How To Send Money to Someone Without a Bank Account
Wire transfers are one of the traditional ways of sending money. However, banks are increasingly losing their customers to modern fintech companies that offer low-cost and easy-to-use solutions.
The pandemic stimulated an increased demand for digital services and online banking experience, that banks simply could not stand up to when faced with fast-growing fintechs. According to the World Banking Report 2022, three-quarters of surveyed customers are attracted to services and products offered by fintechs, as half of them admit that their banking experience is not satisfactory.
So, as we are faced with an evolving approach to banking, what happens in a situation where you need to send money to someone who does not have a bank account?
How to send cash?
The first answer that comes to mind is cash. Indeed, there are several ways to deliver cash:
- Money orders. This service is usually available at any post office, and the principle is quite simple: the sender buys a certificate of a certain monetary value that allows the payee to receive cash on demand. The fee for this transfer usually depends on the transfer amount, and there is likely to be a limit on how much you can send. Additionally, it is hard to predict how long it will take to deliver funds and how much the payee will receive if your international transaction involves currency exchange.
- Money transfer services. Some money transfer services, such as Western Union, facilitate cash delivery, and you can even send the money online using your bank account or debit/credit card.
Whichever method you choose involving cash, there is one obvious disadvantage: the recipient will have to spend their time going to specific locations to receive their cash.
Is there a fast and cheap way to send money to someone without a bank account?
There may be numerous reasons for an urgent need to send money to someone without a bank account. Is there a solution?
This is where fintechs come to help, offering wallet accounts, digital and plastic debit cards and money transfers.
Profee is a fast-growing service that allows fast card-to-card international money transfers. Once registered with a Profee account, all you need to send money online is your and the recipient’s card details.
We work hard to minimise fees for international money transfers, and we are proud to offer a transaction fee of as little as 1 €/£ regardless of the sending amount. For small amounts, the fee is even lower, making Profee one of the cheapest services to send money online.
A handy online transfer calculator instantly displays complete information about your transfer before you proceed, including transaction fees, applied exchange rate and delivery time.
What is Profee?
Profee is an electronic wallet that, among others, offers international card-to-card money transfers. Recently we wrote another article on how to send money with a debit card. We suggest you read it to find useful information in regards to c2c transfers.
Profee is operated by Sibilla Solutions Ltd, a licensed European EMI, that applies the latest technology to secure its clients’ data and funds. Some examples include annual PCI DSS certification, using Tier4 data storage centres and 2-factor authentication.
Residents of the EEA and the UK who own a VISA or Mastercard debit/credit card can use Profee to send money online to more than 45 countries around the globe.
How to send money with Profee?
Sending money online with Profee is very simple and fast. Even if you haven’t registered an account yet, you will only need about 3 minutes to complete your transfer. Let’s imagine you’re looking for sending money from Germany to Poland, there are three simple steps you should follow to proceed with the transfer:
- Register an account. Submit the basic information about yourself, including full name, date of birth, nationality, place of residence, email and phone number.
- Use the SMS code to complete the registration.
- Choose the origin and destination countries of your transfer, and enter the amount, as well as your and the recipient’s card details. Confirm your transfer.
That’s it. In most cases, the money is delivered to the recipient within minutes and is immediately available for use.
It is important to mention that the recipient does not need to have a Profee account, making the process even simpler.
How much money can I send with Profee?
Following European regulations, we have developed a three-level account system with three different limits for your transactions:
- Basic. This account level is assigned to you upon registration and facilitates monthly transactions of up to 150 euros.
- Plus. If you intend to send bigger amounts or make regular money transfers with a card, a free upgrade to the Plus level will let you send up to 30.000 EUR per year. To get it, log in to your account and follow an automated process to submit your proof of identity and residential address.
- Premium. Made for larger card-to-card transactions of up to 100.000 EUR per year. To obtain the Premium level, you will be asked to present proof of income. Reach out to our Customer support team and they will guide you in this process.
All Profee accounts are free and can be upgraded at any time to best suit your requirements as to how much money you want to send without the need to use a bank account. More information about account levels and limits you can find here.
What if my recipient doesn’t have a card?
If your recipient doesn’t yet have a card but is a resident of the European Economic Area or the UK, they can also register an account with Profee, and enjoy our in-wallet P2P transactions. Simply log in to your account, top-up your wallet using any preferred available method, and send money to another Profee user instantly.
The recipient can then issue a digital or plastic VISA card by Profee, and either use their funds to pay for goods and services online, in-store, send it to other users, save it, or withdraw cash from an ATM using their plastic Profee card.
Still have questions or require help to send money without a bank account?
Our multilingual Customer support team is here to assist you with whatever question you may have about sending money to someone without a bank account. Simply text us on chat, send an email to help@profee.com or call +357 22 000 253 to speak to a representative.
