UPDATED: August 6th 2014*
by Margaret Jules, a freelance who writes for Steinepreis Paganin
Sending out money through a mobile phone is becoming one of the handiest options for mobile phone users not only in North America but across most other developed nations. This is one of the best ways to send out cash to near ones including family members or friends residing in other nations or states. Some of the best known money transfer companies like ATM Cash Work and Western Union rely on traditional ways wherein people can enjoy certain personalised services of a genuine, live call centre agent who is seen following the set procedure. Whereas other companies including Obopay only allow transferring money via mobile phone. Well, for those trying this option the first time, the following are my top savvy tips on transferring money from a mobile phone. Let’s check them out.
Sending money via PayPal
For those who have been using PayPal to send and receive money, it’s easy to use the account to transfer the money via a mobile phone.
In order to access the original option of sending money via PayPal account using email, the person to whom you are sending the money needed to have an account at PayPal – then only he or she would receive the money.
However, a newer feature called P2P Payment Services including PopMoney and ZashPay simply can help in transferring the money through a mobile phone wherein the recipient gets the money directly in his or her account without even bothering to have an account at PayPal.
Sending money with PopMoney
It’s easy to avail yourself of the services of PopMoney. The service is rendered via any bank seeking the help of a company which specialises in online fund transfers.
For instance, FNBO Direct simply works with another company called CashEdge in order to render the PopMoney mobile phone money to the recipient.
The only snag being the recipient should have an account with another banks falling under the PopMoney Network.
Otherwise, if the recipient’ isn’t on the PopMoney network, then the person being paid simply renders his or her bank account data at the website of PopMoney and finally transfers the money.
Sending money with ZashPay
Another company that helps in sending out money via the mobile phone comes in the shape of ZashPay.
This company transfers the money via banks and credit unions through a financial tech based company called Fiserv.
This group is known to have a working relationship with thousands of banks throughout the world with their online bill pay service known as Check Free.
The procedure adopted to transfer the money from the mobile phone is similar to the ones followed at PopMoney.
However, when sending money to those who do not fall under the ZashPay network of banks, you can simply avail the facility on the ZashPay website which then finally arrives in their respective bank accounts.
Sending out money using a mobile phone is one of the best options these days to transfer money to family and friends.
Now, it’s no longer necessary to follow the long procedures being adopted by companies such as Western Union to send out the money. All that’s needed is the right phone to do so.
Margaret enjoys writing for Steinepreis Paganin – a legal firm, about saving money; making money; and other finance related issues. When she’s not blogging about finance, you will find her travelling the great outdoors, or cooking up something spicy in the kitchen.
* UPDATE: From Jason Gilbreth, who works with Popmoney
He informs us, “Readers should know that ZashPay has officially transitioned to Popmoney, which combines the best features of ZashPay with the Popmoney personal payment service.”
“Popmoney is now offered by more than 2,000 financial institutions, including six of the Top Ten US retail banks (ie Citibank, U.S. Bank, PNC Bank, TD Bank, BB&T and SunTrust).”
“Popmoney makes payments with friends and family easy – through its mobile app or web-based dashboard.”
“Users can send money using another person’s email or mobile number using a debit card or existing bank account.”
“Whilst other e-payment apps like Venmo, SquareCash and Google Wallet also facilitate virtual payments, Popmoney has the added benefit of being available at more than 2,000 secure banks and credit unions.”