Can You Receive Money on Venmo Without a Bank Account

If you're trying to send money to someone, yous may consider but transferring funds to the person'due south bank account. But many people don't have banking concern accounts. In fact, a recent FDIC survey revealed more than 9 million Americans fall into that category. The good news is yous take enough of options to transfer money. We'll cover some of the cheapest, fastest and easiest means to send money to someone without a bank account.

Money Order

Money orders work a scrap like checks. But they're not linked to any bank account. Instead, you purchase i with the amount yous plan to ship to someone. So, you sign it and mail to to the proper recipient, who can exchange it for cash. Money orders are sold at Walmart and CVS, likewise equally any post function and many grocery stores and gas stations. They usually price $1 to $two. So money orders can be cheap and safe alternatives to mailing actual cash. Because yous get an actual receipt for the coin society, you have a newspaper trail to account for the money you're sending. Plus, y'all avoid the potential dangers of having your greenbacks lost in the mail or stolen. In addition, you tin cancel a coin social club in nearly cases equally long every bit the recipient hasn't cashed information technology yet.

Walmart-to-Walmart

Co-ordinate to Statista, a statistics database, Walmart runs more 3,000 super centers in the U.Due south. And across shopping, you lot tin also transfer money at Walmart. The retailer allows individuals to walk in and send money from ane shop to another. The recipient simply picks it up at the detail Walmart to which the sender directed the coin. If the corporeality is less than $50, Walmart charges a $4.l fee. If it falls between $51 and $900, the fee is $nine.l. You can send upwards to $ii,500 for a fee of $18.

Western Union

For more than 145 years, people have been using Western Matrimony's money transferring services. Today, yous can piece of work with Western Marriage to ship coin in person, online or by telephone. Beneath, nosotros walk you lot through each of these methods:

Online: Yous can log on to the Western Union website or mobile app to send money to someone. Yous can cover the funds through your own bank business relationship, a credit card or a debit menu. Then indicate the agent location nearest your recipient when noting where y'all'd similar to ship the funds. The recipient can so walk into the corresponding Western Matrimony office and option the coin up when it'due south set up.

Past phone: Phone call Western Union to prepare a money transfer. But have a credit card or debit bill of fare handy.

In person: Merely walk into 1 of the more than 500,000 Western Union locations worldwide, and set up a money transfer. Your recipient can simply pick upwards the greenbacks or a prepaid debit card at a Western Wedlock location near to where he or she is.

Fees depend on factors like the nada code where you're sending money from also as that of its destination. But transferring money domestically unremarkably costs anywhere from $1 to $ii. Your recipient may confront a fee closer to $25 if he or she is picking the money up at an agent location. The Western Union website has a fee calculator tool you can apply.

PayPal

When it comes to online money transferring apps, PayPal withal reigns supreme. With PayPal, you tin ship money to people in more than 190 countries using only their email address and telephone number. Even so, they'd have to sign upwards for a free account to become their funds. The service besides supports more than 20 currencies. And every bit long every bit you utilise your PayPal balance or a linked debit bill of fare to cover transfers, the service stays gratis. Otherwise, you lot'd face a ii.nine% fee per transaction plus an additional xxx-cent fee. If y'all're sending money outside the U.S., the fee can range from 0.v% to 2% if you utilise your PayPal balance or a linked banking company account to cover the cost. The fee tin can bridge from iii.four% to 3.9% if you use a credit card or a not-linked debit card.

Simply if your recipient is in the U.S., he or she doesn't need a bank account to receive your transfer. The recipient merely needs to log on to PayPal and request that a check exist mailed. This bank check typically arrives in one to two weeks. The recipient volition also pay a $1.50 fee for check withdrawals. You can typically cash a check at any bank, regardless of whether you accept an account.

Venmo

Venmo is a popular online service that lets you transfer coin via a mobile app. Yous and your recipient simply accept to sign upwardly for free accounts. From there, you can send money using  someone'due south email accost and telephone number. Yous tin link your own bank account, credit carte du jour or debit card to embrace the funds. Transferring money is free as long as you lot're using your Venmo balance or a linked banking company account or accustomed debit card. Nevertheless, you'd face a 3% fee if you use a credit carte du jour or a dissimilar debit menu. Receiving money via the mobile app is always free.

