A better way to send money (2024)

FAQs

What is the safest way to send money and not get scammed? ›

The safest way to transfer money to someone is to use a direct wire transfer between banks or a payment app with security features. Beware of scams with either method since getting your money back is hard or may be impossible.

If you're sending a large amount of money, you may want to use a wire transfer at your bank. You'll need the recipient's account and routing numbers. You and the recipient will likely incur fees. Wire transfers take place in less than 24 hours but do not occur on weekends or on bank holidays.

Set up a wire transfer

For sending a large amount of money, wire transfers can be a solution. To make a wire transfer, you'll need the recipient's name and address and their bank account and routing numbers. Call, visit or go online with your bank or a trusted wire-transfer company.

By and large, credit cards are easily the most secure and safe payment method to use when you shop online. Credit cards use online security features like encryption and fraud monitoring to keep your accounts and personal information safe.

Immediately report suspected unauthorized activity to your financial institution. Because you did NOT authorize a payment, you are typically able to get your money back after reporting the incident.

You can send money without a fee by using P2P payment apps such as Cash App, Google Pay, PayPal, Venmo and Zelle. Note that you may have to pay a fee if you fund your transfer with a credit card, and the recipient may have to pay a fee if they choose to receive the money instantly in their bank account or debit card.

Some banks allow you to send $5,000 through Zelle. For example, select Chase customers can send $5,000 to $10,000 per day, and select Citi account holders can send up to $5,000 per day. Other banks, such as Capital One and Bank of America, have daily Zelle limits under $5,000.

Pay for Your Transfer

Paying for the transfer from your bank account will be the least expensive option, while payment by credit card will likely trigger fees.

How do I send a lot of money to someone? ›

One of the safest, most efficient ways to move money from your account into someone else's is to send a wire payment through your financial institution.

Both of the payment services are decently safe, have user-friendly interfaces, and allow you to conveniently send money when you need it. Zelle stands out from Venmo with its absence of instant transfer fees, but it also cannot be used as a wallet. So, if you need a wallet function, you should go for Venmo .

Only transfer money with people you know & trust. To avoid the majority of scams, transact only with people you know well and trust. Often, scammers try to get you to act fast, without thinking. To do this, they often use deals that are too good to be true, emotional topics, or fake businesses that sound real.

Peer-to-peer payment apps, bank wire transfers, escrow services, secure online payment platforms, and verified third-party services are some of the safest methods to transfer money.

Generally speaking, accepting Zelle payments from strangers is risky business, as it can open you up to some of the scams above. Still, if you're making a purchase from a stranger that you've deemed trustworthy, it shouldn't be a problem. Just don't send any money back to them if they claim, “something went wrong.”

PayPal is a safe and convenient way to make payments for goods and services, send money to friends and family or receive customer payments. The platform also provides robust safety protocols for buyers and sellers, such as fraud protection, data encryption and continuous monitoring.