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How to Send Money to Someone Quickly, Easily and Cheaply

How to Send Money to Someone Quickly, Easily and Cheaply

There are a number of ways to send money to someone, but which is the quickest, easiest and cheapest? I have five possible solutions to your money transfer problem. I have ranked each method based on things such as how fast, easy and cheap each one is. Each category has its own explanation. Use these rankings to figure out how you should send money to someone. Click the list below if you want to jump right down to the one that most appeals to you–otherwise, read on and enjoy.

Send From PayPal Account To PayPal Account
Western Union Is An Option
Hand It Over To That Person
Send Money Using Money Items And The Mail
Sending With A Google Wallet Transfer

Explaining My Scoring System

If the category has a high score, then the money transfer method scores highly in that category. For example, if a money transfer method has a 10/10 score for simplicity, then it means that money transfer method is very simple.

It only becomes slightly confusing when you see the “Biggest Problem” downside. If the money transfer method has a problem, but the problem is not a big one, then the money transfer method will score highly. If the money transfer method has a big problem that is terrible, then the score I give it will be very low. Think of it this way, the best money transfer methods will have the highest total score, so if the money transfer method has a very minor problem, then it will score highly in the “Biggest Problem” section.

PayPal Account To PayPal Account

sending money from paypal to paypal

10/10 Quickness Rating
10/10 Cheap Rating
10/10 Convenience Rating
09/10 Ease Rating
10/10 Simplicity Rating
08/10 Biggest Selling Point
08/10 Biggest Problem

PayPal allows you to send money to someone very quickly, very easily, and very cheaply. If the other person has a PayPal account, then all you need is that person’s email address or phone number and you are able to send money directly to that person. Most transfers take seconds to complete, and you can send money without paying a fee. Your recipient won’t pay a fee either if you use the function designated for sending money to family and friends.

10/10 Quickness Rating
In most cases, the transfer is instant. You send the money and the recipient gets an email confirming that the money is in his or her PayPal account. The recipient may then spend the money, withdraw it to his or her bank account, or even draw it out of an ATM if the recipient has a PayPal ATM card. It is free to load money into your PayPal account and it is free to withdraw it too.

10/10 Cheap Rating
Sending money from PayPal account to another PayPal account is free if you use the function created for family and friends. If you send a regular transfer, then the recipient will be charged a fee. Just make sure you send the money via the friends and family function and the transfer is free.

10/10 Convenience Rating
Sign in, click to send the payment, enter that person’s email address, enter the amount you wish to send, and click to send. That is very convenient on its own, but you also get the choice of using the mobile app, the mobile website or the desktop website. Transferring money is very simple and ergo is very convenient.

09/10 Ease Rating
You are able to send money to someone very quickly and very easily. The only reason that PayPal didn’t get ten out of ten is because you do have to set up your account before you may start sending money. Once your account is set up, then you are able to send money quickly and very easily. However, since you will have to set up your account at least one time, I have knocked a point off PayPal’s perfect ten.

10/10 Simplicity Rating
PayPal is so convenient because it is so simple. You are able to send money to another person’s PayPal account using just that person’s email address address or mobile phone number so long as the email address or phone number is linked to the recipient’s PayPal account.

08/10 Biggest Selling Point
Paypal is very popular, and that is one of its biggest selling points. It gets eight out of ten because its biggest selling point is very useful to somebody who wishes to send money to someone in a quick, cheap and easy manner. Most people already have a PayPal account, so you do not have to sell the idea to your recipient. Plus, you probably won’t have to have that person sign up to PayPal because he or she already has an account.

08/10 Biggest Problem

PayPal’s biggest problem is their crappy currency conversion rate. If you receive money in another currency and you wish to convert it to your own currency, then the rate you get will be pretty lousy. The reason why this problem scores an eight rather than a lower number is because PayPal’s biggest downside will not affect most people. It only affects people who are looking to send money to someone who uses a different currency. If it were a big problem, I would have given a lower score.

Using Western Union In Your Own Country

Western Union

06/10 Quickness Rating
06/10 Cheap Rating
06/10 Convenience Rating
08/10 Ease Rating
08/10 Simplicity Rating
08/10 Biggest Selling Point
07/10 Biggest Problem

Western Union is going to allow you to send money to another person’s bank account, and it allows you to send money overseas, and it allows you to send money to other Western Union branches. People may pick up money from Western Union branches in cash, and Western Union customers may also send money to prison inmates too.

06/10 Quickness Rating
Western Union is fairly quick because of its online functions. Using a branch is not so quick because you have to go down there and/or the recipient has to go down to the branch. Choose to use Western Union to transfer money from your account to another person’s account, and Western Union becomes a fairly quick way to send money to someone. Go down to the branch or have your recipient go down to the branch, and using Western Union is not so quick.

