Family members and friends are often spread out across cities and states with only long distance forms of communication to connect them. When you or a family member experiences a financial emergency, getting or sending money can be performed easily. Methods of sending money instantly are available both for free and at a onetime cost.
Wiring money from your bank to another person’s bank account is a fast way to transfer money across long distances. While bank transfers are not free, they are a secure method of sending money that can be performed in person, online or by phone. You will need the recipient’s bank account number, first and last name in order to transfer funds. Some banks allow you to transfer money for free when transferring money to someone as long as the person is also an account holder at your bank. Review your bank policies or speak with a teller before paying transfer fees.
Not everyone manages money through a bank account. If you want to send money to someone without an account, consider an electronic transfer. Electronic transfer companies such as Western Union, Money Gram and RIA Financial allow you to send money to recipients worldwide. When you send money, it is automatically converted to the native currency of the recipient. The cost to send money through an electronic transfer company varies based on the amount you are sending. The more you send, the higher the fees you pay. You must have a valid ID and know the full name and address of the person receiving the money in order to use this method.
One simple and free way to send money to other people is to deposit money into their bank accounts. Visit the local branch of the recipient’s bank to make a deposit. Generally, you only need the person’s first and last name to make a deposit. However, if you want a record of the transaction, you must provide an account number and full name of the account holder. If you have all the required information, the teller provides you with a deposit receipt. Funds are available immediately to the account holder unless you deposit a check or money order. Checks and money orders may be available immediately or take several business days to clear.
With advancements in technology, methods of sending money constantly expand. However, traditional methods of delivering items such as parcel post and delivery services are still viable options. Using express mail is a viable alternative to transfer services or making deposits into a bank account. Express mail can arrive in as little as one day, but fees can be steep relative to other methods of sending money. Regular mail is also an option, but delays in long distance mail can mean days, or weeks, before your loved one receives the money. In an emergency situation, wires and electronic transfers are your best option.