When you need to send money to someone, depositing it into her account electronically is a safe and secure method. You don't even necessarily need to have the recipient's bank information to deposit the funds. There are various ways you can send money electronically without having to visit a bank in person.
You can electronically deposit money into another person's bank account by transferring money from your account, Western Union or your PayPal account.
Make a Bank Transfer
Most banks allow online banking customers to make online transfers between bank accounts, even if the account belongs to someone with a different financial institution. Before you can complete what's referred to as a bank-to-bank transfer, you might need to go through security measures to confirm you're the account owner. The initial verification process can take about three to five days.
To complete the transfer, you'll need the other person's bank account number and routing number. Certain banks, including Bank of America and PNC Bank, offer account holders the option to send money to others using only the recipient's email address or phone number.
Read More: Safest Way to Transfer Money
Utilizing Mobile Transfer Services
Services are available that specialize in transferring money electronically to friends and family directly from your cell phone. You don't need to know the recipient's bank account information. For example, Google Pay allows you to send money to anyone with a Gmail address. Cash App, another mobile service, allows transfers between friends and family who have Cash App accounts. The money is sent directly to the recipient's bank account.
Use Online Payment Systems
PayPal lets you send money electronically without requiring any personal or bank information. When you register for a PayPal account, you can use funds from your checking account, debit card or credit card. You can also receive payments from others without having to link a bank account or card.
Read More: 5 Automatic Savings Apps to Help You in 2020
Money can be sent using the funds in your PayPal account or from your funding source. You'll just need the recipient's email address, which must be registered with PayPal. The recipient can withdraw the money or transfer it to his bank account.
Make Online Money Order Transfers
You can transfer money online using MoneyGram through the Walmart website. Visit Walmart's website to set up the transfer using your debit card, credit card or checking account. Online transfers are also available through WesternUnion's website. Pay using your credit card, debit card or bank account to send the money directly to the recipient's bank account.
- Western Union: Send Money Online
- PayPal: Help Center: Common Questions
- Cash App: Homepage
- Wells Fargo: Transfers
- PNC Bank: Transfer Funds
- Bank of America: Mobile Money Transfers
- Google Pay: About
- MoneyGram.com: Home Page
- Capital One. "How to Transfer Money From One Bank Account to Another." Accessed Jan. 16, 2020.
- Barclays. "Terms and Conditions." Accessed May 7, 2020.
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- Synchrony Bank. "Frequently Asked Questions." Accessed May 7, 2020.
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- PayPal. "What Is PayPal and How Does It Work?" Accessed Jan. 16, 2020.
- PayPal. "Credit Card Fees, Send Money Fees & Other Charges." Accessed May 5, 2020.
- Zelle. "Are There Any Fees to Send Money Using Zelle®?" Accessed Jan. 16, 2020.
- Popmoney. "Fees and Limits." Accessed Jan. 16, 2020.
- Venmo. "Fees." Accessed Jan. 16, 2020.
- Google. "What Is Google Pay?" Accessed Jan. 16, 2020.
Jeannine Mancini, a Florida native, has been writing business and personal finance articles since 2003. Her articles have been published in the Florida Today and Orlando Sentinel. She earned a Bachelor of Science in Interdisciplinary Studies from the University of Central Florida.