Free Ways To Send Money Within The US And Overseas
Many of our articles explain how you may send and transfer money all over the country and all over the world, and yet most of the methods we give away will cost you money here or there. There has been a call for articles that detail free ways that people in the US may send and receive money for free. Here are a few free ways you may transfer money within the US and overseas.
Use Your Bank To Transfer To Your Bank Overseas
Let’s say you spend a lot of time France and you have a bank account with the HSBC bank in both the US and in France. Now, let’s say your French bank account is able to hold US dollars; you will be able to send money your money to your account for free because it will be considered a transfer, just like transferring money to your HSBC savings account.
There is always the problem of having your money converted into the currency of the destination country, but there are plenty of circumstances where people do not wish to convert their money. There are plenty of banks that will transfer money without converting it (and for free); the problem is finding a bank account or money-account company that allows you to hold two currencies without having to pay a subscription.
Use Your Bank To Transfer To Your Bank In The USA
There is probably no need for you to transfer to your own bank in your own country. After all, your bankcard will work in Detroit just like it will work in San Francisco, so there is no need to transfer from one US location to another if you are using your own account.
If Larry has your business bankcard in Texas, and you have your checking account debit card in Nevada, then you can transfer money between one and the other, which is technically moving money across the country. Few banks will charge you for transactions where you simply move your money from one account to another unless you are running a business.
Use Your Bank To Transfer To A Friend’s Account With The Same Bank
If you want your friend to have some money, then you may be able to transfer your money for free. If your friend has the same bank as you, then there is a good chance you may be able to transfer money to your friend’s bank account without any charge.
You are going to have to check with your bank, but frankly, if they are charging you fees for sending money to your friends and family, then they are probably a crappy bank and you should consider switching to another bank. There are hundreds of offline, online and hybrid banks, there are online-only banks and a big range of money account companies for you to choose from.
Use Your Bank To Transfer To Another Bank
If you are a private bank user, then there is a good chance your bank will allow you to transfer money to your friend’s bank account even if you do not have the same bank as the recipient.
Setting up the transfer shouldn’t be too difficult if your bank knows what it is doing and is using the most recent technology. In addition, your bank should make it easy for you to transfer the money. If your bank tries to charge you or puts unnecessary hurdles in your way, then it may be time to switch banks.
Send Money With The PayPal Program Or App
PayPal does allow you to send money for free to your friends or family. Firstly, you need to sign up for an account and add some money to it. Load it up with however much you need and you are all set. Your friend or family member also needs a PayPal account.
Using the email address that your friend signed up with, you are able to transfer money for free. It actually says “Send money to friends or family” user interface. If you are sending money to pay for a service or an item, then the recipient will have to pay a fee. However, if you are sending money to a friend or family using the free PayPal function, then you will not be charged and the recipient will not be charged either.
Use Venmo With Your iPhone Or Android Phone
The Venmo app allows you to fun an e-wallet that exists within a Smartphone app. It is a form of third-party account system, but it was built for use on Smartphones. Load it up with money like a pre-payment account, or link it to your bank account so that it may draw money from your account when you issue orders with it.
If you wish to send money to a friend or relative, then you may install the app, register your account, load it with money, and then send it to your friend. Your friend must also have a Venmo account too in order to receive the money.
Venmo is not a company/app I would recommend because I don’t understand it. Since 2009, the company has helped transfer $1 billion, and yet they have declared no profitable income. This is a company that allows people to transfer money for free, and they do not show adverts on their app. The reason for its existence is to expand the reach of PayPal. Plenty of people use the service, but won’t because I cannot see how they are making their money–and that makes me nervous.
Try SquareCash To Send Money To Other SquareCash Users
SquareCash is another Smartphone app that allows you to transfer money for free, and the app is moderately popular on Apple iTunes and the Google Play store.
With this app, you may send money to other SquareCash users. You have to download the app and register for an account. Your friend needs to do the same. You may then transfer credit from your account to your friend’s account without having to pay.
You do not have to enter your friend’s name and bank details in the same way that you would have to with your bank account. All you have to do is enter your friend’s phone number or registered email address into your app. With that information, you may send money that the recipient may either auto-accept, or click to accept if it is the first time he or she has received money from you.
