How to Send Money to Someone Without a Bank Account

There’s a range of circumstances where people might find it necessary or preferable to send money without involving banks: family support, informal job payments, avoiding bank fees, settling bets, under the table deals, surprise gifts, the list goes on. Perhaps your aunt believes that bank transactions anger the spirits of wealth, and insists all monetary gifts come in the form of direct cash transfers. Who are you to argue with the supernatural?

The best method to accomplish this - probably the easiest way to send someone money online - is with VALR Pay, a free money transfer app for instant payments in crypto or cash. All you need is a mobile number, email address, or a VALR Pay ID to send money to a friend instantly, conveniently, and without spending a dime on transfer fees.

Of course, VALR Pay is just one of many ways to send money to people without a bank account. If you already use any of the below methods, we welcome you to compare their ease of use and fees versus VALR Pay.

1. Mobile Money Services

Services like M-Pesa, EcoCash, and Orange Money allow users to send and receive money using their mobile phones.

• Cost: Usually involves small fees for sending and withdrawing money.

• Speed: Instant transfers within the service.

• Accessibility: Widely used in certain regions of Africa where bank access is limited.

• Security: Generally secure, but tied to the user's mobile network and local regulations.

Compared to them, VALR Pay offers the advantage of no fees and supports international, multicurrency transactions, which are not a focus of regional mobile money services.

2. Prepaid Debit Cards

Some companies offer prepaid debit cards that can be loaded with money and sent to another person. The recipient can use the card like a regular debit card without needing a bank account.

• Cost: Can include fees for loading, withdrawing, and even inactivity.

• Speed: Instant use once loaded, but initial setup and reloading can take time.

• Accessibility: Needs physical distribution and activation.

• Security: Similar to debit cards, susceptible to theft or loss.

More convenient and flexible, VALR Pay eliminates the need for physical handling and offers instant digital transfers without the associated card fees.

3. Money Transfer Services

Companies like Western Union, MoneyGram, and Ria allow you to send cash that can be picked up at various locations worldwide.

• Cost: Fees vary by amount sent and destination; can be significant.

• Speed: Can be instant or take a few days, depending on the service and payment method.

• Accessibility: Extensive global network for cash pick-up.

• Security: Robust, with various consumer protection measures.

VALR Pay stands out by offering fee-free transfers and the flexibility of sending money to any mobile number, email, or VALR Pay ID globally.

4. Digital Wallets

Apps like PayPal, Venmo, and Cash App allow users to hold funds within the app which can be used to make payments or send money to others. While these often require a bank account for full functionality, they can also be used in limited capacities without one.

• Cost: Often includes fees for receiving money or converting currencies.

• Speed: Instant transfers within the platform; withdrawing funds can take several days.

• Accessibility: Requires an internet connection and often a bank account for full functionality.

• Security: Generally high, with various fraud protection measures.

VALR Pay, on the other hand, offers instant, free international transactions and supports a wider range of fiat currencies and cryptocurrencies, which can be a significant advantage for users and merchants aiming for global reach without incurring fees.

VALR Pay is a free money transfer app that supports 70+ cryptocurrencies and a wide range of fiat currencies.

Frequently Asked Questions (FAQs)

• Is VALR Pay really free to use?

  Yes, VALR Pay is completely free for both individuals and businesses. There are no fees associated with sending money or crypto to anyone, anywhere using their mobile number, email address, or VALR Pay ID.

• How fast are transactions with VALR Pay?

  Transactions on VALR Pay are instant. Once a payment is initiated, it is immediately settled on the platform. Users can then choose to transfer funds on-chain or convert them to cash for withdrawal via wire transfer.

• Does VALR Pay support multi-currency transactions?

  Absolutely! VALR Pay supports a wide range of currencies, including over 70 cryptocurrencies like USDC, USDT, and PYUSD, along with various fiat currencies. Whether you're dealing with digital assets or traditional money, VALR Pay has you covered for seamless multi-currency transactions.

Risk Disclosure

Trading or investing in crypto assets is risky and may result in the loss of capital as the value may fluctuate.

VALR (Pty) Ltd is a licensed financial services provider (FSP #53308).