How To Pay Large Sums Of Money

Jump to our picks for the all-time ways to transport coin:

• Best for mobile: Venmo

• Best for referral bonus: Cash App

• Fastest for domestic transfers: Zelle  || Google Pay

• Virtually popular online: PayPal

• Best for nonbank transfers: Walmart2Walmart

• All-time for sending $10,000 or more inside the U.Southward.: Bank wire transfer

• Cheapest for international transfers: OFX

• Fastest for international transfers: Xoom || MoneyGram

• Best transfer options: Western Marriage

• All-time for easy sign-up: Wise

When y'all send money online, the best manner depends on how and where y'all desire to ship it.

We compared fees, speed and other features to find the best providers for domestic and international coin transfers.

Why you can trust NerdWallet: Our writers and editors follow strict editorial guidelines to make sure our coverage is fair and accurate, then you can choose the options that work best for you.

+ See a summary of our picks

How to send coin online, on mobile or in person

• Venmo: All-time rated for mobile.

• Greenbacks app: Best for referral bonus.

• Zelle: Fastest for domestic transfers (tie with Google Pay).

• Google Pay: Fastest for domestic transfers (tie with Zelle).

• PayPal: About popular online.

• Walmart2Walmart: Best for nonbank transfers.

• Banking company wire transfer: All-time for sending $ten,000 or more within the U.South.

• OFX: Cheapest for international transfers.

• Xoom: Fastest for international transfers (tie with MoneyGram).

• MoneyGram: Fastest for international transfers (necktie with Xoom).

• Western Union: Best transfer options.

• Wise: Best for piece of cake sign-up.

Best means to send money: Domestic

Read review	Venmo: All-time rated for mobile.
Read review	Cash app: All-time for referral bonus.
Read review	Zelle: Fastest (tie).
	Google Pay: Fastest (necktie).
Read review	PayPal: Nigh popular online.
	Walmart2Walmart: All-time for nonbank transfers.
Bank wire transfer: All-time for sending $10,000 or more

Best ways to send money: International

Venmo: Best rated for mobile

Why it's our choice:

• Highly rated app for iOS and Android phones.

• Gratis, easy, socially engaging money transfers.

Venmo's app ratings — in combination — are the highest of the domestic providers nosotros considered: 4.3 stars in the Google Play store and 4.9 in Apple'south App Shop.

It'southward free to transport and receive money when you link a banking company account, debit bill of fare or prepaid debit card. Using a credit card costs 3% of the transaction. With a few taps on Venmo, you tin can send up to $4,999.99 per week for peer-to-peer transactions.

Your and your friends' transactions will pop up — without amounts — on a Facebook-like news feed.

Money yous receive shows up instantly in your Venmo balance, but cashing out to a bank account takes i to three business days . You lot can also transfer funds to a debit carte du jour, typically within 30 minutes, for a 1.five% fee. (For more details, read our Venmo review .)

Cash App: Best for referral bonus

Why information technology'southward our pick:

• $5 bonus when someone uses your referral code to sign upward and send money.

• No fees to send or receive money.

Cash App lets you send and receive money for free with cash from your linked bank account or debit card. You can create your own $Cashtag, or username, in the app, to make information technology easier for people to find you and send yous payments. Unlike the other P2P apps and ways to send coin on this list, Cash App offers a $5 bonus when someone signs upward with your referral link and sends at least $5 from their new account.

You'll need to have a banking company business relationship to utilize the Greenbacks App. Money you receive will show upwardly instantly in your app residual, but it will take ane-3 days for the money to show up in your bank account if yous cull to transfer. Y'all can cash out instantly to your debit card simply you'll pay a one.v% fee.

You're limited to sending and receiving a maximum of $i,000 per 30 days. If you want to increment your limit, yous'll demand to provide more personal information such every bit your total name, date of birth, and concluding 4 digits of your Social Security number. If yous send money using a credit card, you'll be charged a 3% fee. (For more than information, see our Cash App review .)

Zelle: Fastest (tie with Google Pay)

Why it's our pick:

• Delivery tends to be within minutes.

• Already integrated with over 1,000 financial institutions, connecting more than 100 million people.

With Zelle, you can transport and deliver money inside minutes between depository financial institution accounts at different financial institutions. Yous might already be using Zelle'southward service through your bank'south website or mobile app. Over 1,000 banks and credit unions are on lath, which means that their 100 one thousand thousand-some customers can apply Zelle within their bank's website or mobile app. If your banking company isn't role of the network, Zelle is also available as a standalone app.

