Transferring money to friends or family is pretty easy these days. Even for purchases done online, transferring money is easy with services like Paypal & Amazon. These companies allow services like credit card fund transfer from one bank to another. But in some cases, in order to get the transferred money, both parties have to be on these platforms.
Here are the services that help you transfer money online using a credit card:
- PayPal Send Money
- Amazon Payments
#1 PayPal Send Money
Paypal has been a leader in transferring money online for a very long time. With their service being trustworthy many users and even business abide by them. In order to transfer money from PayPal, both the sender and receiver need to have a registered account with them. To send money, the first step is to get the email address of the person you are sending the money to, once that is done, confirm the PayPal account associated with the email id on PayPal. Then go ahead and select the “Send Money” option.
Next, you’ll be asked to choose whether you are sending the money to family or friends or paying this for goods and taxes. Here you can select the option based of who you are sending it to and then enter the email of the receiver with the amount you are sending in their respective boxes. Check if your payment mode is correct or not. To do this, click on “Change Payment Method” and select your credit card from the list. If it’s not listed there you can add your credit card yourself. Confirm all the details and send the money. Once the transaction is completed you’ll receive a confirmation email for the same.
Just remember that there is a fee charged by PayPal if you are sending via a vendor, that’ll be 2.9% with $0.30 per transaction. So if you are transferring a thousand dollars tha=e fee charged will be $29. Either you can pay this amount or the receiver will receive the deducted amount in their account.
With Partnership with multiple banks, a new credit-based service called vCard is one of the best ways you can use to send money using credit cards. You can borrow your preferred amount of money from their app, that lies between the range of Rs.3000 to Rs.5 lakhs, which will depend on the bank that is issuing the credit. Interest will be charged on the amount you used from the credit. The best feature is that you don’t even need a physical credit card for this, they provide balance transfer cards no fee & a UPI functionality that reduces the need for physical cards.
Its really easy to transfer money from the app to your bank account, as soon as you have the credit approved from the respective bank you’ll be able to send money to any bank account you want to, just from the app itself. You can also withdraw the money you transferred from any ATM and get a hold of cash. NEFT transfers are also available via vCard.
#3 Amazon Payments
Amazon payment also offers a similar service to PayPal. All the Amazon payment accounts are linked with either credit card, debit card or a bank account. While you are registering for the Amazon account, you have to confirm the bank account or card that you have attached. To transfer money, you can ask the person you are sending the money to, for their username. After entering the name, confirm the account and send the money. Just keep in mind to choose “goods and services instead of cash advances even if you are sending cash, otherwise, you’ll be charged for the cash advance you’ll send.
Amazon allows you to send money free of charges up to $1000 in a month, once that is done, you’ll be charged an amount similar to what PayPal charges i.e. 2.9% with $0.30.