
Time: 10–12 min.
- There are multiple options for transferring money, each with varying fees, delivery speeds, and security features. Common methods include apps like Marygold & Co., PayPal, Venmo, ACH transfers, checks, and international services.
- Factors such as transaction type, recipient’s location, and urgency can influence the best choice of method, from low-cost ACH transfers for domestic transactions to specialized international services for cross-border payments.
- Proper research and understanding of features like fees, limits, and security measures ensure cost-effective and safe transfers.
A closer look: Nine ways to transfer money
When you’re moving money online, the way to do it totally depends on how and where you wanna send those funds! 💸🌐
Whether you are trying to move money between bank accounts or are trying to send some to your friends and family members, there are plenty of ways for money to change hands (and bank accounts). Unfortunately, sending money isn’t always free, and it can even get expensive depending on the kinds of fees involved.
Looking to move some money around without having to pay exorbitant fees and hidden costs? We’ve got you covered. Here are some low-cost ways to transfer or send money to friends, family, your pet groomer…anyone.
1. Online money transfer services 💵
Looking to shoot your friend money for the dinner bill they put on their card or send your roommate your share of the rent? Online money transfers are a great option.
In this day and age, online money transfer apps are the way to go if you want to conveniently transfer money, especially if you’re doing a personal transaction between friends, family members, or roommates. Money transfer services make it quick and easy to send funds, all from the convenience of your smartphone or laptop. However, not all money transfer services are the same. It pays to look closer.
Apps like Marygold & Co., PayPal, Venmo, and Zelle are some of the most popular payment options for quickly transferring money, whether you are trying to pay your friends back or are transacting business. There are some limitations and specifications to point out for each. For example:
- Fees:
- Marygold & Co.: No fees to use No fee for sending money, but fees may apply for recipient depending on how they choose to receive their money (check or same-day deposit cost a fee, free via app or ACH to bank).
- PayPal: Charges fees for sending personal payments using a debit or credit card, converting currencies, sending payments to your bank account with a debit card, or if you are receiving payments from a purchase.
- Venmo: Requires small fees for specific transactions like Instant Deposit, sending money via credit card, and depositing checks into your Venmo balance.
- Delivery Speed:
- Marygold & Co.: instantly. Depends on how the recipient chooses to accept money.
- PayPal: Immediate transfer between PayPal accounts, 1-3 days for standard bank transfer. Instant Transfer available for a fee.
- Venmo: 1-3 business days for bank transfers. Instant Transfer available for a fee.
- Availability:
- Marygold & Co.: Works with U.S. banking accounts, and not all banks offer this service.
- PayPal: Available in over 200 countries worldwide and supports 25 different currencies.
- Venmo: works with U.S. banking accounts. Both sender and recipient need a Venmo account.
- Security Measures:
- Marygold & Co.: Two-factor authentication and monitoring features for secure payments, FDIC-insured spending accounts
- PayPal: Passkeys, 24/7 fraud monitoring, key pinning, data encryption, email payment confirmation, and secure connections.
- Venmo: Encryption to protect account info, monitoring for unauthorized transactions
Fees | Delivery Speed | Availability | Sending Limits | Security Measures | |
Marygold & Co. | – Free to send money – Fees for receiving money via check or same-day. | – Depends on how recipient chooses to accept money | – Participating U.S. bank accounts for ACH, anyone if by check | – Two factor authentication – FDIC insured spending accounts – Monitoring features for secure payments | |
PayPal | Fees for – sending via debit or credit card – converting currencies – sending payments to bank account using debit card – receiving payments from purchase | – Immediate transfer between PayPal accounts – 1-3 days for standard bank transfer – Instant Transfer (for a fee) | – 200 countries worldwide | – Up to $60,000 with Venmo account (up to $4,000 without) | – Passkeys – 24/7 fraud monitoring – Key pinning -Data encryption – Email payment confirmation – Secure connections |
Venmo | Small fees for – Instant Deposit – sending money via credit card – depositing checks into Venmo balance | – 1-3 business days for bank transfers – Instant Transfer available for fee | – U.S. bank accounts, both users need Venmo account | – Up to $60,000/week on verified accounts ($299.99/week on unverified accounts) | – Encryption – Monitoring for unauthorized transactions |
Marygold & Co. is an ideal solution for transferring money, whether you’re looking to pay back your BFF for gas, or your friend is sending money to you to cover the extra ticket you bought. You can securely transfer funds from one account to another with Marygold & Co.’s safe and secure Bank Transfer feature. It also has plenty of features that make it easy to split bills, send and receive money, and request payments. You can even send money to friends and family members in the United States who don’t have a Marygold & Co. account with its PayAnyone® feature — all you need is a phone number or email. From there, the money recipient can choose how they would prefer to receive their money with no-fee options including an ACH to their bank account, digital check, or mailed check that deducts just $1.25 from the check amount.