06/10 Cheap Rating
No matter how you use Western Union, if you wish to send money to someone, then you are going to have to pay. Western Union’s fees are not massive, but when you compare them to the free transfer methods that have been mentioned in this article, then Western Union deserves its six out of ten.

06/10 Convenience Rating
Western Union gets another six out of ten here for the same reason it gets a six out of ten for cheapness. For example, if Western Union’s services were online only, then the convenience score would be closer to ten, and if it had a branch-only service, then it would be closer to zero. Mix the scores, and you get a healthy six out of ten.

08/10 Ease Rating
Even though the process of going into a branch is slightly inconvenient, the process of actually creating a transfer is very easy. The branch staff make the transfer process very easy, and the website makes online transfers very easy. If it were not for the first-time setup hassle, the occasional wait in the Western Union branch, or the occasionally stroppy branch worker, Western Union would have probably scored as ten in the ease category.

08/10 Simplicity Rating
Getting your money transferred in branch is very simple because the branch worker(s) does most of the work for you. They explain what needs to be done in the branch, so that all you need to do is bring correct payment details and enough money to make the transfer. The process of transferring via the website is also pretty simple if you are computer literate and accustomed to using the Internet.

08/10 Biggest Selling Point
I like the fact that you are able to send money to another person and have that person pick it up in cash. It isn’t much of a selling point in the grand scheme of things, but it is handy if the other person doesn’t have a bank account or is unable to access his or her bank account at the time.

07/10 Biggest Problem

Western Union is not a dying company, but its method of doing business is dying. It is far easier to send money using the Internet, using online transfers, and even by using apps. The need for branches is slowly eroding, and so are the number of branches. As Western Union loses its branches, it will slowly start to lose its biggest selling point, and that spells big new for Western Union users in the future.

Hand It To That Person

handing money over

05/10 Quickness Rating
09/10 Cheap Rating
05/10 Convenience Rating
05/10 Ease Rating
10/10 Simplicity Rating
07/10 Biggest Selling Point
00/10 Biggest Problem

It is a relatively quick, easy and cheap way to send money to someone. The point is that it is as easy and quick as you make it. If you want to give somebody fifty dollars by giving them two cents every six hours, then that is your business. If you want to hand money to someone and that someone is stood in your kitchen, then the process becomes very easy.

05/10 Quickness Rating
I gave it a five out of ten because it may be a very quick method for transferring money to another person if have the money on you. It is not so fast if you have to visit an ATM, especially if the ATM is far away. That is why I gave it a 50/50 mark with a five out of ten.

09/10 Cheap Rating
It could be one of the cheapest ways to send money to someone. It only gets a nine out of ten because there is a small chance you may have to pay to get to an ATM machine, or you may have to pay fees at an ATM.

05/10 Convenience Rating
It is only convenient if you are lucky, which is why this transfer method gets a five out of ten. If you have the money on you, then giving hard cash money to someone is very convenient. Otherwise, going to an ATM and such may be hassle.

05/10 Ease Rating
The process is as easy as you make it. If you have money on your person, then it is easy. If you have to go to an ATM or draw the money from a bank, then it becomes more difficult. That is why this transfer method only gets a five out of ten.

10/10 Simplicity Rating
It gets a solid ten in this department because giving money to someone in cash form is probably the simplest way of transferring money. We are all used to handling legal tender, and it only becomes un-simple if the money you are handing over is too heavy to carry.

07/10 Biggest Selling Point
It is often a very convenient way of giving other people a small amount of money. If somebody asks to borrow $20, then hand over the money from your wallet or purse and the job is done. It gets a seven because the higher the amount of money you hand over, then the less convenient and apt the sending/giving process becomes.

00/10 Biggest Problem
Why is there a zero for this category? The biggest problem is that there is no money or paper trail when handing money over to another person. It is far harder to prove you gave that money to somebody else, especially if you are looking to sue that person for your money back. It gets a zero because there is a chance you may never see your money again if you are lending it to another person.

Send Money Through The Mail

mailing money though the post

03/10 Quickness Rating
04/10 Cheap Rating
02/10 Convenience Rating
05/10 Ease Rating
06/10 Simplicity Rating
08/10 Biggest Selling Point
05/10 Biggest Problem

If you wish to send money to someone, you may do it by post so long as you do not send cash money. You need to send some sort of money item. For example, you may send a cashier’s check, a personal check, or a money order. If you are looking to send money overseas, then you may send an international money order.

