More than 5.9 million families in the US didn’t have a bank account till 2021, according to data collected by FDIC (Federal Deposit Insurance Corporation). While previously it was easy to transfer funds to a person’s bank account, today, money transactions know no boundaries. This blog explores how to send money to someone without a bank account. You can also use end-to-end encrypted Beem to send money online, even if you don’t have a bank account.
Methods for Send Money to Someone Without a Bank Account
Online money exchange providers, including Western Union and PayPal, offer ways to transact money seamlessly. However, whether these transfers can let you debit or transfer to a bank account depends on your region. You can also receive the money in cash or your online wallet. Let’s explore the popular methods to send money to someone without a bank account.
You can transfer money without a bank account by simply buying a money order at your local post office or grocery store. Pay for the money order in cash, with a credit card or pin-enabled Visa gift card. The person on the other end can receive the money by taking that money order to their source bank, post office or grocery store. However, you and your receiver may need to incur the charges for the money order.
Prepaid Debit Cards
It is considered to be one of the most accessible options. Instead of getting a debit card linked to a bank account, you can get a prepaid one. You can buy a prepaid debit card at retailers like Walmart, gas stations and convenience stores.
You can opt for Visa gift cards or retailer gift cards. These cards are open-loop gift cards based on network-branded cards, accepted in places they have their network in. You can get these at the local grocery store or online.
Online Payment Services
You may use credit or prepaid cards for apps like Venmo and Beem. Just enter your receiver’s name, email address or phone number, and viola, you can send the money by just entering the amount. The recipient will receive the money as a balance within seconds or minutes.
You can send money to your loved ones with the help of digital wallets. Using digital wallets, users can store their payment information and passwords and perform transactions, even using wireless technology. All you need is a linked mobile number to make a payment. Since they’re easy to use, they’re growing popular. You can use multiple digital wallets without having a bank account.
Factors to Consider When Choosing a Method
Here are some of the factors to consider when choosing a method to transfer money without a bank account:
- Take into account the amount of money you need to send. Depending on the amount, certain methods are more likely to be suited. Wire transfers can send a considerable amount of money compared to a wallet.
- The speed of transfer you need. Different methods take different amounts of time to process and reflect.
- The location you are sending the money to. Your source may be available at a different location than the receiver’s. Hence, check with the company if they serve at the receiver’s location.
These payment methods may be beneficial if you need help to use net banking or link your bank account. To choose a reliable service, it is vital to understand the risks involved with the methods described above. Use Beem to send money to your closed ones instantly without the need for a bank account.