Ways to transfer money
Whether it’s chipping in for the bill while you’re out to dinner with friends, sending money to a co-worker to contribute to a team gift or paying for your child’s day care—there are plenty of situations where you may need a way to transfer money to someone else. And fortunately, there are plenty of options when it comes to sending and receiving money digitally these days.
One of the most common ways to send money online is through digital payment services. But there are some other options too. Read on to learn about six apps or services for transferring money to a friend, a family member or anyone else, along with a few other methods for sending money.
What you’ll learn:
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Digital payment services let you send and receive money online using a website or mobile app.
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Not all digital payment services operate in the same way. It’s important to know how each one works so you can choose a service that suits your needs.
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Capital One customers can send money with Zelle® directly through the Capital One Mobile app.
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In addition to person-to-person (P2P) payments using digital payment services, some other ways to transfer money to someone include Automated Clearing House (ACH) transfers, wire transfers and sending a check.
6 money transfer apps and services for sending money online
Digital payment services—known as peer-to-peer (P2P) payment—let you digitally send and receive money through a website or mobile app. Here are details about six common digital payment services.
1. PayPal®
PayPal is one way to send money to friends and family, and you can also use it to check out at millions of online stores. When you add your card to your PayPal wallet, you can expect the same Capital One card benefits as always. You might even be able to redeem your Capital One credit card rewards with PayPal.
There are no fees for opening a PayPal account, but there might be fees for certain transactions or account features.
2. Zelle®
Zelle® is a way to send money directly to any eligible bank account in the U.S. Zelle® payments typically only take minutes to complete when the sender and recipient are both enrolled. Payments are designed to be verified by using just your U.S. mobile number or email address—not your bank account info—to send or receive money. Depending on your bank, there may be limits to how much money you can send and receive daily.
Capital One doesn’t charge fees for sending or receiving money with Zelle®. But if you’re using another bank or credit union, Zelle® recommends checking whether it charges any additional fees. Zelle® is already in more than 2,200 credit union and banking apps—including the Capital One Mobile app—making sending and receiving money easy and convenient.
All you have to do is enroll with Zelle® through the Capital One Mobile app and follow a few simple steps. After that, sending money with Zelle® through the Capital One website or mobile app is simple.
3. Venmo
Venmo is another digital wallet that lets you send and request money and make purchases from authorized merchants.
There are no fees to set up a Venmo account or keep it open. And there are no transfer fees for sending or receiving money using your Venmo account, linked bank account or debit card. But there are fees for things like instant transfers and sending money using a linked credit card.
4. Cash App
Cash App lets you send, receive, spend, save and invest money. You can download and use the Cash App mobile wallet on your iPhone or Android mobile device.
Cash App accounts are free to open. And standard deposits to your linked bank account or debit card are free. There are fees for things like instant deposits and sending money from a credit card.
5. Meta Pay
Meta Pay—formerly known as Facebook Pay—is a way to send money, shop or donate via apps you might already use, like Facebook, Messenger, Instagram and WhatsApp.
There are no fees to send or receive money with Meta Pay through Messenger.
6. Apple Cash
You can use Apple Cash to send money to and receive money from friends and family by using your iPhone, iPad or Apple Watch. The money you send can come directly out of your Apple Cash balance, or you can send money from your debit card.
Apple Cash might charge fees for things like instant transfers.
Other ways to transfer money
Although online apps and services for sending money are favored these days, there are still other reliable ways to transfer money. Here are some other options for sending money:
Make a bank-to-bank transfer
Also known as an Automated Clearing House (ACH) transfer or external transfer, bank-to-bank transfers allow you to transfer money from a checking or savings account from one financial institution to another.
You’ll need to verify the account number and routing number to send and receive money via ACH transfer. These transfers are usually free and may take up to a few days to process. Depending on your bank, there may be limits to how much money you can send and receive.
Sending a wire transfer
Wire transfers are another way to transfer funds from one bank account to another. Unlike ACH transfers though, wire transfers typically require a fee. Domestic wire transfers are usually fast—received in a day or sometimes less.
You’ll need to know your recipient’s bank account information, as well as their name and address, in order to send a wire transfer.
Sending a check
If you have your own checks for your bank account, writing a personal check is always an option for sending money. If you don’t have a checkbook, you may be able to request a personal check or cashier’s check to be sent from your bank.
International money transfers
Some P2P money transfer apps, such as PayPal, may be an option for sending money internationally. PayPal accounts, for instance, include a service called Xoom that you can use to make international money transfers. Your recipient doesn’t need a PayPal account to receive money through Xoom.
Some other common ways to transfer money internationally include:
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International wire transfers: As mentioned above, wire transfers are a common way to send money from one account to another. And they can typically be done internationally for a higher fee. In addition to the information needed for a domestic wire, you will also need a SWIFT code or BIC code. You should ensure you have an eligible account to send international wires and check for other limits that may apply.
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MoneyGram®: You can use MoneyGram to make international money transfers online or in person using your bank account or a credit or debit card. Fees are typically low, but may be higher if you opt for an in-person cash pickup for your recipient.
Keep in mind that fees, the length of time for transfers to process and limits on the amount you can send will vary depending on the money transfer service you use. Whichever method you choose, be sure to take time to understand exchange rates and the total cost to you.
Money transfer services FAQ
Here are the answers to a few questions you may still have about money transfer services:
How can I send money online?
There are many different ways to send and receive money online. Which one you choose depends on a variety of factors like how much you need to send, where you’re sending the money and how fast you need it to arrive. And the exact process for sending money online depends on the money transfer service you choose.
If you need to transfer money between bank accounts at the same bank, you can typically do that from your online banking account. To send money to an account at a different bank, you can check your online banking capabilities or use one of the money transfer services, digital wallets or payment apps above.
Just keep in mind that using a credit card to transfer money may be considered a cash advance. And there may be additional fees associated with cash advances. Check your credit card terms for more information.
Are online money transfers safe?
As the Consumer Financial Protection Bureau (CFPB) notes, with “new payment methods come new risks.” The agency has tips you can use to avoid mistakes when transferring money. And you could also check with each service, like Zelle®, about how to use it safely.
How long does it take to transfer money?
How long a money transfer takes depends on a few factors. Those include which service you use, what kind of transfer you choose and more.
If you need the money to arrive by a certain time, do your research before you hit send. And make sure you know about any fees that may be associated with faster processing times.
How can I send money to someone without a bank account?
If you need to send money to a person who doesn’t have a bank account, there are a few ways to do it:
- Digital wallets: Digital wallets—like PayPal, Apple Pay® and Venmo—are like electronic versions of physical wallets. They store things like credit card and debit card information. And they can be used to transfer money directly into a wallet without it being linked to a bank account. They might also be used to make contactless payments in stores or transfer money to other people.
- Prepaid cards: Prepaid debit cards can be purchased at banks or retail locations like grocery stores and drugstores. They come with either a set available balance or an option to load money onto the card. From there, you can use the card until you’ve depleted the balance. Once the money runs out, you won’t be able to make more purchases, but you may be able to reload it.
These are just a few options for sending money to someone who doesn’t have a bank account. Whatever you choose, make sure to do your research, know your rights and keep your money safe.
Key takeaways: Ways to transfer money
There are many money transfer services out there. Now that you know more about your options and how they work, you can make sure to choose the right one to suit your needs. Just remember to do your research, read the fine print and do everything you can to better secure your money.
There are several ways to transfer money to another person’s account using the Capital One Mobile app. A simple and convenient option is to enroll in Zelle®. You can send money using Zelle® directly from our app without any additional fees.
