What Is the Best Way to Send Money Online?


Quick Answer

Although the best way to send money online depends upon the recipient, several applications and tools exist to safely transfer money to friends or pay bills, states NerdWallet. Top-rated mobile applications for transferring money online include Venmo, PayPal, Square Cash and Google Wallet, as of 2015. Wire transfers are also a secure and often hassle-free method of sending money online, states HowStuffWorks.

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Full Answer

Venmo is a mobile application that allows members to send money to each other, making this method best for those sending money to friends, suggests NerdWallet. Venmo users have the option of using an account balance, a bank account, a debit card or a credit card to send funds to another Venmo account. Users can cash out and receive cash in hand, or they can transfer the cash into another account, such as a checking account.

PayPal allows users to transfer money into any other PayPal account by using a mobile phone number, a text message or an email. PayPal offers the advantage of transactions outside of the United states, according to NerdWallet.

To perform a wire transfer online, users need a bank account and routing number for themselves and for the recipient, says HowStuffWorks. This method works best if both parties have accounts at the same bank as this type of transaction is free. Transferring funds to an account at a different bank can incur fees around $20 to $50, as of 2015. This process can also take several hours to send the funds, making it a less appealing choice for those needing an instant transfer.

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