Our technologically-advanced modern world has made us accustomed to instantaneous services. You can order pizza from any one of several mobile apps and have it delivered to your doorstep in minutes. Order electronics from overseas and your credit card is charged instantly. You can even call a taxi, book a flight, invest in the stock market, or hire someone to walk your dog, and instantly pay within a few clicks.
While we’ve been making instant payments to purchase items and services, sending money instantly is a whole different beast to tackle. Traditional money transfer methods typically take around 24 hours for the transaction to go through. But if you’re looking to send money overseas, transfers can take as much as five days to be received.
With the advent of online financial institutions, instant money transfers are becoming increasingly popular. As the world has become a global village, people often have a pressing need to make payments or send money to friends and family. Whatever the case might be, you’ll need a fast, reliable, and convenient way of sending money.
Pretty much every mainstream method is reasonably safe and reliable. As such, many Americans are more concerned with which their money will reach the intended recipient. Put simply, many people are left wondering how to send money instantly. A lot of online financial services allow U.S residents to send money instantly. As you’ll find, however, instantly doesn’t mean right the next second, when using most services.
Why Can’t I Send Money Instantly?
We’re well into the 21st Century and it’s been more than five decades since we sent men to the moon. Technology is advancing by leaps and bounds — and yet we still can’t send money at lighting speed.
As you’ll find, money — specifically transferring money — has a different set of strict rules and regulations governing just how innovative we can be. Traditional banking systems first have to verify that a sender has enough money before they can release funds to the next cog in the wheel. This is known as the “good funds” model and it protects banks from having to reverse transfers due to insufficient funds. Such checks and balances are also necessary to thwart fraud and money laundering. Unfortunately, it’s the banks’ customers who get the short end of the stick.
Individuals and small business owners don’t have the luxury of waiting a few days to send or receive money. Having enough cash on hand allows us to cover our immediate needs and capitalise on business opportunities as they arise. Fortunately, there are several ways to send money instantly.
Quickest Ways to Send Money
Sending money to friends, family or business suppliers used to be limited to cash, check, or wire transfers. But with the rise of digital apps and online financial services, we have more choice when it comes to quick ways to send money. And with the introduction of better options, it becomes a bit challenging to sift between exceptional and subpar services. Here are some ways you can send money instantly.
eWallets
Most eWallets allow you to send money instantly. All you need is to enter the recipient’s email address or phone number and the amount of money you’d like to send. This type of service is, however, mostly limited to making payments for online products and services. If your recipient needs cash, they may have to wait a few days while the eWallet operator processes a withdrawal request to their bank account.
Another downside of sending money via eWallets is that they attract high service fees. If you’d like to pay your babysitter or surprise your nephew with some money to buy those new kicks he’s always talking about, eWallets are likely to eat into your transfer with their fees.
Remittance Services
As the world becomes more globalized, a lot of people are working thousands of miles from their home countries. The banking systems in many developing countries aren’t robust enough to allow instant money transfers. Some of these countries are rated as slow-to-pay, which means even wire transfers that typically take up to five days may take weeks to clear.
Remittance services are the most popular way to send money instantly to such countries. The best part is that you can initiate the transaction online or using a mobile application. Unlike eWallets, most remittance services have reasonable currency exchange rates and processing fees.
Fintech Services
While the rest of the world has been advancing technologically, the financial industry hasn’t been resting on its laurels. Several online financial service providers are working to obliterate traditional banking norms. As such, you may not need to go through as many hoops and provide as much information as needed when you send money via your local bank.
The processing fees are much lower and the currency conversion rates much better, so your recipients get a lot more of the money you’ve sent. Apps like Cashero do all this and more. Cashero allows you to earn money, transfer between friends, send payments around the world, hold multiple currencies and more. Talk about innovation.
Tips for Sending Money
While your main objective may be to transfer money instantly, safety and security are also significant concerns when dealing with cash. First off, you need to ensure that you enter the correct details so that the cash goes through to its intended recipient. If you’re using an online service or mobile app, use strong passwords to avoid getting hacked.
Conclusion
The speed with which you can send money depends on various factors. Traditional banking methods rarely allow instant transfers, but Fintech companies, like Cashero, are changing the landscape. Different options allow you to send money instantly, depending on how much money you want to send, where you need to send it and who you’re sending it to. Just make sure to maintain good online safety precautions and your transfer should reach the intended recipient right away.
Content Disclaimer:
As of the date of publication, the information contained on this page is deemed to be factually accurate for all terms of conditions, features, and fees. Changes made to Cashero’s terms of conditions, features, or fees after the publication of this content may not be accounted for.
App Disclaimer:
The Cashero App is now available for download in both the Apple App Store and Google Play Store, though not all features are currently functional. Cashero has not yet officially launched.
