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Old 20-09-2018, 08:38   #1
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Person to person money transfer platform

My apologies if this was posted in the wrong forum, please remove if necessary.

So I am curious, is there a way, say with PayPal or something similar, to send money directly to another person? I ask because I was recently sent some money toward my boat from an out of state relative through Moneygram, which was costly and frustrating on my end. I’m looking for a better way to send and receive money at least domestically in the US, and if it worked abroad that would be even better. Does anyone have any experience with this? Thank you!

Lauren
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Old 20-09-2018, 09:01   #2
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Re: Person to person money transfer platform

Zelle and Venmo are two other options. The trick with PayPal is to tag the recipient as a 'friend'.
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Old 20-09-2018, 09:02   #3
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Re: Person to person money transfer platform

If you use Paypal to send money to family or friends then there is no charge. Usually happens quite fast to make the transfer but not sure how long your bank would want to clear the funds to you.

So if you have to have ready money in a hurry a Western Union wire is hard to beat. Forget exactly but it isn't outrageously expensive. If you can wait, go Paypal.
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Old 20-09-2018, 09:37   #4
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Re: Person to person money transfer platform

No affiliations,just a happy customer!
i've joined an online bank called revolut that,among other things, lets you transfer cash ,person to person for free-assuming they're also a customer.
you can also
transfer money to foreign accounts at the interbank rate,
withdraw cash from foreign cash machines at interbank rates
use the visa card abroad at interbank rates
there are monthly limits with the free account,but nothing to stop your partner also having an account.
https://www.revolut.com/dk/
similar options are
https://leopay.eu/
https://n26.com/en-eu/
many others worldwide here
https://thefinancialbrand.com/69560/...digital-banks/
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Old 20-09-2018, 14:29   #5
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Re: Person to person money transfer platform

I don't have a US bank, but I regularly send money between my PNG and Australian banks, and from either an Australian or PNG bank account to other people's accounts using on-line banking either through a web browser or using a smartphone app. All I need to know is the other person's bank details (Account Name,BSB and Account Number).



Don't US banks offer the same facilities?
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Old 21-09-2018, 07:38   #6
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Re: Person to person money transfer platform

IF you need to move money then do a wire transfer from your bank to the receivers bank. This offers some protection its going to a real person. western union moneygrams are great between known parties but have lots of holes when sending to someone you dont know as once they have the money you have no recourse on getting it back.

Zelle and a number of bank offered services (often using zelle on the backend) allow person to person transfers. Do note zelle does (at least in the us) have the same 10K before fed notification requirements that a cash withdraw has.
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Old 21-09-2018, 07:59   #7
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Re: Person to person money transfer platform

I can send money using Zelle from right inside my Bank of America app. No fee. But only US. Many banks offer it.

Sending putside the US, I prefer to send a wire directly to the person's bank account. You can send to any bank account in any country. The person receiving the money needs to email you "wire instructions" that includes their bank's routing number and their account number.

Cost for a wire these days seems to run between $0 to $35 depending on what sort of account you have with your bank. The amount you are sending doesn't effect cost. Usually the person receiving the money has no charge - but practices vary by country.

Increasingly you can send the wire right from your online account. I send mine through my Fidelity Investments brokerage account. Usually no charge. I get an email from Fidelity within an hour that they've sent the money but the receiving bank typically "processes" it until the next day - presumably to make a bit of money on the float.
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Old 21-09-2018, 08:20   #8
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Re: Person to person money transfer platform

In Canada it has been the norm to ‘etransfer’ to an individual for well over five years …. probably closer to a decade now. Works the same as PayPal, but costs much less. All I need is someone’s email address.
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Old 21-09-2018, 08:29   #9
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Re: Person to person money transfer platform

Paypal "gift" has no fee and works fine. Both party's should have a Paypal account.
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Old 21-09-2018, 09:15   #10
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Re: Person to person money transfer platform

I don't recommend Paypal. It works great, until it doesn't. Then try to correct a problem. Paypal is unregulated and has terrible reviews across the board on their customer support. I use Zelle in the US and for overseas transfers I use Transferwise.com. There is a fee but it isn't that much and it goes directly to the recipients bank account. I have several employees in the Phillipines that I pay weekly using them. Never had a problem and the money usually arrives same day.
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Old 21-09-2018, 09:22   #11
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Re: Person to person money transfer platform

Quote:
Originally Posted by edge0302 View Post
My apologies if this was posted in the wrong forum, please remove if necessary.

So I am curious, is there a way, say with PayPal or something similar, to send money directly to another person? I ask because I was recently sent some money toward my boat from an out of state relative through Moneygram, which was costly and frustrating on my end. I’m looking for a better way to send and receive money at least domestically in the US, and if it worked abroad that would be even better. Does anyone have any experience with this? Thank you!

Lauren
Just do an Interac e-transfer. Its straight bank-to-bank. Easy. I do it all the time.
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Old 21-09-2018, 09:22   #12
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Re: Person to person money transfer platform

I've used wire transfers both in US and internationally.
The biggest issue with international transfers is not the wire fee, but the exchange rate.
I have used Transferwise. There are other services available as well, I just have not used them.
If it is any significant amount of money the exchange rate your bank offers may be costly for you.
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Old 21-09-2018, 09:23   #13
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Re: Person to person money transfer platform

Quote:
Originally Posted by Mike OReilly View Post
In Canada it has been the norm to ‘etransfer’ to an individual for well over five years …. probably closer to a decade now. Works the same as PayPal, but costs much less. All I need is someone’s email address.
With the right account Etransfers are free!
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Old 21-09-2018, 09:24   #14
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Re: Person to person money transfer platform

Investigate e-Interact transfer. I use it all the time!
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Old 21-09-2018, 09:48   #15
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Re: Person to person money transfer platform

I've used Paypal for 15 years. For selling items they will side with the buyer, so be aware of that.
But for buying online, or money transfers, they are actually my preference. I even use it instead of CC's for on line buying. Your info is secure through a buffer. If you have ever tried to make a claim, or sort out a problem, with a Credit Card company it's the pits! Easy with Paypal.
I have had multiple problems with buying online with my CC. Each time my CC company had to close my card and send me a new one, due to on line purchases letting my info get to a thief. With Paypal that can't happen.
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