Key Takeaways
- Bank and wire transfers are some of the most reliable and widely supported methods of sending money online, but they’re relatively slow and can take up to a few business days;
- There are several types of money transfer apps, such as Ogvio, that allow fast domestic and international money transfers;
- Keep in mind all the possible reasons for transfer delays, and don’t forget to check exactly how much you’ll have to pay for your transaction.
Stop overpaying - start transferring money with Ogvio. Join the waitlist & grab early Rewards NOW! 🎁
Transferring money to someone else is one of those tasks that make most people wonder if there’s a better way to do it. Is it worth reaching for the familiar but cumbersome bank transfer, or should you give one of the myriad money transfer apps a chance? In this guide, I’ll teach you how to send money online, no matter where, why, or who you want to send it to.
BitDegree Season 8 Airdrop is in full swing! Join today and don't miss out on your share of the $15,000 prize pool!
You’ll find out the differences between a bank transfer and a wire transfer, as well as various types of money transfer apps and their benefits. What’s more, I’ve prepared a few handy tutorials on how to send money online from a bank account or Ogvio – one of the most promising upcoming platforms for both international and domestic transfers.
Without further ado, let’s dive in!
Did you know?
Subscribe - We publish new crypto explainer videos every week!
How Can You Earn Money With Axie Infinity? (AXS Animated Explainer)
Table of Contents
- 1. What are the Methods of Sending Money Online?
- 1.1. Bank Transfer
- 1.2. Wire Transfer
- 1.3. Money Transfer Apps
- 1.4. Mobile Wallets
- 1.5. Remittance Platforms
- 1.6. Peer-to-Peer (P2P) Transfer Apps
- 2. Comparison of Money Transfer Methods
- 3. How to Send Money Online From a Bank Account
- 3.1. Gather the Information You Need
- 3.2. Choose the Right Transfer Type
- 3.3. Complete the Transaction
- 3.4. Track the Transaction and Check in With the Recipient
- 3.5. Troubleshooting (Optional)
- 4. How to Send Money Online With Ogvio
- 5. Key Considerations for Sending Money Online
- 6. Conclusions
What are the Methods of Sending Money Online?
Before showing you the process of how to send money online, I’ll kick off by explaining the most popular money transfer methods and what (or who) they’re best for.
Latest Deal Active Right Now:Bank Transfer
When it comes to the topic of money transfer, especially how to send money online with a credit card or a debit card, most people will immediately think of using their online banking platform – AKA, a bank-to-bank transfer.
As opposed to wire transfers I’ll talk about later, a bank transfer means a local (domestic) payment to another person or institution’s bank account. This way, the money goes directly to their credit or debit card connected to said account. It’s the most common method for salary payments, and has traditionally been used as an alternative to cash or physical card payments in stores.
Since bank transfers use local routes, they look and work slightly differently depending on the country. In the US, for example, most people use ACH (Automated Clearing House) – an electronic domestic funds transfer system.
Since its creation in the 1970s, it has been adopted by most American banks and other financial institutions and is used for payroll deposits, one-time debit transfers, social security benefits, tax refunds, and more.
Meanwhile, the European equivalent is SEPA (Single Euro Payments Area). This system includes euro-to-euro transfers in the EEA (European Economic Area), making international transfers between these countries just as quick and simple as domestic ones.
Of all the ways to send money online, domestic bank transfers are some of the most reliable due to how stable and widely accepted they are. Despite the rising cybersecurity issues,[1] they still have the upper hand in security.
In addition, they’re either free or very cheap, so it’s no surprise this is the method most people reach for by default. Where they fall short, however, is speed and flexibility: it takes 1-3 business days for the money to go through, and you can only send it in your local currency.
Wire Transfer
While wire transfers are typically used for cross-border payments, they can also be used domestically – so, what exactly is the difference between a wire transfer and a bank transfer?
In short, wire transfers run on a different sort of settlement system, such as Fedwire (in the US) or SWIFT, the most popular global wire transfer system. Aside from the typical details, such as the recipient’s full name and bank account number (IBAN), the sender needs to provide a SWIFT code or a BIC number (a bank identifier code), as well as the full name and address of the bank.
International wire transfers take about as long as bank transfers, which is roughly one to three business days, but they’re significantly more expensive. Depending on the destination country, the currency exchange rate, the number of intermediary banks, and your own bank’s pricing policy, a wire transfer can cost $35-50, so it’s definitely not the cheapest way to send money online.
Money Transfer Apps
Bank and wire transfers might be the most popular ways to transfer money online, but there are plenty of alternatives these days. Money transfer apps are one of them. It’s a pretty broad category that has some overlap with a few of the other categories I’ll describe below, but in a nutshell, those apps allow sending money in multiple ways, even to people who don’t have a bank account.
