According to Mark Roemer Oakland, it has become easier to transfer money online to your friends or family both nationally and internationally. Nowadays, there is no need to rely on online banking apps because there are numerous trusted third-party apps and services that allow you to transfer smartly and also offer many extra benefits.
Here are a few smart ways to electronically transfer money:
1. PayPal – PayPal is one of the oldest and most popular services that allow people to transfer money electronically. You simply have to connect a bank account and get verified. The exchange rate offered by PayPal is not the best but many people still choose to use PayPal since it’s trusted by millions of people. There is a maximum transfer amount of $10,000 per transaction and it’s free to send money from your PayPal account balance or your bank balance. However, for debit card or credit card transactions, you have to pay a charge of $0.30 plus 2.9% of the total amount value.
2. TransferWise – TransferWise is another popular service that allows users to transfer money internationally. It uses the mid-market exchange rate for every transaction. So, you can expect to get a better conversion rate between international currencies that allows you to save money. The best part is that you can use their price comparison tool to know exactly what you have to pay to use their service and other details such as the conversion rate in real-time before you actually send the money.
3. Google Pay – Google Pay (AKA Google Wallet) is an app by Google that allows you to instantly transfer money electronically locally. There are no fees associated with money transfer and the app is secure with your Google Payments Pin or your mobile pin. You just have to link your bank account and mobile number and the recipient should also have a working Google Pay account.
There is a max transfer limit of $9,999 per transaction or $50,000 per 5-day period.
4. Venmo – Venmo is PayPal’s digital wallet app that also acts as a social network that allows you to monitor the Venmo transactions of your friend on your feed. It’s free to transfer money using your Venmo balance or bank account but you have to pay a charge of 3% when you use credit cards to send money. The app can only be used to send money locally. The maximum transfer limit is set to $2,999 per week.
5. Xoom– Xoom is another app owned by PayPal and can be considered the sister app of Venmo. It is used to transfer money internationally to over 55 countries. The maximum transfer limit is set to $2,999 per week and the transfer fee depends on the country you want to send the money to. You can calculate the cost of the transfer using the Xoom calculator before sending any money.
Mark Roemer Oakland suggests you give the above money transfer services a try when you need to transfer money to somebody. They are easy to use and quite affordable compared to other forms of money transfer services.