Your kids are far away from college, and you are concerned if they have enough money in their bank account. You want to make sure they concentrate on building their careers without worrying about finances. In this case, you are probably wondering how to transfer large amounts of money.
There are different ways to do this, but which one is the safest? Continue reading to learn more about sending large sums of money to your loved ones.
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How to Transfer Large Amounts of Money
Each year, millions of American families transfer billions of dollars overseas. With so many choices available, you must consider the timeliness, assistance, and prices associated with a large money transfer.
The following are the most effective and secure methods:
How to Transfer Large Amounts of Money Between Banks
Certain banks allow individuals to transfer funds straight from one bank account to another. You can complete these transactions through:
- Online
- Phone
- In-person at the bank
Keep in mind that large bank transfers may incur charges, depending on the institution. For this method, you will need the bank account number and routing information.
Electronic Fund Transfers
A wire transfer can move huge amounts of money from one bank account to another. The bank official initiates these transfers at the receiving bank that completes the appropriate paperwork. Usually, people complete wire transfers in person.
There is a charge associated with this kind of service. However, wire transfers protect both banks, making the fee worthwhile. For residents of the United States, they should complete wire transfers by 5 p.m. EST to ensure same-day delivery.
Automated Clearing House
Automated Clearing House (ACH) transactions are electronic, but they use a computer-based clearinghouse to execute the transactions. For example, the Federal Reserve Bank is the biggest ACH operator in the United States. They processed 63% of all commercial ACH transactions in 2019.
There are no costs associated with these kinds of transactions, but both banks must be connected. Both parties must adhere to bank-specific guidelines to do this.
Cash to Cash Transfer
How to transfer large amounts of money overseas? They may utilize domestic walk-in money transfer facilities to transmit it to an international money transfer center.
Several fintech firms have offered international money transfers in the past few years. The money transfer facility places physical cash. Domestic currency is converted to the country’s currency to be picked up by the money transfer facility.
Debit Cards With a Prepaid Balance
Certain services allow for the transfer of money via a prepaid debit card. If this method is selected to transfer a significant amount of money, the sender may load cash funds onto a prepaid debit card, from which the recipient can withdraw the funds. In certain instances, the prepaid card may be used in the same way as a standard debit card.
Online Money Transfer
We are constantly surfing the web, so why not consider online money transfers. It’s fast, convenient, and safe. Check out this article about Remitly.
Remitly accepts bank transfers, as well as debit/credit cards. Depending on their location, the receiver of a Remitly transfer may get their funds through one of the following sources:
- Transfers between banks converted to their chosen currency
- Pickup at one of Remitly’s 140,000 network locations
- In their mobile wallet, which is accessible through any smart devices
- At the address of their choosing, hand-delivered
With so many options, the sky is the limit when it comes to online money transfers.
The Verdict on Sending Money
Still, wondering about how to transfer large amounts of money? There’s no right or wrong answer; it depends on what you are comfortable with. One method works for one person but may not work for another.
You always want to consider the costs, expenses, and durations. Based on these criteria, it can help you choose the best method.
