Money Talks

Factors to take into consideration when deciding to give someone money:

·      Fees, Speed, Sending amount, Where the recipient is located, Security, access to actual cash

https://www.npr.org/sections/money/2013/10/04/229224964/episode-489-the-invisible-plumbing-of-our-economy

https://www.mic.com/articles/192848/4-reasons-to-always-carry-cash

https://www.usbank.com/newsroom/news/digital-payment-platforms-primed-to-topple-cash.html

https://www.cnbc.com/2019/01/15/more-americans-say-they-dont-carry-cash.html

https://www.nerdwallet.com/blog/banking/faq-send-money-individual/

https://www.gobankingrates.com/making-money/business/9-ways-transfer-money-friends-family/

1.   Cash – easiest and most obvious.       

a.   About 3 in 10 Americans said they make no purchases with cash in a typical week. 

b.   In a survey of more than 2,000 Americans, U.S. Bank found that 50 percent of respondents said they carry cash with them less than half of the time they are out. 

c.   More than 1 in 10 millennials use their digital wallet for every purchase.

d.   Adults with an annual household income of over $75,000 were more than twice as likely as those making less than $30,000 to say they do not make any purchases using cash in a typical week.

2.   Bank Transfer       Banks electronically transfer money via ACH. Although some charge fees for a bank transfer, many banks let you transfer money for free to other accounts. Sending a wire transfer through your bank might be the best way to send a large amount quickly. Generally $2,000 to $10,000 per transfer, and delivery can take multiple days.

3.   Online Bill Payment       Although online bill payment is geared toward recurring payments, like monthly utility bills, it also works for one-time payments. Your bank will outline how to send money through its online bill payment system; the process typically involves logging onto the bank website, filling out the amount of money you wish to send and the recipient’s information, and authorizing the payment to be mailed out or transferred electronically.

Transfers from banks to banks:

4.   Zelle    Account holders at banks that are part of the clearXchange network can take advantage of the new Zelle app, which allows you to to securely send money to others by using your bank’s mobile app. With Zelle, users just need a mobile phone number or an email address to send money to their intended recipient. No account information is shared when you send money; the program will only use your email or mobile phone number to send or receive money to or from your bank account.

5.   Popmoney  Popmoney offers one of the easiest ways to send money via mobile devices or email if you have an account at a participating bank. You can send money for free if a Popmoney user sends you a request. Otherwise, it’s only 95 cents if you initiate the transfer.

Non-bank transfers:

6.   Walmart-2-Walmart: Walmart is cheaper than traditional money transfer companies, such as Western Union and MoneyGram. You can send to one of the thousands of U.S. Walmart stores, where a recipient can pick up the money within minutes. The maximum you can send is $2,500, and costs can reach up to $16.

7.   Person to Person apps - limit how much you can transfer. Examples are Square cash, Venmo – owned by PayPal, Facebook Messenger, Google Wallet, Dwolla

8.   International money transfers options:  When you make a transfer abroad, you generally encounter two costs: the upfront fee and the foreign exchange margin, or the markup on the exchange rate financial institutions use when transferring money among themselves. Consider both fees to find the best deal.

a.   TransferWise or OFX for free services

b.   Xoom, a PayPal division and MoneyGram are fast options

c.   Western Union  The biggest money transfer company worldwide, Western Union also has a sizable range of transfer options. On the provider’s price estimator tool online, you’ll see almost a dozen combinations of sending channels, payment methods and delivery options. You can send money from the Western Union website or its mobile app, and you can use a bank account, debit card or credit card — or send from a nearby agent location using cash.   The transfer giant’s physical network covers over 200 countries and territories and more than half a million locations globally.