Many people send and receive funds via their checking account, the hub of their financial life. But not everyone has an account. In fact, an estimated 4.2% of U.S. households (approximately 5.6 million) were “unbanked” in the most recent year studied, according to the FDIC’s latest data. This means that, in these households, no one held a checking or savings account at a financial institution such as a bank or credit union.
Not having a bank account can make it more challenging to send and receive money, but it’s not impossible. Here, you’ll learn how you can move funds around without a bank.
Table of Contents
Key Points
• Many U.S. households do not have a bank account, making traditional money transfers challenging.
• Before choosing a transfer method, consider reliability, cost, and security.
• Mobile wallets offer a convenient way to send and receive money without fees.
• Money orders provide a reliable alternative for transferring funds without a bank.
• Prepaid debit cards and money transfer services are practical options, though they may involve fees.
6 Ways to Send Money Without a Bank Account
With all those factors in mind, here are specific options you may have to send or receive funds if you haven’t opened an online bank account or traditional one:.
1. Peer-to-Peer (P2P) Payment Apps & Mobile Wallets
Here’s one idea for how to send money to someone without a bank account: with peer-to-peer payment (P2P) apps (such as PayPal or Venmo) and mobile wallets, or digital wallets, which are smartphone apps where you can store your debit and credit cards. Apple Pay, Google Pay, and Samsung Pay are a couple of examples you may have heard of.
These services offer a way to pay a friend without cash exchanging hands. Or you might receive funds. Some points to note:
• There are often no fees involved, and you may enjoy cash back and other rewards for completing a transaction with your linked card.
• Both the sender and receiver typically must have the same digital wallet for the transaction to be free. If you have PayPal or Venmo, your recipient usually needs to have them too in order to do a peer-to-peer or P2P transaction. However, you may be able to use, say, Visa+ to move money between PayPal and Venmo without fees.
• Fees may apply when using extras like expedited transfers or paying by credit card or sending money internationally.
• Mobile wallets can get all sorts of information as you use them — your name, mailing and email addresses, mobile number, records of your calls and texts, your contacts and calendar, the unique ID number of your mobile device, account information, what you buy and where and for how much. Not everyone is comfortable with sharing all of that personal data.
2. Money Orders
Money orders may seem like they’ve gone the way of the dinosaur, but they still serve a purpose, including offering a way to send money without a bank account (or to someone who is unbanked). Some details:
• You get one from the post office or stores like CVS and Western Union, among others.
• They may not be the fastest way to send money without a bank account.
• The recipient will need to show identification to cash it.
• Prices vary depending on the service you use and how much money is sent, but they can be reasonably priced. For instance, at the post office, you may pay $2.25 for a money order up to $500 and $3.60 for one that’s more than $500, up to $1,000. By the way, money orders are typically capped at $1,000. You could buy multiple ones if you need to transfer more than that amount.
3. Prepaid Debit Cards
A prepaid debit card is another way to move money when a person doesn’t have a bank account. It shares some features of a credit card, debit card, and gift card.
• It is a debit card that’s been pre-loaded with money, and you can generally use it at any retailer (online or in person) that accepts credit cards.
• Prepaid debit cards may be associated with credit card networks; think MasterCard or Visa, for example. This means they can be used anywhere that accepts that kind of plastic.
• These cards may be riddled with fees. For instance, you might get hit with a fee for card activation, making a purchase, adding money to the card, and/or withdrawing money at an ATM. You’ll want to read the fine print because these fees may make prepaid cards a less attractive option.
4. Physical Cash or a Personal Check
Cash can be a super-simple way to transfer funds, even if you don’t have a bank account, provided you can safely hand over the bills. If the two parties involved are in different locations, this becomes a lot riskier. Mailing cash is probably never a wise move.
Personal checks are also a time-honored way to transfer money, and easy to access if you have a checking account. The person who receives it can then cash the check, perhaps paying a fee since they don’t have a bank account. But if you use mail to send the payment, a lost check situation can occur or a check might be stolen. So, there could be some risk involved.
