The widespread use of smartphones and ever-improving online access has transformed how the majority of people carry out day-to-day tasks. Everything from keeping in touch with friends and family to banking, shopping, and playing games can be done online, and finding a way to carry out fast and secure transactions has become a priority for many.
The convenience of online e-commerce and gaming services has transformed both industries, with consumers able to shop around for great deals and enjoy access from the comfort of their own homes. The gambling industry is a prime example of this, with players able to win instantly by playing games on mobile devices and laptops.
Online gambling expert Djordje Todorovic explains that many online betting operators offer competitive services with great bonuses, and offshore options have improved access for consumers living in states and countries that have prohibited betting.
With so many reasons to carry out transactions online, it makes sense that people would search for the best ways to send money. Security, convenience, cost, and transaction speed are all concerns for the modern consumer, and some of the best options can be found below.
Bank Wire
Bank wire transfers are great options for sending large sums of money from one bank to another. This is an excellent option for people looking to send amounts that exceed P2P app limits, and transactions can be completed within a few hours. A charge of between $15 and $25 is usually attached, but this can prove good value for money when compared with other services that can take days for transactions to be completed.
This electronic transfer method typically uses secure networks like Fedwire and SWIFT to increase security and foster a level of trust among users. It can also be a useful option for cross-border payments that involve different currencies.
Cash App
Cash App is a digital wallet and payment app that makes it easy for consumers to manage their finances online. As well as being able to send and receive funds, users can invest in and trade Bitcoin and stocks. Users can transfer money using unique $cashtags, email addresses, and phone numbers, and there are no fees when sending or receiving money.
It is a popular app because of its flexibility in helping with transactions, saving, and investing, and customers can earn bonuses when their referral code is used by someone.
Users can link debit cards and bank accounts to their Cash App account and create a unique identity that makes it easier for other customers to find them. It is an excellent option for people without bank accounts, as users can deposit cash into their accounts and apply for the Cash App debit card. Fees do apply to the Cash App card with a 3% charge on sending money and a 0.5% to 1.75% fee for cashing out.
Transfers received by Cash App customers show instantly in their account balance, but there is a limit of $1,000 every 30 days for spending and receiving funds on the app. However, customers can apply to increase this limit by providing further personal information.
PayPal
PayPal is one of the best-known and widely used payment systems in the world, and allows its customers to send and receive funds through its website and app. It is known for its tight security and ease of use, and customers will also have access to a mobile wallet and credit services.
PayPal is not as restrictive as Cash App with payment limits, and the company boasts over 400 million worldwide users. Free transfers are available to US customers when using their PayPal balance and bank accounts, and consumers also have the choice of sending money to trusted friends and family for free, or choosing to send funds to a business. Sending money to a business will see the recipient charged a small percentage of the total amount, but it offers greater protection.
Venmo
Venmo is another mobile payment service that is popular among its users. Transfers linked to debit cards and bank accounts are free, while those using credit cards incur a 3% charge. Verified users can transfer as much as $60,000 every week, with Venmo balances being updated immediately.
If users cash out from their account, it will typically take between 1 and 3 business days for the funds to transfer. Transferring funds to a debit account will only take around 30 minutes, but there is a 1.75% fee for this service.
Walmart2Walmart
Walmart2Walmart is a useful option for users who live near a Walmart or are sending funds to people near one. The service allows its users to send money to stores where it can be picked up.
As well as using the service directly, they have partnered with Western Union, Ria, and MoneyGram to allow transfers from these providers that can then be picked up in store or vice versa (excluding Ria). Customers can send a maximum of $1,000 per day with fees starting at $2.50.
Western Union
Western Union has a global network of branches that covers more than 200 countries and makes it easy for consumers to send or receive money all around the world. There is an app and a website available for users to carry out transactions easily, but they are one of the more expensive options.
Customers can use a price estimator tool to work out the cost of international transfers, with the majority taking several business days for transactions to be completed. They do offer some same-day or next-day options, but these are limited.
Zelle
Zelle is a great bank-to-bank transfer option, with transactions typically being completed in minutes thanks to an integrated network of more than 2,000 credit unions and banks and 150 million customers. Customers who bank with institutions that aren't integrated with the Zelle network can use a standalone app.
Transfers must be made with a US bank account, and while Zelle doesn't charge fees, partner banks may. Limits will be set by banks, with transfers typically limited to between $2,500 and $5,000.