You'll need a U.Southward. bank account to fund and receive payments . Zelle doesn't accuse whatsoever fees, though any of its partner banks can decide to. Although limits vary past banking concern, some of the largest banks gear up a daily transfer maximum of $ii,000 or $2,500.

Zelle is not made for buying or selling things, and you're not protected for those transfers. In addition, if you send coin to the wrong person or transfer the wrong amount, you lot might be out of luck. Protections are express to when someone steals your Zelle account or password and uses it to ship money.

Google Pay: Fastest (tie with Zelle)

Why information technology'south our pick:

• Polish integration of money transfer service in e-mail.

• Instant transfer of funds to debit cards for gratis.

+ Google Pay in a nutshell

Google Pay lets yous transfer coin for free using a QR lawmaking, the recipient's proper noun, phone number or email address. You lot tin can likewise greenbacks out for free within minutes from the in-app wallet to a debit card. The maximum y'all tin can send is $five,000 every seven days. Bank accounts and debit cards can fund transfers, but credit cards and prepaid cards cannot.

Google Pay covers 100% of all verified unauthorized transactions , which isn't a given for all money transfer apps and services.

PayPal: Nigh popular online

Why it'south our pick:

• High transfer maximum.

• More than 400 million active accounts worldwide.

PayPal offers complimentary transfers in the U.S. when you fund with a banking company account or PayPal balance. Paying with a credit menu — and unlike other providers, a debit card — carries a fee: 2.9% of the sending amount plus xxx cents. Bank business relationship transfers are free.

Depending on your currency, the maximum corporeality you can send per transfer ranges from $10,000 to $threescore,000, surpassing Venmo'southward weekly maximum. Simply if you're sending that much money, doing so through a depository financial institution provides more safeguards for your balance, such every bit FDIC insurance.

Transferring money to bank accounts for gratuitous takes 1-iv business concern days, depending on if the transfer was initiated after 7 p.m. ET or on a weekend. You lot tin also pay for an instant transfer to a linked debit menu. You lot tin send or receive money on the website or mobile app on iOS and Android phones, or at PayPal.Me, where you create your ain link that family unit and friends can use to pay you. (Read our PayPal review .)

Walmart2Walmart: All-time for nonbank transfers

Why it's our selection:

• Cheaper cash transfers than some traditional money transfer companies.

+ Walmart2Walmart in a nutshell

If you want to transfer greenbacks, Walmart is cheaper than traditional money transfer companies, such as Western Union and Xoom. Y'all can send money to any of the thousands of U.Due south. Walmart stores, where a recipient can pick upward the money within minutes.

In well-nigh states, the maximum you can transport in a day is $two,999.99, and prices start at $4. (For more about Walmart financial services, read our Walmart Money Centre review .)

Depository financial institution wire transfer: B est for sending $ten,000 or more within the U.S.

+ Banking concern wire transfers in a nutshell

Sending a wire transfer through your depository financial institution might exist the best way to ship a large amount quickly. Every bit convenient as P2P apps are, they limit how much you tin can send, generally $1,000 to $10,000 per transfer, and delivery can take multiple days.

There's a steep fee for transfers. Based on an analysis of large banks, the median domestic wire cost for sending is $25, and $15 for receiving (see what most banks charge ). If y'all need to transport a lot of money inside minutes, though, the price could be worth it.

International transfers

When you make a transfer abroad, yous generally run across 2 costs: the fee for sending coin (also known as the outbound or upfront fee) and the foreign exchange fees, or the markup on the commutation rate that fiscal institutions use when transferring money amongst themselves. Consider both fees to observe the best deal.

OFX: Cheapest

Why it's our pick:

• No outbound fees.

OFX doesn't accuse fees, regardless of the amount you send. In improver, its online service lets you make a transfer at electric current exchange rates or target future rates — pregnant your money will transfer in one case your exchange rate is reached — and markups are low. From the U.S., you can send money in over 55 currencies.

OFX has a minimum amount per transfer of $ane,000 and no maximum. Delivery typically takes several business days. (Read our OFX review for more details.)

Xoom: Fastest (tie with MoneyGram)

Why it'southward our option:

• Transfers to bank accounts abroad within minutes for some countries.