The two biggest advantages are speed and user experience. Unlike bank or wire transfers that can take days, most money transfer apps promise a delivery speed of just a few minutes, which makes them the best way to send money online if you’re in a hurry. Some apps also offer cash pick-ups for users who’d prefer to receive their money in cash.
In addition, these apps make it much easier to handle regular payments or contact lists, track your transactions, and see your transfer history. Many of them include a feature to send funds to other users for free in just a couple of clicks. Some offer their own credit or debit cards, too.
Ogvio, Revolut, and Wise are some of the best money transfer apps out there. The soon-to-launch Ogvio platform will work with over 7,000 banks and wallets in 160+ countries, so you can send money online instantly, no matter where you live. The username tag feature lets users quickly DM each other funds, while the upcoming debit card will feature benefits such as discounts on currency conversion fees.
|
|
|
|
|---|---|---|---|
|
|
|
|
| Per-transaction | Per-transaction | Plan + per-transaction | |
| A global money transfer service with an additional volatile currency rate pegging to USD and EUR feature. | A transparent money transfer service that uses the mid-market rate and shows fees upfront. | An all-in-one finance app with competitive weekday FX, plan-based allowances, and low transfer fees. | |
| Visit site | Visit site | Visit site |
Table: Comparison of Ogvio, Revolut, and Wise
Mobile Wallets
If you’ve ever tapped your phone against a store card reader to pay, you already know what mobile wallets are. Services like Apple Pay, Google Pay, or Samsung Pay belong to the category of ways how to send money online that essentially act like a digital version of a wallet.
It’s a great alternative for people without a bank account: while, technically, you still need to connect a mobile wallet to a credit or debit card, most mobile wallets also accept prepaid cards. Besides, you can use them to store digital tickets and get their QR code scanned right from the screen.
While the most convenient thing about mobile wallets is, hands down, the possibility to use them in physical stores, they’ve become a popular payment option for online shopping, too. Why bother writing down your card details if you can just press the button with the Apple or Google Pay logo and confirm the transaction on your phone?
When it comes to actually sending money to someone online, though, mobile wallets are a bit limited, since they only work in their own ecosystem. For example, trying to transfer funds from an iPhone to an Android phone won’t work directly through their respective mobile wallets; you’d have to use a third-party money transfer service.
Crypto wallets can be a convenient alternative to mobile wallets if you prefer cryptocurrency payments – or, for instance, want to claim free crypto from the BitDegree Airdrop Season 8!
Did you know?
Subscribe - We publish new crypto explainer videos every week!
How to Invest in Crypto: 6 Rewarding Strategies (Animated)
Remittance Platforms
The term “remittance” means a cross-border payment to friends or family members for the purpose of paying their bills or gifting money. While a wire transfer or any money transfer app would do in a pinch, remittance platforms have an edge with their advanced features, such as scheduled payments, cash pick-ups, global compatibility, and integrations with the most popular utility services.
Western Union, Remitly, and OFX are some of the best remittance platforms out there. All of them boast competitive transfer fees, robust security, and great user experience. Remitly and Western Union both offer a 100% fee discount on the first transfer, while Remitly stands out among other ways to send money online for its free transfers between the US, UK, Canada, Australia, and certain European countries.
Meanwhile, OFX has a range of advanced transfer options. For example, you can set up a limit order that gets executed automatically once the currency exchange rate reaches the number you’ve specified in advance. Alternatively, you can lock in the current exchange rate for up to 12 months so you can make a transfer later.
|
|
|
|
|---|---|---|---|
|
|
|
|
| Per-transaction | Plan + per-transaction | Per-transaction | |
| A digital remittance app focused on fast international transfers. | A bank-to-bank transfer service focused on competitive exchange rates and lower fees. | A global service for sending money digitally or in person, including cash pickup. | |
| Visit site | Visit site | Visit site |
Table: Comparison of Western Union, Remitly, and OFX
Peer-to-Peer (P2P) Transfer Apps
Out of all the ways to transfer money online, P2P transfer apps are definitely the quickest and easiest. Instead of having to enter the recipient’s name and bank account details, all you need to do is click on their username on the app, and your money will reach them in just a few seconds or minutes.
While these apps usually have stricter transfer limits (with exceptions - Ogvio, for example, will offer limitless transfers), they’re perfect for simple everyday transactions between friends and family members on the go, remittance and salary payments, sending money to family overseas, or everyday tasks, such as splitting bills.
