Skip to content

How to transfer money to another person’s bank account free

January 22, 2011

Many US banks charge for sending money to an account that you do not own if that account is at another bank.

There are though some online options for doing such a transfer for free:

1. PayPal

PayPal allows you to transfer money to friends for free.  The following image shows the where exactly in the interface you can do it.

Pros

+ You do not need a lot of information from the friend, just an email address.

Cons

- The friend needs a PayPal account

- It takes a while for the friend to actually get the money after he accepts the transfer.

- If there are problems with the transfer, it might be difficult to get the money back.

PayPal allows sending money to friends for free

2. ING Direct checking account

ING allows doing the same thing, very easily. Go here for a tutorial.

Pros

+ Fast, free

+ You can get 75 account opening bonus for opening such an account (no hidden fees) . Read more here.

Cons

- You need the account information from the friend (bank account number, routing number)

I prefer the ING option, but you might like the PayPal one more.

About these ads
No comments yet

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Follow

Get every new post delivered to your Inbox.

%d bloggers like this: