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4 Ways to Send a Money Transfer Online

4 Ways to Send a Money Transfer Online

The Internet has opened up a wide range of possibilities on what can be done remotely. In fact, the way in which the Internet has taken over many functions makes us wonder how we got by before the Internet became popular. Paying for goods & services, sending, and transferring money is one of the many things that the Internet has made possible.

The rise of smartphones has also pushed the limits of mobile banking as more people find fewer reasons to go to the bank for financial transactions. Most banks have apps that you can use for your banking needs right there on your mobile device. However, the transaction costs of some of such apps might not make much sense. This post seeks to provide you with information on some other ways that you can transfer money online with ease, speed, and lesser transaction costs.

1. PayPal

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    PayPal is probably the oldest way to send and transfer money online. PayPal is designed to take the hassle out of the need to enter in your financial information every time you need to make a transaction. Apart from the fear that your financial details could end up in the hand of cyber criminals, typing out series of credit card numbers might get tiring on the small screen of most Smartphones.

    PayPal allows you to send/transfer money simply with your email address. PayPal is accepted in most online stores; hence, you only need to input your PayPal email address at checkout. If you receive funds into your PayPal account, you can also withdraw the funds into your bank account. PayPal also provides PayPal MasterCard that you can use in stores.

    2. Square

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      Square Cash is relatively younger in the online payments industry; it has gained significant traction and the firm had its IPO last month. Square seeks to become a peer-to-peer payment service that allows you to send money to people’s debit card directly. Square’s appeal lies in the fact that it supports iOS, Android, and Windows Phone—there’s also a dedicated Square Cash Web app.

      Square is also business-centric. Square Cash for Business is designed to help small business owners receive payments without credit card readers. The new $Cashtag allows people to pay directly from their debit cards, and it allows the businesses to receive the money into their accounts. Square is still in its growth stage, but the platform might become a major online payment platform once it signs up enough users.

      3. BitGold

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        BitGold is an online payment solution that looks to the past to solve the problems of the present time in order to avoid problems in the future. BitGold allows you to buy physical gold, which you can then leave in your account as a store of value because gold tends to keep its value longer than other asset classes. You can also transfer gold online to other BitGold users with minimal fees. It is a great alternatives to regular online money transfer services. You can use the gold to pay for online transactions through a Prepaid MasterCard that you’ll be issued. You can use the card anywhere that the major credit cards are accepted. You can also use the prepaid card to withdraw local currency via ATMs.

        BitGold is still young and it might not offer the perfect peer-to-peer payment system because its user base is still growing. However, the fact that you get to keep your funds in gold bullion ensures that you enjoy all the benefit of the stability in gold prices without having to worry about safety deposit boxes for gold bars. If you’d rather keep the physical gold, you can request BitGold to send you the gold in your account as physical gold cubes or gold bars.

        4. Bitcoin

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          If the idea of sending, transferring, or receiving money without a paper trail interests you, Bitcoin might be your best bet for sending money online. Bitcoin is completely decentralized, anonymous, fast and cheap. You’ll need some computer skills if you want to go the hardcore way of mining bitcoin, but you can easily fund your bitcoin wallet by purchasing bitcoin from one of the many merchants in town.

          Bitcoin tries to keep its value insulated from the manipulation of fiscal and monetary authorities—the move should ensure a fair distribution of wealth that gives everybody a fair chance to earn money. However, Bitcoin is not immune from volatility caused by events in the news. If you choose to keep your money in bitcoin, you should be ready to deal with the wild swings in its market value.

          Featured photo credit: Universal Studios Florida by Theme Park Tourist via Flcikr via flickr.com