If you want to send money online instantly without any fuss, Ogvio will surely be your best bet. This upcoming money transfer app features an incredibly user-friendly @tag system that lets users reach out to each other and both send and request money without having to fumble with long account numbers or other details.
Looking for more in-depth information on related topics? We have gathered similar articles for you to spare your time. Take a look!
Comparison of Money Transfer Methods
Here’s a quick overview of all the ways how to send money online:
Best For | Coverage | Fees | Speed | Other Features | |
|---|---|---|---|---|---|
Bank Transfer | Reliable domestic transfers, both private and institutional | Domestic | Low | 1-3 business days | Highest level of security Suitable for large transfers |
Wire Transfer | Large international transfers | Domestic or global | High | 1-3 business days | Highest level of security Suitable for large transfers |
Money Transfer Apps | Fast global transfers | Global | Low | From a few minutes to a few hours | Various payment options Doesn’t require a bank account |
Mobile Wallets | In-store payments, digital ticket storage | Global | Low | Usually instant | Doesn’t need a bank account Can be used in physical stores Digital ticket storage |
Remittance Platforms | Supporting family abroad, cash pick-ups | Global | Low | From a few minutes to a few hours | Utility bill payments Mobile phone data top-ups |
P2P Transfer Apps | Remittance payments, money transfers to friends | Domestic or global | Free | Instant | Bill splitting feature Request links DM messages |
Table: Overview of money transfer methods
In a nutshell, if you’re looking for the cheapest way to send money online, a domestic bank transfer or a P2P app will be your best shot. On the other hand, if a fast transfer is what you need, I'd rule out bank and wire transfers: even the "instant" option can still take up to a day.
How to Send Money Online From a Bank Account
Now that you know the basics, it’s time for the practical section of this guide! First, let me walk you through the process of how to send money online with a credit card or a debit card using your bank account:
Gather the Information You Need
No matter what type of bank transfer you’ll choose or where you’re sending the money from/to, you’ll need to know which account/card you’ll be sending the money from, the full name of your recipient and, of course, the amount you want to transfer and in which currency.
For an ACH transfer in the US, you’ll also have to include:
- Bank routing number;
- Account number;
- Account type (checking or savings);
- Purpose of the transfer;
- Whether your recipient is an individual or a business.
Meanwhile, a SEPA transfer needs an IBAN: a unique 34-character identifier for the recipient's account.
When it comes to international wire transfers, the process is pretty much the same, except it requires a BIC/SWIFT code: an 8 or 11-character alphanumeric code that acts as a globally recognized identifier for your bank.
If you’re making an international transfer, check the currency exchange rate.
Choose the Right Transfer Type
There are several types of bank transfers you can choose from, depending on your needs and priorities. As I mentioned earlier, if you’re sending money to another country, you’ll have to make a wire transfer, but if you’re making a domestic payment, your range of options includes both a domestic transfer and a wire transfer.
So, you’re probably wondering – why would you choose a wire transfer for a domestic payment? For one thing, in the US, wire transfers (such as Fedwire) are usually much faster than ACH transfers, which can take several days. They’re also more traceable and allow transferring larger sums than domestic ACH transfers.
If you’ve settled on a domestic ACH transfer, you’ll also need to pick between a regular and Same Day ACH transfer. As the name suggests, Same Day ACH arrives faster, but it costs more.
Complete the Transaction
Now that you have everything you need, follow these steps:
That’s it! Now all you need to do is wait for the transaction to arrive.
Track the Transaction and Check in With the Recipient
Check your transaction history to see the status of your transfer. Don’t forget that, unless you specified an instant transfer, it might take up to several business days. Some online banking platforms let you set up email or SMS notifications so you'll get alerted when your transaction goes through. Just in case, take a screenshot of the transaction confirmation, and don’t forget to check in with the recipient.
- Secure and reliable
- Accepts fiat currencies
- Lots of trading options
- Reputable exchange
- Accepts fiat currencies
- Offers various trading options
- Huge trading variety
- Regulation-compliant around the globe
- Fair trading fees
- Beginner-friendly
- A wide array of features
- Vast number of different crypto coins & tokens
- Beginner-friendly
- Secure
- Decent trading and withdrawal fees
- Crypto.com Visa Card
- Automated tools & bots
- Ecosystem synergy with CRO
Troubleshooting (Optional)
A bank transfer might be the best way to send money online in terms of reliability, but it’s still not 100% foolproof. The first thing to do if your transfer fails to arrive is – don’t panic. There are plenty of reasons why a bank transfer might be delayed:
1
Missed Cut-Off Times. If you made a payment too late in the day, your transaction would only be processed the next business day at the earliest.
2
Bank Holidays. Most banks don’t operate during the national or bank holidays, so make sure you haven’t accidentally made your transaction the day before or during.
