In a world where borders are becoming increasingly symbolic and distances are overcome in seconds thanks to the internet, money transfers are no longer the exclusive domain of banks. There are many alternative ways to send money that can be more accessible, faster, and sometimes even more cost-effective. Let’s take a look at the most popular options.
E-Wallets
An e-wallet is a digital version of a regular wallet. It allows you to perform financial transactions online. Popular options include WebMoney, Skrill, and others.
To send money using an e-wallet, you typically need to:
- create an account with the chosen service;
- top up your wallet balance using a bank card, payment terminals, or other available methods;
- choose the money transfer option in your personal account;
- enter the recipient’s phone number, email address, or system ID;
- specify the transfer amount and confirm the transaction.
Mobile Wallets
It’s also worth mentioning a specific type of digital wallet — mobile wallets. These are designed for use on mobile devices, allowing users to pay for goods and services in physical stores using smartphones or smartwatches through technologies like NFC. Examples include Apple Pay, Google Pay, and Samsung Pay. Let’s take a closer look at the first one.
Apple Pay is a payment service for Apple device users that allows not only purchases but also money transfers. Here’s how to send money:
- Open the Wallet app.
- Add a bank card by following the on-screen instructions.
- Then, go to the Messages app and select the recipient’s contact.
- Tap the Apple Pay icon and enter the transfer amount
- Confirm the payment using Face ID, Touch ID, or your passcode.
Important: Both the sender and the recipient must have Apple devices.
Online Payment Services
These are platforms that allow users to send and receive money over the internet without using cash or visiting a bank branch. They offer fast and secure transactions.
PayPal
An app that allows users to transfer funds in more than 190 countries using only the recipient’s email address or phone number. The service supports over 20 different currencies, offers a high transaction limit, and serves over 300 million active accounts worldwide.
Free transfers to bank accounts take one to three business days, and the recipient must have a PayPal account.
Transactions funded from the service balance or a linked debit card are commission-free. However, when using a credit card, a fee of 2.9% of the transaction amount plus a fixed fee of $0.30 is charged. For international transactions, the commission depends on the payment method and destination country.
To send money from a mobile device:
- Open the PayPal app and log in to your account.
- Tap the “Send Money” icon.
- Enter the recipient’s details: name, email address, or phone number.
- Specify the amount, currency, and optionally add a message, then tap “Next.”
- Choose a payment method, review the details, and send.
Western Union
One of the largest and oldest international services for sending and receiving money transfers worldwide. Western Union’s network spans more than 200 countries and territories.
Transfers can be made either online or in cash at a physical location. The commission depends on the transaction amount, sender and recipient countries, and the chosen delivery method. Fees may vary, so it’s advisable to check them in advance on the official website or at service points. In some cases, the recipient may incur additional charges, especially when sending to a legal entity.
To send money online via Western Union:
- Go to the official website for your country.
- Click “Register” and fill out the form with your personal information.
- After submitting the form, you’ll receive an SMS with a verification code for your phone number.
- Log in to your account using your registration credentials.
- Select the “Send Money” option.
- Enter the recipient’s country, full name (as stated on official documents), and the amount.
- Choose the method of delivery and payment.
- Enter your card details and confirm the transaction.
- Share the Money Transfer Control Number (MTCN) with the recipient after sending.
Payment Systems
International payment systems enable users to send money worldwide without needing a bank account. One of their main advantages is accessibility. Additionally, the registration and identification process is often simplified and can be completed online, saving users time.
Many systems support multi-currency transactions, allowing operations in various currencies — a key benefit for international money transfers. A high level of security is ensured through modern encryption and authentication technologies, which protect users’ personal data and funds.
KoronaPay Europe
This payment system offers international money transfer services from card to card and to payment account, as well as the option to receive funds in cash at designated pickup points. In December 2018, the Central Bank of Cyprus granted KoronaPay Europe Limited an Electronic Money Institution (EMI) license, No. 115.1.3.30/2018. Currently, the service allows users to send money from European Economic Area countries to more than 50 countries in Europe and Asia.
To send money, users are encouraged to use the Korona mobile app. Transfers can be credited to a bank card or payment account within the app or picked up in cash at partner locations — depending on the options available in the recipient’s country. Note that sending large amounts may require additional verification.
How to send money via Korona:
- Open the app and enter your phone number to register or log in. Confirm it using the one-time code sent via SMS.
- On the home screen, tap the “Send Transfer” button.
- Select the country where you want to send the money.
- Choose how the recipient will receive the transfer: to a bank card, in cash at a pickup point or to a payment account (available in Türkiye).
- Enter the amount and select the sending and receiving currencies.
- Choose your payment method: debit/credit card issued by a European bank or a bank transfer.
- Provide the recipient’s and sender’s information in Latin characters.
- Review all the entered details and confirm the transaction.
- After confirmation, the app will generate a transaction number — share it with the recipient.
TransferGo
This is an international money transfer service founded in 2012. TransferGo allows users to send money from more than 30 countries, including most European nations, to over 60 countries worldwide. The service supports transactions in various currencies, ensuring user convenience.
TransferGo offers several types of transfers with different fees and delivery times: standard, fast, and instant. The fee amount and available options depend on the countries of sending and receiving, as well as the chosen payment method. Before confirming the transfer, the sender can review the complete information about fees and exchange rates.
To send money using TransferGo:
- Register on the TransferGo website or through the mobile app available for iOS and Android.
- Use your credentials to log in.
- Specify the amount you want to send, select the countries of sending and receiving, and choose your preferred delivery option.
- Enter the recipient’s details, including their full name and banking information.
- Pay for the transaction using a card or bank transfer.
- Check all details and confirm the sending of funds.
After this, TransferGo will process your transfer and deliver it to the recipient within the specified timeframe.
Conclusion
There are several ways to send money without the need to visit a bank office. E-wallets, payment services, and money transfer systems provide users with convenient and accessible online tools for conducting such financial operations. The choice of the most suitable option depends on the individual needs of the sender and recipient, as well as the conditions of the specific situation. It is important to carefully examine fees, transfer times, and identification requirements to ensure that transactions are safe and efficient.
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