Sending Money Without a Bank Account: Is it Possible?
There may come a time when you need to send money to a friend or relative in a different city. This may seem like an impossible task if you do not have a bank account, but it is fairly easy using several other options.
A money order is essentially a more secured check, but anyone can obtain it. No bank account is necessary. All you have to do is go to your local bank or post office and ask for a money order for the amount your loved one needs.
You will then fill out all of the pertinent information before sending it directly to them. Money orders can be canceled at any time before they are cashed if something comes up. Just be prepared to pay a small fee.
A money transfer service like Western Union and MoneyGram allows you to send money directly to individuals worldwide. The great thing about this service is the freedom it gives you and the recipient.
You will have the option of sending the money directly to your loved one’s bank account, a cash pickup location, or their mobile wallet. You will also have the opportunity to pay with cash or a debit card. Using Western Union’s money transfer app allows you to do all of this without leaving the house.
Prepaid Debit Cards
There are a number of different retail locations where you can get a prepaid debit card. You can put as much money on these cards as you want. They are then used exactly like a regular debit card when purchasing goods.
You will have several options to get these funds to the right person. The biggest downside of this option is that your loved one will only be able to use the prepaid debit card at certain locations. If they need to use the money somewhere that does not accept debit cards; then this option will not help them.
Several mobile wallets essentially act as bank accounts. The great thing about these mobile wallets is that they are preinstalled on every smartphone. All you have to do is set up the account.
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Once you create an account, you will need to link a debit or credit card. You can then use this card to send money directly to anyone that uses the same mobile wallet service without paying any fees. Your loved one will then be able to use this money at any location that accepts mobile payments. They can also transfer the money to their own bank account.
While it is technically possible to send someone cash through the mail, this should be avoided at all costs. There are no security measures in place to ensure the money reaches the right hands. It is not worth the risk when there are so many better options.
Everyone wants to be able to help out a friend or a family member in need when possible. Luckily, there are plenty of easy ways to send someone money without a bank account.
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