The app also functions similarly to social media sites. You tin "add together" friends and your transactions get shared via a public feed. Moreover, you can "similar" these posts. But if yous don't want to share your transactions, you lot can always modify your settings. A recipient doesn't necessarily need a depository financial institution account to get funds through Venmo. For instance, that person tin can order a Venmo card that functions much like a prepaid debit card to load up Venmo funds.

Square Cash

With Square Cash, all you need to transfer money to someone is the person'south email address. You tin download the app and link a debit menu to draw funds from. In turn, the person you lot're sending money too doesn't even need a Square Cash account. Subsequently yous link your menu, your starting time transfer may take up to 2 business concern days to process. Subsequent transfers are typically instant. Moving money effectually is costless unless you're using the concern version of Square Cash. In this case, you'd confront a 3% fee. In addition, Square Cash sends you lot a gratis debit card within a calendar week afterward signing up. Using it with your Square Greenbacks residual can also pb to discounts at popular retailers and dining establishments. A recipient tin also receive funds through this bill of fare.

Prepaid Debit Cards

Ane of the easiest alternatives to getting a debit card linked to a banking concern account is to opt for a prepaid debit card instead. You tin can discover these at retailers similar Walmart and fifty-fifty several gas stations and convenience stores. Here's how it works. You simply pay what yous want to put inside the card. Several prepaid cards allow y'all to transfer funds and establish direct deposit. You can also download apps that tin can link to these accounts. These provide many of the major features the best banking apps out there offer, including mobile check deposit.

Google Wallet

The search engine giant combines the best of both worlds with Google Pay. Yous can easily transfer money to someone using the person's phone number or email address. Both of y'all tin likewise have access to a Google Pay debit carte du jour, which tin be used to brand transactions or withdrawal money from ATMs. As a recipient, you tin then withdraw funds using this account. Transferring and receiving money is free. Co-ordinate to Google, this service "protects your payment info with multiple layers of security, using ane of the world's almost advanced security infrastructures."

Facebook Messenger

You lot probably accept a Facebook tab open right at present. And then why non pay someone through the platform? Now you can. Simply open up messenger and click on the dollar sign icon. Obviously, you and the recipient need a Facebook account. And y'all'd both need to enter debit card information. However, this carte du jour doesn't have to be linked to an actual bank account. You can accept funds loaded onto a prepaid debit carte, for instance.

The Takeaway

Millions of Americans still don't have bank accounts. But if you owe them money, you won't necessarily have to paw them cash or accept your chances and send money via snail postal service. You take plenty of options from mobile apps to prepaid debit cards. Fifty-fifty Facebook tin help transfer money. It'southward definitely an exciting time in the world of fiscal technology. And you can wait these services to get smarter, cheaper and more efficient.

Tips for Financial Wellness

• Picking the right financial institution for you lot is important. To help y'all out, we adult a study on the best banks in the Usa.
• If you're looking to get your finances in cheque and strategize for the future, one of the all-time decisions y'all tin make is working with a fiscal advisor. If you've never worked with 1, you can apply our new SmartAsset financial advisor matching tool. It connects you with up to 3 advisors in your surface area. You can and then review their qualifications earlier deciding to work with one.

Photograph credit: ©iStock.com/IconicBestiary, ©iStock.com/peshkov, ©iStock.com/ShotShare

Javier Simon, CEPF® Javier Simon is a banking, investing and retirement expert for SmartAsset. The personal finance writer's work has been featured in Investopedia, PLANADVISER and iGrad. Javier is a member of the Society for Advancing Business organization Editing and Writing. He has a degree in journalism from SUNY Plattsburgh. Javier is passionate near helping others beyond their personal finances. He has volunteered and raised funds for charities including Fight Cancer Together, Children'south Miracle Network Hospitals and the National Centre for Missing and Exploited Children.

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