From old-school to online: Ways to send money 

So your friend ordered the takeout and split the cost with you, but you’re out of cash. What now? Or maybe it’s the end of the month, and you need to pay your rent. In both instances, you need to send money (quickly).

The good news is you have a lot of options. The bad news is you have a lot of options. Your head may be spinning from all the possible ways to send money. Don’t sweat it. We’ve rounded up the latest digital-friendly, as well as the more traditional ways to send money, so you can choose which option is best for you when you need to hit send.

In this increasingly digital world, many people choose mobile payment apps because you can send money with ease from your phone or mobile device.

Zelle allows you to send and receive money online or via your mobile devices. It does require you to have a U.S. bank account but works within the apps of most large banks, including Ally Bank.

Venmo features the ability to split checks, transfer money to your bank account and make payments online with PayPal.

After adding your debit, credit or prepaid cards to your Wallet app, users can use Apple Pay to securely pay in person, online and in Messages. This service is only compatible with iOS devices.

If you want to send or receive person-to-person payments, you can utilize the in-app Google Pay Send, which is available for all types of mobile devices.

Convenient for folks with Samsung phones and devices, this platform includes person-to-person payments.

If you’re just looking to send and receive payments, this app offers straightforward simplicity, since you don’t even need the app to send money.

If you’re looking to send money from one bank account to another , you might want to take advantage of an Automated Clearing House (ACH) transfer. All banks, including Ally Bank, utilize this network. The timetable for these transfers can range from standard (three business days) to next day .

These traditional ways of sending money can all be done from your bank and are relatively safer and more reliable than paying by cash or personal checks. 

This payment option carries a guarantee from your bank that funds will be available when cashed by the recipient. Unlike regular checks, they’re both endorsed by both you and verified by your bank, adding an additional layer of guarantee to the recipient. This certification does come with a price tag of $5 to $25. However, there’s usually no limit on the amount.

This cashless alternative works similarly to certified checks. When you purchase one from your bank, the money is withdrawn from your account, and the bank becomes financially responsible for the amount. Cashier’s checks cost an average of $10 each and typically don’t have a limit.

When you purchase a money order, you pay the seller a specific amount. The recipient can redeem the money order for that sum. Money orders, unlike certified checks and cashier’s checks, don’t require you to have a bank account and can be sent internationally (as long as the country accepts U.S. money orders). They’re also available at places like grocery stores, package delivery services, and more, making them convenient. Money orders are considered more affordable (on average $5) but have a $1,000 limit.

This type of transaction is done across a network of banks or transfer agencies, usually within 24 hours. The sender pays and initiates the transaction through a bank (or financial institution), providing the recipient’s bank account numbers. Wire transfer fees are usually between $15 and $30 for domestic and $45 and $50 for international transactions.

People choose this method because of its speed — wire transfers are one of the fastest ways to send money. Just remember, when electing to transfer money via wire transfer, you should remain cautious and confirm the identity of the recipient in advance since wire fraud is one way cybercriminals defraud people .

Whether you’re paying for a large expense in your monthly budget or your weekly date night dinner delivery, both traditional and digital methods ways of sending money could be a payment option. Each has their own rules and transaction fees, so be sure to research what works best for you, so you can feel confident in whichever method you select.