Press "Enter" to skip to content

How to transfer money online

Whether your family needs financial support at home or you want to repay a friend, knowing how to transfer money online is important. Transferring money online can be a great way to send larger amounts directly to the recipient’s checking account. With the rise of online banking and digital money transfers, this has become easier than ever.

What is a bank transfer, exactly? To be clear, it could be transferring funds from one bank account to another or making an electronic payment using a money transfer service. In this case, you may or may not send it to a bank account.

The beginning can seem confusing. Fortunately, the steps are simple in most cases. This guide will make it simple for you.

Transfer money securely

Safety first. There are many wire transfer scams out there, and they often target immigrants, young adults, and seniors. Fortunately, money transfer companies and banks are heavily regulated and follow standards to ensure security. That said, it’s still important to take security measures. 

The following tips will help:

  • Use two-factor authentication when sending with a mobile app.
  • Log out of websites if using a public computer.
  • Always use your phone to transfer Direct deposit money if using an app.
  • Use your own Wi-Fi or data connection if possible.
  • Make sure the service you choose offers account security for sending money.
  • Don’t send payments to people you don’t know.
  • Never share your account information with others.

Learning how to transfer money online is easy and a few extra steps like this make sure everything goes smoothly.

Choose the right service

Your reasons for sending money will affect your choice. Whether you send a domestic or international wire transfer, for example, changes your range of options.

Financial services like Remitly, Western Union, and MoneyGram are popular options for international transfers.

In the United States, payment apps like Venmo or Paypal are also quite common. Elsewhere, mobile wallets make it easy to transfer money to someone else with the same mobile wallet provider.

You can also transfer money directly from your bank account, although this can be more expensive than app-based options.

Look for the following qualities when selecting a wire transfer provider:

  • Availability of same-day delivery;
  • Various payment methods are available, from debit cards to credit cards, bank accounts, and mobile money;
  • Delivery methods that the recipient prefers, be it a bank, cash pickup location, or mobile wallet;
  • Transfer limits that suit your needs, especially if you ship large quantities;
  • Live chat and 24/7 customer service; and
  • Affordable transfer fees.

What about wire transfer fees?

We’ve put together a comprehensive guide on international money transfer fees for more details on this topic.

In general, check the additional fees, as well as the exchange rate markup, to get a full understanding of how much the transfer will cost.

NerdWallet offers a handy guide to bank transfer fees from popular financial institutions like Bank of America, which you may find useful to consult before transferring money through your bank.

At Remitly, we pride ourselves on our low rates and good rates. You can check rates specific to your country of choice by logging into the app or selecting your country on our homepage.

What information do you need?

If you’re shipping domestically, you’ll need to sign up with the app of your choice and add your payment method; the app will verify your information. After that, you’ll likely only need the recipient’s account email or phone number.

When sending abroad, you will need to provide basic information about yourself to verify your identity. Enter the information exactly as it appears on your documents for faster verification.

Gather the following information to send money internationally:

  • Your name as it appears on your identity document.
  • Your phone number and address.
  • Your date of birth is exactly as it appears on your ID.
  • The account or card numbers you are using to send money.

Sending the money: how it works

After verifying your identity, you can make a transfer. Make sure you have this essential information on hand:

  • The recipient’s name. Use precisely the same name on his ID card.
  • The recipient’s address. This should also be the same as it is on his ID card.
  • The recipient’s phone number so they can receive alerts when the money arrives.
  • The recipient’s bank account number and/or routing number (if sending money directly to their account).

You will need to enter how much money you want to send. As mentioned, keep in mind that exchange rates can change frequently, so please check current rates before submitting. Learn more about how foreign currency values ​​fluctuate in our exchange rate guide.

After entering the information needed to submit an online transfer, please take a moment to review everything before clicking “submit”.

the end result

Sending money to friends and family can be easy. As long as you choose a reliable provider and follow the right steps, the recipient can receive your funds in a single day, or even minutes.

For more tips on personal finance and money transfers, we’ve got you covered. Find additional information on everything from building your credit score to understanding SWIFT codes on Remitly’s blog.

Be First to Comment

Leave a Reply

Your email address will not be published.