Nowadays, sending money to loved ones, friends or people with whom you make business has become much easier. You no longer have to wait in queues at your bank branch to make that urgent bank wire. People want to send money as fast as possible, as cheap as possible and, of course, as safe as possible. And as the Internet spreads its reach to more fields, it’s only natural that people will start looking for doing all this online.

You might opt for one or another online money sending service, according to your needs. For example, I personally prefer to send money straight from bank account, using the home banking option. That’s more suitable for bank wires inside your own nation or for wires to people that have a bank account and can wait for the money for more than a few days. But if you need a faster way to send money online, what are your options? Let’s explore together.

send money online

How to send money online safe, cheap and fast

What is also important for you to know is that some services might work only in a few selected countries. For example, WesternUnion, MoneyGram or another service might not support sending of money through online means if you’re not living in U.S., Canada or other countries. Therefore, we will be specifying which countries are supported and which are not.

Furthermore, there are certain services here that can be considered fast only if you have already accounts with them, such as PayPal or MoneyBookers (now being rebranded as Skrill). Thus, if you’re looking to send money right away, then they definitely are not what you’re looking for, as you will have to wait until your account is created and until certain money sending limits are lifted. And another issue might arise if your receiver doesn’t have an account with that very service. Then, you are obliged to resort to the traditional means of sending money, which are not online.

Online banking

Just like I’ve said before, the online banking method is one of the safest ways to send money online. Almost all major banks currently have the online banking option and they will charge you a monthly fee for this service, but it shouldn’t be more than a few dollars. As for safety, you should know that the transactions are made only on secured webpages. Usually, the client is being given an access number and password. For increased security, you could also be given an online authentication device, like DigiPass.

digipass online banking

I use one of these products myself (just like in the picture) and can say that it does wonders for me. But, this doesn’t mean that it will send your money faster or cheaper per se. It will just save you the time of going to the bank and sending from there. The fees are all the same. If your receiver has a domestic bank account and if you’re sending a bigger amount, I recommend this method. MyBankTracker thinks the same:

A domestic outgoing wire transfer for $100 through Western Union will cost $12 while the same wire transfer for $1,000 will cost $86. Since banks do not vary their wire transfer fees based on the amount of money sent, they would be the cheaper option for larger wire transfers. For foreign outgoing wire transfers, it is more difficult to discern when banks are the less expensive options because money transmitters may charge different fees for various destination countries.

Additionally, banks and money transmitters will convert to foreign currency at a lower exchange rate. As a result, wire transfer recipients collect less money, and banks and money transmitters effectively earn money. Before you proceed with a foreign outgoing wire transfer, ask about the total fees and transfer amounts before making the transfer. At that point, it’ll be easier to choose between banks and companies like Western Union and MoneyGram.

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So, as you can see, things get a little different when we’re talking about sending money online abroad. As it stands right now, the average for domestic wire transfers should be around $30 while a foreign wire transfer should be around $50. But that’s not all, as there might “hidden fees”. In order to earn money, besides charging the standard fee, banks also exchange at a lower rate. However, if you trust your bank and you have no issue with their fees, this might be your solution for sending money online.

WesternUnion, MoneyGram

send money online western union

These are probably the most used methods to send money besides wire transfers. WesternUnion is also one of the oldest companies in the world, being founded in 1851. It is backed up by a huge experience and tradition. Sending money online is quite easy with them if you have already registered for a profile. If not, you’ll need to register with Western Union and then use the Money in Minutes Service provided.

Just like I’ve mentioned at the beginning of this post, certain companies might have different policies from country to country. Some countries might not even support the online money sending services while others might have a limit. For example, currently, with MoneyGram in the U.S., you can send up to $900 from the U.S. You have two options: the Same Day Service, where you can use your credit card, debit card or prepaid card and is the fastest one, with the money arriving in around 10 minutes. Or you can use the Economy Service, where you’ll send money from your checking or savings bank account and funds should arrive in around 3 business days. Send money online from here.

Most important and reliable online money transfers

Recently, one important  digital currency service, under the name Liberty Reserve, has been shut down, being accused of laundering a huge amount of $6 billion. Therefore, it is our duty to inform you only about the best services there are for sending money online, so you won’t end up with your money being lost or blocked. I myself had some issues with these suspicious payment systems a few years back, so I am strongly recommending you NOT to have accounts with the following companies, especially because they are linked to the HYIP industry (a type of Ponzi scheme). Of course, this is only my own opinion and many of you might disagree, especially with the inclusion of Payza or Bitcoin, but I prefer to stick only with the oldest and the best in the system and recommend you to do the same.

There might be other questionable online payments processors, so if you know any, let us know in the comments sections so that we can warn others about them. Now, here are some services that are considered to be among the best. Do read their policies and take a careful look at their fees before registering with them, though. We will specify for some of these services, if it’s needed, for what countries it is available.

Of course, there are many other reliable online money transfer services. We’ve outlined only those that we are confident of and which had some of the best reviews online. Besides the above mentioned ways of sending money online, there are also the following methods: online money orders, email money transfers or prepaid cards from Visa or Mastercard. Remember, read carefully every policy and don’t register blindly, we’re talking about your hard-earned money.

photo credits: Laura Gilmore

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