How to Transfer Money Online
Transferring money online can be done in a number of ways. You can use the Internet to transfer money to another person or use the Internet to transfer money to one of your bank accounts. Wiring money to a person or bank account can be done nearly instantly due to secure Internet connections operated by reputable companies such as MoneyGram, Western Union and PayPal. You may need to transfer money online to pay a bill or help a friend or family member with a financial issue. Companies such as MoneyGram and Western Union allow money to be transferred online from a bank account to one of their physical locations, where the person receiving the transfer can collect the money.These companies also allow the sender to send money by using a debit or credit card through the online account access.
Things You'll Need
- Internet access
- Bank account (or debit/credit card)
Transferring Money with Western Union
Transfer money to a friend or family member or use it to pay a bill that is due soon by using Western Union's online website. This website has been included in the References section at the end of this article.
Select the "online" option. Next, enter the country you are sending money to as well as the person's name and location. Fill in the amount of money that you want to transfer.
Select "continue" and select if you are a new customer or a returning customer. If you already have an account with Western Union, you can proceed to transfer the money. If not, you will be prompted to create a Western Union account, which will include your personal information such as name, mailing address and a bank account to link to.
Confirm the amount and verify all information is correct. You will also be able to choose between a Direct to Bank Account option (which sends the money in three to five days to the person's bank account) or an Instant Transfer (which requires the recipient to be present at a Western Union location to pick up the money).Send the request to transfer money. You will receive a confirmation e-mail to verify that the transfer was successful. The person you sent the money to will also be notified.
Transfer Money with MoneyGram
Use MoneyGram to transfer money to another person online as well. The eMoneyGram website is included in the References section below this article. Sign in or set up a MoneyGram account. You will need to provide personal information such as mailing address, name and bank account information to complete a transfer.
Estimate the cost of the transfer with MoneyGram's estimator, which is located next to the signup page when you click on "Sign up" or "Sign in."
Enter the information for the person you are sending the money to. Money can be sent to MoneyGram authorized locations as well as direct to bank accounts.
Confirm the information and submit the request to send money. You will receive a confirmation e-mail and the recipient will be notified that the money is being transferred.
Transfer Money With PayPal
Visit the Paypal website, available in the References section below. Click on the option to send money. Enter the recipient's e-mail or mobile phone number. Enter your e-mail or mobile phone number.
Enter the amount of money and the type of transfer, such as whether it is a gift or cash advance. Click "Send money."
Log into your Paypal account to complete the transaction or create a free PayPal account. Select to send funds from your available PayPal funds or a connected bank account.
Verify the transfer and click "Send Money." The recipient will receive a message that there is money waiting for her. She will be invited to access the money via an existing PayPal account or to create one to access the money.
Transfer Money Between Your Bank Accounts or Bill Payments
Set up an online banking account with your primary bank. Most national banks have online banking access. You can also set up a bank account at online banks such as ING Direct.
Link another existing bank account to the online banking account. This could be a savings account, checking account or an online bill payment service, such as those used for credit cards.Linking will vary from bank to bank. You will receive instructions on how to link your specific bank account. Most accounts will require a user name and password, as well as routing and account numbers for the linked accounts.
Log into the bank account and select "transfer money." You can pull money from a linked account or send money to a linked account or online bill payment system.
Tips & Warnings
- PayPal appears to cost the least amount of money in terms of transferring money. However, if the recipient needs the money right away, MoneyGram or Western Union is a better option.
- Never initiate a money transfer to a person or organization that you do not know or seems suspicious. Never wire money on the basis of a promise of extra money, credit or winnings.Always use a secure service such as those suggested above.