With Hurricane Milton headed for Florida, folks are looking for reliable ways to get funds to loved ones quickly; even more so in the wake of MoneyGram’s announcement that it was recently hacked and user information was stolen.
MoneyGram was hacked
MoneyGram said it was a victim of a cyberattack in September and hackers stole customers’ personal information and transaction data.
The company shut down its IT systems, which prevented customers from accessing or transferring money to other users.
Information accessed included customer names, transaction information, bank account numbers, email addresses, postal addresses, dates of birth phone numbers, utility bills, government IDs and social security numbers.
Ways to transfer money quickly to family and friends
When considering money-transfer methods, users should opt for one that verifies their identity and keeps their data private.
When transferring between bank accounts through online banking, the recipient’s bank account information is required.
Apps are increasingly popular vehicles for getting money to friends and family. Always double-check to make sure you are sending money to the right person hitting the transaction button.
Sending money with Cash App
Cash App users can transfer money to bank accounts using a CashApp balance, a prepaid credit card or a debit or credit card from American Express, Discover, Mastercard or Visa.
Cash App charges a 3% fee for using a credit card to send money.
Find recipients using their email address, phone number or username (called a $cashtag).
The recipient can keep the money in their balance to use for later transfers; use it on a Cash App debit card for spending or making ATM withdrawals; or transfer the money to a linked debit card.
The recipient pays a fee of 1.75% to get the money instantly, or they can opt to wait one to three business days to have the money transferred to their account without a fee.
Google Pay allows users to send money to Android and Apple devices; and the funds can be used to make purchases at retailers.
A user needs a linked debit card, bank account or Google Pay balance to send money by using the recipient’s name, email address, phone number or QR code.
Sending money linked to a Google balance takes minutes, while sending funds linked to a debit card could take minutes to 24 hours; and sending money linked to a bank account could take up to five business days.
A recipient can transfer money from their Google Pay balance to their debit card instantly by paying a 1.5% fee. They can transfer money to a bank account for free, but the process can take up to five business days.
Sending money with PayPal
PayPal lets its website or mobile app users send funds linked to their PayPal credit, linked bank accounts, debit or cards and rewards balances.
A users needs the recipient’s name, PayPal username, email address or phone number.
It’s free to send from a bank account or PayPal balance. Using a credit or debit card will require a 2.9 % fee.
A recipient can use the money for online purchases or can access it through their PayPal debit card. They also can transfer the money to their bank account for free,e but the process takes up to three business days. If they want to access the funds instantly, they have to pay a 1.75% fee.
Sending money with Venmo
Venmo lets users send money with a bank account, credit card or debit card. It’s free to send money with a bank account. Using a credit card requires a 3% fee.
The app allows for paying recipients by selecting their name, Venmo username, phone number or email address. A sender can pay multiple people at one time.
A recipient can transfer the money to a linked bank account instantly for a 1.75% fee (up to a maximum $25), or they can opt to have the money transferred a few days later without the fee.
The Venmo app displays transactions publicly unless a user changes their privacy settings.
Sending money with Zelle
Through Zelle, a user can send money from their bank account to a recipient’s bank account or credit union. The process takes a few minutes without a charge from Zelle, but there might be one from the bank.
A user accesses the service through their bank’s mobile app or with Zelle’s standalone app (which must be linked to a Mastercard or Visa debit card); and sends funds using the recipient’s phone number or email address.
The recipient needs to be enrolled in Zelle through their bank or registered with the Zelle app to get the money.
Sending money with wire transfer at a bank
A wire transfer allows for moving money between bank accounts by visiting a bank’s website or a branch and providing the recipient’s name and bank account information.
They can take one to five business days.
Fees vary by bank.
Contact IndyStar reporter Cheryl V. Jackson at cheryl.jackson@indystar.com or 317-444-6264. Follow her on X.com: @cherylvjackson.
