You can be on Entrepreneur’s cover!

5 Best Ways to Send Money Transfers Online These are the major 5 ways in which you can transfer the money to your friend and family

By Vinayak Ghone

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

graphicstock

Every now and then we find you in need of money. The best way to get a personal loan is by lending it from a known person to avoid interest rates. Your credit score will also be taken into consideration while applying for a personal loan. Similarly, when our family or friends are in need we do the same. With advanced technology, there are multiple options available in the market if you wish to transfer funds instantly. There are different ways you can do this depending on your requirement. Various factors such as the amount, the location and receiver's details will come into consideration.

Below are the 5 best ways to transfer money online:

1. Online Bank Transfer

One of the easiest ways to transfer money is via your local bank transfer. To do this you need to have a working internet connection and set up with your bank. You will require the bank details of the person you are going to transfer the money. The details include bank account number, IFSC code, brand name. Some of the banks take time to approve a beneficiary. If you transfer regularly, you can use this method.

2. Transfer via Personal Loan App

Online personal loan apps allow you to transfer funds to your family or friends in your contact list via the app. Once you request for the quick loan, you will then get an option to choose a transfer option, where you can select the "Transfer to a friend'. You can transfer to 5 contacts at a time and you can select the desired amount. Once you submit the request your transaction will be initiated. The entire transaction is done instantly if you are already registered with the app.

3. Transfer via Paypal

Paypal is an app that allows individuals to transfer the amount to another account. The transaction is free to the sender but a minimal fee is charged to the receiver.

4. Wire transfer

Wire transfer is an electronic transfer of money from one financial entity or another using a network. Wire transfer is one of the common ways to send money overseas. The process is fast and secure. You can send it via your bank. The exchange rate is established on the rate offered by the bank; funds will be accessible to your recipient in India in a few days.

5. Online wallets

Online wallets are another option where one can transfer the funds. You can do this if both the parties have an account with the online wallet. Most of the wallets don't charge any processing fees.

These are the major 5 ways in which you can transfer the money to your friend and family. If in case, you don't have access to funds and your friend is an emergency, getting a quick loan via the online app is a good idea. The approval process is much faster and you can directly transfer it to your friend.

Vinayak Ghone

Senior Account Executive, Investor Relations

Business News

I Designed My Dream Home For Free With an AI Architect — Here's How It Works

The AI architect, Vitruvius, created three designs in minutes, complete with floor plans and pictures of the inside and outside of the house.

Science & Technology

These Are the Top 6 AI Threats to Your Business Right Now

The modern workforce is forever changed by artificial intelligence. If you fail to understand that we will all need to learn AI to some degree, you haven't been paying attention.

Business Ideas

7 Link-Building Tactics You Need to Know to Skyrocket Your Website's Rankings

An essential component of SEO, link building is not just a 'Set them and forget them' proposition, but a dance of skills and strategies.

Business News

Here's One Thing Americans Would Take a Pay Cut For — Besides Remote Work

An Empower survey found a high percentage of respondents would take a pay cut for better retirement benefits and remote work options.

Business News

This Fan-Favorite Masters 2024 Item Is Still $1.50 as Tournament Menu Appears Unscathed by Inflation

The pimento cheese sandwich is a tradition almost as big as the tournament itself.

Leadership

Clinton Sparks Podcast: Beverly Hills 90210 and Entrepreneurship with Brian Austin Green

Brian Austin Green shares profound lessons he's learned growing up in the entertainment industry.