It’s a given that most people might not be able to stay together with their family and friends, making it a must for their family members to send money to them. Sometimes, you might have to pay for your kid’s education or split the cost of an expensive thing with your friend. Regardless of the reason to send money to others, you have a few choices to send money with its own pros and cons.
Online transfer through account number
You can transfer money online using the account number of the person, which can be done with much ease without having to wait for a long duration. Oftentimes, the account number and routing number wells fargoof the person whom you want to send the money. The fee charged for this service depends on the bank where you have an account.
The person on the other end might receive the money within two or three days, while the time taken might vary for every bank. It’s recommended that you confirm the routing number of the receiver before sending the money.
Using contact information
Some banks provide you the luxury to send and receive money using the email address and contact number of the receiver. It might be the ideal way to send money to your kid’s education who’s miles away to pursue his education. Most banks do not charge anything to send money through this mode, however, some banks might charge a nominal fee to send money.
The recipient might receive the money within three days, while it might reach them much earlier when recipient uses the same bank. It might be the best way to send through this mode when the other person does not wish to send the bank details.
Check
Some people might not be able to receive money through online modes, like mobile banking or online transaction. Almost every bank charges their customers to deposit and order checks, it’s suggested that you check the terms and conditions from your bank. The typically delivery time varies depending on mail delivery and how far the place is from the sender.
Every check contains routing number wells fargo in the check, which is helpful to send the money to the recipient with much ease. The receiver will be able to get the money immediately, while it might not be the case with regular checks where you have to wait for several days before buying it.
Wire transfer
Wire transfer might be the right mode to transfer large funds to the receiver, you can either visit the bank, call, or go online to wire transfer the money. It’s recommended that you use a trusted source when it comes to transferring money using wire transfer.
Banks charge for sending and receiving money through wire transfer, however, you might be charged extra when you send money outside the U. S. It’s suggested that you choose a method that’s feasible for you and recipient.