Instant Money Transfers

Written by Linda Alexander
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We love anything instant, especially when it comes to money. Transferring money isn't perfectly instant, but with today's technology, it is pretty darn quick. Transferring money between your own bank accounts, for example, usually is instant or completed within 24 hours. Transferring money long distance, whether within the U.S. or overseas, is a little bit more complicated.

Wire services like Western Union and Moneygram have been in existence for years. They are the largest and most reliable third-party wire services with locations around the globe. Their drawbacks are that their fees can be pretty hefty--in many cases 10 percent of the amount you are sending.

They also require a lot of information, including bank account numbers, addresses, and phone numbers. In the U.S. you can send money to anybody over the Web. In other countries, or if you're dealing in cash as opposed to credit cards, you might have to go in person to a local agency in order to conduct a transaction.

Instant Online Money Transfers

Another way to transfer money almost instantly is through an online service like PayPal. Such a service allows you to send and receive money through email. You can send money to anybody with an email address.

The recipient might not get the money for a week or more. This is so that the money can clear the other person's account, or if a check or debit card is mailed, so it can be delivered. Their fees are usually the least expensive, however, so if you feel safe sending money online and it's not an emergency, this is a good way to transfer funds.


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