The Startup Magazine 6 ways to transfer money cheaply

Over the years, a wire transfer has been a great way to transfer funds for different purposes. However, people have complained about the high fees associated with wire transfers. Fortunately, there are a few options available to you. If you’re trying to find electronic payment electronic transfer alternatives, here are six to consider.

money transfer

TransferWise

This is a low cost model of electronic money transfer for national and international use. The sender pays per transaction, and the company claims to have a “transparent pricing system.” Additional fees apply for international features. When you send money through TransferWise, it takes one to four days before you receive it, just like a bank transfer. However, larger payments can sometimes be limited or canceled due to insufficient KYC verification.

sendly

Remitly takes advantage of digital channels, including the use of mobile phones, to send money domestically and internationally. It’s fast, less expensive, and more convenient for people sending money across borders, making it a good alternative to wire transfers. The reception of the payment varies between one business day (with additional charge) or between three and five business days. However, it is limited to personal fund transfers and cannot be used for commercial or business transfers.

PayPal and other online money transfers

In today’s digital economy, people and businesses want a quick and fast way to send funds or make payments without going through third parties. Although there are several online payment methods to transfer money and make or receive payments, PayPal tops the list.

But PayPal charges both the sender and the receiver. Also, PayPal does not offer cash payments like Money Transfer or Western Union, and the recipient must also have a PayPal account. PayPal fees can be a bit high for businesses. For example, for transfers up to $3,000, it charges 2.9% plus $0.30 per transaction.

WorldRemit

People who have used Western Union and bank transfers before can feel comfortable using WorldRemit, share cash payment. With WorldRemit, you can send up to $10,000 to an individual account, depending on the currency. It also has low fees with good exchange rates for international fund transfers, making it a great alternative to wire transfers when you need to withdraw cash.

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All businesses and individuals want to easily pay contractors, vendors, and suppliers anywhere, anytime. While electronic transfers and financial technologies can reduce the time and location of transferring funds, Veem simplifies the process.

Veem is fast and designed to help businesses save time during fund transfers by simplifying how they send or receive payments. This applies to both its domestic and international services. It’s also cost-effective and flexible, with real-time payment tracking. Veem payments typically take one to five business days, depending on the destination.

cell

Zelle is a relatively new player in the digital payment space, but its popularity is rising rapidly. It is based in the United States and operates digital payments. To access Zelle, users with a funded US bank account use their email and a US mobile phone number to sign up. They can do this through the Zelle app or the bank provider’s Zelle e-portal.

Once you have an account, all you need is the recipient’s phone number and email address to send funds quickly and easily. However, the recipient also needs a US bank account, making it a US-only funds transfer service. Unlike other funds transfer platforms, Zelle does not charge fees for send or receive funds. However, the bank may charge customers a fee for funds access services.

Final note

Bank transfers are quick, fast, and reliable, but can be expensive or take time to go through Escrow or another third party. Businesses can use wire transfer alternatives to make or receive payments based on which they can easily access.

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