Xoom— a PayPal service — specializes in fast transfers to over 160 countries. You can ship up to $100,000, though the college the corporeality you desire to send, the longer yous may have to expect and the more personal information yous'll have to provide (such as a passport or Social Security number and a bank statement or pay stub). You tin send money past bank account, debit bill of fare, credit card or the payment methods stored in your PayPal account, and most transfers arrive within minutes. Xoom partners with major banks abroad, allowing users to have money delivered to bank accounts or, in some countries, for cash pickup or as mobile phone reloads.

Cost is where Xoom lags backside competitors. Xoom makes money from exchange rates, simply information technology gives better rates for sending college amounts to certain countries. Transfers from one bank account to another are but sometimes gratuitous. Overall, fees can exist college if you utilize a debit or credit card. (For more data, come across our Xoom review .)

MoneyGram: Fastest (tie with Xoom)

Why it's our pick:

• Fast transfers to bank accounts or as cash for pickup worldwide.

+ MoneyGram in a nutshell

MoneyGram commands a network of locations in more than 200 countries and territories. Transfers betwixt locations accept minutes for delivery as cash pickup, which is similar to MoneyGram's chief competitor, Western Union. Transfers sent online or by mobile phone to bank accounts in various countries take hours or a single business twenty-four hours; other providers can take several business days to transfer to bank accounts.

You'll accept to pay fees. Average fees for sending $200 to $i,000 range from about $5 to $12 in the countries nosotros surveyed. MoneyGram also marks upward the commutation rates up to 0.60%. For the countries we researched, the maximum corporeality you tin send is about $10,000. (Come across our MoneyGram review .)

Western Marriage: Best transfer options

Why it's our selection:

• Extensive worldwide network of locations.

• Many ways to send and deliver money.

+ Western Union in a nutshell

The biggest money transfer visitor worldwide, Western Wedlock also has a sizable range of transfer options . On the provider's price estimator tool online, you'll see more than a dozen combinations of sending channels, payment methods and commitment options. You tin ship money from the Western Union website or its mobile app, and you tin can use a banking concern business relationship, debit card or credit card — or transport from a nearby agent location using greenbacks.

The transfer giant's physical network covers over 200 countries and territories and more than one-half a one thousand thousand locations globally.

Transfers are expensive — one of the nearly expensive of the providers we looked at — and simply some options include aforementioned-solar day or adjacent-day delivery. Some online transfer options can accept several business days for commitment. (Read our Western Union review .)

Wise: Best for like shooting fish in a barrel sign-upward

Why it's our pick:

• No foreign exchange rate markups.

• Consumer-friendly web feel from sign-up to delivery.

Wise (formerly TransferWise) balances convenience and costs on its online and mobile money transfer platform. You can sign up with your Apple, Google or Facebook account, instead of a site-specific login, and your substitution rate is generally guaranteed for at least a mean solar day. Wise sends money from the U.Due south. to over 80 countries without an exchange rate markup — they do accuse you lot an commutation rate fee, which pays for making the commutation happen, simply in that location'southward no markup and they don't make money off this fee.

In most cases, you lot'll pay two fees: a flat dollar amount (the upfront fee), which increases with the amount you transport, and the commutation fee, which is often less than ane% of the amount you send. From the U.Due south., delivery more often than not takes several business days. (Read our Wise review ).

METHODOLOGY FOR DOMESTIC TRANSFERS

To make up one's mind the best domestic transfer services, we examined the following features for 12 providers: fees, delivery speed of cash or money to recipient's banking company account, user attain (where transaction data were available), sending amount limit and security measures. Priority went to those providers that offer no-cost transfers, take established histories and maintain loftier security standards. We excluded single-bank P2P services since they usually limit users to a given banking company.

Note: All transfer corporeality limits given assume users have verified their identity every bit each app requires. There are likewise initial amount limits when offset using the app.

Providers surveyed: Apple Pay , Cash App , Facebook Pay, Google Pay, MoneyGram , PayPal , PopMoney, Ria , Venmo , Walmart2Walmart , Western Union and Zelle .

METHODOLOGY FOR INTERNATIONAL TRANSFERS

We analyzed seven providers that work in the U.S., mostly focusing on major players in the international money transfer industry, based on market place research, experts, cost analysis and U.S. internet traffic.

Countries surveyed: Federal republic of germany, India, United mexican states and the United kingdom of great britain and northern ireland.

Fees and exchange rate markups mentioned are based on the analysis linked below.

Source: https://www.nerdwallet.com/article/banking/best-ways-to-send-money

Posted by: hoodwillet.blogspot.com

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