The Best Ways To Send Money To Friends

The Best Ways To Send Money To Friends

The saying ‘hard cash is king’ has never been challenged more than in the 21st century.

Years ago, if you split a restaurant bill with a friend or family member, you’d simply hand over the cash. If you wanted to send $10 to a grandchild as a birthday or Christmas gift, you’d pop the bills or a postal order in a greetings card and trust the mail service to deliver it safely.

But times have changed. Globally, 69% of adults now have access to some form of financial account. This means digital payments are on the rise, especially in the 25+ age group, where 80% in the UK, 76% in Singapore and 80% in Canada have received a digital payment.

E-wallet companies like London-based fintech company STICPAY, mobile payment apps and third party online Money Transfer Operators (MTOs) offer convenient, high-speed ways for making international and domestic transfers.

Paying a friend — even if they are thousands of miles away in a different country — has never been easier or safer.

There are plenty of ways to send money to friends, all with their own pros and cons, but the main choices are:

• e-wallet: an electronic digital wallet, such as STICPAY, which allows users to deposit, manage, spend and transfer money, both domestically and internationally.
• Online banking app: Transferring money between two bank accounts using your online banking system. However, funds can take time to arrive,sometimes days with international transfers.
• Instant money transfer: Using an online MTO that offers instant money transfers. But beware of high fees.
• Currency Broker: Currency exchange companies and foreign exchange (Forex) brokers change your money into another currency and send it internationally although varying exchange rates and commissions can make these poor value.
• P2P apps and providers: Specific systems to transfer money between two people. But both users often require accounts with the same solution being used.
• Cryptocurrency transfer: Using ‘digital currency’ like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), or other cryptocurrencies to pay for products and services.
• Online cash transfer: Sending a payment online that is available as cash at the recipient’s end.
• Social media: Even social media companies offer some messenger-style apps linked to a credit card to enable money transfers to friends. But why provide your financial information to social media giants, especially when many have such a poor record when it comes to data protection and security?

With such a wide choice of options, there is lots to think about when selecting the best way to send money to a friend.

1. Do you only need to transfer money domestically between accounts in your own country, or will you need to make international transfers too?
2. Does the recipient need the funds quickly? Money transfer times vary significantly. In some cases, like when using an e-wallet like STICPAY, it is instant. But bank to bank transfers may take five days or more.
3. What is the most convenient way for your friend to receive their funds? They may require cash at their end. Or they may require payment in your local currency, the local currency where they are living or travelling, or in US dollars.
4. How much will the transfer cost you? Types and amounts of charges and costs vary depending on the provider or solution you choose to transfer money. There could be set up and/or administration fees, percentage rates on transactions (up to 5% or more), or major differences in foreign exchange rates and commissions. For example, here is a clear guide to how e-wallets like STICPAY charge fees.
5. If you are doing this for the first time, how quickly can you set up a money transfer account with a third party?Different levels and methods of security and identity checks are used which means it can take anything from minutes to a few days to open an account with a money transfer operator.

Five Key Questions To Consider Before Sending Money To Friends

1. Do you only need to transfer money domestically between accounts in your own country, or will you need to make international transfers too?
2. Does the recipient need the funds quickly? Money transfer times vary significantly. In some cases, like when using an e-wallet like STICPAY, it is instant. But bank to bank transfers may take five days or more.
3. What is the most convenient way for your friend to receive their funds? They may require cash at their end. Or they may require payment in your local currency, the local currency where they are living or travelling, or in US dollars.
4. How much will the transfer cost you? Types and amounts of charges and costs vary depending on the provider or solution you choose to transfer money. There could be set up and/or administration fees, percentage rates on transactions (up to 5% or more), or major differences in foreign exchange rates and commissions. For example, here is a clear guide to how e-wallets like STICPAY charge fees.
5. If you are doing this for the first time, how quickly can you set up a money transfer account with a third party? Different levels and methods of security and identity checks are used which means it can take anything from minutes to a few days to open an account with a money transfer operator.

Why A STICPAY E-wallet Leads The Way For Money Transfers

Using an e-wallet is a great option for making online money transfers. Offering low costs and fast speeds compared to banks, digital wallets also make it super-easy to deposit, withdraw and manage funds and transactions.

• The global e-wallet service is used in over 190 countries, with multi-currency accounts in 29 national currencies and three cryptocurrencies.
• 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).
• Not only is the digital wallet service fast and cost-effective, but account holders also benefit from numerous payment methods to deposit and withdraw funds, including Visa, Mastercard, UnionPay China, local and international bank wire, and cryptocurrency through Bitcoin (BTC), Litecoin (LTC) and Ethereum (ETH).
• Alongside international transactions, STICPAY offers cost-effective and fast local bank wire transfers including Indonesia, the Philippines, Malaysia, Singapore and China.
• With IOS and Android mobile apps and a web platform, STICPAY offers users flexibility and ease of access to funds and transfers.
• Financial and data security is paramount, with strict Know Your Customer (KYC) and Anti Money Laundering (AML) checks.
• STICPAY operates a 24-hour customer service.

Here are some of the main benefits of using STICPAY:

Are you ready to join the e-wallet revolution and make your money transfers hassle-free?

Then register an account at STICPAY now!

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