In today’s digital age, carrying cash has become increasingly rare. Whether you’re reimbursing a friend for dinner or sending allowance to a college student, there are numerous ways to transfer money without using cash. Here, we explore four of the best methods to deposit money into someone else’s bank account.

1. Use a Money Transfer App

Payment apps have surged in popularity due to their convenience and ease of use. However, each app has its own set of rules, features, and fees. Here are some of the most popular options:

Venmo

Owned by PayPal, Venmo allows you to link your bank account or debit card to send money to other Venmo users for free. You can also use a credit card for a 3% fee. Funds are received instantly in the recipient’s Venmo account, which can then be transferred to their bank account for free within one to three business days, or instantly for a fee.

PayPal

PayPal offers a versatile platform for sending money. You can transfer funds from your bank account or PayPal balance to another U.S.-based account for free. Fees apply for debit or credit card transfers and international transactions. PayPal also allows for instant withdrawals for a fee.

Zelle

Zelle is integrated into most major bank apps, allowing for free transfers from your checking or savings account to another person’s account within minutes. If your bank doesn’t support Zelle, you can use the standalone app, which has a weekly transfer limit of $500.

2. Make an Online Bank Transfer

Online bank transfers, also known as Automated Clearing House (ACH) transfers, enable you to send money directly from your bank account to someone else’s. This method is typically free and can take a few hours to three business days. You’ll need the recipient’s account number and routing number to complete the transfer.

3. Write a Check

Writing a check is a traditional method that remains effective. You can write a check for any amount, provided you have sufficient funds in your account. Many banks offer mobile check deposit, allowing recipients to deposit checks without visiting a bank branch.

4. Use a Wire Transfer

Wire transfers are ideal for sending large sums of money quickly. Unlike ACH transfers, wire transfers usually arrive within one business day. However, they often come with fees ranging from $10 to $35. You’ll need the recipient’s bank account and routing numbers, as well as their address, to complete a wire transfer.

The Bottom Line

Your choice of money transfer method depends on the amount you need to send, the speed of delivery, and the recipient’s preferred payment method. Payment apps and online transfers are generally the most convenient options. Always ensure you know the recipient well to avoid scams and fraud.

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