Transferring money from one bank account to another is simply because there are many ways to send it. But to transfer money to someone without a bank account is a hassle. If you want to know if we can send money to a non-bank account holder, the answer is ‘Yes.’ You can send money to a non-bank account holder by following the below steps given in the article.
About money transfer to someone without a bank account:
According to an FDIC’s recent survey, they stated that more than 9 Million citizens of America don’t hold a bank account. It is always easy to send money from one bank to another bank account. Everybody always considers sending money directly to their bank account, but sometime the receiver might need a bank account. Then, in this case, you can transfer money to someone without a bank account in many ways.
There are various ways to send money directly to the bank, and sending cash without a bank account also has some processes. Most people use easy transfer methods because transferring to a bank account is challenging. You can read this article to learn the ways to send money.
Ways to transfer money to someone without a bank account:
The following are common ways people move money to someone without a bank account. They are,
A money order is a common way many people transfer money to a non-bank account holder. A money order is similar to sending checks. To send a money order, buy one from Walmart, CVS, or any nearest post office. You can write the amount with your signature and the receiver’s address. Single money order costs between $1 to $2. This process is the easiest and cheapest way. You will receive a receipt after receiving the money too. You can cancel the money order if the receiver doesn’t receive the mail.
You can find Walmart almost in every city in America. If you want to send money, but the receiver doesn’t have a bank account, you can send it to a particular Walmart. You can give the details about the receiver and send it to them. You can transfer less than $50 up to a $4.50 fee, between $51 and $900; the price is up to $9.50, and the $18 fee for up to $2500.
Paypal is one of the most used online payment apps in more than 190 countries. You can transfer money only with your Email and phone number. You can move and use the services for free with a bank account linked to the app. But if a bank account is disconnected, the fee is 2.9% per transaction. For international transactions, the costs are between 0.5% to 2% of the Paypal balance and 3.4% and 3.9% for credit cards or non-linked debit cards.
If you want to transfer the amount to someone who doesn’t have a bank account, you can log in to your account and request mail. It costs $1.50 for every withdrawal.
You can send money to someone who doesn’t have a bank account holder using Western Union. Follow the below ways.
- Online Services: You can send money from one bank account to the nearest Union bank of the receiver and ask them to collect money from the bank.
- By phone: For this, call the bank and ask them to give money to the receiver. You need to have a credit card or debit card for this process.
- In-person transfer: Visit the nearest Western Union bank and ask them to transfer to the person—the domestic transfer charges up to $1 to $2.
Venmo is a financial service that many people use to transfer money. You can transfer money if you have your Email and mobile number. Sign up in the app and link your bank account or credit card. Then move the money to another account. There is no need to pay any price if a bank account is connected, and $3 fee for a credit card or another bank account.
Mobile wallets don’t need any bank account for transactions; these are also known as e-wallets. Most mobile wallets don’t charge any fee for transferring money. Some of the e-wallets are,
- Google Wallet
- Samsung pay
- Apple pay.
You can sign up for an account in the e-wallet app and use the app for transactions. But the sender and receiver must use the same app for transactions.
Prepaid debit cards:
You can use this most accessible way to transfer money to someone who doesn’t have a bank account. Get a prepaid debit card at a Walmart or any convenience store. You can send money you want to transfer as many cards allow for transactions.
Tips for selecting the transfer process:
Before choosing the procedure to transfer money to someone without a bank account. They are,
- Time for delivery: Consider the process that moves money fast. There are many processes, but some will take longer, like money orders,s, etc. Select some techniques that will send money in a short time.
- Security: It is essential to check security before transferring money to someone. All the transaction details must be encrypted.
- Receiver’s location: The receiver must be in a place that is easy to transfer money. If the areas are too far, they might charge high prices as a fee.
- Convenience: You must consider a simple and convenient process for the senders. Online procedures are more straightforward than money orders or on-site transfers.
- Cost for money transfer: The price differs from one method to another. So choose whose cost is low for transferring.
There are many financial services that a bank provides for their customers. Even though you can transfer money to someone with a bank account in many ways. But sending money to someone without a bank account is challenging. There are ways to send money, like e-wallets, prepaid debit cards, online services, money orders, etc. The straightforward way to transfer money using these ways is explained in the above article.
Frequently Asked Questions (FAQs):
Yes, an e-wallet is one of the easiest ways to transfer money because it is the most used way by customers.
Using several ways, anyone can receive money from anyone without a bank account.
Cardholders can send money to anyone using a credit card, even without a bank account. There are some charges for every transaction.
Purchase a money order receipt from a Walmart or any convenience store that costs between $1 to $2. Plant money with your signature and the receiver’s address and send it.