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          Learn to code Learn Coding For Free With These 10 Sites 4 Ways to Send a Money Transfer Online INDX.guru 8 Powerful Hidden Features in Stock Market Apps You’ve Probably Missed 4 Apps To Turn You Into A Stock Market Pro (You Should Use) “I would be so successful if someone just gave me a shot”, you might think. Why not be the one to give youreself a shot? Many people out there have mindsets and attitudes that set them up for failure. They might answer my question with, “That's a crazy idea!” or “I've already tried that!” but how much of that is just making excuses? When it comes to limiting your own success, there are ten particular mindsets that turn those answers into self-fulfilling prophecy: 1. Loafing You'll write that novel just as soon as you're done with your favorite show. Oh, but now you're hungry. You'll get started after a snack. Oh, but now that snack has made you sleepy – a little nap couldn't hurt, right? One of the hardest parts, and the most obvious, of achieving success is the actual work. Procrastinating, making excuses or tricking yourself into loafing is just going to cement the fact that nothing will ever get done. It might not sound pretty, or even too easy, but the easiest way to get to success is to just jump in and get going (which is exactly how I got started). 2. Blaming It's not your fault you're not successful – the industry is bad, you don't have the money, etc, etc. When it comes down to it, however, who is the one responsible for your success? You. This is the day and age where people are launching successful start-ups in a few months, getting published online and finding their way to success one way or another. Some things might be out of your control, but blaming others is just going to waste the energy and time you need to get going. 3. Sour-grapes Being envious of the success of others is almost as bad as blaming them. All the time and energy you could be putting into your own goals is going towards a person who more than likely has done nothing but show you that the goal is attainable. You don't have to be applauding their success, but being envious and sour about it is a waste of time – let it roll off your shoulders and dig down towards accomplishing your own goals. 4. Minimizing others success Again, you don't have to be cheering and raving about the success of others, but minimizing their accomplishments looks bad on you and on your own goals. If you attained success, would you want others rolling their eyes and treating it like it is not a big deal in the slightest? I highly doubt it. “So they climbed Mount Everest, big whoop. Plenty of people have done it before”. Have you? 5. Talking You're going to do this, you're going to do that – the proof is in the pudding, ultimately. Talking about your goals and what you're going to accomplish is all well and good, but talking time is better spent actually doing. Talking about your goals has actually been shown to make you less likely to reach them, so zip up those chattering lips and dive in. 6. Making assumptions You know what they say about the word ‘assume’, it makes (a word I’ll leave out of this article) out of ‘u’ and ‘me’ . Unsuccessful people are the best at making assumptions without considering other outlets or opportunities. Missed chance after missed chance can put anyone behind or completely ruin something that you poured a lot of hard work into. People are often surprised at what happens if they take a chance instead of listening to that little pessimist inside their heads. ‘Never assume’ is good advice and it is a mindset you should get out of as quickly as possible. 7. Procrastinating This one is obvious, isn't it? It's about the same as loafing, but even worse because it applies to multiple areas of our lives. That big project? Eh, its not due for a week. My dreams? Eh, I'm going to be taking a class to learn how to write in a few months, I can relax until then. Procrastinating isn't the friend of successful people. Many of them had to learn how to either make procrastination work for them or to barrel through it and press on, even with the proverbial sloth demanding you park it on the couch. 8. Naysaying “It will never work. It is impossible, I just can't ...”. That is about when it is time to take a good look at yourself. There are a plethora of people out there that once thought the same thing: you can't get a man into space, you can't find a way for a human to fly, you can't cure a disease. Well, people did what was once considered impossible. If they can defy the entire world, why can't you defy your internal pessimist and get there? Don't tell yourself that it is impossible. In the world we live in today, it seems like impossible is becoming a word that gets weaker every day, and the same is true of your goals. 9. Consuming Fast food, energy drinks, trash TV – your brain is sobbing at the thought. With all the time spent taking in things that are not good for your brain or body, how can anyone expect it to happily balance out and produce the stuff you need to achieve success? Your output should be greater than your input; though you don't have to take the starving artist spiel literally. The point is, your production is where the value is, not the absorption. 10. Quitting “Well, I tried.” Sure, you tried once. That horse is shaking its head and trotting off to find someone who will get back on it. There's nothing necessarily wrong with cutting your losses sometimes. After all, no experience is ever truly wasted, but quitting is the top enemy to successful people. If you believe in something, if you want to find that success, there is no road map. You may very well have to carve your own path through treacherous jungle. If you give up the first time a mosquito bites you then you've doomed yourself already. Success, in large part, is about the human being in the arena. People cheer for them, their struggle and victory, but the person who watches idly and scoffs, having never tried has also never really lived. Mindsets are not set in stone. It is never too late to get started and change your perspective. After all, achieving success is completely up to you – you are the one making excuses and holding yourself back. You are also the one that will decide when it is time to stand up and get back into that arena. 10 Bad Habits That Stop People From Achieving Success

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          Last Updated on July 10, 2020

          The Definitive Guide to Get out of Debt Fast (and Forever)

          The Definitive Guide to Get out of Debt Fast (and Forever)

          Debt can feel crushing, like a weight that is always weighing you down. Looking at those numbers, it can feel as if you’ll never get out from under it. However, if you really want to learn how to get out of debt, it is possible with a great deal of focus and self-control.

