6 Cost effective Methods Of Transferring Money

Money is the main element in everyone’s life. It is a crucial part of our lives. We use it for different purposes. Many times we have to transfer money to our friend, relative, organization etc. One method which suits in one situation may not be suitable in another situation. So what types of different methods can be used, is important to know. When you have knowledge of different methods of money transfer then it would be easy for you to chose one which best suits you and fit in that situation. Here I am sharing some basic methods of money transfer which you can use according to situation. Moreover these methods are cheap and less expensive.

Cash

Some people think it is an old method but still used in many circumstances where you need urgent cash. You withdraw cash and deposit it in account of others to whom you want to transfer money. Email can also be used to transfer cash but not a good method. Because in case of email lost, you will bear the loss.

Bank

Your bank also provides many services regarding money transfer. You can transfer money within that city, country and also to overseas. For this some information like name, address, account number etc is required. Different banks charge different rates depending upon where are you transferring money and how much amount?

PayPal

It is also one of the cheap methods to transfer money. Individuals can transfer funds electronically from one PayPal account to other. But fee is charged to recipient of the money. Further international exchange rate is charged when funds are transferred internationally.

Western Union

It is also one of the dependable and convenient methods to transfer money. They charge some flat rate which is different for different persons and depend upon location and amount of money. For international fund transfer an extra exchange rate is charged. Money Gram is also provides the same service.

E-Transfer

These services are offered by some financial institution. You can transfer money online just like you pay bill online. Your name and account number is required to transfer money nationally and IBAN or SWIFT number for internationally.

Checks, Money Order, Bank Draft

These are also useful method to transfer money. But these are good choices when you are dealing with national transactions. Using these methods for international purpose involve some more tricks.

These are some cheap methods to transfer money. One method in one situation may be not good in another situation. Do your home work before choosing any method of transferring money because money is valuable for you.