The cost charged on a bank transfer might seem minute, but in the long run, it can prove expensive. However, with proper precautions, you can transfer money without depleting your bank account. This article will point out five low-cost ways to move money.
- Credit card
There are many benefits of using a credit card over other methods of transferring money:
You don’t need to fill in many forms or wait long hours for your transaction to be processed on the other side of the world. You need to enter some numbers on your credit card, and that’s it. It will take less than a minute before the funds are transferred into your bank account.
The bank charges no fee for processing your transaction through a credit card.
You don’t need to worry that someone might intercept or steal your information if you use this method of transferring money abroad. This is because you do not need to disclose personal information about yourself when making an international payment with a credit card. After all, it is deemed an anonymous payment made through an authorized user who does not require identity verification from the merchant.
- Apps like SoFi
With apps like SoFi, managing your money will become a lot easier. You will be able to transfer money quickly to another person’s account. You can also immediately access that money if the recipient has a SoFi Checking and Savings account. In this case, as per the experts at SoFi, “Eligible Checking and Savings can earn 1.50% APY.”
- Wire transfer
If you have an account with a bank in the country where you are planning to dispatch money and wish to avoid dealing with banks and their costs firsthand, then wire transfer is the method you should use. Many banks offer this service. Therefore, you should conduct a background check to find the most reliable wire transfer provider.
- Cash Apps
There are plenty of cash apps that help you to send instant money to people you know. All you need to do is register your account using your mobile phone number. Further, you can link your bank account on these Cash Apps and generate a unique QR code and more that is for you.
For the first few days, the transaction limit will be restricted. Also, there is no fee for sending or receiving money. All you need to do is have an active internet connection to complete a transaction.
NEFT or National Electronic Funds Transfer is among the most used options to make a money transfer. Anyone using mobile banking will know what an NEFT is. To transfer money from your bank account to another, you must first add a beneficiary to who you want to make the payment. It usually takes 12-24 hours to add a beneficiary successfully. Once that is done, you can choose between standard NEFT, IMPS(instant pay) and pay later options.
For an IMPS, you will be charged a certain fee. But for the other two options, the transaction is free of cost. A standard NEFT usually takes a few hours to reflect in your account.