          Getting out of debt isn’t impossible. Like any big goal, all that it takes is an action plan to identify where you are and creating a plan to zero out your debt.

          Identifying All of Your Debts

          The first part of paying off your debt is getting a complete picture of what you owe. When you have everything written out in front of you, it makes it much easier to create an action plan. Depending on how much you owe, it might also help you realize it’s not as bad you might have originally thought.

          Here’s how you can get started identifying your debts:

          1. Own Your Debt

          Before you start identifying all of your debts, take a moment to process that you have debt but want to get out of it.

          Forgive yourself for any past mistakes, missed payments, or overspending. It might be painful to accept how much debt you have at first, but you must own it.

          2. Make a Debt Tracker

          It’s astonishing how few people ever created a tracker to understand their total debts. Most likely, it comes from not wanting to accept the guilt of having debt, but, if avoided, it can make it nearly impossible to get out of debt.

          Open up a new Google or Microsoft Excel sheet and list out all of your debts. Start with the name of the creditor, interest rates, total balance, loan term length (if any), and the minimum amount due each payment. This will include student loans, credit cards, and any other type of debt owed.

          3. Get Your Debt Number

          Once you’ve made your debt tracker and taken the other steps, identify your total payoff number. This is crucial, as you will have a starting point and a clear goal that you are trying to achieve.

          Prioritizing Your Debts

          All debt is not created equal. It’s imperative to understand that there are different types of debt.

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          1. Understand Bad and Good Debts

          Bad debts are usually paying for things you want instead of always need. While there might be some emergencies that max out your credit cards, often times it’s excessive spending[1].

          There are three main types of bad debt:

          • Credit Card Debt: The average American household owes over $16,000 in credit card debt!
          • Auto Loan Debt: According to CNBC , the average auto loan in the US is $30,032!
          • Consumer Loan Debt: Consumer loan debt isn’t as common as credit card and auto loan debt, but it’s still considered bad as interest rates are usually between 10-28%.

          Good debt is identified as investments in your future. Here are three common types of good debt:

          • Student Loan Debt
          • Mortgage Loan
          • Business Loans

          2. Decide Which Debt to Pay off First

          Once you know each type of debt and their interest rates, you can begin to pay off debt quickly.

          Focus on paying off bad debt first, regardless of if it is a credit card or auto loan. Start by paying off the loan with the highest interest rate first.

          If you have several credit cards with different interest rates, you want to focus on the one with a higher APR. You will actually save more money by eliminating the card with the highest interest rate.

          3. Don’t Pay the Minimum Amount

          Paying the minimum amount digs you into a hole as interest rates will offset your payment. Even a small amount more than the minimum can help you pay off debt much faster.

          Removing Obstacles to Pay off Debt Quickly

          Creating a debt tracker and prioritizing a plan is simple, but avoiding temptation can be difficult.

          1. Set a Reminder to Track Your Debt

          “If you can’t measure it you can’t manage it.” -Peter Drucker

          It’s so important to track your debt to ensure that you get it paid off quickly. Similar to working out and measuring your results, you need to track your debt constantly. Start with a weekly reminder, where you sign on and log your updated number. Did you increase, decrease, or stay the same?

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          Regularly tracking your student loan balance can be incredibly motivating, as well. You will get a huge confidence boost each time you see your total debt amount decreases.

          Set weekly and monthly goals so you can have short term wins and keep the momentum going.

          2. Hide Your Credit Cards

          If your biggest debt is credit cards, you need to eliminate temptation and remove them from your wallet.

          Some people have gone to extreme measures by freezing their credit cards. Why? This would create an ice block around your card, which would require you to chip away at it slowly. This will give you time to think if it’s the best idea to buy that thing you’re about to buy.

          3. Automate Everything

          Willpower can be a huge downfall to paying off your debt. By automating your bills each month, you will ensure that willpower isn’t involved.

          4. Plan Ahead

          Getting out of debt will require some sacrifices, but with enough planning, you can make it work.

