If you need to wire funds but you don’t have no cash in the bank to send it, what other options do you have?If you do have a credit card and you want to send money, you can use your credit card.In fact, it’s easy to do and you can use your credit card to send money anywhere in the world.
Before you enter your numbers and send it, there may be a better option.Here’s what you need to know.
Send Money With A Credit Card
When it comes to “wire transfers,” the term is used in a number of different scenarios.
For example, let’s talk about a bank wire transfer.This wire transfer usually go through a bank.These are same-day transfers from one account to another.
In order to complete a wire transfer, you’ll have to provide the recipient’s bank account information.You’ll also need to submit a paper form.
Another type of transfer is called a money transfer.This is another term that can mean a number of different things.The basic concept is that you would send funds electronically, it wouldn’t matter if it’s a traditional wire transfer or not.In these cases, the funds would be available to the recipient on the same day.
A few companies that offer this would be MoneyGram and Western Union.With this service, you can set it up online or over the phone.Recipients would be able to be identified by name, phone number, address or email.
It’s important to note that some companies that offer this service may take a few business days before the recipient will receive the transfer.
Since it doesn’t matter what method you use, you’re going to need a cash advance if you plan to fund the transfer with your credit card since you don’t have any cash.A cash advance will give you cash you can send out immediately.
Before you get started, there’s a few things we want to point out about getting a cash advance.
Fees– Cash advance fees are often high, you’re subject to them if you choose to get a cash advance.Most credit card issuers will charge you a percentage of the transaction amount or a flat fee, usually which ever is greater.No matter what, you’re going to be paying more than you’re sending, so make sure you check on that so you know exactly how much that will be.
Interest Charges– Cash advances on your credit card can be quite expensive.While small cash advances don’t amount for much, large cash advances are a different story.
Credit Profile– Anytime you use your credit card, you’re going to put yourself in a situation where you’ll need to pay it back.Again, a small cash advance may not add up to much, but a big cash advance may be tough to pay back.If you can’t pay that debt back, you’re going to hurt your credit score.If you’re sending money from your credit card, you better make sure you can pay it all back.You don’t want to borrow a large sum of money that you really can’t afford to pay on.
How To Get A Cash With Your Credit Card
There’s a few different ways you can get cash from your credit card.
PIN– One way you can get cash from your credit card is with a PIN.In order to use an ATM to get money, you’ll need to have this PIN.If you don’t have it, you won’t be able to get money from an ATM.In order to get a PIN with your credit card, you’ll have to call your credit card issuer and request one.They won’t give you a PIN over the phone.Instead, you’ll get it mailed to you and you’ll receive your PIN in 7-10 business days.If you need money fast, you’ll have to choose another option.
Local Bank– If you don’t have your PIN and you need cash right now, you can go to your local bank and request a cash advance with your credit card.Just go to your local bank and let them know you want to get cash from your credit card.You will need your license or an ID that matches the credit card you have in order to get your money in hand.
When you make purchases on your credit cards, they can be reversed.However, if you’re using a cash advance, it can be reversed.Most banks are only willing to do an irreversible transfer if they have the cash in hand.
For those of you that are sending money, please make sure you know where that money is going and make sure you know that person.A lot of scammers use tricks, so you should never send your money to someone you don’t know.Wire transfers are one of their most popular scams, so always be careful with them.
Instead of wiring money from your credit card, you may want to consider other options.
Using A Debit Card– If you do have money in the bank, you can use your debit card.If you have money in the bank, you can just get cash for the amount you need.If you don’t have funds in the bank, you’ll have to use another option.
Wiring From Your Bank Account– If you don’t need to borrow any money and you know the recipient well, you can just send the funds from your checking account.You do want to make sure you completely trust that person.You can also use some of the other options in this article.
Money Order– Another way you can send money to someone is through a money order.You can get a money order at Wal-Mart or the local post office, among other places.
Borrow Money– If you don’t have money and you can’t use another method, you can always ask someone close to borrow the money.If you have a close friend, a family member that can help you, that’s another option you have.
Send Cash– If the person is close to you or they can travel to you, then you can meet with them and just give them the money in person.If you’re not sure the person will receive the money versus someone else, meeting them in person is not a bad idea, so as long as you really do know them.
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