Statistics show that one in four Americans have indicated that they do not have an emergency fund of any kind.
What will happen if they need money for an emergency? How can you quickly send money to a family member or friend in need? Where is the fastest money transfer between banks?
Ideally, you won’t have to worry about this situation but you never know when someone you know will call asking for help.
Keep reading to learn a few options for the fastest money transfer:
1. Apps
It is becoming hard to keep track of all of the money apps making their way into the daily lives of consumers. Whether you use PayPal, Venmo, Cash app, or others, you can get funds from your account to someone you know with a few simple bits of contact information.
While this will get the money to them quickly, there are occasional fees for an instant transfer once they have the money in their account. Typically, there is a day or two processing time to get it from the app into the bank account to be used. Carefully considering each app and the time it takes to reach their account can help you decide which option will be best for your situation.
For example, if the rent is due in 3 days this could be an option. If a friend needs their car towed and can’t afford it, these apps would likely not be the best option.
2. Fastest Money Transfer: A Money Gram
Money grams can be sent on the web or through the app. The huge benefit of using this option is that the person you are sending the money to can have it in as little as 10 minutes!
Another benefit of this option is that you can transfer internationally as they have locations all over the world. This means that you won’t have to pay high fees to get the cash where it needs to go.
Read the ultimate guide to money gram to learn more about the process and how it works.
3. Cash
This could be the quickest option provided that you have the amount of cash needed on you. Going to the ATM could be an option if you are located in close proximity to one.
Some situations may require you to deliver the money in cash and thus making it the fastest way to do it. This could be an issue if cash is not accepted or you live miles from the nearest ATM.
Having a certain amount of cash on hand for emergencies could give you the peace of mind that you have it, even if you don’t use it.
Transfer Cash Quickly
Now that you have read more about the fastest money transfer options available, you can take action right away!
Whether you are helping a friend with an emergency or navigating a crisis of your own, you now have options for getting cash where it needs to go. Check out our website for more helpful articles like this one.
