How to Send Money to Friends and Family

Whatever the reason, it's good to know all your options for sending money to friends and family. Whether you're sending money to your child in college, paying a tutor, splitting dinner, or just about anything else, there are several ways to send money digitally.

How to Send Money to Someone: Zelle^®, PayPal, Venmo, or Other Money Transfer App

If you have your friend's mobile phone number or email address, you can send them money through money transfer apps like Venmo or PayPal. Both of you must have an account, but whatever app you use can make sending money quick and easy. If your bank provides use of Zelle^® but your friend's bank doesn't, you can still send them money if they download the Zelle^® app and sign up that way. Money transfer apps are generally free, but they may charge fees depending on how you use them, such as transferring money in the app to your bank account the same day rather than taking up to three business days. If you want to send money internationally, PayPal allows international transfers; other money transfer apps may as well, but you'll need to check the terms and conditions to be sure.

To help you choose the right app, consider other factors like sending limits, delivery time, the amount of time it takes to cash out (thankfully, Zelle^® goes directly into your bank account), and where the person you're sending money to is located. If you're sending money internationally, another method might be a better option that costs less as there are often fees involved in international transfers.

How to Transfer Money to Someone

• Bank-to-Bank Transfer
  Depending on your bank, transfers may be sent via check through the mail or by ACH transaction, which is much faster. To do this, you'll need your friend or family member's full name, account number, routing number, and sometimes account type (checking or savings).
• Have Your Bank Send a Check with Bill Pay
  This transaction is similar to a bank transfer. Whether your bank calls it Bill Pay or something else, this one-stop service (usually within online banking or your banking app) comes free with your accounts. It allows you to set up payments for all your bills, including sending money to companies and individuals. Once you enter the information, your bank will send a check through the mail, so although there are other options, it's convenient and keeps a record of your payments. You will need the full name, account number, and routing number of the person's bank that you're sending money to.
• Use a Personal Check, Cashier's Check, or Money Order
  Sometimes, doing things the old-fashioned way is just easier! If you have checks, you can write a check and give it to your friend or family member so they can use mobile photo deposit or an ATM to put the funds in their account. They can also go to your bank to cash the check if they'd like, but there is usually a fee to cash checks at a bank if they don't have an account there. You can also buy a money order (available at many convenience stores, the post office, and many other places) or get a cashier's check from your bank. If you're curious about the difference between a cashier's check and a money order, check out our blog article Money Order vs Cashier's Check.
• Send a Wire Transfer
  This option takes more time but can be an excellent choice for sending large amounts of money outside the limits of the other options listed here or if your friend or family member lives out of state. You'll need the recipient's name, address, bank account, and routing numbers. Keep in mind that it does cost money to send and receive a wire transfer at most banks. Rates may increase if you're sending to someone outside the U.S. This option also takes less than one business day, although you'll need to check with your bank to find out the cut-off time to send a wire.

WaFd Bank is Here to Help

Our friendly and knowledgeable bankers are here to assist you! No question is too small, and with a checking account from WaFd Bank, you also have access to tools and services to help you manage your finances and get the most from your money. Visit us at your neighborhood branch, give us a call at 800-324-9375, or check out what WaFd online banking and the WaFd app has to offer.