Wire transfer | How to Transfer Money using Credit Card Wire Transfer
Wire transfer-Do you need to wire money but you doesn’t have cash in your Bank account? I think you may consider wiring fund from your Credit card. Credit card wire transfers allow you to move money to any person around the world.
It’s a good opportunity for many, but before you enter the figures you wish to wire, I suggest you study carefully and make some evaluations about the best wire transfer alternatives to avoid some Fees on your credit card
Methods of Credit card Wire Transfer
There’re several ways you can wire your fund using your credit card.
Bank Wire Transfer: With Bank Wire Transfer, Funds traditionally go through banks. This transfer can take a day to transfer the fund from one account to another. It’s best for home purchases. It’ll require you to provide the recipient’s bank details and submitting a paper form to enable the transfer.
Money Transfer: It’s another electronic way of sending money to people, it can be a traditional ‘’ wire transfer’’ or another form. However, funds can get to the recipient on the same day.
However, you may choose Western Union, Money gram, Ria Money transfer or any other type of service. Also, it can be done online with your phone by using your email, phone number or name. Most times, it may take up to two business days to get to the Recipient.
Cash Advance: As long as you’re using credit card wire transfer, Irrespective of the method you’re using, you’ll need a cash advance. It’s the advance that provides ‘’ free and clear’’ money available for you to send out to your recipient immediately.
The Fees For cash advance
The cash advance comes with some fees. Your credit card company will charge you some percentage from the transaction amount. And the minimum is $10 or even more. However, you’ll still pay an additional fee for the actual transfer. So, before you decide you should know that the fees will increase the price of what you’re paying for.
The interest is expensive on cash advances on your credit card. The interest rate on advances is higher than that on balances that come from purchases. Also, it doesn’t offer any grace period on cash advances. Whether you pay off your card, or not, you’ll still pay interest charges before the end of the statement cycle.
Your credit: borrowing money against your credit for credit card wire transfer may damage your credit for a short while. And large Card Advances can ever up your available credit limit.
This isn’t right for you, it means a financial trouble for you. In case you plan to purchase largely in future, having a lower credit score may prevent you.
Other Options to Credit Car Wire Transfer
Considering the risk of cost in using the credit card wire transfer, you may have to consider using another alternative to credit card wire transfer.
Wire Money from your bank account: If you don’t have to borrow money and you trust your recipient, you can send money from your checking account.
Paying with your Debit Card: you can also use your debit card not minding that most online sites usually ask for a credit card. It’ll pull money from our account instead of creating a loan. It’ll help you to avoid cash advances and interest fee charges.
Money Order or use of Cashier’s check: With guarantee cashier’s checks your check won’t bounce.
If you know the person you’re transferring the money to, use free or inexpensive payment system. You can use the square Cash to move your fund from your checking account to a recipient’s checking account. With a debit card, you can achieve this. It’s free and you can also use PayPal for your international payments.
Using a convenience check: Try and get a convenience check from your credit card company during special offers.
Using Standard Credit Card Payment: You can pay with your credit card if it’s accepted. PayPal is a good one here. Also, PayPal can even lend you money through the PayPal credit.