Q:

How do you transfer money?

A:

Quick Answer

A person can transfer money by using money transfer companies, such as MoneyGram, iKobo, Paypal or Western Union, according to HowStuffWorks. Fees may be incurred for the transfer of funds.

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Full Answer

Paypal is a system that allows users to transfer money if both parties have accounts, notes HowStuffWorks. The accounts must include a savings or checking account to transfer any money. Sending money entails entering the email address of the recipient. The process usually takes three to five business days for the funds to be deposited. A small fee of 2.9 percent is applied to the transaction process.

iKobo is mainly an international service that requires debit cards to conduct transfers, explains HowStuffWorks. The sender places a certain amount of money on the iKobo card, and that person sends money to another iKobo cardholder. The process takes eight business days but only if the recipient has an iKobo card. An $8 fee is applied for people who transfer using their checking accounts. Anywhere from 8 to 30 percent of the transaction is deducted if it comes from a credit card.

MoneyGram offers instant transfers, but a flat fee is normally applied regardless of the sum that is transferred, according to HowStuffWorks. However, there is a fee of 3 percent for transfers that are not considered emergencies and can wait a few business days.

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