Cheapest Way to Send Money (and Legal, too!)

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In today’s technological era, money transfers in cash, checks, money orders, or bank drafts are very outdated. These methods are no longer popular when compared with technology-based money transfer. There are several recommendations for cheapest way to send money you should know. Here is the review for you.

Cheapest Way to Send Money

It is only logical that we want the cheapest way to send money. We want the most of the amount to be delivered instead of cut for transfer fee. Here are several ways you need to try to save more from the transfer fee.

Cheapest Way to Send Money
Cheapest Way to Send Money

Bank

The first as well as the cheapest way to send money is through the bank. Bank can assist you by various types of money transfers in easy ways and requirements. Usually, transfer of money between the same banks through the account can be done for free. In addition, bank tellers are always ready to serve its customers in performing various types of money transfers, including overseas transfers.

E-Transfer

Various financial institutions today have facilitated their customers in transferring money online, as well as paying your bills. In addition to cheap, this way is very easy to do. You can even send money through your communication device in one click.

For your information, sending money abroad through international account can be done if you have IBAN or SWIFT number.

PayPal

PayPal lets you send money electronically from your PayPal account to receiver’s PayPal account for free. However, the receiver of the money will usually gets charged an additional fee up to 3% of the amount received and 4% if he or she receives from abroad. However, this way can be classified as the cheapest because you can access and do it quickly and easily.

MoneyGram or Western Union

Moneygram and Western Union allow you to send money to wherever you want. This remittance service uses a flat rate that has been arranged based on the location of the receiver to the amount of money you are sending. For sending money abroad, the sender usually will be charged the exchange rate. However, this service is known for its security and reliability.

Cash

This method is the most recently used since money was invented. Furthermore, this is the most widely used way today for those who never think about other alternatives for money transfer. However it is strongly recommended not to send money by mail. If the letter is lost, then your money will not retrieve.

The cheapest way to send money above deserves to be considered. You can choose one of these ways by looking at the various features it contains and the requirements that must be fulfilled.