          For example, if you know that you have a friend’s birthday or family dinner coming up, plan ahead for the costs. Whether you need to cut back on spending the week before, pick up a side job, or meet them after dinner, do what is needed.

          5. Live Cheaply

          The only way to get out of debt is to make some sacrifices on your spending habits. Find ways to save money each month so you can apply that amount to your outstanding debts. Here are some ways to save money each month:

          • Live with roommates
          • Cook dinners and prepare lunches for work instead of eating out
          • Cut cable and choose Netflix or Amazon Prime
          • Take public transit or bike to work

          Finding the Lowest Interest Rates

          The higher your interest rates, the harder (and longer) it will take you to pay off any debt.

          If possible, you want to find ways to lower your interest rates to help get out of debt quickly. Here’s how you can get started:

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          1. Maintain a High Credit Score

          Your credit score will have a large impact on your ability to refinance your loans and receive a lower interest rate. If you have a low credit score, it’s unlikely you will be able to refinance your loans. Use these credit tips to increase and maintain an excellent score:

          • Never miss a payment
          • Don’t exceed 30% of your credit limit
          • Don’t sign up for more than one card at once
          • Limit hard inquires, like auto-loans and new credit cards
          • Monitor frequently with free credit-tracking software

          2. Find Balance Transfer Offers

          Start by opening a free account on credit.com. Credit.com offers you the chance to open a free account and see what type of balance transfer offers you can receive. Some of your existing credit cards might already have 0% or lower APR balance transfer offers available.

          Contact each of your credit card providers to ask about lowering your rate for a one-time balance transfer offer[2].

          If you do take advantage of this option, make sure that you use a balance transfer and not a cash advance. Cash advances have a ton of high interest fees (15-25%, depending on your credit card) and will only compound your debt problem.

          How to Get Rid of Debt Forever

          Setting up a plan, removing temptations, and getting the lowest interest rates is the first step to get out of debt.

          1. Keep Monitoring and Adjusting

          Once you have a plan, don’t get comfortable. Track your debt payoff plan and make the necessary adjustments when needed.

          Monitor your credit scores with a free site like CreditKarma. The higher your credit score climbs, the more likely you will be to secure a new, lower-interest loan.

          2. Earn More Money

          There are only so many ways to save money. Instead of clipping another coupon or making sacrifices for your morning coffee, find ways to earn more money!

          Think about it…it is much easier to find ways to earn an extra $1,000 per month than find $1,000 to cut from your budget.

          Here are some examples of ways to earn more money:

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          Talk to Your Boss

          Have a conversation with your boss about current salary and/or commission rates. If you’re not satisfied or want a change, don’t be afraid to look around at other positions. Some of them might even have a student loan debt reimbursement plan!

          Start a Side Hustle

          This could be coaching students on the weekends, driving for Uber, or taking paid online surveys. There are tons of ways to make money outside your 9-5. Now that you have a clear plan to pay off your debts, you’ll be more motivated than ever to figure out creative new ways to earn money.

          Build an Online Business

          There are so many websites and blogs that earn money from ads, affiliates, and other online products. Find your niche and get started.

          3. Celebrate Your Wins

          As you progress in your debt payoff journey, don’t forget to celebrate your wins. You need to always reward yourself for the hard work and discipline that is required to get out of debt.

          While you shouldn’t celebrate so big that it increases debt, make sure to factor in little rewards to keep you motivated.

          4. Set New Financial Goals

          Eventually, with a plan and these steps, you can rid yourself of your debt. Once you do, make sure to celebrate your monumental achievement, but don’t stop there.

          Now, you can focus on acquiring wealth and increasing your net worth. Set new financial goals so you have a new target to aim toward. Here’s how to set financial goals and actually meet them.

          These could be anything now that you are debt free! Think about where you want to travel, buying your first home, or saving for your future retirement. Just like before, make sure that your goals are specific, measurable, and achievable.

          Conclusion

          Congrats, you can now set a plan in motion to finally pay off your debt quickly (and hopefully forever)!

          Remember, if you want to get out of debt quickly, it’s not always easy. Just like any big goal, there will be sacrifices, challenges, and problems to overcome.

          More Tips on Getting out of Debt

          Featured photo credit: Pepi Stojanovski via unsplash.com

          Reference

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