Anyone regularly making wire transfers should check and see if their bank is using “Popmoney” to avoid fees. Up until last year, I’ve had to pay anywhere between $15 and $30 for each wire transfer, and unless your financial institution is using this service you’re likely paying the same in wiring fees.
Similarly to PayPal consumers of banks and/or credit unions using this service can transfer money online to other individuals using their email address. And unlike PayPal, consumers using Popmoney also have the option to transfer money into any individual’s bank account using their routing number and account number.
If your bank is using it, making wire transfers is a fairly straight forward process. The only negative element is that it takes up to 3 days to complete. That being said, PayPal also requires up to 3 days to add money to your account.
Who is behind Popmoney?
Two companies – CashEdge and Fiserv. Fiserv and CashEdge have been working for 20+ years with financial institutions building innovative and secure solutions to meet the evolving technological needs of banking consumers. Essentially Popmoney came out of a need to simplify the process and price of moving money around.
How Secure is Popmoney?
All transactional pages are protected using secure socket layer (128 Bit SSL) encryption to ensure that all communications are secure. Look for this symbol —> . This indicates an encrypted session.
Popmoney is also certified by TRUSTe and VeriSign for its privacy and security standards. This is standard practice for any website accepting money (including e-commerce and the like).
Remember, your bank or credit union needs to be using this service for you to take advantage of it. If you make more than one wire transfer per month and are still paying fee’s to do so, I’d consider a switch to a banking institution utilizing this service.