Nowadays, transferring money to its designated recipients like your family and friends has never been easier because of available online platforms catered to banking services. With just a few clicks, you can easily transfer funds and receive payments. But with the numerous available resources, it may get overwhelming for you to choose the most suitable app and way to send money. Therefore, here are some fast and efficient ways to send money to your family.
Mobile Payments and Online banking apps
Mobile payment apps are designed to store your funds digitally to allow you to transfer money to family, friends, or merchants. With a mobile application you can instantly send transfers worldwide. Aside from that, you can also easily access your bank statements and track your cash flows. So here are just some of the mobile apps you can choose from: Paypal, Venmo, Paxum, and CashApp.
Paypal has been one of the longstanding online payment applications that allows you to send and receive cash. This is available to both PC and mobile. Paypal is available globally, so consumers can send and receive money to various countries around the world with a minimal conversion fee. You can opt to set your account to a business or personal account. Paypal is suitable for business transactions and would want to make seamless transfers to international users. However, fees may be higher to cover the convenience of transferring to different countries.
Venmo is one of the growing and more famous P2P payments apps which is owned by Paypal. What makes it so famous now is due to the fact that it has its own mini “social media”-esque feature. Transactions between two users can be shared with their friends, but also have the option to make their transactions private.
You can easily connect your bank account to Venmo and send money to other people for free, or a small fee if you want your recipient to receive the payment instantly. Moreover, Venmo only requires a user’s username, email, or phone number to send payments, but as a security measure, Venmo requires the last four digits of the person’s phone number to ensure that you are sending the money to the correct recipient.
Paxum is a cheap option to efficiently pay back your friends and family. Transfers to other Paxum users is free and your transfers move within minutes. Just register with your email and you are good to go. You can also opt to register with a business or personal account.
Some benefits also include:
- You are easily paid for your work
- You can send payments to other Paxum users
- Easily receive payments from other Paxum users
- Multiple withdrawal methods including Paxum prepaid card
- Competitive transfer fees
Another trending P2P app is Cash App. It is available to users in the United States and in the United Kingdom, and transfers between these two countries are free. Like Venmo,you can transfer money to other users by just using an email address or phone number. You can also send money to someone with the use of their $Cashtag (a unique identifier).
Thanks to these applications, you can now send money to your family without worrying about lining up and wasting so much precious time. Aside from that, you can also make money transfers fun by using the more recent mobile apps available.