What Is the Fastest Way to Transfer Money?
In 2018, individuals sent over 420 billion dollars in personal transfers. Of course, there are a wide variety of reasons that people need to wire money, from buying property overseas to sending money to family members.
No matter the reason, the majority of individuals want a secure and fast way to move money. If that’s your case, keep reading to find out the fastest way to transfer money.
Electronic Money Transfer
Not only are electronic money transfers the fastest way to transfer money abroad, but they are also quite affordable. Moreover, there are dozens of apps and websites to choose from, such as www.transferly.com.
No matter which platform or bank you pick, you will likely have to pay some fees when making electronic fund transfers. These may be a:
- Percent of the total transfer
- Flat fee
- Processing fee
- Currency exchange fee
Despite the extra fees, many people opt for this type of transfer because it is more convenient and faster than money orders. Typically, the transfer is cleared within one to three business days. Yet, in some cases, it is in the recipient’s account within a matter of seconds.
Sending cash in the mail is insecure, but mail orders are a reliable alternative. Since you can track a money order, you can ensure that your intended recipient receives it. Nevertheless, they take much longer since they are not available digitally.
Depending on the distance between you and the recipient, sending a money order through priority shipping will usually guarantee that it arrives within a few days. While it isn’t the fastest way to wire money, it is relatively quick and secure.
Typically, money orders are one of the best ways to transfer money when the recipient doesn’t have an online bank account or cannot receive electronic money transfers.
If you want to send someone a gift without paying transfer fees, gift cards are a great choice. Since there are no banks involved, you don’t even have to worry about transferring money.
Instead, you can choose the amount and how the recipient can spend the money by purchasing the gift card from a specific store.
The best part about gift cards is that you can send them through email within a matter of minutes, and the recipient can use them whenever they would like. But, of course, some gift cards have an expiration date, so it is important to remind the recipient of this in advance.
However, gift cards are not an option if you send money to someone to pay a bill or help them out during an emergency. Yet, you can use them to help loved ones purchase groceries or other essential items.
Discover the Fastest Way to Transfer Money
Without a doubt, electronic money transfers are the fastest way to transfer money. Yet, even if these are not an option, you can send money orders or give loved ones gift cards. Whatever you decide, all of these options take less than a few days to clear and are secure for you and the recipient.
Did this post help you learn how to transfer money quickly? If so, check out more of our interesting content related to finances!