In other words, the methods are the same regardless of the amount of cash. Depositing a large amount of funds in person may be best, though, so you can confirm that the amount is correct and address any errors with the teller. You will, however, have to pay a small fee when purchasing a money order and generally can’t send more than $1,000. So, if you have to send more than the limited amount, you’ll have to use a different method.

  • However, you need the full name and bank account number of the recipient to complete the transaction.
  • Depositing a third-party check from someone you don’t know can be risky.
  • From a bank’s standpoint, prohibiting cash deposits can help prevent money laundering and fraud.

The offers that appear on this site are from companies that compensate us. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. There are plenty of times you’ll need to give money to someone, but for one reason or another, you can’t just hand them cash. Our experts answer readers’ banking questions and write unbiased product reviews (here’s how we assess banking products).

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Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. The downside is that there’s usually a limit on how much you can send with a money order.

Other options include Cash App, Google Pay and Wise, the latter of which is geared toward international transfers. There are a variety of methods to pay or gift money to another person directly, most of them digital, but the options can be overwhelming and have differing restrictions. Here are four of the best ways to deposit money into someone else’s bank account without using cash. When sending a sizable amount of money, a wire transfer may be your best option, as those done through a bank commonly have no limits. These can be conveniently quick, as domestic wire transfers commonly take just a few hours to process.

See what other banks offer

If you complete the verification, you can send up to $60,000 per week. Venmo requires users to be based in the U.S. with a U.S. phone number to use Venmo. Banking services provided by Community Federal Savings Bank, Member FDIC. Taxpayers can find forms, instructions, publications, frequently asked questions regarding required minimum distributions and other easy-to-use tools at IRS.gov. See Retirement plan and IRA required minimum distributions FAQs for more detailed information regarding the new provisions in the law. A common scam involves a scammer signing over a check to you to deposit, usually for more than they owe you.

Venmo

Pay using your credit card, debit card or bank account to send the money directly to the recipient’s bank account. Most banks allow online banking customers to make online transfers between bank accounts, even if the account belongs to someone with a different financial institution. Before you can complete what’s referred to as a bank-to-bank transfer, you might need to go through security measures to confirm you’re the account owner.

You don’t even necessarily need to have the recipient’s bank information to deposit the funds. There are various ways you can send money electronically without having to visit a bank in person. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). SuperMoney strives to provide a wide array of offers for our users, but our offers do not represent all financial services companies or products. The advantage of using a cashier’s check is there is no limit to the amount you can send, and they’re usually deposited very quickly.

Write a check

There is no need for you to know the complete bank account details of the recipient. For example, PayPal only requires you to give the recipient’s ID or email address to send money. The most basic function of the money transfer option is to make sure you can send funds to a recipient account. Peer-to-peer payment apps are quite safe if you know how to avoid scams. If you accidentally send money to the wrong person, however, you may not be able to recover it.

Deposit cash at the bank

A disadvantage of depositing a check is, unlike cash, the bank sometimes won’t make the funds available immediately. While we adhere to strict
editorial integrity,
this post may contain references to products from our partners. Yes, as long as you know the person’s full name, bank account number, and routing number, you’ll be able to initiate a bank transfer. There are multiple websites and apps that allow you to transfer money to a friend.

Businesses We Serve

Many banks that have stopped accepting cash transfers to other accounts still accept check transfers. Before you head to your bank branch to send money, give a call and make sure that the bank is still allowing cash transfers to recipient accounts. This is perhaps one of the most convenient and traditional ways of sending money to someone else.

If you’re wiring money to someone in the US, it may take less than 24 hours. If you use a payment app like PayPal or Venmo, free transfers usually take a few days to process but instant transfers (which usually cost a fee) may take up to 30 minutes. To complete the transfer, you’ll need the other person’s bank account https://accounting-services.net/5-ways-to-deposit-cash-into-someone-elses-account/ number and routing number. Certain banks, including Bank of America and PNC Bank, offer account holders the option to send money to others using only the recipient’s email address or phone number. When you need to send money to someone, depositing it into her account electronically is a safe and secure method.