5 Low Cost Ways to Send Money

In the modern day of technology sending anything via snail mail seems to be going the way of the dodo. So it’s only natural that sending money using methods like cash, bank draft and cheque are following suite. This does not mean that these methods are not still viable options. If cost if your primary concern here are 5 ways that you can look into for sending your next money transfer.

wire-transferYour Bank

Banks are the safest and most reliable way to send money, if you are simply transferring money from one account to another within the same financial institution your bank will do this for you for free.

Wire transfer is another service that banks offer when sending money to other financial institutions, across provinces, states or countries. Wires are one of the best options if you are sending a global money transfer. Sending money overseas requires the following information: the name and address of the account holder, information about the financial institution, and the SWIFT or IBAN of the recipient bank. International wire transfer rates will vary depending on your bank, but generally cost in the $30-$50 range.

E-Transfer

Some financial institutions may also allow you to send money via an e-transfer. This is similar to the way that you would pay a bill online. You will still require a SWIFT or IABN for international transfers, in addition to the account holder’s name as it appears on their account. E-transfer is a great option when you are sending money to someone on a regular basis, you can even set up transfers to automatically send on a schedule. Rates for e-transfer will vary depending on your bank, but typically cost less than transfers done through a teller.

PayPal

PayPal allows users to send money from one PayPal account to another. PayPal accounts are typically attached to the bank account or credit card of the account holder.  It is free to send money via PayPal, but there is a charge to the recipient of 2.9% plus $0.30 per transaction. Fees decrease slightly for transfers over $3,000, while international transfer fees tend to be about 1% higher. If you are sending money in international funds be sure to keep an eye on the exchange rate as this may end up costing you some money in the end. If cost savings is important to you it’s essential to compare this potential loss with the cost of a wire transfer from your own bank, you would be surprised at times to find out that due to currency conversions, PayPal may be the more expensive option.

Personal Cheques

This may be seen as the old fashioned way, but if you are looking for the cheapest option possible (other than cash) cheques are your best option. Cheques can be handed to the recipient or mailed with little to no cost to either party.

Sending a cheque internationally or overseas that is not already in the country’s currency will often result in delayed processing so the bank can verify the cheque. The recipient may also have to pay a fee and cover the exchange of funds to their currency.

Bank Draft/Money Order

These are also excellent choices for sending money, especially internationally. Bank drafts can be written in the currency of the location that you are sending the money to. The cost of a bank draft or money order is typically between $3 and $10. Like cheques these forms of payment are safe to mail to your recipient and can be cancelled and returned to you if they are lost or stolen.

There are many different ways to send money both locally and globally, it’s important to know what your options are and what method works best for you and your situation. The cheapest option may not always be the best option.

How to Save Money Every Month Using UnionBank Online Banking Services

THERE are many tips on how to save money every month. One of this is using UnionBank online banking. You may ask, “Can I really save money from online banking?” Yes, you can! I’ll explained to you how I save money using online banking services.

Photo credit: unionbankph.com

UnionBank Online Banking
I’m using UnionBank online banking through my EON Visa Debit Card Cyber Account. The EON Visa Debit Card is UnionBank’s internet-based deposit account with no minimum balance to maintain. It allows me to do absolutely all my banking transactions in a click of a mouse. I can even make electronic fund transfers to any bank in the country — anytime, anywhere!

The EON Visa Debit Card is able to provide me with cutting edge features never before possible in the history of Philippine banking. It has no branches, no passbooks or checkbooks, no transaction slips, no time wasted, but I can do my banking transaction in 60 seconds at home, or anyplace where I have internet access. This is the fastest, the most convenient way to bank!

How I Save Money from EON Cyber Account Online Banking
I save money by paying my bills online. UnionBank EON Visa Debit Card makes paying my bills easy and convenient by choosing one-time or scheduled payments to more than 50 billers onboard from, utilities, credit cards, insurance, telephone services and others. Currently, I’m paying my billings on UnionBank Visa Credit Card, Smart Bro for my broadband internet connection and Meralco for my electricity use. I just log in to my EON Cyber Account, enter my billing details – the corresponding reference number and the amount to be paid.

EON Visa Debit Card is my savings account where I deposited some of my online business earnings. I usually withdraw money from this savings account to pay my bills. And by using UnionBank free online banking services, I save P40.00 withdrawal fees every time I withdraw money from my EON Visa Debit Card account at the nearest ATM machine from our home in Muzon, San Jose del Monte City, Bulacan. P12.00 from UnionBank and P28.00 from Country Rural Bank of Taguig.

I save money from travelling and other increment expenses if I choose to pay my billings offline. Usually, I spent P200.00 – P300.00 in paying my UnionBank Visa Credit Card at SM Fairview or to the nearest UnionBank branches. I also save on gasoline from using my Honda Wave 100 in paying for Smart Bro and Meralco at the Bayad Center branch inside Muzon Market.

Moreover, I also save time. I used this precious time to work on my profitable online business ventures. I’m doing research and writing articles for my blogs, engaging in social media, marketing affiliate products and services, learning Search Engine Optimization (SEO) and other things that will strategically build my retirement investments online. And this is the best MONEY SAVINGS I got.

Using online banking services may not be the best way to save money but it really adds to my other money-saving strategies. And, if you are trying to save some money, getting discounts through Answers.com coupons can help cut your monthly costs significantly.

What are your ways to save money? What are you doing to become a money-saving expert? Feel free to comment on this post and share your ideas and knowledge. Thank you.

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