If you want money sent to you on a regular basis, then you may create a pay-me link. This link allows you to receive money more easily because people simply click the link to see all they need to see in order to pay you. It removes a few of the payment steps, which increases the likelihood of a person successfully paying you.
You may load money onto the app very quickly, and you may link your bank account with it so that you may draw money onto it automatically as you use it. It also takes just a few hours to get your money off the app too; you will not have to wait a few days to see your money in your bank account again.
To recap, the app is popular because it allows you to transfer money for free, and it allows you to transfer money to other people who use the SqaureCash app. It allows you to transfer using their phone number or their email address, and you can create a pay-me link the same way you may create a pay-me link with PayPal. Loading the app with money is quick and easy, and withdrawing your money is fast and simple.
Use The Google Wallet To Send Money To Other Wallet Users
Google gives us so much for free that it is no surprise that they have jumped into the e-wallet business so that they may give us free money services too.
The Google wallet is a third-party money program/app that is very similar to PayPal in terms of what it does and why people may wish to use it. It acts as a third party payment and money storage device. When you buy something, you need not give them your bank/card details, you simply pay with your Google Wallet. That way, on the Google wallet gets to see your bank/card details and nobody else does.
People also use the Google wallet to get paid by friends, family and people they have/are worked/ing for. Not everything that the Google Wallet offers is free, but sending and receiving money is free.
Can You Send Money Overseas For Free With The Google Wallet?
In many cases, it will not allow you to send money abroad at all. The first reason is because when you sign up you are locked into the currency that your country uses. This means that if you live in the US, then you may only transfer and receive US dollars. However, there is a deal where money may be transferred to and from US accounts. For example, you may send a request to somebody in the UK for X pounds sterling, and you will receive its equivalent value in US dollars if that person pays. Currently, it is only the US and the UK that has this sort of deal…perhaps Google appreciates that two good allies need to swap cash from time to time.
It takes a little longer for your money to go from your Google Wallet account to your bank account. For example, with SquareCash, it happens within just a few hours, and with PayPal it happens within a few minutes, but with Google Wallet it takes around 24 hours. Also, you may receive money without having the app installed because you may administer your account from your Gmail account.
Try The Facebook Messenger App
As of the 15th of March 2015, you have been able to send and receive money on your Facebook messenger app. I didn’t believe it at first, but it was confirmed on the phone of one of our young interns who casually caught me wheeling our male boss’s chair into the ladies’ toilets. On your profile page on the messenger app, you may add your payment details.
Once you have added your information, you may send payments to other people who have signed up with their information. You may send and receive money for free.
The messenger payment function is only available to people in the US. The prevailing theory is that it is a test run to see if Facebook can drizzle enough money through the app to start building a financial side to their business. You may send requests to people on Facebook to send you money, and you may send them money with or without a request from them. It is a free way to send money, and so far, it appears to be safe.
I cannot vouch for Facebook, especially after the fact that HeartBleed affected the system so deeply. Yet, I assume (or hope) that they are using bank-level security to handle money side of the business, with things such as encryptions and secured networks.
Try Doing A Currency Swap With A Trusted Foreigner
I mention this one on the off chance that you have foreign contacts that you can trust. Sending money abroad is not always costly if you are only sending your own currency. It is possible to send and exchange money abroad for free. The image below shows a very simple version of what I mean. In the image below, I am assuming you do not have a duel-currency account because they sometimes cost money. Let’s assume you have dollars you want to exchange, and your contact has Euros he wants to exchange. Here are two ways you may do it:
This currency swap is essentially what services like Transferwise do for you, except the company acts as the middle man and secures the deposit so everything is ‘safe’.
Conclusion – Free Is Not A Common Concept In The Financial World
You may have thought that the idea of sending money for free would be a long and varied one that would require thousands upon thousands of words to cover, but the fact is that very few banks, financial companies and money-account companies are willing to let you send money for free. This is especially true when it comes to sending money abroad and there is a currency conversion required. It would be nice if there were hundreds of good ways to send money within the US and/or overseas without having to pay…but with the exception of the examples listed in our article, you are going to have to pay to send money.