Are you tired of waiting for banks and checks to process the money that you send? Luckily, mobile money transfer services can save you a ton of time by offering same-day transfers. Here is a quick look at some services that offer quick and safe transfer methods.
Are Same-Day Transfers Always the Best Option?
Same-day transfers are good if you want to send small sums of cash. However, sending large sums of money through a same-day payment method may not be ideal. Instead, you would be better off using other payment services like Paycomp’s wire transfers to make larger transfers. But if you are making a smaller transfer, you can opt for quicker ones.
Venmo offers instant transfers to people that use it, which is convenient since most people use Venmo to split bills. Instant transfers usually only take 30 minutes to process, but some people get their processes completed within minutes. If you are sending cash from Venmo to an eligible Visa/Master card or bank account, it will take about 30 minutes. However, sending money from one Venmo account to another is even quicker.
Zelle is a service that allows you quickly send money between bank accounts. Zelle offers quick bank transfers between different banks, particularly if they are a participating bank in Zelle’s list. Most people who use Zelle to send money will be able to make the payment within minutes, making it great for people who want direct transfers into bank accounts. However, the transfer limit will mostly depend on the participating banks that you choose. Zelle is ideal for people who want to make domestic transfers.
PayPal offers an instant transfer option that lets you send money within 30 minutes. However, it will take longer if you made your transaction on the holidays, weekends, or after 7 p.m. Eastern time. However, regular transfers may take 1-5 business days to reflect, especially if you are transferring money from your PayPal balance into your bank account. There is an option to send money instantly from your PayPal balance into your bank account, but it will cost more.
Google Pay is great if you want to instantly transfer funds from your Google Wallet into your debit card. It usually only takes minutes to cash-out. Keep in mind that your transfer limit is $10,000, and you cannot use credit cards and prepaid cards to fund transfers. You need to use a debit card or bank account to fund transfers.
International money transfers are known for taking days to reflect, but Xoom makes it easier for you. For some currencies, Xoom can offer international bank transfers that are complete within minutes! However, the transfer limit will depend on the country you are sending to, which can range from $10,000-25,000.
You do not have to wait for traditional payment methods to process your payments for days, or even weeks. You can try any of the alternative payment methods mentioned above to make quick payments to save yourself a lot of time.