8 free ways to send money to friends and relatives

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GOBankingRates appreciated eight different ways to transfer money using mobile apps. All applications claim to offer banking protection for the transfer of funds, but in addition to security factors, users need to know other advantages of each payment system. Here's what you need to know about popular online payment options.

1. Google-TST Wallet

Presented in 2011 year Google-Wallet was one of the first available P2P applications. If you have an account in Google Wallet, you can send money for free to anyone who has an email address and an account in Google Wallet. By linking your bank account to Google Wallet, you can transfer your balance from Google-service to your bank account. Google-Wander accepts bank accounts and debit cards with logos MasterCard, Visa, American Express or Discover.

2. Square cash

Square Cash is a product of the same developers who created the payment terminal Square readerconnecting to smartphones and using a special mobile application to accept payments from bank cards to the account of the smartphone owner. Using the app Square Cash Users can send money by email or text message.

Uniqueness Square Cash is that the recipient does not need an application to access cash. Recipients can simply go to a secure website and enter their bank account information to transfer funds that were transferred there within one to two business days. Square Cash accepts cards issued in the USA Amex, Visa, MasterCard and Discover or debit cards, but does not work with cards PayPal or ATM. Another advantage of using Square Cash is that personal transactions are free. However, when making a personal payment, a 3-interest fee is charged from the credit card.

3. Chase quickpay

Chase, one of the largest banks in the country, was one of the pioneers of mobile payments. The bank offers its customers a payment service. Chase quickpay without any additional cost. To use this service, it is necessary that at least one transaction participant has a control account in Chase. If you are not a bank customer, you will have to create a profile in QuickPay and link to it a bank account opened with another financial institution.

4. Venmo

Venmo Allows users to transfer money to anyone who has an email address or mobile number. As in Google-Wallet, you can keep money in your account Venmo or transfer funds to your bank account. Transfer Venmo takes one to two business days. Payment from a bank account is free of charge, and from credit card payments Venmo takes the 3% commission to cover their own costs.

5. Popmoney

Popmoney integrated into many mobile payment systems of financial institutions (for example, TD Bank, Bank of America and Wells Fargo). The system works with mobile and postage payments. Bank customers will be able to transfer funds using their phone or online account using e-mail, cellular number, and the recipient’s account. System Popmoney Works by SMS, WAP, as well as with applications. The service charges a fee of 95 cents per transaction. In addition, there are restrictions for certain transactions. If you use Popmoney check with your financial institution whether your bank charges additional fees for using the service.

6 PayPal

PayPal - another fairly simple way to send money quickly and for free. You can use the service to pay for online purchases and send and receive money. For the transfer to take place, both users must have an account Paypal. Paypal does not charge for sending money from a bank account. However, according to the website PayPal, funds sent from credit and debit cards are charged two fees: a fee of 2,9% of the total amount and a fixed fee of 30 cents.

7. Bank transfer

Most banks with online services provide you with the opportunity to transfer money for free from one account to another, especially between accounts in the same institution. However, transfers outside the bank are often paid depending on the policy of the financial institution. Since you will have to share your account and routing information, this type of payment is best suited for repeatable payments, such as rent, utility bills. Banks Bank of America and Wells Fargo allow customers to transfer money for free on the Internet using the recipient's email addresses, even if the receiving banks are located elsewhere. Similarly, these banks do not charge for money received in your account by email or phone number. If you have doubts about bank charges, contact the bank and check their rates.

8. Cash

Despite many free money transfer applications, most people still prefer cash. Cash has a number of advantages: it is easy to carry them with you, you do not need to worry about a hacker attack on your online account, about stealing credit card data when transferring money. In addition, if you suddenly got a computer battery or have problems with the Internet, you can still make the necessary purchase or repay a debt. Despite the many mobile money transfer applications, cash is still a convenient way to carry out various household transactions.

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