How to transfer money to someone else’s bank account
Want to transfer money online from your bank account to another? Whether you’re sending money as a gift, transferring cash to a dependent or relatives overseas, or simply sharing utility bills with your roommates, these days, the options for sending money are endless.
Transferring money directly to a bank account has many advantages over traditional ways to pay someone, such as cash or check, because these electronic transfers are fast, secure, and require less time and effort from both the sender and the recipient.
However, bank-to-bank money transfers come at varying costs and levels of simplicity. Read on for the top three methods explained so you can decide what’s right for you:
Wire transfers
If you want to stick with traditional money transfer methods, you can send money by visiting your bank, the local post office or a remittance shop like grocery stores. This is known as a wire transfer – a method that’s been around for nearly 150 years.
To send a wire transfer, you’ll need to pay the cashier at your chosen branch and give them bank details for both you and your recipient. They’ll do the rest for you, and your money will arrive within a few days. But beware, you may end up spending more than you expect on fees, as well as poor exchange rates. In fact, the average fee for sending a wire transfer internationally is $45.
E-wallet transfers
Another common method of electronically transferring money to someone else’s bank account is by using e-wallets. This involves signing up for an e-wallet service - such as PayPal - and sending money to someone else’s e-wallet within the service’s mobile app or website. Your recipient can then withdraw that money to their bank account.
One of the issues with this method is that it adds a few extra steps into the process – both sender and recipient signing up for an e-wallet, having to deposit funds into your account and then your recipient taking the money out of theirs. This can make money transfers using e-wallets longer and more complex.
Sending money overseas may be expensive with e-wallets, as well, so make sure you check the fees beforehand, or you may end up spending more than you intended.
Peer-to-peer transfers
You can send money from your bank account directly to another by using online platforms accessible through mobile apps or your web browser. These transfers are usually cheap to make, and all you’ll need is some basic account information from your recipient.
The major advantage of this type of transfer is that you can do it from home, so you don’t need to go to a bank or post office to send your money.
How to send money to someone else’s bank account with Paysend
Paysend is a convenient international peer-to-peer money transfer service that lets you send money from the U.S. directly to a bank account in 70 countries worldwide. The clear and simple Paysend Global Transfers app makes it easy to send money to your friends and family’s bank account quickly and with minimal fuss.
It’s free to sign up, and there is a low fee of $2 to send money. Money sent with Paysend normally arrives after just a few minutes.
To get started, head to the App Store or Google Play and download the Paysend app!
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Back-to-school season can be one of the times of year you feel furthest from the people you love. It's also one of the most expensive – school supplies, uniforms, tuition, and everyday essentials all add up at once. Many people help cover these costs by sending money internationally to family abroad. To support that, new Paysend customers get a fee-free first transfer at a better exchange rate during the back-to-school period.
Whether you're helping pay for school or everyday expenses, an international transfer can get support to the people who need it, when they need it. Paysend lets customers send money to more than 170 countries through secure, straightforward payment methods — here's how to sign up for free and claim the offer.
Throughout August, Paysend is doubling referral rewards. Invite a friend and you'll earn $6 USD, or equivalent local currency, for every successful referral — up to $72 in total. The offer runs from 1 to 31 August, and it applies automatically to every eligible referral made during that window.
Referring friends to Paysend already earns a reward in a normal month. This August, that reward simply goes further. Every friend who joins through your link and completes a qualifying transfer earns you $6 instead of the usual $3, and the total you can earn across the month rises from $36 to $72. It’s easy to invite a friend - just share your invite a friend link found in the app.
