How to Transfer Money Safely

If you want to move funds from one account to another, transfer a check or send money to someone else, there are many ways to do it. Depending on how you choose to transfer your money, fees, processing time and security are among the factors to consider. Whether you’re sending money to pay for something, paying a friend back for dinner or giving a financial gift to family overseas, it helps to know how to transfer money safely.

A transfer involves moving assets, monetary funds or ownership rights from one location to another. You can do it virtually or in-person. For example, transferring funds between accounts at the same bank is usually free, and can be done online or by phone. You can also shift funds between different investment accounts, such as a brokerage or mutual fund account. Or, you can move cash by withdrawing and depositing at your local ATM. Other forms of transfers include transferring in-kind assets, such as company stocks or bonds, from one investment account to another or between individuals.

To transfer money, you will need to have the recipient’s name, account number and routing number or other identifying information, plus a valid form of payment. Some services will accept a credit card, but this can be more expensive than a direct debit from a checking or savings account. If you’re sending money to an individual, some mobile payment apps are simple enough to use for small amounts, such as Venmo or Zelle. But these options may not work if you need to send larger sums.

Some companies specialize in providing money transfer services. Their websites typically have an online transfer form that lets you select your destination and the dollar amount. You will need the receiver’s email address, or in some cases a mobile phone number. Then, you can add a payment method, such as a bank account, cash pickup or mobile wallet — depending on the recipient’s country. Once you complete the transaction, you will receive a receipt by email.

When comparing different providers, compare their total cost — the upfront fee and exchange rate markup. Also, check how quickly the money arrives in the receiver’s account or mobile wallet. Some services are almost instant, while others can take days to arrive. And don’t forget to factor in the recipient’s banking charges and other fees, such as ATM or wire transfer fees. Ultimately, you want to find a service that is both fast and inexpensive. Revisit your needs and compare prices frequently to ensure you’re getting the best deal. Then, you can be confident that you are transferring your money with the right provider. For international transfers, it’s important to verify that you are using a licensed money transfer service. Some unlicensed services are scams that can be costly for you and your recipient. Licensed services must follow strict regulations and provide a safe and secure experience for their customers. These regulations also protect you from being charged with illegal fees and exchange rates.