Making money moves has never been easier. Thanks to technology, we can send and receive money in a wide variety of ways in a matter of seconds. Whether it’s a transaction between our friends, our families, or a company for its services, we can change hands with money with no problem.

As someone who is trying to figure out the ways of money transfer services, you’re interested in learning what sorts of avenues you have to choose from in order to send and receive your funds. Well, you’re in luck! This article is all about what a money transfer is and the different types that you can use in order to transfer finances. Keep reading to learn more!

What Are Money Transfer Services?

When it comes to finding out what is a money transfer, the definition is pretty straightforward. Money transfer services are different services that you can use to electronically send and receive funds between other parties. Thanks to smartphones, the use of money transfers has grown widely in popularity, but they’ve been around for quite some time before then.

Money Orders: The Original Transfer Service

If you’ve heard of a service known as the Western Union, you’ve heard about a money transfer service. When you send money through Western Union, you have to go to an actual establishment that honors Western Union transfers (remember, this is before the cell phone age) to complete one.

You would then fill out what’s called a money order detailing the amount of funds you wish to send. The money order would be mailed off and the recipient could cash it in at their bank to get the amount you sent them in digital units.

A New Way to Pay

Although Western Union services still exist, there are plenty of other ways to send and receive money that is much faster – and you can even do them from the comfort of your own home. Thanks to the online world, transactions can be made in record time.

One of the most popular services is called PayPal. Paypal is so popular for transfers that it’s become a staple in the freelancing business, and for good reason. You don’t need anything fancy to get started except your email address, and PayPal even sends you a free debit card to use your money in stores.

Other popular money transfer services include Google Pay, Apple Pay, Venmo, and CashApp. While they all might have their own unique approach to doing things, their overall goal is the same: to help you send and receive the money you need in a flash.

Now that you know how money transfers work, you’ll want to find the best money transfer services to use for sending and receiving your finances. There are plenty of options to choose from, so make sure to take your time and find the one that works best for your needs!

Stay in the Know

You’ve learned about money transfer services, and know you can make your own money transfers like a pro. Check out our site to learn about other ways you can get informed and get ahead in all areas of your life. We’re sure there’s something for everyone here!