3
Intermediary Bank Routing. If it’s an international wire transfer, your transaction might be held up in any of the intermediary banks.
4
Network or System Outages. In rare cases, you might have been unlucky enough to make a transaction during a maintenance outage or other type of downtime.
555555
Compliance Reviews. Large or unusual payments are more likely to get flagged by the bank’s AML compliance checks.
5
If you’ve accounted for all of the above, but your transaction still hasn’t arrived in more than 4-5 business days, that’s when it’s time to take action and contact your bank’s customer support.
Most banks have a ticket request system where you can select your issue from a drop-down list and describe your problem in detail. Make sure to include all the relevant details, such as the date and time you sent the transaction, the transaction’s reference ID, the amount and currency, and the confirmation screenshot. In addition, ask your recipient to check in with their own bank, too.
How to Send Money Online With Ogvio
As I noted earlier, Ogvio is positioning itself to be the best way to send money online for free (or a very low fee) both internationally and within your own country. Here’s what the process will look like:
Here you go! Your transfer should come through instantly and will show up on your DM history with the recipient.
Sign up for Ogvio’s waitlist so you’ll be notified the moment this app officially launches!
Key Considerations for Sending Money Online
Now that you know how to send money online, you’re ready for some more advanced tips! Just like with any situation where money is involved, there are more than a few ways things could go wrong, and it would pay off to know a trick or two on how to make your transfers safer and more efficient while avoiding the most common mistakes.
Compare the Total Cost, Not Just Fees
When comparing the transfer fees for different money transfer apps or other ways of sending money online, don’t limit yourself to only checking the actual transfer fees.
Make sure there aren’t any intermediary or platform fees, and if you’re making an international transfer, check the currency exchange rate. Banks and platforms often make money through hidden exchange rate markups.
Younger consumers waste approximately $150 per year on average on hidden fees,[2] so it’s a good idea to prioritize platforms like Ogvio and Wise that feature a transparent fee calculator.
Only Use Trusted Apps and Platforms
If you set out to find other ways how to send money online, be very discerning when choosing the right platform. Check if the app in question has these security measures:
1
Two-factor authentication (2FA);
2
Advanced encryption;
3
Transfer limits;
4
Anti-phishing measures;
5
Full transaction history and tracking;
6
KYC & AML compliance;
7
Real-time fraud monitoring;
8
Account freezing.
Another way to find the most reliable platforms is to take a look at user reviews. Use sources like TrustPilot to read up on what the customers say, and pay attention to whether the company responds to negative reviews (the best companies often have an 80%< response rate).
Take both one-star and five-star reviews with a grain of salt (they’re more likely to be overly biased or written by bots), but look for recurring patterns in all the other reviews.
Take Advantage of Smart Features
If you send money online on a regular basis, efficiency and convenience are key. Luckily, most apps have a number of user-friendly features to speed up your workflow.
For instance, the majority of online banking platforms and money transfer apps let you whitelist contacts so that you can save their account details for later and won’t need to enter them every time you make a transaction. Apps like Ogvio and Revolut even have a handy @Tag username functionality that allows users to quickly add and DM each other directly.
In addition, look for features like transaction scheduling, locking in exchange rate, limit orders (setting up a transaction to execute automatically once the exchange rate reaches the one you specified), and email or SMS notifications for transaction tracking. These perks can make all the difference for frequent money transfers and can even help you save some money down the road.
Browse our collection of the most thorough Crypto Exchange related articles, guides & tutorials. Always be in the know & make informed decisions!
Conclusions
Learning how to send money online is all about distilling your priorities and doing your research to discover platforms that suit your needs. Bank transfers, wire transfers, and various types of money transfer apps and mobile wallets all have their uses, and mastering them all will give you a lot of flexibility and let you make the most of every transfer.
Nevertheless, there are a few dos and don'ts that apply to just about every type of online money transfer. Make sure to find out exactly how much you’ll pay and how much your recipient will get, and choose a reliable platform that offers more than just the bare minimum: even if you've never felt the need to make a scheduled transaction or lock in the exchange rate, you never know when you might!
Want to get a head start on Ogvio? Learn more about this platform and other money transfer apps in this BitDegree Mission and enter a Lucky Draw for a share of the 100 USDC prize pool!
The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.
Scientific References
1. Oyewole A. T., Ofodile O. C., Ugochukwu C. E., Okoye C. C.: 'Cybersecurity risks in online banking: A detailed review and preventive strategies application ';
2. Celestin M., Vanitha N.: 'The hidden fees: How to avoid losing money in your financial transactions'.
About Article's Experts & Analysts
