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Top Ways to Send Money in 2023

In the past, sending money to someone could be quite a hassle. It often involved writing checks, withdrawing cash from an ATM, wiring funds, or setting up manual bank transfers. However, the advent of peer-to-peer payment apps has revolutionized the way we transfer money, making it faster, more efficient, and less of a headache.

1. Zelle

Why It’s a Good Option

If you prefer not to download another app, Zelle might be the perfect solution for you. Many banks and credit unions offer Zelle through their existing banking apps, eliminating the need for a separate app.

Benefits of Using Zelle

• Integrated into many banking apps, no separate app required.
• No fees to send or receive funds, though check with your financial institution for any additional fees.
• Only need the recipient’s phone number or email address to send money.

Key Terms to Consider

• Recipients must have a U.S.-based bank account.
• Weekly sending and receiving limits apply if your bank doesn’t use Zelle.
• Recipients must enroll in Zelle to receive money.

2. Venmo

Why It’s a Good Option

Venmo, launched in 2009 and acquired by PayPal in 2013, has become a popular way to quickly and easily pay friends and family. It is now also accepted by many businesses.

Benefits of Using Venmo

• No fee for standard transfers to your bank account.
• Free to send money using your Venmo balance, bank account, or debit card.
• Option to split bills with friends and family.
• Venmo debit card offers cash back rewards.

Key Terms to Consider

• Transactions cannot be canceled once transferred to an active Venmo account.
• Social feed shows transactions unless set to private.
• Recipients must set up a Venmo account to receive funds.

3. PayPal

Why It’s a Good Option

PayPal, established in 1998, remains a leading digital wallet due to its strong track record and security features. It offers a variety of payment options and is widely accepted by online retailers.

Benefits of Using PayPal

• Free to send and receive money with a bank account.
• Secure payments with purchase protection.
• Option to make international payments.
• Pay Later feature allows for interest-free installment payments.

Key Terms to Consider

• Fees apply for payments made with a credit or debit card.
• Instant transfers to bank accounts or cards incur a fee.

4. Cash App

Why It’s a Good Option

Cash App is a standalone app that allows you to send money, stocks, or Bitcoin. It is unique in that it does not charge fees for sending or receiving money, even for international transactions.

Benefits of Using Cash App

• No fees for sending or receiving money.
• Can be used to pay at businesses with Square terminals.
• No bank account required to use Cash App.

Key Terms to Consider

• Payments are instant and usually cannot be canceled.
• Standard deposits to bank accounts are free; instant withdrawals incur a fee.
• Recipients must create a Cash App account to receive funds.

The Bottom Line

These are just a few of the top ways to send money in 2023. Each option has its own benefits and key terms to consider. Regardless of the method you choose, always be cautious of fraud and scams. For any mortgage service needs, contact O1ne Mortgage at 213-732-3074. We are here to assist you with all your mortgage needs.

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