It’s not actually illegal for banks to accept cash deposits like this - so you might want to check directly with your recipient’s bank to see if they still allow it. Processing cash payments is an expensive business - and because cash is hard to trace, accepting deposits to other people’s accounts makes it tricky for banks to stop illicit activities. However, in recent years, many US banks have stopped allowing this as part of their efforts to stop money laundering and cut costs. It used to be possible to take cash to a bank branch and deposit directly into someone else’s account. However, the fees can be very high, and you'll usually find there is a markup added to the exchange rate used for international payments, which pushes the cost up further. This type of service is quick and convenient if you’re sending an urgent payment or if you want to send money to someone who doesn’t have access to a bank account. If you’re making an international payment, the money will be collected in local cash - and can be available in just a few minutes. You’ll be able to arrange the payment online or in a branch of your chosen service provider, and have your recipient collect the money in person wherever they are. To have someone collect a payment in cash you’ll probably need to use a specialist third party provider such as Western Union. If you’re making a domestic or international payment to someone who needs to get the money quickly, and in cash, that is also possible. Take a look at the Wise website to get an instant quote for your payment, and a cost comparison with some major US banks and payment providers. There are no hidden costs, so you can see how much your recipient will get before you confirm the payment. All transfers use the real mid-market exchange rate - the one you’ll find on Google - and you’ll only ever pay a simple, transparent fee. Wise payments are arranged online and delivered into your recipient’s bank account for convenience. You might be able to get a better exchange rate, and lower fees, if you send your international payment online with Wise. Making an international transfer? Wise could save you money You may actually be able to save money by using a third party provider - especially if you’re sending money overseas. Use an international transfer providerĪlthough your normal bank is a natural place to start when researching your options to send money to someone else’s account, it might not be your cheapest - or most convenient - option. It’s worth noting that transfers made in branch normally come with higher fees compared with the online transfer options available. You’ll need to give the same information as for an online transfer, but you’ll be guided through the process by a customer service agent. If you normally manage your money in person you can also arrange a payment in your local bank branch. You may also pay an additional fee wrapped up in the exchange rate used for your transfer, and your recipient may face charges from their own bank for receiving the payment. A recent report found that domestic transfers cost on average USD25-USD30, while international payments can cost USD45-USD50. The costs involved with sending money online vary depending on the service you choose and the type of transfer. If you’re making an international payment, you won’t need a routing number, but you might be asked for the reason for the transfer and for additional account details such as an IBAN number or sort code. You’ll need to confirm who you’re sending money to, as well as their bank account details including routing number, bank name and address. In most cases, making a transfer through your online banking is as simple as finding the right menu option, and then following the on-screen prompts. This tends to be the quickest and cheapest way to make a payment, both locally and internationally. Typically banks recommend that you set up payments online using your internet banking details or app. Each bank and service provider has slightly different processes and costs for sending payments, so you’ll need to check how to deposit money to someone through your chosen service before you get started. You’ll usually be able to do this through your regular bank or using a specialist third party provider. The most convenient option for your recipient is likely to be sending money to their bank account directly. Here are your main options if you need to transfer money to someone else's bank account 1. Start saving money Options to transfer money to someone else's bank account
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