How to Send Money to Someone Without a Bank Account

How to Send Money to Someone Without a Bank Account

Finding yourself in a situation where you can’t use a bank account transfer to send money to someone, is more common than you might think.

Here are some scenarios you could encounter:

• You, or the recipient, have moved to another country and haven’t opened a new bank account there yet.
• The person you’re sending money to is working abroad, on holiday or back-packing, without direct access to their bank account.
• You want to avoid expensive international bank transfer fees or transaction time delays (which can be days).
• The person you’re sending money to simply doesn’t have a bank account. Research shows that around 1.7bn people around the globe are actually classed as ‘unbanked’ — without an account with a financial institution or mobile money provider. And even in a developed nation like the UK, approximately 1.3 million adults do not have a bank account.

Ways to transfer money to someone without a bank account

There are many old and new ways to send someone money — from simply posting cash or a traveller’s cheque in the mail, to using the latest high-tech options like e-wallets.

Here are some of the most common ways to transfer money to someone without a bank account.

E-wallet: Globally, ownership of an e-wallet (also called a digital wallet) is growing every year. E-wallets like STICPAY allow users to add funds to their digital wallets using credit and debit cards, bank transfers or cryptocurrency and then use the e-wallet service to send funds to others. They generally combine high security with convenience and cost-effective fees.

Pre-paid debit card: You can send someone a pre-paid debit card, loaded with funds. However, there are time delays to consider when it’s being mailed, especially internationally and if money is required urgently.

International Money Transfer: Somethird-partymoney transfer operators (MTOs) allow you to send money electronically for the recipient to collect in cash at a local office or high street agent location. Once the money is transferred, the recipient can walk into any of the wire transfer company’s locations and collect the cash. But beware of weak exchange rates for international payments and high fees.

Phone to phone: You can send money to a recipient’s IOS or Android phone if they have a mobile wallet linked to it. And money transfers through messaging apps are available via some social media networks.

P2P apps and providers: There are simple person-to-person ways to transfer money directly between two parties using a third party app or program. Sometimes known as P2P or peer-to-peer payment providers, usually you and the recipient require accounts with the same third party solution being used.

Money order: In some countries, you can send a money order. Like a cheque, a money order is a paper form of payment. However, they differ from personal cheques because their payment is guaranteed and the recipient will always be able to cash them — provided their name matches that on the order. There are often maximum amount limits.

Key factors to always consider when transferring money to someone who does not have a bank account are: security, speed, convenience, costs.

The overall global growth of e-wallets and the digital payments sector — to a transaction value of US$5,204 billion in 2020 — means it has never been easier to pay someone without the use of a traditional bank account.

Why STICPAY is a great option for all your money transfers

STICPAY is a great way to make money transfers and combines low costs and fast speeds with convenient ways to deposit and withdraw funds.

Opening an account is simple and quick. After passing the identity and security checks, you deposit funds into your STICPAY wallet through a variety of ways then manage them — using the wallet to transfer money to others or make payments.

Let’s say you live in England and want to send money to someone in Indonesia. Using an international transfer bank transfer would incur high transactional fees and take up to five days to clear.

But if both parties had STICPAY accounts, the entire transaction would take just a few minutes.

You would:

- Put funds in your STICPAY wallet.
- Transfer funds to the STICPAY wallet of the other person.

The person in Indonesia could then:

- Withdraw funds to their local bank in Indonesia from their STICPAY account (this is not an international transfer: it’s a local transfer linked to STICPAY partner banks).
- Buy products and services from STICPAY-enabled online merchants.
- Transfer money to other STICPAY user accounts instantly.

Here are some of the main benefits of using STICPAY

• STICPAY is a global e-wallet service, being used in over 190 countries with 29 national currencies and three cryptocurrencies offered, with 19 language options.
• International money transfers can be made within minutes if both parties have a STICPAY account, with minimal fees (1% client-to-client domestic and international transfers, capped at $35).
• Users have numerous payment options to deposit and withdraw funds from their STICPAY accounts, including Visa, Mastercard, UnionPay China, local and international bank wire and cryptocurrency such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC).
• Alongside international transactions, STICPAY offers cost-effective and fast local bank wire transfers in Indonesia, the Philippines, Malaysia, Singapore, China and South Korea.
• IOS and Android mobile apps and a web platform give customers flexibility and easy access to funds and transfers.
• STICPAY provides 24-hour customer service.

Are you ready to transfer money with STICPAY?

Create an account now!

Have questions? Contact STICPAY’s rockstar customer support team to get your queries answered 24 hours a day!

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Originally published at https://www.sticpay.com on May 4, 2021.