03/10 Quickness Rating
Sending money to someone via the mail gets a low quickness rating because there are time-consuming tasks throughout the process. You have to take during preparation, you have to wait for the delivery, and then the money item needs to be converted into cash. It is all very time consuming.

04/10 Cheap Rating
It is not free or all that cheap to send someone money through the post. You have to pay fees to convert your hard cash into a money item, and then you have to pay for postage and packing too. It isn’t a high cost endeavor, but it it isn’t free either.

02/10 Convenience Rating
I have marked this as a two out of ten for convenience because I consider the process to be inconvenient because you have to make a trip to convert your cash to a money item, you need to pack the money item, and you need to post the money item. It doesn’t seem like much, but it seems inconvenient to me when I consider the alternatives.

05/10 Ease Rating
I think the process is easy enough. Changing your cash into a money item isn’t difficult, and using the postal service is not difficult. The difficult part is the logistics of getting from one place to another to get the job done.

06/10 Simplicity Rating
Each task is simple on its own, but the process itself has a modicum of complexity. That is why this transfer method isn’t a clear ten out of ten for simplicity. If you want to send money to someone, there are simpler ways.

08/10 Biggest Selling Point
There are two selling points that I consider to be the strongest. The first is that international money orders being sent through the post is a legitimate way of sending money abroad. The second is that receiving money items (checks) through the post inside of birthday cards is fun.

05/10 Biggest Problem

The inconvenience of the whole affair is a problem, but it only gets a five out of ten because there are plenty of things you can do to make it less inconvenient. For example, you may wish to do things such as stockpiling postage items, getting somebody else to go out and get your money items, and things of that nature.

Send Money to Someone By Using Google Wallet

google wallet

10/10 Quickness Rating
08/10 Cheap Rating
10/10 Convenience Rating
09/10 Ease Rating
10/10 Simplicity Rating
05/10 Biggest Selling Point
03/10 Biggest Problem

The thing about the Google Wallet is that it has had so many features removed from it that it is no longer a comprehensive payment solution. It is a money transfer alternative. People don’t think of Google Wallet when they think of quick transfers of money from one person to another. Is the Google Wallet going to be put to use in some other role, is Android Pay going to take its place, or is the Google Wallet going to be axed in some way?

10/10 Quickness Rating
Log in to your account, click the button to pay another person, enter that person’s email address, enter the amount you wish to send, and click to send it. It is a very quick way of sending money, especially if you have already set up your account.

08/10 Cheap Rating
Transfers are free if you are going from one person to another. I have set the cheapness rating at eight out of ten for very unprofessional reasons. I cannot find any terms or conditions on my Google Wallet account that says there are fees, but there are so many websites claiming there is a 2.9% charge for loading from your debit card that I have taken it into consideration. They don’t charge me for funding my account with a debit card, but other websites claim that Google charges a fee for funding my Google Wallet with a debit card.

10/10 Convenience Rating
If the other person already has a Google Wallet account, then using it to send money to someone becomes very easy. The process of sending is hassle free and very easy to do. It is simple and quick, which is the essence of convenient.

09/10 Ease Rating
Using the Google Wallet is very easy. The only reason the Google Wallet scores a nine out of ten is because it resembles the Gmail interface, and I don’t find the Gmail interface as fantastic as many other people do.

10/10 Simplicity Rating
There is very little complexity to the process of sending money. Even if you have all the bother of having other people sign up for a Google wallet, the sign-up process is painless and is usually very quick.

05/10 Biggest Selling Point
There is a fairly big convenience factor at play, but it is nothing astounding, which is why this selling point only gets only gets a five out of ten. You can send money to someone very quickly and easily without any hassle, and that is a good point. However, there are other transfer options out there are the just as convenient and that offer more than the Google Wallet does.

03/10 Biggest Problem

The Google Wallet is not popular enough for me to feel comfortable offering it as a long-term money transfer solution. The fact that it has had features taken from it to be added to Android Pay makes me very nervous about the Google Wallet. It gets a tiny score of three out of ten in this category because I am worried about the future of the Google Wallet.

Conclusion – Those Are Your Fastest, Cheapest And Easiest Options

Make your own mind up about which method you should choose. I didn’t total up the scores because an average total wont help you if you are looking for something specific such as speed over convenience, or cost over complexity. If you are looking to send money overseas, then you may be able to send it with PayPal, but their exchange rates are pretty terrible. If you are looking for cheap and quick ways to send money overseas, then try Transferwise or CurrencyFair. They both have good rates and brilliant exchange rates.

About The Author

Ash The Great

After a varied career in different industries from the hospitality industry to the financial consultancy industry, Ash now spends his days working as a professional writer.

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