Best Ways to Send Money

By Erik Neilson , last updated May 26, 2011

When it comes to sending money, there really is no "best way." Businesses and individuals alike tend to be leery no matter what the situation, as sending money often means putting your faith in a third party, which is never easy to do when funds are at stake. Fortunately, modern technology has made sending money easier and less risky than ever before, and there are plenty of options to assist both professional and personal transactions.

PayPal

PayPal is one of the most popular cash transfer services in the world, and for good reason. Remarkably fast, incredibly safe and very reliable, businesses and individuals alike rely on PayPal on a daily basis for transactions of all kinds. Signing up for a PayPal account is quick, easy and free. In addition to transfer services, PayPal offers a variety of different features, including transaction monitoring, personal debit cards and more. Although some people worry about the site getting hacked, PayPal is one of the most secure methods of sending and receiving money in the world, and generally has a very strong reputation amongst those in the online community.

Click2Pay

While not nearly as popular as PayPal, Click2Pay is emerging as one of the newest and most secure transaction services on the Internet. The service works much in the same way as PayPal, and is very useful for online merchants. Click2Pay doesn’t cost anything to sign up for, and features an intuitive user interface.

Check via Mail

While it is never a good idea to send cash in the mail, sending a check or money order is generally considered to be safe. Since checks can be cancelled if they do not reach their destination, there is no need to worry about your mail getting lost as you might have to if you were sending cash. Thousands of businesses throughout the world rely on getting paid via checks through the mail, as it is extremely common practice. The downside to sending checks through the mail, however, is that it is far from being an instantaneous way of transferring money. For the most part, one should expect to wait approximately 5 days before a check reaches its destination (and possibly longer before the funds clear).

Bank Wire

For those who are afraid to send a check through the mail, setting up a bank wire is an excellent alternative. Bank wires are extremely safe and effective when it comes to transferring money, and are especially ideal for personal transactions. Like sending a check, however, setting up a bank wire is not an instant way to send money, and usually takes about 5 days to complete. Still, wiring money is safe and effective, so long as you don’t mind the extra waiting time.

Bank Draft

A bank draft is another popular way of sending and receiving money, and is utilized quite often in the modern world. When someone owes you a set amount of money each month, you can have it drafted directly from their bank on a given day. This being the case, bank drafts are not unlike cash, and are generally appreciated on both ends.

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