WAYS TO TRANSFER MONEY AT LOW COST

In this computer age, transferring money by cash, cheque, bank draft or other traditional means seems going outdated. These methods may appear less popular where there are faster electronic methods for transferring money between accounts, states and countries; that doesn’t mean that they are not still viable options. There are inexpensive options for transferring money. Below are ways to transfer fund at low cost.

·         Your bank: If you are transferring money from one account to another within the same bank, this is something you can easily do at your bank for free. If you are transferring fund from your account to another account in a different financial institution, you will need the account number and the bank you would like to send money to. Overseas money transfers are possible through your bank as well.

·         E-Transfers: Some financial institutions allow you to transfer fund online to another individual, similar to the way you would if you were paying a bill online. The services require the account number and bank routing number. E-transfers are often less expensive than transfers that are done through a bank teller.

·         Western union or MoneyGram: Western union or MoneyGram provide similar services that allow you to transfer fund to different city, state or country. They charge a flat rate for the transfer that is based on the speed of the transfer, the location that you are sending the money to and the amount of money you are sending. If you are doing international transfer, you will also be charged an exchange rate.

·         Cash: It may be considered the ‘old fashioned way’ when it comes to transferring money, this option is practical. Where time is not the most important consideration, simply withdrawing cash and physically bringing it to another bank to deposit into an account is completely free.

·         Cheque: Writing a cheque and depositing it into another account, handing over to another person or sending it by mail to an individual in a different city or state is another affordable choice, especially if the bank offer free cheque system.

·         Bank draft: This method for money transfer is a great choice.  You can purchase draft to be paid to someone else. This method is safe and cheap.

·         E-mail money transfers: This is practice mostly in foreign countries; some financial institutions offer an email fund transfer service. This form of money transfer functions like an electronic cheque. The fund is not physically transferred by email, though the transaction is initiated by email and the recipient is notified by email that the fund are available. You don’t require the recipient’s bank account number, though a security question is generally required to identify recipient before he can collect the money.