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How to pay somebody else's bank account from mine?

Posted: Thu Jun 01, 2017 2:58 pm
by dundee
Dear bogleheads - a somewhat urgent question.

I am traveling overseas right now. My daughter has found a lease on the apartment and needs to sign it tomorrow. She needs to give them a security deposit, first month rent and broker fee before signing the lease. The Broker/Real estate place told her to bring a certified check or wire transfer the money to their account (they provided details). Unfortunately, she doesn't have sufficient money, so, I will have to give her that. To do either certified check or wire transfer, my bank asked me to go to the branch in person, which I cannot do.

So, my question - how can I transfer about $5k to an account in another bank without going to the branch in the next few hours?

It seems like with a service like Xoom, I can transfer money from the US to any country. But, cannot do it within the US. Does anybody know a better way?

Re: How to pay somebody else's bank account from mine?

Posted: Thu Jun 01, 2017 3:07 pm
by bloom2708
Does she have PayPal? Not sure if you can get things set up fast enough to do the transfer today though.

If you both have PayPal accounts, you do person to person.

Re: How to pay somebody else's bank account from mine?

Posted: Thu Jun 01, 2017 3:22 pm
by dundee
No she doesn't have paypal.

I would prefer to transfer directly to the landlord or broker's account.

Re: How to pay somebody else's bank account from mine?

Posted: Thu Jun 01, 2017 3:25 pm
by 123
Does she have a sufficient credit card limit that she can take a cash advance to raise funds? It would involve fees but if promptly paid off it could be an alternative. I wouldn't recommend you do such a thing from overseas due to so many layers of fees, including foreign exchange.

Re: How to pay somebody else's bank account from mine?

Posted: Thu Jun 01, 2017 3:43 pm
by TallBoy29er
Check this out. Maybe you could do the "Cash Pickup" option. I have never used it, just found it from google searches.
https://www.worldremit.com/en/how-it-works

Edit: Seems they get mixed reviews online. Some who've transferred larger amounts complained about "lost money" :shock:

Re: How to pay somebody else's bank account from mine?

Posted: Thu Jun 01, 2017 3:44 pm
by livesoft
If you are both at the same bank like WellsFargo, you can do it instantly online or on your smart phone.

Re: How to pay somebody else's bank account from mine?

Posted: Thu Jun 01, 2017 3:46 pm
by dbr
Yes, my bank will make transfers to other accounts at the bank, meaning the same bank system US wide.

Re: How to pay somebody else's bank account from mine?

Posted: Thu Jun 01, 2017 3:49 pm
by bloom2708
dbr wrote:Yes, my bank will make transfers to other accounts at the bank, meaning the same bank system US wide.
Good point. Our bank supports "Popmoney". If you both are in the same bank system, they may have something similar from your online account.

Re: How to pay somebody else's bank account from mine?

Posted: Thu Jun 01, 2017 3:50 pm
by dbltrbl
If you and daughter have accounts at same bank just call and transfer money from your account to hers. I have done it few times to my son's account.

Re: How to pay somebody else's bank account from mine?

Posted: Thu Jun 01, 2017 4:00 pm
by dundee
Unfortunately, we don't have accounts in the same bank. My bank recently stopped using Popmoney. Anyways, i believe it was available only for under $1k.

Re: How to pay somebody else's bank account from mine?

Posted: Thu Jun 01, 2017 4:04 pm
by 1year23
Venmo is the best. Sign up on line with venom.com and have your daughter do the same. All the millennials use it. Free service!!

Re: How to pay somebody else's bank account from mine?

Posted: Thu Jun 01, 2017 4:08 pm
by themesrob
Venmo or Paypal would both be my first thought, as well as Chase Quickpay (which does not require a Chase account, and works like a dream)

Re: How to pay somebody else's bank account from mine?

Posted: Thu Jun 01, 2017 4:13 pm
by dundee
ok. Thank you all. Just checked, she already has Venmo. I will get mine set up.

Re: How to pay somebody else's bank account from mine?

Posted: Thu Jun 01, 2017 4:13 pm
by lthenderson
Wells Fargo has SurePay which can send money via email to any registered bank account in the U.S. but I think the sender needs to have a Wells Fargo account. The sender initiates the transfer and inputs the recipient's email address. The recipient receives the email, registers with their account information so that neither party sees any account information of the other and the payment is made. Again, the recipient doesn't need to have a Wells Fargo account. I've used it several times and have never had a problem or any additional fees either. It is free for my account level.

Re: How to pay somebody else's bank account from mine?

Posted: Thu Jun 01, 2017 4:16 pm
by gma
Venmo/Paypal and all that stuff take a few days to clear if you're trying to move funds around and withdrawing, etc... so I'm not sure if you really have any good alternatives if you truly need funds available tomorrow. I want to say if you use the bank (whether same bank or clearXchange network) transfer functions too --- if you haven't been a frequent user/big account, they might restrict limits initially like $1000 max/day/etc. so that could be a showstopper. Do you have any friends/relatives that are local and can front the cash in your absence?