Perhaps you’re one of those folks who have been hiding in the background wondering if all this new fangled technology is really safe. Internet banks and internet transfers have, I believe, proven themselves to be safe and secure methods of exchanging money. If you are still using the old check and stamp method, perhaps this post will convince you to take the plunge into the world of fast and free ways to transfer or send money. Notice that these methods are for sending personal funds to other people. There are other money transfer alternatives for businesses.
Ways to Send Money or Transfer Money
Transfer Funds Using ING DIRECT People to People Money Payment
I have previously mentioned that there are a lot of advantages to the ING Direct Electric Orange Bank Account. The P2P (People to People) money transfer feature is one such advantage. If you are an Electric Orange account holder you can electronically transfer funds to any person who has a US bank account. This service is free. You can even schedule a transfer on a future date up to 364 days in advance. After opening an account at ING Direct (see this article on how to get $25.00 for signing up for ING) all you will need is the name, account number, and routing number. If someone is hesitant to give you that information kindly remind them that those numbers are printed on every check they write.
How to send money with ING People to People transfer
When you sign into your account, you click on “P2P payment”. Simply add your friend’s information to your address book and then schedule the payment. The funds will be removed from your account and transferred to that other person’s account once they have verified their information. Transfers typically take 1-3 days.
Best ways to send money using ING Direct P2P transfers
- Send to people you owe
- Sending when you split the cost of buying something
- Send to someone who works for you
- Sending gift or birthday funds
- Sending funds to close friends and family
PayPal Money Cash Transfer
How PayPal differs from ING Direct Electric Orange is that you do not need the person’s, name, account number, or routing number. All you need is a person’s email address. However, to transfer to a person using PayPal they must also be a registered and active PayPal user. All personal transfers (not for goods and services) are free. The following are free services: register for an account, add money from your bank, send, receive, and request money. You can also electronically transfer funds from your bank account. You will pay a fee if the transfer is for goods and services.
How to Send Money Using PayPal
When you sign up for a PayPal account you will need to link the PayPal account to your bank. You can also add credit cards to use when you purchase items through PayPal. When you send money, it can be withdrawn from your PayPal account and put into another person’s PayPal account. Funds are transferred instantly so there is no wait time.
Best ways to take advantage of PayPal money services
- Sending cash to friends and associates that you do not know as well (they might ask why I want their account info)
- Accept donations. Anyone who has a website can use PayPal to accept donations.
- PayPal is an industry must for people who sell products online. Remember, they do have fees associated with business transitions.
Revolution Money Exchange
Revolution Money Exchange (RME) is very similar to PayPal, but offers some attractive referral rates and does not charge any fees for business transactions. Thus, like PayPal you are limited to sending money only to other RME members. Once again, the account is linked to your bank and funds can be transferred to and from your bank account and to other RME customers. Transfers between RME accounts are instantaneous. All this, of course, is free of charge. The following services are free: register for an account, add money from your bank, send, receive, and request funds, and electronically send money from your bank account.
If you wish to sign up for Revolution Money Exchange you can use this link.
Next time you need to send money to someone, consider skipping the cost and inconvenience of a check and try one of these fast free services instead.
Photo by photos8.com.
Anyone use any other programs for to send money? Had any positive or negative interactions with any of the above companies?
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