How to Send Money Online in Under 5 Minutes

There are several reasons why people transfer money across borders, including supporting family back home, paying for an overseas vacation, or conducting international business. Those who send money not only want to ensure that their funds are safe but also that they arrive quickly in the recipient's hands.

Approximately one billion people worldwide are involved in remittances. It is estimated that around 200 million migrant workers remit money back home yearly. Are you one of the many who need to send money abroad? If you're looking for a money transfer in under 5 minutes, RemitBee is the solution.

Why Speed Matters in Money Transfers

Ensuring that the money you send arrives immediately in the hands of your recipient is crucial, especially during emergencies or when meeting deadlines for payments such as bills and tuition fees.

Speed and convenience in money transfer processes are also crucial for users. Time is also a commodity, and unlike money, it is something that cannot be stored for later use. That is why, for those who plan to remit money, convenience in terms of processes matters. Online money remittance service providers are often preferred over traditional banks, which require visiting brick-and-mortar bank branches and financial institutions to send money. With online money remittance, clients can send money at any time, from anywhere.

Also read: Fast vs. Cheap: Balancing Speed and Cost in Money Transfers

Different Ways to Send Money Online Fast

When you send money online, you can do your transaction anytime, anywhere. Aside from convenience, processing online money transfers is a fast and efficient process. Here are the numerous ways you can remit money online:

Money Transfer Services

These are specialized platforms that enable international money transfers. Some of the popular platforms include Wise (formerly TransferWise), Remitly, WorldRemit, XE Money Transfer, OFX, and RemitBee (Canada-based). These platforms often offer better exchange rates and charge lower transaction fees compared to banks

When choosing a money transfer service platform, it is best to opt for a provider that offers transparent fees, a favorable currency rate, and low transaction fees. It is also best if your chosen platform offers various ways for your recipient to receive money. For example, the fund may be sent to their bank account or mobile wallet, or it may be picked up from a branch of another service provider in the destination country.

RemitBee is one of the leading fintech companies in Toronto. It offers online solutions for immigrants in Canada, including services such as money remittance, currency exchange, mobile top-ups, international bill payments, business accounts for SMEs, and eSIM.

RemitBee’s operations are 100% online, meaning all transactions are completed with just a few taps on your smartphone or personal computer. Thus, with RemitBee, you can send money anytime, anywhere you are in Canada. Just sign up to create your account and proceed with the service you need. For these reasons, it is one of the best online money transfer services available.

Here are the general steps for sending money using money transfer services:

1. Choose a service and delivery method. After choosing a platform, decide how your recipient will receive the money, either through cash pickup, bank deposit, or another method.
2. Provide your recipient’s information, such as their full name, address, phone number, and bank details.
3. Choose your payment method. Options include credit card, debit card, bank transfer, or using the funds in your account with the service provider.
4. Enter the amount you want to send, check the exchange rate and fees, and confirm the details to complete the transaction.
5. Track your transfer using the tracking number or tool provided by the service provider.

Digital Payment Platforms

This type of platform is a comprehensive payment app that supports international money transfers. However, the downside is that they often offer low rates and high fees. Some of the popular digital payment platforms used for online money transfers are PayPal, Revolut, Skrill, and Cash App.

Also read: Skrill vs. Paypal: A Comprehensive Comparison

Here are the steps you need to follow if you want to send money online using digital payment platforms:

1. Open the app or website of your chosen platform and log in to your account.
2. Add or select your recipient from your contact list. Provide your recipient’s details, including their email address, phone number, and platform username (if applicable).
3. Enter your payment details, including the transfer amount and currency. You may also include a message for your recipient.
4. Select a payment method to fund your transfer. You may link your bank account, credit card, or debit card to the platform. If your chosen platform offers a digital wallet and the balance is sufficient to cover the transfer cost, you can use it.
5. Review all the details you provided and click “Send,” “Pay,” or “Transfer” to complete the transaction. Please note that you should verify the fees associated with your transfer or selected payment method.

