Online Money Transfers: Your Complete Guide to Sending Money Online

Quickly complete a money exchange online.

Statista’s Personal Finance Segment Report reveals that peer-to-peer money transfers are expected to grow by 16.5 percent each year and reach a transaction value of $178,473 million by 2022. The number of individuals utilizing this service is also expected to climb to 190.1 million by 2022. Considering the modern convenience of making an online money transfer, these numbers might not be a surprise.

Whether you want to pay a friend back for your share of dinner, remit payment to your landlord for the rent or give a financial gift to a niece living in another state, you’ll need to know exactly how to wire money.

Top Online Money Transfer Apps and Services

Before you can wire money, you’ll need to choose which money transfer service you’d like to use. Each offers something different in the way of exchange rates, fees and speed of the transaction.

Western Union

When you use Western Union to send money online, you’ll be joining the company’s 70 million customers. Fees range from $5 to $10, not including exchange rates for an international money transfer. You’ll need to use Western Union’s online calculator to figure the exchange rates, as the company works with 200 countries that utilize 130 different currencies.

More From Your Money

Western Union delivers cash transfers made in person or over the phone within minutes. However, when you send money online with a credit card, you’ll have to wait one to three days for delivery. Money sent through your bank account can take up to five days.

Related: 7 Best Check-Cashing Apps


Xoom is a PayPal service with top-tier security measures that protect your money transfers. The company can also complete the majority of transactions in a matter of minutes. Customers have the option to send or receive money from one of 67 countries in 36 currencies. There is a minimum transfer fee of $10 and a maximum transfer amount of $10,000. Exchange rates depend on the country but are considered to be average.


WorldRemit allows individuals to send money to more than 125 countries, and they offer zero fees for your first transfer. After your first transaction, you’ll pay between $1 and $2,000 per transfer with payments quickly reaching the recipient within an hour. Exchange rates vary by country, but WorldRemit always displays their fees and exchange rates upfront, so you’ll never have to guess what your total cost will be.

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Walmart MoneyCenter

Walmart customers can send money online through the Walmart MoneyCenter. In fact, their MoneyGram service allows for domestic and international transfers to more than 200 countries, including India, Mexico and the Philippines.

Funds can arrive within minutes, or they can take up to three days depending on the method used to send the cash. For most transfers the fee is under $20, however, it can be as high as $100. Walmart MoneyCenter has a free estimator tool that will not only tell you the exact fee you can expect to pay, but also the exchange rates.

World First

World First charges transfer fees of just $10 for any amount under $10,000 and zero fees for any transfers over that. Users can access the company’s live foreign exchange tool to quickly locate the exchange rate for the transaction they wish to make. Most transfers can be done in as little as 24 hours, but others can take up to four days.

Compare: Venmo App vs. Square Cash — Which Is Better?

How to Send Money Online

Use one of the following methods via one of the top money transfer services mentioned above to send money online to friends instantly:

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Money in Minutes

  1. Download Western Union’s app or bring up your account on a laptop.
  2. Log in and select the “Money in Minutes” service.
  3. Enter the name and address of the intended recipient in the appropriate boxes.
  4. Select the debit or credit card you’d like to use to send the money.
  5. Enter the amount and submit your request. You’ll receive a tracking number in your email once the request has been processed.

Send Money Online Using Bank Account

  1. Log in to the money transfer service of your choice.
  2. Choose the bank account or debit card you wish to send money from.
  3. Insert the dollar amount and the other party’s bank information in the required boxes.
  4. Confirm the transaction.

Send Money to Mobile Phone

  1. Log in to your money transfer service account.
  2. Select a dollar amount and a destination.
  3. Add the recipient’s name and cell phone number.
  4. Choose whether you’d like to pay with your credit or debit card.
  5. Select the send to a mobile phone option and click submit.
  6. Watch for a confirmation alert, which will come by SMS notification.

More From Your Money

See Also: Best Money Management App Reviews — Mint, YNAB, LearnVest and More

Send Money Internationally

  1. Sign in to your money transfer service account.
  2. Choose your payment method and enter the amount you’d like to send.
  3. List the receiver’s location and how you’d like them to get the funds.
  4. Review the fees and exchange rates before submitting.
  5. Make the payment and wait for confirmation to show up in your email inbox.

Customers sending money internationally would do well to use each money transfer service company’s estimator tool to compare costs. Next, you’ll want to add the transfer fees to see which organization is truly the cheapest. Of course, if time is a factor, you might not mind paying a few dollars extra to get the money to your recipient within minutes instead of days.

Send Money to Inmate

  1. Open your money transfer app or visit the company’s website to log in.
  2. Select the correctional facility where the inmate is currently lodged.
  3. Enter the inmate’s name and inmate number.
  4. Type in the amount of money you want to send.
  5. Choose whether you’d like to pay with your bank account or credit card.
  6. Submit the information.

Up Next: How Much Is a CVS Money Order?

About the Author

Alicia Bodine

Alicia Bodine is a New Jersey-based writer specializing in finance, travel, gardening and education. With more than 13 years of experience, her work has appeared in, Livestrong, eHow, USA TODAY, GlobalPost, and wiseGEEK.

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