2. Mobile Transfers 📱
If you find yourself texting with your friend and remember that you owe them some gas money for the road trip you took yesterday, you don’t have to look much further than your smartphone’s integrated mobile transfer option to get them their money.
Your smartphone may have a money transfer service built into it, making it easy to send and receive person-to-person payments. For example, ApplePay allows you to load money into your Apple Wallet, which can then be used to either make purchases or transfer to someone else. The downside here is that both the recipient and sender need to have an Apple account, which may limit your ability to transfer money to certain people.
- Fees: Varies by app
- Delivery Speed: Instant to same business day
- Sending Amount Limit: Varies by app
- Security Measures: Mobile authentication, PINs, biometrics
- Pros: Quick, user-friendly, integrates with smartphones
- Cons: Fees may vary by app, both parties need the app
3. ACH Transfer 📤
If you need a quick, reliable, and convenient way to pay off your monthly car loan payment straight from your bank account, consider setting up an ACH transfer.
ACH stands for Automated Clearing House and refers to a network that allows you to transfer funds from account to account. You might be familiar with ACH because many institutes use it as an option for paying their employees via Direct Deposit. However, you can also use it yourself to make payments and transfer money between different bank accounts.
ACH transfers are generally free, and many banks support online ACH transfer options so you can easily move money around from the comfort of your own home. Unfortunately, a major downside of ACH transfers is that they typically take a couple of days to process, which can be inconvenient if you need to send or receive money right away.
- Fees: Typically free
- Delivery speed: 1-3 business days
- Sending Amount Limit: Bank-dependent limits
- Security Measures: Bank security protocols, authentication
- Pros: Low or no fees, regular bank feature
- Cons: Slower than other methods, bank account required
4. Checks ✍️
Want to include a monetary gift in the wedding card you’re writing for newlyweds? A check is the way to go.
They might be a little old-fashioned, but checks are still a relatively low-cost way to transfer money. You can use personal checks to pay people or bills, and many banks don’t charge a fee for writing these checks. However, paper checks can sometimes be expensive for businesses to process, which means that some will not accept personal checks at all.
- Fees: Varies by bank. Often requires a minimum monthly average balance.
- Delivery speed: 2-5 business days
- Sending Amount Limit: Depends on account
- Security Measures: Signature, check verification
- Pros: Widely accepted, traditional payment method
- Cons: Slower and less secure than digital methods
5. Cashier’s Checks 🖨️
When you’re making a big (and maybe a little nerve-wracking) down payment on an exciting new venture like a house or a car, a cashier’s check is a safe way to go.
Cashier’s checks are good ways to send larger amounts of money because the money is backed by the financial institution that you purchased the check from, rather than your own account, which means that they cannot bounce. Cashier’s checks tend to not have a limit, but this varies from bank to bank. In addition, many banks and institutions offer cashier’s checks for free, although some may charge a small fee. For the most accurate fees and limits, check with your bank.
- Fees: Varies by issuer
- Delivery Speed: Immediate to 1 business day
- Sending Amount Limit: Depends on issuer
- Security Measures: Issuer’s verification, fraud prevention
- Pros: Secure forms of payment, widely accepted
- Cons: Fees may apply, physical forms of payment
6. Money Orders 💰
You need a safe and reliable way to buy that used computer system from the seller you met on Facebook, but you don’t want to give them access to your bank account info. Consider using a money order.
Money orders are similar to cashier’s checks, but you don’t have to go to a bank to get them. Instead, money orders can be purchased from places like currency exchanges, post offices, grocery stores, or even your local convenience store, making them an even more convenient option. Money orders also have less personal information than other methods like a personal check so you can safely and quickly transfer money without giving out your bank account or routing information.
On the downside, money orders always have a fee and tend to have limits of around $1,000 per order. Money orders also have fewer security features than cashier’s checks, so they aren’t always the best option for sending larger sums.
- Fees: Varies by location
- Delivery Speed: Immediately
- Sending Amount Limit: Depends on issuer, usually around $1000 or less
- Security Measures: Tracking capabilities, fraud protection
- Pros: Easy to track and verify payments, no bank account required
- Cons: Fees apply, limits on amount of money that can be transferred
7. Cash 💵
Don’t forget the possibility of using cold, hard cash to move money from account to account! Cash is always an easy option for money exchanging hands, whether you’re paying your friend back for buying tickets to the show you went to or slipping some money to your teen nephew who doesn’t yet have a bank account.
It’s generally free to make withdrawals when going to your bank or using bank-approved ATMs. Cash is also convenient since the recipient can use it or deposit it into their bank account immediately. However, if you’re in a pinch and need to withdraw cash right away, you may need to pay a small fee to withdraw cash from an ATM that is out of your bank’s network.
