Five ways to send money fast within the country, free or low cost

Martin Grosz

04/06/2021 12:51

• Clarín.com

• Services

Updated 04/06/2021 12:51 PM

Helping a child who is traveling, repaying a debt to a friend who is in another province, paying for a purchase online ... For many reasons it may be necessary to send money within the country, and more and more options are emerging to

do so quickly and free

, or at low cost.

The requirement will be in some cases that the sender and receiver have a bank account or certain "

virtual wallets

" that allow the transfer of funds online.

In other cases, one or both parties will have to

approach

 a local or an ATM to send or receive the amount in bills, which may be more practical in some moments.

Next,

five

widely used

alternatives

are explained

to send money immediately to any part of the country, with their particularities, requirements, costs and procedures of use.

1. Bank transfers

They are immediate and

free

shipments

that a person can make with the money they have deposited in their savings account or checking account.

The condition is that the recipient

also has an account

of any bank in which to receive the funds, or a "virtual wallet" that fulfills the same function (such as Mercado Pago, Ualá or Naranja X).

Transfers can be initiated from an ATM or online in home banking (PC) and mobile banking (smartphones).

How?

You must enter the desired amount and the numeric or alphanumeric code of the receiving account, known as CBU for bank accounts and as CVU for "virtual wallets".

In seconds, the money is credited to the receiving account,

available to be withdrawn

in cash from an ATM or to be spent with the debit card or other electronic means.

Bank transfers can be initiated from an ATM or by home banking and mobile banking.

Photo File

2. Withdrawal orders without a card

They allow you to send funds deposited into a bank account and

received in cash

by someone who does not have an account or who for any reason does not have their debit card in their pocket.

It is a service offered by the ATM networks

Red Link

-under the Punto Efectivo

brand-

and

Banelco

, through their associated banks.

How does it work?

In an ATM or through home banking or mobile banking, the issuer enters

the amount

to be sent and informs the

document number

of the person who will receive it.

The system then delivers a numeric key.

To receive the money, the recipient must go to the closest ATM in the same network that supports cardless

operation

and choose that option on the initial screen.

The system will ask you to enter your document number, together with the code that the issuer gave you and the exact amount expected.

If everything matches, the bills will pop out of the slot in seconds.

To withdraw the money sent without a card, the ATM asks the receiver to enter the document number and a password given by the issuer.

3. Virtual bank wallets

They are applications that are downloaded to the cell phone and that work linked to a bank account of the issuer to

facilitate their transfers

and their daily payments with a card or QR code.

One launched last December by more than 30 banks is Modo, which works as an independent app and in some entities it is also integrated into the mobile banking app itself.

Another option that can be chosen is Valepei, from Red Link.

As for money transfers, how are they facilitated with these types of tools?

Mainly, in that they examine the

phone's contact

book

to detect other users of the same app, which allows you to transfer money quickly without first entering your CBU or other personal data.

If the sender and the recipient have these apps installed and their bank accounts already linked (something that can be configured in just a few steps), the transfers will take place immediately.

If the recipient does not have an account, Valepei can also make a withdrawal order without a card in their name, to withdraw the amount in cash by ATM. 

4. Non-bank virtual wallets

Another option to transfer money within the country is to use a non-bank "virtual wallet".

Among the most popular include

Mercado Pago

,

uala

and

Orange X

.

These apps offer the possibility of depositing funds in the wallet both in cash (through networks such as Easy Payment and Rapipago) and by electronic means, and then use them with a

prepaid debit card

or transfer them to other users.

Virtual wallets allow you to send money in seconds to other users of these apps and to bank accounts.

Photo EFE

Wallets also use cell phone contacts to quickly locate other users of the same system, to whom transfers can be made very easily.

And they also allow instant money transfers both to accounts of other non-bank "virtual wallets" and to bank accounts, 

entering the

recipient's

CVU or CBU

.

5. Non-bank payment agencies

If both the sender and the receiver of the transfer prefer to handle cash, without using bank accounts or "virtual wallets", there is the possibility that both approach a

local

tax and service

payments

that offer money

transfers

throughout the country.

Of course, in this case it is a service for which the company in charge will charge

a commission

.

In

Easy Payment

, for example, the issuer can take the cash to any location in the network and give all the details of who should receive the money so that, in minutes, the other person can withdraw it at any other agency.

According to a calculator that the firm has available on its website, to send $ 1,000 in this way, a fee of $ 110.67 must be paid;

to send $ 10,000 the cost is $ 784;

and to send $ 100,000 you need to pay $ 1,860.

MG

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