The 5 best ways to send money transfers online

effigy : Woman on a boardwalk, sipping a cold drink, and using the best ways to send money transfers online on her pad Online money transfers can be a big way to send money to friends and kin — and possibly even to pay for goods and services. hera ‘s how to find the veracious platform for your needs. editorial bill : Credit Karma receives compensation from third-party advertisers, but that doesn ’ t affect our editors ’ opinions. Our third-party advertisers don ’ thymine revue, approve or endorse our column content. It ’ second accurate to the best of our cognition when posted .Advertiser Disclosure

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At a glance: The best platforms for online money transfers

Most widely used PayPal
Fast cash-outs Google Wallet
Best mobile experience Venmo
Affordable international money transfers OFX
Wide international reach Western Union

The best platform for money transfers depends on your needs.

Whether you ’ re looking to send money domestically or overseas, there are enough of options to choose from. many banks and fiscal institutions offer wire transfers, but these can often be expensive. They may besides require a batch of information about you and the person you ’ re sending money to .
The main things to consider when looking for an on-line money transfer chopine are where and to whom you ’ re sending the money, according to Matt Oppenheimer, CEO and co-founder of Remitly, a digital money transfer military service .
Oppenheimer adds that the biggest pitfalls for money transfers tend to be fees and customer military service. “ The lower the fees, the more money your recipient role will get, ” he says. His advice ? “ Look into transfer fees and exchange rates to make certain they ’ re fair. ”
It may go without saying, but customer service can besides be lacking at some established money transfer companies. “ Look for a company that ’ south open and crystalline and lets you know precisely when your money will arrive to your recipient, ” says Oppenheimer. “ Find one that will plowshare updates along the way, or is easily approachable 24/7 to help you. ”
With those standards in mind, we ’ ve compiled a list of the top five on-line money remove platforms. Read on to find the veracious one for you .

Can I cancel an online money transfer?

It depends on the platform you use to initiate the transfer. Always be sure to check the cancellation or refund policy before sending money transfers .

Most widely used: PayPal

If you want to send money to friends or family, the chances are dear that they have a PayPal explanation. According to The Pew Charitable Trusts, it ’ s the most normally used smartphone app to send money .
That ’ south probably because it ’ s thus convenient to use. You can send up to $ 10,000 in a individual transaction once you verify your bill. Once the recipient role receives the money, it normally takes barely one business day to transfer it to their bank account .
What ’ s more, PayPal offers rid money transfers within the U.S. when you use your PayPal symmetry or a bank bill. If you use a debit or credit rating batting order to send money to class or friends, you ’ ll pay up a fee of 2.9 percentage plus 30 cents of the come you send .
You can besides send money oversea in more than 100 currencies. The entire fees for international transfers depend on the currentness .
When you send money through PayPal, the recipient doesn ’ thymine see your fiscal information like your credit batting order or bank account number. And if you purchase a good or service through PayPal, you ’ ll get added purchase protective covering in case of fraud .

Fast cash-outs: Google Wallet

Google Wallet is release to use, careless of the type of remove. What sets it apart from the contest, though, is its speed.

Google Wallet is best if you send money to person who has a debit card as their nonpayment requital method acting in Google Wallet. When you send money using your own debit batting order, the payment will normally appear in their debit card-linked bank score within minutes. If you send or receive money using a bank bill, however, it can take up to four days ( in some rare cases ) for the transmit to complete .
The maximum sum you can transfer in a single transaction is $ 9,999, or up to $ 50,000 in five days ( Florida residents can send up to $ 3,000 every 24 hours ). Google Wallet does not allow for abroad money transfers .
Google Wallet is chiefly for peer-to-peer payments, so it doesn ’ metric ton offer much in the way of leverage security. however, you won ’ t be apt for verify unauthorized transactions .

Best mobile experience: Venmo

Owned by PayPal, Venmo is classify of a social net for money transfers. You can add friends and see their transactions ( but not the amounts ) in your explanation run .
Venmo transfers are free if you use your Venmo balance wheel, deposit account, debit menu or prepay debit calling card. If you choose to send money using a credit batting order, you ’ ll wage a fee of 3 percentage. Bank transfers typically take one occupation day .
There ’ s a weekly rolling limit of $ 2,999.99 for sending funds through Venmo once you verify your identity. There ’ south besides a $ 2,000 limit per transaction for empower merchant payments, and a wind weekly limit of $ 4,999.99 for all transactions combined .
Venmo doesn ’ thymine provide any buyer or seller protection, so we recommend using this platform only with people you know and trust .

Affordable international money transfers: OFX

OFX is a relatively cheap platform for external money transfers. The chopine doesn ’ triiodothyronine charge any transfer fees and has no transfer limits to most major currencies. It does, however, have a $ 150 transfer minimum .
OFX allows you to transfer money to 190 countries in 55 different currencies. The remove clock time depends on the area you ’ re sending money to, but in most cases it takes one to two business days .
once you send money through OFX, you ’ ll draw e-mail notifications so you can track the transfer ’ randomness advancement. OFX employs fraud prevention technology to identify leery natural process and to keep you from falling victim to manque thieves .

Wide international reach: Western Union

Depending on where you need to transfer money, Western Union ’ s across-the-board cosmopolitan network could be your best count. The platform transacts in more than 200 countries and territories in more than 130 currencies, giving it a wider overall reach than OFX .
Online international transfers start with a $ 10,000 limit, but you can request to raise that limit in your on-line account .
The main drawback to Western Union is its fees, which start at $ 5 for standard rescue to select currencies and countries. delivery time for this method acting is typically three to five occupation days. wire transfers, which have a short estimated pitch time of one to two commercial enterprise days, cost $ 22. Heads up : The recipient role ’ s bank may charge extra fees on top of Western Union ’ sulfur fees, therefore be certain to do your inquiry before transferring money .
If you ’ ra not in a travel rapidly and the recipient lives in an eligible area, you can choose to send a draft check at no fee. This method takes 10 to 15 clientele days to deliver the money, and the recipient will be creditworthy for cashing the hindrance at their bank or fiscal institution .
Western Union doesn ’ deoxythymidine monophosphate explicitly state its protections to fraud victims, but the ship’s company urges consumers to adopt best practices when transferring money. That means never sending money to a stranger and not falling raven to scams that seem besides good to be true. You can contact Western Union to report deceitful activity, but there ’ s no guarantee you ’ ll get your money back .

Next steps

“ There are manner more options than the traditional brick-and-mortars that will get your money to your love ones safely, promptly and at a better rate, ” says Oppenheimer .
Before choosing an on-line chopine for money transfers, compare the diverse platforms ’ features and fees. The best one for you will depend on your preferences and needs.

If you ’ re transferring money overseas, Oppenheimer encourages you to besides compare change rates. While these can fluctuate with the market, one company may not offer the best rates every time .
And one final examination note : If you choose a platform and decide you don ’ t like it, don ’ deoxythymidine monophosphate be afraid to switch. In the end, it ’ s your money, and you ’ ll want to send it wisely .
About the author: Ben Luthi is a personal finance freelance writer and credit cards expert. He holds a bachelor’s degree in business management and finance from Brigham Young University. In addition to Credit Karma, you can find his wo… Ben Luthi is a personal finance freelancer writer and credit cards adept. He holds a knight bachelor ’ s degree in business management and finance from Brigham Young University. In addition to Credit Karma, you can find his wo… Read more.

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