How to Quickly & Safely Send Money
If you’re in a financial bind and need money fast, one way to procure those funds is to borrow from a family member or a friend. You may have a credit card and could take out a cash advance or perhaps your card is maxed out or simply unavailable. If your cash on hand isn’t enough to cover the crisis, then you’ll need to get money quickly. Fortunately, time, distance and national borders do not offer the impediment each one once did.
Let’s take a look at some options available to help you get funds…fast!
Paypal — If you already have a Paypal account, then one quick way to get money is to have someone make a deposit to your account. The drawback here is that your Paypal funds could take several days to clear once you transfer that money to your bank. However, if you already have a Paypal debit card, then you can withdraw those funds as soon as your Paypal account is credited.
Wire Transfer — You can have money wired from bank to bank instantly, a feat that is accomplished with your authorization and bank number. The way that this works is that your lender authorizes his bank to send you money that will be credited to your bank’s account. If you both use the same bank, then this can happen instantaneously. If not, it could take a few hours for domestic accounts to a few days for international accounts to complete. Both parties will have to pay a fee for wire transfer service, so find out what will be charged before moving forward.
Western Union — The company that once was big in telegrams is now big in wiring money worldwide. Money can be sent online, over the phone or in person. Western Union offers ’round the clock service to more than 200 countries. Usually, the lender will pay with her debit or credit card; in select states she can pay with her bank account. Please note that fees can tack on approximately 8.5 percent to your transfer. For example, if someone is sending $1,000 to you within the United States, you’ll be charged $84 for an online payment or $86 to use an agent. Delaying the receipt of your funds by several days can drop that fee to as low as $25, but then that can defeat the purpose of having money wired to you.
Debit Cards — Money can quickly be credited to your account if you and the person giving you the cash share the same debit card. This is one way college students get their funds replenished quickly as mom and dad replenish their bank accounts. Of course, this option only works if you planned on it ahead of time and each person already possesses a debit card that is linked to a joint account.
There are other companies providing quick cash transfers, but those weren’t mentioned here because we couldn’t verify reputation. Sending money has its risks and the fees to be paid for such a quick transfer can surprise you. Yet, when money is needed fast, then you’ll take whatever legal means you can to ensure that it is available to you when you need it.