The global digital remittance market will reach over $40 billion by 2028. This rapid growth makes it easier for anyone to send and receive funds worldwide.
However, the sheer number of ways to transfer money can overwhelm you. It applies to domestic and overseas transfers. If you have no idea where to start, you might end up using shady money transfer services.
Avoid losing your hard-earned funds by reading our guide. We will discuss some reputable platforms to wire money online:
1. PayPal
Sending money through PayPal is one of the most popular methods around. Right now, over 370 million people use this platform. After account verification, you can send up to $10,000 for every transaction.
After your recipient gets the money, the bank transfer only takes a business day. Also, PayPal offers free transfers within the United States. It applies when using your balance or bank account.
When sending money through this platform, your recipient won’t see your financial details. You also get fraud protection when buying a good or service through PayPal.
2. Google Wallet
Google Wallet is free for all types of money transfers. Its primary draw is its speed. When sending money using your debit card, the payment usually appears to your recipient’s debit card-linked bank account within several minutes. However, it takes up to four days to transfer money when sending or receiving using a bank account directly.
The maximum transfer account for every transaction is $9,999. However, its primary drawback is the lack of overseas transfers. Worse, its peer-to-peer payments nature means little to no purchase protection.
3. Venmo
Venmo serves as a social network for transferring money. You can add friends and look at their transactions within your feed. It doesn’t display the amounts due to privacy reasons.
Transfers are free when using your Venmo balance. It also applies to your bank account, debit, and prepaid debit card. If you use a credit card, you’ll pay a three percent fee.
4. OFX
OFX is a cheap platform if you want to transfer money internationally. It doesn’t charge transfer fees and lacks limits to most denominations. However, the minimum transfer amount is $150.
The transfer duration depends on your recipient’s country. It usually takes around one or two business days to complete. Regardless, the email notifications enable you to track the transfer’s progress.
5. Western Union
This platform has an extensive network worldwide. It caters to over 200 countries and territories, accepting over 130 currencies. Its starting transfer limit is $10,000, but you can request a raise using your online account.
However, Western Union is notorious for its exorbitant fees. It starts at $5 for the standard delivery option. Usually, it takes around three to five business days to complete.
Do you need other ways to wire money online? Consider visiting WireSmartly to discover other platforms. Check them out using the link.
Find More Ways To Transfer Money Now
We hope you found the best ways to transfer money online. Use these reputable platforms to send money online. It ensures your funds get to your recipient safely.
Did you find this guide helpful? If so, consider reading our other posts for more valuable information today.
Read Also: How to Exchange Currencies and Save Money While Doing It?