Cryptocurrency

Sending crypto makes sense if you want to send money abroad online, mainly because crypto is digital, and you can transfer it anywhere as long as you are connected to the Internet. Cryptocurrencies do not have physical borders, unlike traditional currencies, allowing transactions to take place seamlessly with anyone globally. Lastly, you can send cryptocurrencies without sharing your personal or banking info, which is ideal for privacy and reduces the risk of identity theft.

Different types of cryptocurrencies have their own addresses. Therefore, ensure that you send Bitcoin to a Bitcoin address and Ethereum to an Ethereum address. You can also use fintech platforms like Coinbase and Binance to send cryptocurrency to your recipient. Often, all you need is your recipient’s email address to send funds.

Here are the steps you need to follow if you want to transfer funds online using cryptocurrency:

1. Open your cryptocurrency account.
2. Choose “Send Payment” or “Transfer” or a similar button from the home screen.
3. Choose which cryptocurrency to send and confirm the amount.
4. Enter your recipient’s wallet address or scan their QR code.
5. Select transaction speed (if applicable).
6. Click “Send” to confirm the transaction.

Mobile Money Services

In regions such as Africa and Southeast Asia, mobile wallets are more commonly used for online money transfers compared to bank accounts. Some of the popular mobile money services in Africa and Asia include TrueMoney, Wave, Jio Payments Bank, Airtel Money, bKash, VodaPay, GCash, MTN Mobile Money, Orange Money, and M-Pesa.

If you are interested in knowing the steps on how to send money online using mobile money services, follow this:

1. Register or log in to your mobile money service.
2. Choose the option to send or transfer funds on the app’s home screen.
3. Enter your recipient's details, such as their name, phone number, or account ID.
4. Enter the amount you want to send.
5. Review the transaction details and confirm the transfer. You may be required to enter your PIN and use your biometric authentication to complete the transfer.
6. Wait for the confirmation message indicating that the transaction is successful.

Traditional Banks

Traditional banks also offer online bank services, which you can use when sending money abroad. True, sending money through your bank is safe and convenient; however, it is often the most expensive and slowest option. When sending money online using traditional banks, you either use wire transfers or bank transfers.

Wire transfers (SWIFT) is a transaction wherein the sender provides the recipient’s bank details (name, address, account number, routing/SWIFT code) and the amount to be sent. The sender’s bank uses the SWIFT network to send a message to the recipient’s bank instructing them to credit the recipient’s account. A wire transfer can take a few business days to complete. Moreover, it typically involves fees for processing, currency exchange, and other fees charged by intermediary banks.

Local bank transfers often use the bank’s internal system. In this option, the sender provides the recipient’s bank account details and the amount to be sent. The sender’s bank transfers the money to the recipient’s account, potentially using an intermediary bank. Unlike wire transfers, local bank transfers are often faster and cheaper.

Here are the generic steps on how you can send money online using traditional banks:

1. Log in to your online banking account.
2. Click “Transfer Funds” or “Send Money.”
3. Select the method you want to use. Options include wire transfer, mobile transfer, or local bank transfer.
4. Enter your recipient's bank details, such as their account number, routing number, and bank name.
5. Enter the amount you wish to send.
6. Review the details and confirm the transaction.
7. Enter the One-Time Password (OTP) or other security verification.

Conclusion

In today’s fast-paced, globally connected world, sending money quickly, securely, and conveniently is vital. Fortunately, there are multiple ways to send money online in an average time of 5 minutes, including using specialized money transfer services like RemitBee, Wise, or WorldRemit, leveraging digital payment platforms such as PayPal and Revolut, or even cryptocurrency wallets for borderless, decentralized transfers. Mobile money services and online bank transfers also offer practical solutions, particularly in regions where traditional banking access is limited or when speed is less critical.

When choosing the best option, opt for the one that will help you maximize your money and ensure that your recipient receives the amount you sent promptly.