- Fees: Varies by location
- Delivery Speed: Instant
- Sending Amount Limit: None
- Security Measures: Handling precautions, personal safety
- Pros: No fees, immediate access to cash
- Cons: Risk of loss or theft, limited accessibility
8. Bank Wire Transfer 🌐
Have a relative overseas who’s in urgent need of some cash? Head to your bank to start a wire transfer.
Wire transfers allow you to transfer funds both domestically and internationally fairly quickly, with many transfers happening immediately or in just a few days. They’re also fairly secure as long as you know the person you’re sending money to since your bank requires the information of the receiving bank account. On the down side, bank wire transfers tend to come with higher fees than many other options, especially if you’re sending money to a different country.
- Fees: Varies by bank
- Delivery Speed: Same day to 1-2 days
- Sending Amount Limit: Bank-dependent limits
- Security Measures: Verification, secure channels
- Pros: Fast international transfers, reliable
- Cons: High fees, often involves intermediary banks
9. International Transfer Services 💱
While many domestic money transfers tend to be relatively inexpensive, sending money overseas can be a different story. So, if you have loved ones in a different country that you want to send money to but don’t want to pay the fairly expensive fees that come with international wire transfers tend to be fairly expensive, online money transfer services tend to be a better option here.
In cases where you need to send money overseas, the money transfer service Wise is a good money transfer option. It is currently available in 160 countries and 40 different currencies, and transfer fees tend to be lower than other transfer options like PayPal or MoneyGram.
- Fees: Varies by service
- Delivery Speed: Varies by service
- Sending Amount Limit: Varies by service
- Security Measures: Compliance, encryption, anti-fraud measures
- Pros: Specialized for cross-border transactions
- Cons: Higher fees, exchange rate considerations
SUMMARY: Best Ways to Transfer Money
Transfer Method | Fees | Delivery Speed | Sending Amount Limit | Security Measures | Pros | Cons |
Online Money Transfer Services | Varies by service | Within minutes to 2-3 business days | Varies by service | Encryption, verification, fraud protection | Convenient, accessible 24/7, often competitive rates | Fees may apply, limited to digital transfers |
Mobile Transfers | Varies by app | Instant to same business day | Varies by app | Mobile authentication, PINs, biometrics | Quick, user-friendly, integrates with smartphones | Fees may vary by app, both parties need the app |
ACH Transfers | Typically free | 1-3 business days | Bank-dependent limits | Bank security protocols, authentication | Low or no fees, regular bank feature | Slower than other methods, bank account required |
Checks | Varies by bank | 2-5 business days | Depends on account | Signature, check verification | Widely accepted, traditional payment method | Slower and less secure than digital methods |
Cashier’s Check | Varies by issuer | Immediate to 1 business day | Depends on issuer | Issuer’s verification, fraud prevention | Secure forms of payment, widely accepted | Fees may apply, physical forms of payment |
Money Orders | Varies by location | Immediately | Depends on issuer, usually around $1000 or less | Tracking capabilities, fraud protection | Easy to track and verify payments, no bank account required | Fees apply, limits on amount of money that can be transferred |
Cash | Varies by location | Instant | None | Handling precautions, personal safety | No fees, immediate access to cash | Risk of loss or theft, limited accessibility |
Wire Transfers | Varies by bank | Same day to 1-2 days | Bank-dependent limits | Verification, secure channels | Fast international transfers, reliable | High fees, often involves intermediary banks |
International Transfer Services | Varies by service | Varies by service | Varies by service | Compliance, encryption, anti-fraud measures | Specialized for cross-border transactions | Higher fees, exchange rate considerations |
Please note that fees, limits, and security measures can vary depending on the specific service provider or financial institution you use for these methods. Always check with your chosen provider for the most up-to-date information.
Conclusion
Transferring money doesn’t have to be a hassle, and if you’re smart you can avoid costly fees. Modern, stand-alone personal finance apps like Marygold & Co. simplify the whole deal so that you can send and receive cash with minimal fees and maximum ease. 💯
Disclosures
This content is intended solely for providing information and should not be interpreted as financial, legal, or tax counsel. It is strongly advised that you seek guidance from your personal financial, legal, and tax consultants before participating in any financial transaction. Please be aware that the information, including hypothetical financial forecasts, might not account for taxes, fees, or other variables that could significantly influence potential results. This material is not to be regarded as an offer or suggestion to purchase or sell securities. While we believe that the information and sources are accurate, Marygold & Co. cannot assure the accuracy or comprehensiveness of the information and sources provided here, and we are not obligated to update this information. For further details about Marygold & Co., please visit our website.