankaccount,amobilewalletortoalocationforacashpickup. Youmustbe18yearsoroldertosendorreceivemoneythroughWesternUnion.WesternUnion’stransferoptionsareaviableoptionfromalong-trustedcompany. OtherWaystoSendMoneytoFamilyandFriends Mobileappsandonlinepaymentcompaniesaren’ttheonlywaytosendmoneytoyourlovedones.Hereareafewotheroptionstoconsider: Wiretransfer. Mostbanks,creditunionsandotherfinancialinstitutionsofferwiretransfers.Youmayhavetopayafeetosendorreceiveawiretransfer,dependingonyourbank. Giftcards. Prepaidgiftcardsactasadebitcardinmanyways.Somegiftcardshaverestrictionsonwhereandhowyoucanusethem. Cash. Cashisanexcellentoption,butit’snotthebestformofpaymenttosendbymail. Check. Youalsocanwriteacheckandsendittofamilyandfriendsbymail. TipsforSendingMoneytoFamilyandFriends StaySafe Safetyandsecurityarealwaysconcernswhendealingwithmoney.Makesureanypaymentsiteyouuseissecureandthatyourbankandpersonalinformationisencrypted.Also,findoutiftheFDIC(FederalDepositInsuranceCorporation)insuresthemoneyyousend.Ifthepaymentapporsiterequiresapassword,makesureyouuseastrongpassword. KnowthePeopleYouSendMoney Paymentappsusuallyofferoptionstomakepayments,butit’sbesttolimityourusagetosendingorreceivingmoneyfrompeopleyouknow. KeepRecords Keeptrackofanymoneyyousendtolovedones.Verifythattheyreceivedthemoneyandwereabletoaccessit.Ifyourunintoanyissues,you’llhavetheinformationonhandtodealwithitproperly. BottomLine Sendingmoneytolovedonesismoreconvenientthaneverbefore.Inmostcases,youcansendmoneyinstantlyforfree.Ensureyouarecomfortablewithwhateverserviceyouchoose,onceyou’vereviewedanyfineprintforfeesorotherimportantinformation. Wasthisarticlehelpful? Shareyourfeedback Sendfeedbacktotheeditorialteam RatethisArticle ★ ★ ★ ★ ★ Pleaseratethearticle Email Pleaseentervalidemailaddress Comments We'dlovetohearfromyou,pleaseenteryourcomments. Invalidemailaddress Submit ThankYouforyourfeedback! Somethingwentwrong.Pleasetryagainlater. 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