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Old 21-09-2018, 11:45   #16
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Re: Person to person money transfer platform

I have used PayPal for years for money transfers as well as purchases. Never had any problems. Money transfers to family/friends are quite secure and there is no charge. Also quite simple to transfer funds between your PayPal account and a bank account.
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Old 21-09-2018, 12:00   #17
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Re: Person to person money transfer platform

Lauren-
Walk into a branch and ask your bank what options they suggest. There must be a dozen competing ways to do it at no charge now, the banks are partnering and fighting about who prefers which.

Gary-
In the US, any transaction of $10,000 or above requires the financial house to submit an "Unusual Currency Transaction Report". I think that has been since the 1980's. It is supposed to stop the druggies from moving all their profits. (Right.)
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Old 21-09-2018, 12:33   #18
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Re: Person to person money transfer platform

There's also always crypto currency.
There are some free platforms that you can use to move any amount around without using a bank. You will need to use an SEC regulated bank/exchange though to convert back and forth with USD though.
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Old 21-09-2018, 12:33   #19
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Re: Person to person money transfer platform

E-transfer seems to be the way things are going in my area. You send money to their email address. Everything else is handled by online banking with your bank. I've received money from several people this way recently, and it worked flawlessly. The transfer was almost instant.

Depending on your bank and account type, it may be free to use, or at most a $1 fee. The limit is around $2000, depending on your bank.

Login to your online banking and look for e-transfer or Interac e-transfer.
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Old 21-09-2018, 13:33   #20
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Re: Person to person money transfer platform

Email transfer you don't need the other person's bank info just an email or cellular number great system I have done many "cash deals" face to face and you have the money direct to your account just like a wire transfer but super cheap, nearly instant and safe

Not sure if it is available outside of Canada

Too slow hamburking beat me. You can set personal limits up to 10k I believe
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Old 21-09-2018, 14:23   #21
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Re: Person to person money transfer platform

I was supposed to be a recipient of a wire transfer sent to my bank by a big-name US bank. I won't mention their name because they are already in trouble with the government regulators. Think WF. Over 12 grand was hijacked by fraudsters and sent to who knows where. The bank refused to even talk to me about the hijack.

Wire transfers are old old technology with little protection. The better banks now caution their customers about using wire transfers but the banks continue this process because na´ve people pay exorbitant wire fees to them for both incoming and outgoing wires.

A paper check initiated by me from my bank's free bill payment service and sent through the US mail is safer that a wire transfer. And, one sent to me by someone else's bank bill payment service is also safer than a wire.

Hijacked wire transfers cannot be call back after only a few hours after they are sent, if at all. And wire fraud is not covered by FDIC or any other bank insurance plan.

Whereas with bill payment paper checks that are mailed, they can be stopped anytime until they clear the recipient's bank account, and in some cases even after, if a mistake or discrepancy is discovered. The same goes for bill payment checks sent to recipients like credit card companies. In that cases what is called a bill payment "check" is actually an ACH or EFT (Electronic Funds Transfer) which can also be stopped for several days after they are initiated.

Remember the movie "Mommy Dearest" quote: "NO WIRE HANGER EVER." Well, NO WIRE TRANSFERS EVER" either.
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Old 21-09-2018, 15:29   #22
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Thumbs up Re: Person to person money transfer platform

Quote:
Originally Posted by martinworswick View Post
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/

One up for Revolut.

Also has excellent exchange rates and holds many different currencies.
No fee account option.
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Old 24-09-2018, 04:05   #23
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Re: Person to person money transfer platform

I transfer funds to OS people using Paypal all the time as I am a website designer and engage overseas coders via freelancer.com when I haven't got the time or skill to do the work myself - have done this literally hundreds of times without an issue
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Old 24-09-2018, 04:11   #24
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Re: Person to person money transfer platform

Quote:
Originally Posted by StuM View Post
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?
Every US bank can do this. Pretty much every bank in the world can. Americans in general have had little need for it (unless they are involved with international transactions a lot) so they tend not to know about it or how it works.

