Sending money to a friend or family member can save money on fees when sending cash. Paying fees for bank transfers can be extremely high, and it is not always a wise choice.
By choosing to pay the fees yourself, you can reduce your payments and make the transfer with more confidence. The following paragraphs give some ideas for how to reduce fees:
– Send the check at a bank in person. Most banks will let you cash a check without paying any fees. When you see that a check is all right, write it out in a way that requires little moving parts, such as a spiral notebook.
– If you live close to a financial institution, ask them for a routing number. Make sure to tell them that the check should be mailed to a business address and add a signature line on your check, so they will know what to do with it when they receive it. Requesting the routing number may seem like a hassle, but it can mean that you are avoiding fees when sending cash.
– If you know of someone who works in the same building as the financial institution that issued the check, ask if they would be willing to take it to their office instead of having to mail it. This way, you can avoid the fee when sending cash. Be sure to keep the receipt when you mail it to the right person, so they can return it for the right amount.
– Set up a personal bank account online. You will then be able to use an online banking service to pay any fee.
– When you go to the bank, make sure that the teller shows you the bank’s security deposit, which may have been deducted from the money that you have sent to the customer. A transaction check should show the money received as a deposit.
– Instead of paying the fee, try to recover the money yourself. Check your account to find out how much cash you have remaining. Call the customer and remind them of the deposit.
– Call bill payment services that offer automatic deposits to ensure that the customer receives the funds when it is due. This option has been found to reduce a significant amount of fee when sending cash.
– Use prepaid cards when sending money. There are many companies that sell pre-paid cards and accept credit cards as well. These cards are very similar to cash in the sense that they can be used at stores that accept them and are safe because you can load them with money or other value.
These pre-paid cards can help to prevent the fees that occur when sending cash. They are also convenient when you want to purchase items in bulk.
It is easy to avoid fees when sending cash when you know what to look for. Prepaid cards are one way to avoid the fees associated with withdrawing cash from a bank.