Email Money Transfers

Written by Linda Alexander
Bookmark and Share

Email currency transfers have grown in popularity since they were first introduced in the 1990s. Now, anybody with an email address can receive money. While PayPal has bought out many of its competitors, they are not the only service available. Email transfers are convenient to perform, easy and inexpensive. It's usually free to send money and a small fee to receive it.

Not everybody trusts online transfers but for those who do, they are a very convenient way to send money to loved ones or friends, settle accounts like restaurant checks, or pay sellers for auction purchases. Sending a check or money order through the mail involves time, trekking to the bank or post office, postage, and more time for the check to clear the recipient's account. An online service usually only requires a credit card and two email addresses.

International Money Transfers through Email

For people who send money to family or friends internationally, email money transfers are especially useful. While they might take a little while to clear, they are far less expensive than traditional wire service companies and bank drafts. However, not every country is served by email payment providers.

Another benefit of email money services is their stored-value accounts. You can keep your money in your account and even earn interest. However, these are not FDIC insured bank accounts, so it's not wise to leave large sums of money in them. Often you can withdraw your money and receive a stored-value debit card or use your account to make online purchases.

Bookmark and Share