How-To Guides

Cheap Ways to Send Money Online

Online shopping, phone and woman doing digital credit card payment via internet at a restaurant. Happy, smile and person making a money transfer or cash send via online banking app or fintech website

Last Updated on

February 3rd, 2023 02:01 pm

Sending money online has never been easier. Whether you’re paying your utility bill, buying something from an online marketplace or sending money to family back home, there are plenty of ways to do it without having to make a trip to the bank.

Sending money online doesn’t have to be expensive either. In fact, there are quite a few ways that you can send cheap cash without spending a lot of money at all.

Here are seven inexpensive payment methods that you can send money from your bank account without needing any additional financial services, and in some cases, without the need to use your debit card or credit card.

Make a Bank Transfer

If you’re looking for an easy, fast way to send domestic transfers, a bank account transfer is the way to go. This is because domestic transfers are quick and efficient, and you don’t have to worry about any fees. Plus, your money will usually be sent almost immediately via instant transfer.

When choosing a bank account transfer method, always look for those that offer free transfers. There are quite a few banks that use this type of service, so you should be able to find at least one that fits your needs.

Transfer limits and transfer costs can be harsh on bank transfers if you’re transferring internationally. So do your due diligence when choosing to make a bank transfer to a foreign bank.

Use PayPal to Send and Receive Money

PayPal is a popular method of receiving and sending money online. It’s easy to sign up, install the mobile app on your phone or computer, and start using PayPal as your personal cash. There are also plenty of ways to use PayPal as an online shopping tool. You can use PayPal to purchase items or services on websites such as eBay, Etsy, Zulily, and more.

Sending money on PayPal is easy too. With the PayPal website and money transfer app installed on your device, you can send funds with a few taps. There’s no need for additional accounts or bank information when you use PayPal; just enter in your personal information and send!

Send and Receive via Apple Pay or Android Pay

Are you an Apple user or does your phone run on an Android operating system? If so, use these mobile wallets to quickly and easily send and receive money. Both Apple Pay and Android Pay are secure ways to send a payment with no fees attached.

They do have transfer limits however. Whilst these are increasing as time goes on, they’re still relatively low compared to other platforms.

Set Up an Account with TransferWise

TransferWise is a great way to send money online. It’s completely free for both sender and receiver and offers a number of payment options that make it far more convenient than any other service out there.

You can opt for an international transfer, which will cost you just $2.50 or you can choose to receive your money as cash, via bank transfer or PayPal.

If you want to send someone some money in the United Kingdom, it will only cost you £1.00 (around $1.30) per transaction. And if you happen to be sending money from Switzerland, it will set you back just CHF 0.80 ($0.90) on average each time.

Set up a PaySafeCard Online

Paysafecard is a prepaid card that can be used at a variety of places. These include online shops, vending machines, and even ATMs. You can also purchase a card from most major retailers. When you use this card, the money is put directly onto your account in one lump sum.

Use a Cheap Exchange Service like XE or Binance

Exchanging your money for a different currency is one of the most common ways to send money online. For example, you could exchange your US dollars for Euros or even Yen.

If you’re trying to send money home to Mexico but need more pesos, this is a great way to get the currency you need without taking out a loan or going into debt. It’s also convenient because it will typically have lower fees than other options.

Another option that some people choose is exchanging their money with an online marketplace like Ebates. This method can be helpful if you’re looking to save on your shipping costs when shopping online and are willing to pay a bit more in real exchange rate fees as well.

Use Square Cash to Send Money Online

Square Cash is an easy way to send money quickly and with the least amount of fees. You can send money with this service and it will cost only 2.9% of the total transaction. This fee is applied on top of whatever bank-to-bank transfer you’re doing, but it’s still some of the cheapest out there.

And if you’re sending a lot of money, you can get either a free or discounted account by referring friends on social media!

For those who want to send even more than $2,000 per month, there are two levels at which you can send up to $10,000 per month for no extra charge: the promotional package for $12.99/month or the premium package for $89/year.

Shop Around to Find The Cheapest Deals

When it comes to sending money online, it pays to shop around so you can make the right decisions with confidence.

Different services offer different fees and interbank exchange rates, so you should always compare the options before making a decision. For example, if you’re looking to send money from the US to Mexico, you may want to check out both TransferWise and XE for their foreign exchange rates and fees.

You can also look into banks or credit unions that offer international money transfer services, as they may have lower transfer fees than other services. Finally, if you’re sending a large amount of money, it’s worth looking into services like Western Union or MoneyGram, which can often provide discounts for larger transfers.

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