Everyone has at least one question about transferring money. This will answer the top questions so you can breathe easier when sending money to friends, relatives or anyone else.
Is Money Transferring Safe?
The honest truth is that money transferring itself is safe, but the biggest risk is the person transferring the money. If you make sure that you are transferring to someone that you know and trust, then there won’t be any problems. There are policies and laws that protect your transfer.
Depending on what service you’re using this can range from requiring several forms of identification before the money is released to encrypted data streams that hackers cannot penetrate. As long as you ensure that you are sending the money to someone you trust, then the transfer is safe.
Can you Only Transfer Through a Bank?
Absolutely not. There are new options constantly being created to ensure you can safely and efficiently transfer money. While bank transfers are often convenient, you might need another service to meet your needs. Banks often have higher fees and might limit how much you can send.
Wire transfers like Western Union are very common and your money will reach its destination very quickly. There are numerous options available to you depending on your needs and preferences.
You will want to compare fees, limits and speed when looking for ways to send funds. While this service has become faster in general, there are times when you might need to transfer a large sum of money in seconds and you need to ensure the services match your needs.
What Other Methods are Available for Transferring Money?
Bank and wire transfers are considered the most common and traditional, but there are many other methods that you can use for transferring money. If you have a Paypal account, then you can transfer money either from your Paypal balance or from a connected bank. Venmo has become very popular for domestic money transfers while Xoom has become similarly popular for international transfers. Both use your bank account to fund the transfer.
Wallet apps like Google Wallet and Apple Pay also allow you to transfer funds to others. Most of these services require that the other person have a matching app, so they may have to install the app and make their own account to collect the money.
As with bank and wire transfers, these methods should also be safe as they are encrypted and they have their own policies for protecting your money. At the same time, you must ensure that you’re transferring funds to someone that you know. Also be sure to spell their username correctly as you may accidentally transfer to someone else if you spell their name wrong. Aside from this tiny problem, these services can help you quickly send money to anyone who needs it.
Conclusion
Many people have questions about transferring money like whether it’s safe or how you can go about sending funds. The truth is that it’s very safe and there are many ways to send money depending on your preferences.
