Sending Money: What Are Your Best Options?

These days, sending money to someone – whether for personal or professional reasons – can be confusing if you don’t know the right way to do it. If you’re not wealthy, anything involving a large chunk of change can feel like serious business. Most people want to be absolutely sure the funds arrive safely, with no chance of it being lost or stolen.

Fortunately, there are a few different ways to send money to someone no matter where they’re located. You can choose to send the money electronically, through the mail, or in person, depending on the circumstances. Increasingly, digital technology is making this process easier than ever. Each option has its own advantages and disadvantages that you should consider before making your decision.

When You Owe Money to Someone Out of State

There are four primary ways to send money to someone:

  1. Cash
  2. Checks
  3. Wire transfers (Money Orders & Money Transfers)
  4. Apps & Online Payment Services

Getting cash to someone out of state can be a bit trickier than handing over an envelope of cash to your neighbor who walked your dog while you were out of town. Sending cash is the most direct method, but it can be lost or stolen and there is no guarantee that it will arrive safely. A check is easy to track and does not require the recipient to have a bank account, but it can be cashed by anyone who has it and may take a few days to clear.

Therefore, apps and wire transfers tend to be more popular the farther away the recipient.

Sending Funds: Banks versus Wire Transfers

There are many ways to send money to someone else no matter where they live. One of the most common methods to send funds to someone else is to wire the money through a bank. Either online or in person, the sender must go to their bank and fill out a form authorizing the bank to send the funds. Typically, the sender will need the recipient’s name, address, and account number.

However, this method is not an option for everyone since it requires both parties to have a bank account. Millions of people throughout the United States don’t have an active bank account. Another common, reliable method for delivering funds is to use a wire transfer. Wire transfers are quick and easy, getting your money where it needs to go in no time at all (usually for a fee).

Sending Money Orders, Cashier’s checks and Personal Checks

If you prefer a different route, you may still have other options available to you. Another highly common method for sending funds includes:

  • Money orders
  • Cashier’s checks
  • Personal checks

Sending a personal check means you need to have a bank account. If that is not an option, money orders and cashier’s checks are both forms of guaranteed funds. One major benefit of using them is that it generally means that the recipient will not have to worry about the check bouncing.

Avoid Being Victim of Fraud When Using Apps & Mobile Payment Services

Sending money electronically is a highly convenient option as well, since you can do it from anywhere with an internet connection. When sending money through mobile payment services like Venmo, consumers should understand the risks of fraud and how to avoid it. So, triple check and be sure you’re sending your funds to the correct recipient!

To avoid fraud and scams, it helps to know the difference between unauthorized and authorized transactions. According to Zelle, “If someone gained access to your bank account and made a payment with zelle® without your permission, and you weren’t involved in any way with the transaction, this is typically considered fraud since it was unauthorized activity. If someone gained access to your account, and stole money or sent it without your permission, this could be defined as fraud. Immediately report suspected unauthorized activity to your financial institution.”

Visit a Currency Exchange to Get Your Money Sent Quickly and Safely

Be sure to explore all your options and ask about any fees to determine the best method for your needs. Numerous options listed above, as well as many other financial services, can be taken care of promptly and conveniently under one roof at Community Currency Exchanges (CCEAs) throughout the Midwest.

Head to your local CCEA to find out how we help people make fiscally wise choices in many areas of their lives, from bill payments to transportation. Check us out online or stop by your nearest location and take advantage of our services today.

An illustration of money transferring.

With over 350 locations, many open nights, weekends, and holidays (and several stores with 24/7 availability), you can rest easy knowing your financial needs can be taken care of when you need them most. We’re in the heart of every community. Don’t believe us? See for yourself.