5. Money Transfer Services (like Western Union or MoneyGram)
Money transfer services can be a solid option for sending money to someone without a bank account. In fact, no bank account is required for either the sender or recipient. It’s easy. In addition to in person retail outlets, you can now access money transfer services like Western Union and MoneyGram online.
• It’s a quick transaction; money can arrive as early as the same day.
• You have some flexibility, such as sending money transfers to a debit card or a mobile wallet.
• Pay attention to fees, though, as they vary and depend on the amount you’re sending and more. Promotions may be offered that allow for fee-free transfer of cash.
6. Postal Service (for Sending Cash or Money Orders)
As noted above, you can get money orders at your local post office in denominations of up to $1,000 and current fees of two or three dollars. This provides a secure way to move money, whether one or both lack bank accounts.
Another option using the postal service is to send cash through the mail, but this is strongly discouraged. If money gets lost or stolen in transit, you are unlikely to recover it. If you do decide to send money through the mail, know that it’s heavily regulated. Amounts over $500, for instance, must be sent by registered mail.
What to Consider When Sending Money
As with all financial services, you don’t want to rush and just go with the first method available. Each option you review will probably have its pluses and minuses. If you are trying to send or receive money without a bank account, do your research. Consider these important factors as you move toward making your decision.
Speed and Reliability
Reputation matters, always — and especially with something as important as money. You want to use services that are known for getting cash from point A to point B in a reasonable amount of time and that have a solid track record for reliability. You can start by asking your inner circle of friends and family to hear what they use. You can read online reviews as well at trusted sites. Key things to consider are whether money transfers were completed successfully, on time, and without excessive charges.
Fees and Transfer Costs
Without a bank account, you may not have the ease of, say, having your paycheck direct-deposited via Automated Clearing House (or ACH), using a debit card, or sending a wire transfer. In fact, you may have to spend time and money to send or receive some cash. So read the fine print on the options you are considering to make sure you’re clear on the fee structure.
When it comes to how to transfer money from one account to another, what will you be charged for and what’s free? Will there be certain criteria to meet in order for a transaction to be done without fees? You don’t want any surprises.
Security
Security is critical. When it comes to cash changing hands, you want to feel confident about safety. You don’t want to risk your hard-earned dough getting stuck in the ether somewhere or vanishing entirely. Look into what layers of protection are in place, such as two-step authentication, data encryption, and an adequate privacy policy. Fraud and identity theft do happen these days, so safeguarding financial information is a must.
Can You Send Money Online for Free?
You may be able to send money online for free without a bank account. Try using P2P apps like Cash App, PayPal, or Venmo or digital wallets like Apple Pay/Google Pay. You may also be able to use a service such as Western Union/WorldRemit without fees in some cases, such as on a promotional basis.
The Takeaway
Having a bank account can be a cornerstone of good money management, but there are a number of Americans who don’t have one. If, for whatever reason you are without one or you want to transfer money with someone who doesn’t have an account, there are still ways to send and receive money. These include digital wallets, money orders, money transfer services, and other options. Some will have fees and security risks, among other downsides. Take your time to explore the safest, most convenient, and affordable choice for your situation.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
FAQ
What’s the easiest way to send someone money without a bank account?
There’s no one single easiest way to send money without a bank account. For one person, a money order might be simplest; for another, using a P2P payment app could be the easiest.
How can someone receive money if they don’t have a bank account?
There are a number of options for a person to receive money if they don’t have a bank account. These include a money transfer service, prepaid debit card, mobile wallet, or money order.
Are there free ways to send money without a bank account?
You may be able to send money for free without a bank account by using a P2P app (PayPal or Venmo, for example) or a digital wallet, like Apple Pay.
How can I send money to someone without a debit card?
To send money to someone without a debit card, you might use P2P apps, digital wallets, a money order, a personal check, or cash, among other options.
What is the safest way to send money to someone without a bank account?
There are many secure ways to send money to someone without a bank account. These can include prepaid debit cards, P2P payment apps, mobile wallets, money transfer services, and money orders. Some people will feel more secure with electronic transfers, while others may prefer a physical payment via prepaid debit card or money order.
Photo credit: iStock/santypan
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