How to transfer money to your friends and family?

November 1, 2020

Given the pandemic, you would still need to transfer the money to your family and friends. On the other hand, being away from life-threatening virus-like COVID-19 is equally challenging. However, thanks to advancements in technology, the fund transfer has been more simpler and efficient than ever. In particular, some apps and websites allow both you and the recipient to send/receive money without meeting face-to-face.

Transfer money to friends and family
How to transfer money to your friends and family?

Although the pandemic has badly hit us, we cannot run away from paying the child's school fee or paying reoccurrence bills. Similarly, transferring money might be necessary when you have to split the cost of dinner with a friend. Whatever the situation, at one time or another, most people need to send money to a family member, friend, or someone else.

Avoiding physical contact, there are a variety of ways to transfer money online, each with its advantages and disadvantages. The article below discusses the different ways to send money online with your friends and family within the United States.

Transfer Money using the contact information

If you have the receiver's email or U.S. mobile number, you might be able to use an online service or app to transfer money securely. For example, Zelle®, a simple, convenient, and easy way to send money to friends, family, and others you trust. To be specific, it is the feature provided by most major U.S. banks, included in their mobile banking app.

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Furthermore, there is also a stand-alone Zelle app where you can use your debit card, given that the bank is not participating in the transaction. Although the transaction completes within the minute, you should only use this app only with the loved ones, not with people you don't know well.

Account Transfer

When you have the account number of the recipient and the number of the transit route, you can move money to their account using online banking or an app. You might do this for someone you frequently send money such as your family members. This is also a perfect way to transfer money to your accounts. Talking about the transfer fees, it depends on the bank but must provide these facilities free of charge.

What is the transit route number?

A transit routing number is also known as a check routing number is a nine-digit code that identifies the bank, its branch and location. You can find the routing number of your bank using the routing numbers FAQ page.

Money transfer company

With more people traveling and living across international borders, several foreign money transfer firms have arisen to facilitate the flow of funds quickly. People prefer using this method for fund transfer because of their lower rates, fast transfer speeds, and several other advantages.

Although there is a lot of money transfer company, the most widely used in the united states is the Western Union. Additionally, the main reason for people to prefer WU is it has a sizable range of transfer options. You'll see nearly a dozen variations of shipping networks, payment methods, and distribution options online on the provider's price estimator app.

Paying back your friends and family using Luna App

There might be a situation where a large group of people (friends and family) goes out for the meal. In the process, it's difficult for everyone to use their individual credit/debit card to pay their share. So to make it easy, one person picks up the tab, and everyone promises to pay them back. However, in most cases, only a few people show up with the money while others ignore, thinking those small payments between friends and family doesn't matter.

transfer money
Effective reimbursement is possible with the help of Luna app

So to solve this problem, technology has made it incredibly easy to transfer cash that you owe to your friends or family. Although there are a lot of apps that make transferring money easy, the new personal finance app ( Luna) to split bills and track expenses does this task more smartly and accurately. Although there is a lot of money transferring apps, you can check out our blog to know how we stand out from others.

The salient features of the app

  1. Split Bills and shared expenses
  2. Tracking expenses
  3. Keeping a budget op-to date
  4. Effective reimbursement of money
  5. Tracking real-time transaction

Click here to find out the details about the app.

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