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Top Methods to Transfer Money Without Using Cash

In today’s digital age, carrying cash has become increasingly rare. Whether you need to reimburse a friend for dinner or send an allowance to a college student, there are numerous ways to transfer money without using cash. Here are four of the best methods to deposit money into someone else’s bank account.

1. Use a Money Transfer App

Payment apps have surged in popularity as a convenient way to transfer money. Each app has its own set of rules, features, and fees. Both you and the recipient must have the app to complete the transfer. Here are some of the most popular options:

Venmo

Owned by PayPal, Venmo allows you to link your bank account or debit card to send money to another Venmo user for free. You can also use a credit card for a 3% fee. Funds are received instantly in the recipient’s Venmo account, and they can transfer the balance to their bank account for free within one to three business days, or instantly for a fee. Venmo requires identity verification for higher transfer limits.

PayPal

PayPal can be used via its website or app. Sending money from your bank account or PayPal balance to a U.S.-based account is free, but there are fees for using a debit or credit card or for international transfers. Recipients can transfer money to their bank account for free or pay a fee for instant withdrawals. PayPal has varying limits based on account verification.

Zelle

Many major banks include Zelle in their apps, allowing free transfers from your checking or savings account to friends and family within minutes. If your bank doesn’t offer Zelle, you can use the standalone app. Transfer limits depend on your bank, typically ranging from $1,000 to $5,000 per day. With the standalone app, the limit is $500 per week.

2. Make an Online Bank Transfer

Electronic payments from your bank account, known as Automated Clearing House (ACH) transfers, allow you to send money directly to another person’s account. These transfers are typically free and can take a few hours to three business days. You’ll need the recipient’s account and routing numbers. Transfer limits vary by financial institution.

3. Write a Check

If you have a checkbook, you can write a check to an individual from your checking account. Many banks offer mobile check deposit, allowing recipients to deposit checks without leaving home. If you don’t have a checkbook, some banks allow you to request a personal or cashier’s check online or via mobile banking.

4. Use a Wire Transfer

Wire transfers are ideal for larger amounts of money and are typically received within one business day. They often come with a fee, ranging from $10 to $35, making them suitable for large, one-time payments like down payments. You’ll need the recipient’s bank account and routing numbers, as well as their address.

The Bottom Line

Your best option for depositing money into someone else’s account depends on the amount, speed, and recipient’s preferred method. Payment apps and online transfers are generally the most convenient. Always ensure you know the recipient well to avoid scams. For any mortgage-related needs, feel free to call O1ne Mortgage at 213-732-3074. We’re here to help!

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