A family is the only institution that you never join but born into. Friends may come and go, but family members will always be there for you, no matter the situation. That’s why it is important to help them when things are tough.
The COVID-19 pandemic did not prepare anyone. Hundreds of thousands have lost jobs and depend on their close relatives and friends for financial support.
Today, the good news is that sending money both locally and internationally has been made easy by technology. Sometimes the recipient doesn’t even need a bank account to receive money.
You can use many online transfer companies to send money to your relatives at any time of the day or night.
Below are six ways to send money to your loved ones:
1. Peer-to-peer payment platforms
This is one of the common methods you can use to send money online. The good thing about these platforms is that you don’t need a bank account to send or receive money. All you have to do is open a free account with the service provided and initiate a transaction.
Examples of such platforms include Cash App, Venmo, and PayPal. Sending money from one PayPal account to another is almost instant. Besides, the transaction fee is very minimal if not free. After sending the money, the recipient will receive an email from PayPal, informing them that they have a PayPal balance.
2. Bank to bank transfer
The other option you can use is a bank to bank transfer, also known as a wire transfer. This is where you send money directly from your bank account to the bank account of the receiving person. You will need the routing number as well as the account number of the recipient.
The downside of this method is that money may take longer before it reflects on the recipient’s account. The transaction charges are also high.
3. Money transfer agencies
Money transfer agencies have been around for many years, but technological advancements have made them more popular than ever before. Most of them operate hand in hand in hand with traditional banks to make the payment processing seamless.
4. Send a gift card
This is also a great way of sending money to close relatives in the age of the pandemic. Ecommerce platforms such as Amazon allow users to send gift cards from different retailers. You can also mail a gift card using the email address of another person or their mobile number.
5. Direct deposit to credit or debit cards
If your close relative has a credit or debit card, then one of the simplest and cheapest ways to send them money is depositing it directly to their electronic card. This process is simple and doesn’t attract transfer charges.
6. SWIFT transfer
SWIFT (Society for Worldwide Interbank Finance Telecommunication) is also another option of sending money to your close ones across the world. The service works with different banks that are members of the banking society.
In general, there are many ways of sending money to your close relatives both locally and internationally.