They (we!) tend to think that "wire transfers" are something just for high rollers or drug dealers.

In general, if you know the bank number, and the account number, your bank can send any amount of money from your account to the named recipient.
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Old 24-09-2018, 04:51   #25
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Re: Person to person money transfer platform

Quote:
Originally Posted by jmschmidt View Post
The same goes for bill payment checks sent to recipients like credit card companies. In that cases what is called a bill payment "check" is actually an ACH or EFT (Electronic Funds Transfer) which can also be stopped for several days after they are initiated.

Remember the movie "Mommy Dearest" quote: "NO WIRE HANGER EVER." Well, NO WIRE TRANSFERS EVER" either.

So what's the difference between a "wire transfer" and EFT. What I described above is know in this part of the world as EFT.


FWIW, I haven't written a cheque for years, I pay all of my bills by EFT and my clients pay my invoices by EFT in over 90% of cases (the only ones that pay by cheque are government agencies )
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Old 24-09-2018, 04:59   #26
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Re: Person to person money transfer platform

OK, I looked it up


Wire transfer is direct bank to bank, not through the Automated Clearing House system. It's faster, but more expensive (and as stated above, there is little recourse once the funds have left your account). No one I know uses "wire transfer", all the banks are set up for ACH/EFT through internet banking. Two minutes on a web browser or a smartphone banking app and I can have money in an account in another bank anywhere in the world within a day or so.
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Old 24-09-2018, 05:07   #27
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Re: Person to person money transfer platform

Quote:
Originally Posted by jmschmidt View Post
... Over 12 grand was hijacked by fraudsters and sent to who knows where.....
Define "hijacked"

If I give the bank an account number and they send the money to that account, if it doesn't get to that account, you very much have recourse as they didn't meet what they contracted to do.

If you gave them the wrong account info and you had the bank send it to "who knows where", you made the mistake.

When ever I've done these, the bank always points out a couple times to confirm the account info is correct.
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Old 24-09-2018, 14:19   #28
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Re: Person to person money transfer platform

I endorse what has been said about Revolut. Which is an interesting Fintech company based, for the moment, in London. Brexit might end that. They have applied for licences in Lithuania and Luxembourg.

The advantage of Revolut over such as PayPal is that if you are using currencies you get the market exchange rate. Great for moving money from an account you have in one currency to one that you have in another. Transfers are free.

For paying a person or business you will either need the IBAN and SWIFT or the recipient will need to be a contact with a Revolut account.


If moving larger sums Revolut will, perfectly appropriately, do a money laundering check.
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Old 26-09-2018, 06:58   #29
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Re: Person to person money transfer platform

The key no one mentioned is the **free** transfer between accounts at different banks, assuming same country and currency.

That narrows the list quite a bit.
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Old 26-09-2018, 08:39   #30
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Re: Person to person money transfer platform

Quote:
Originally Posted by john61ct View Post
The key no one mentioned is the **free** transfer between accounts at different banks, assuming same country and currency.

That narrows the list quite a bit.
I have just reread the first post and realised the OP was talking about domestic transfers,i just assumed foreign as,like you say,transferring money between accounts within the same country and currency is fast,easy and free(at least in the countries iv'e lived in) as long as you have internet/phone banking and the other person details.

If you want to transfer overseas though then the banks get expensive very quickly,its still easy,it just costs you

As an example my NZ bank offers a couple of ways to transfer, i can state i want xxxNZD yo be transferred to X account overseas or i can state i want ,say, xxx USD to appear in X account and it will tell me how many NZD this will cost me at the banks exchange rate.A fee is charged for both options,a fee may be charged at the receiving bank the amount of which they cannot tell me,also,the exchange rate is generally pretty poor.

A good site to check out is transferwise,they offer pretty close to midmarket rate and you can do comparisons with what your bank is offering,the savings can be substantial.

There are plenty of other sites such as worldremit,forex etc that offer a similar service.
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