In this technology-driven and digitally connected world transferring money with the traditional ways seems a bit old-fashion as there are so many fast and instant methods being developed for financial transactions. But this does not mean that the old ways are not still viable options like money transfer by cash, draft, checks are still used by a large number of users as they are still applicable. Nowadays with the advanced reach of the internet, almost everyone is using the online money transfer with mediums such as Cash App, Zelle, and Venmo that makes it easy to send money to friends and family instantly without any extra charges.
Depending on how much you are sending and whether you want to send it domestically or internationally the best way to transfer money can vary from user to user.
Following are some of the best ways to transfer money:
Cash Money Transfer
Cash money transfer is the most reliable way to send money. In this method, there is no limit, transfer fee, and however it involves a long waiting period depending upon the geographical conditions. With cash money transfer it is difficult to keep the history of transactions which sometimes becomes necessary to have for further reference and other purposes. But there are also some advantages of cash money transfer as it can be the most practical option in some circumstances, and there is no chance of transfer failure.
Money transfer with Bank
You can easily transfer money with the bank in which you are holding an account. For instance, if you want to send money to your friend and she has an account in the same bank as you have you can send money from your account easily. However, you may have to pay some amount of fees for sending to a different bank or financial institution.
You must have an account or routing number of the users for money transfer with the bank. There are some banks like Western Union and MoneyGram that allow account holders to send money to a different city, state, and free money transfers using email addresses.
Peer to peer money transfers
Peer to peer method is also emerging as the most sought after options for money transfer with applications like Paypal, Google Pay, Zelle allowing instant money transfer.
Cash App best (P2P) money transfer app that stands out among others such as Venmo and Zelle because of its advanced features such as free money on the cash app, direct deposit on the cash app, and cash app card activation.
With direct deposit, money can be transferred to the bank account of the user. As Cash App does not support international payment so It’s only best for sending money within the U.S and UK. To use peer to peer money transfer on the cash app users need to first create an account for Cash App login. There is also a Cash App limit which means users can send only a limited amount of money with basic accounts. The Cash App increase limit is possible after cash app account verification.
Money transfer with cheques:
The money transfer is also done through checks. For this, you need to fill the cheque with details of your name, account number, status payee, and most importantly your signature. There are different kinds of cheques that can vary upon the requirement of the user. Money transfer with the cheques is considered safer with cheques as compared to cash because you have the option to cancel it if it doesn’t arrive at its destination.
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