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20-09-2018, 08:38
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#1
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Registered User
Join Date: Jul 2018
Location: Landlocked PA
Boat: Pearson Coaster 30
Posts: 27
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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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20-09-2018, 09:01
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#2
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Registered User
Join Date: May 2016
Location: Annapolis, MD
Boat: Catalina 30' (1984)
Posts: 51
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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'.
__________________
__________
Prost!
s/v Cloud Chaser
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20-09-2018, 09:02
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#3
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Senior Cruiser

Join Date: Oct 2007
Location: 29° 49.16’ N 82° 25.82’ W
Boat: Pearson 422
Posts: 15,356
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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.
__________________
The water is always bluer on the other side of the ocean.
Sometimes it's necessary to state the obvious for the benefit of the oblivious.
Rust is the poor man's Loctite.
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20-09-2018, 09:37
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#4
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Registered User
Join Date: Sep 2008
Location: southern denmark
Boat: naver 29
Posts: 191
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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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20-09-2018, 14:29
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#5
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Senior Cruiser

Join Date: Nov 2013
Location: Port Moresby,Papua New Guinea
Boat: FP Belize Maestro 43 and OPBs
Posts: 11,290
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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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21-09-2018, 07:38
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#6
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Registered User
Join Date: Jul 2018
Posts: 183
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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.
__________________
Gary
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21-09-2018, 07:59
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#7
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Registered User
Join Date: May 2008
Posts: 2,971
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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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21-09-2018, 08:20
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#8
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Registered User
Join Date: Sep 2011
Location: Good question
Boat: Rafiki 37
Posts: 10,436
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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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21-09-2018, 08:29
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#9
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Registered User
Join Date: Aug 2006
Location: Skagit City, WA
Posts: 23,606
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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.
__________________
"I spent most of my money on Booze, Broads and Boats. The rest I wasted" - Elmore Leonard
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21-09-2018, 09:15
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#10
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Registered User
Join Date: Aug 2015
Location: Columbia, SC
Boat: Sea Ray 270
Posts: 100
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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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21-09-2018, 09:22
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#11
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Registered User
Join Date: May 2014
Location: Whitby, Canada
Boat: Morgan Out Island 41
Posts: 1,373
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Re: Person to person money transfer platform
Quote:
Originally Posted by edge0302
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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Just do an Interac e-transfer. Its straight bank-to-bank. Easy. I do it all the time.
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21-09-2018, 09:22
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#12
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Registered User
Join Date: Mar 2016
Boat: McCurdy & Rhodes Custom 46
Posts: 1,037
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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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21-09-2018, 09:23
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#13
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Registered User
Join Date: May 2014
Location: Whitby, Canada
Boat: Morgan Out Island 41
Posts: 1,373
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Re: Person to person money transfer platform
Quote:
Originally Posted by Mike OReilly
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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With the right account Etransfers are free!
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21-09-2018, 09:24
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#14
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Registered User
Join Date: Oct 2014
Location: Marmaris Turkey
Boat: Jeanneau Sun Odyssey DS43
Posts: 128
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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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21-09-2018, 09:48
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#15
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Registered User
Join Date: Aug 2006
Location: Skagit City, WA
Posts: 23,606
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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.
__________________
"I spent most of my money on Booze, Broads and Boats. The rest I wasted" - Elmore Leonard
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