Almost everything today seems to be done instantaneously. You can order food and have it delivered to your door in minutes with just a few clicks. While almost everything seems to be quick, it still seems like it takes forever to send money to your bank account.
Why Does it Take Forever To Send Funds to Your Banking Account?
Legacy banks usually hold the funds for a certain amount of time to ensure the sender has enough money to pay the bill. This is referred to as a “good funds” model. Once the money has been verified, it is released into the recipient’s account. This method avoids the need for a reverse transfer and saves the bank time and manpower.
Unfortunately, this method can also cause banks to become victims of fraud. Since it takes a long time for the funds to be released, businesses often wait until the money has been deposited to avoid getting stuck with bills. Depending on the number of funds being sent and the recipient’s country of origin, it can take up to five days for a bank transfer to complete.
Although there are various ways to send money to a bank account, writing a check is not a fast and convenient method. Also, it can take a while for the funds to arrive depending on the institution. Instead of waiting for the money to arrive, try using a variety of electronic payment methods. These options will allow you to send and receive money more quickly.
1. Western Union
One of the oldest online payment companies is Western Union, which was founded in 1851. Through its instant transfer feature, users can receive and pay their bills from their bank account. Wherever you are and whatever your needs may be, Western Union can give you easy, fast, and reliable ways to send money online from one country to any other country of your choice.
2. Zelle
Zelle is a unique online payment solution that works seamlessly with hundreds of bank apps. It lets users send and receive money from their phones. Zelle is also compatible with other countries and you can send and receive funds within minutes. Its users do not pay any fees for their service.
Unfortunately, Zelle is only available for domestic transactions in the US. This means that it cannot be used for international money transfers. Despite its limitations, Zelle is still a good alternative to sending money within the US. Its integration with various bank and credit union platforms makes it a breeze to use. Also, it has a small business feature that lets users accept payments from their customers.
3. Venmo
Venmo is a great C2C payment network that enables users to send and receive money. It’s incredibly convenient to use when sending and receiving money. Through its instant transfer feature, users can send and receive the money within 30 minutes. Although it’s free to use, the service does come with a small fee. To use it, users must have an American bank account and provide a valid Social Security number.
4. WorldRemit
WorldRemit is a leading provider of international money transfer services. It’s a great choice if you’re sending money to friends and family in other countries. Although WorldRemit cannot guarantee the transfer will arrive within a given time, most of its transactions are processed within 10 minutes.
WorldRemit mainly accepts C2C transactions. However, it also accepts E-commerce and other recurring payments for small businesses. Due to the strict regulations governing business transactions, sending money to WorldRemit can take up to 3 days to process. This means that it’s not the best option for people who are in a hurry.
5. Veem
Through its instant deposit feature, Veem lets users deposit their funds instantly. This feature cuts the processing time of bank transactions from 3 days to less than an hour. Unlike the typical “good funds” model, “Instant Deposit” from Veem allows users to access their money within minutes. All transactions are immediately deposited to a linked debit card.
When you need money sent to your bank account and cannot wait forever for the funds, this handful of options can be great to choose from. If you have a Western Union nearby, you can use it to send funds anywhere in the world instantly. You can also send funds online using their website.