Business

4 Low-Cost Ways to Transfer Money

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During your life, you may need to transfer money to other people, but there are different approaches and tools that you can use to do so. If you want to minimize payments when transferring money to other people, then use one of these four approaches.

Use The Same Bank

If you want one of the easiest approaches, then using the same bank will save you tons of time and money. If you and the other person use the same banking companies, such as Bank of America or Wells Fargo, then you can transfer money without charges. This way, you can do it through the company’s website or even at a bank.

This one works, but it only works if you have the same bank account. Due to this, it won’t be your most reliable option but you can use it if you and the other person can do so.

Zelle

Zelle is a money transfer app that allows you to transfer money to others using your bank account. It works throughout the U.S., making this option possible for those that need to re-pay some friends or anyone else that you know.

Since people sometimes owe others money or need to make quick transactions, apps like Zelle allow you to do so without much issue instantly. This way, you can save money whenever you need to pay others.

PayPal

People know about PayPal because it works. PayPal allows you to exchange money with others throughout the world, making it a great option for out-of-country transactions. PayPal only performs charges on certain transactions, which makes it a great option for people that use it for personal reasons.

On top of this, PayPal works as a third-party between you and the person you send money to. This means that you don’t have to give out your bank information to perform these transactions. Due to this, people that worry about personal information should use it.

Personal Checks

Finally, you don’t need to use technology to transfer money to someone else. You can always use personal checks as a way to transfer money without charges. All you need is a checkbook and a pen to write the check for someone. This way, the person that you pay can take the check and give it to their bank to receive the money.

Checkbooks always work as an option to handle your money transfers, so make sure that you have a bank account to accept checks as well. This will make the process easier for everyone.

Conclusion

If you need to transfer money to others, then these four approaches will help you to do so while minimizing any charges or payments that you have to make. This will help you to have an easy time when you need to pay or receive money from others, so look into these options.

July 10, 2020

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