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Best Ways to transfer money without a processing fee

Online transactions are now an important part of our lives, there are international transfers and national bank to bank transfers; for this there are many applications that allow fund transfers online. But some of them charge a high transaction fee which does not satisfy costumers. In this article we will tell you about the ways in which you can transfer money without having to pay a high processing fee.

Best Ways to transfer money without a processing fee 
Online transactions are now an important part of our lives, there are international transfers and national bank to bank transfers; for this there are many applications that allow fund transfers online. But some of them charge a high transaction fee which does not satisfy costumers. In this article we will tell you about the ways in which you can transfer money without having to pay a high processing fee. 
Transfers can be International as well as national, when you send currency abroad; the banks charge a hidden fee. 
Most people don’t even realize about this. The real exchange rate is called the mid-market rate. It’s the official, fairest rate - the one you see on Reuters. This means you get less money on the other side than you should. The money you lose is kept by the banks. That’s the hidden fee. On top of that you get charged by another fee, like a service fee which they tell you up front before every transfer you make. 
For an international transfer, the most common option is a bank wire, but wires can be very expensive depending on what your bank charges. Other options include foreign transfer services like Western Union. For online transfers, PayPal or similar services work, but they can charge large fees. 
If you want to avoid all online transfer systems then the only simple way is to withdraw cash from your bank account and deposit cash into the recipient's bank account. This may involve walking from a branch of your bank to a branch of their bank. There are no fees with this method, and the funds should be credited instantly. 
Here are services linked to the banks which will help you transfer money at accurate exchange rates 
Transferwise 
It is a money transferring service that allows you to transfer money internationally with accurate rates and low fees. Instead of sending money across national borders, Transferwise takes care of all the currency exchanges and money transfers without ever sending money over a border. The system matches the money rate and uses a peer-to-peer transfer system, where TransferWise finds someone who wants to convert their money the opposite way you do, and helps to switch between the two currencies. You save a lot of money this way, because you’re charged a lower transportation fee. 
Also, Transferwise is sometimes 8 times cheaper than using banks, because they usually add a lot of markup to their transportation fees and currency exchange rates. Transferwise funds are usually transferred in one working day! 
Automated Clearing House (ACH) 
Automated Clearing House (ACH) transactions are the cheapest mainstream transfer model with a fee to vendors as small as $.05 per transaction. Automated Clearing House (ACH) is an electronic network for financial transactions in the United States. ACH processes large volumes of credit and debit transactions in batches. ACH credit transfers include direct deposit, payroll and vendor payments. 
ACH direct debit transfers include consumer payments on insurance premiums, mortgage loans, and other kinds of bills. 
Google’s Tez 
It is an amazing payment app by the Google. It a simple and easiest UPI Transaction Service .With Google Tez you can make bank to band transfer without having to pay a single rupee for it. Al you need to do is download the Google Tez app and add your bank account to it. 
Further you also need to set up UPI/BHIM for one click transfers which are very easy. Tez also offers great rewards by Google’s referral program. 
Citrus Wallet 
Citrus Wallet does not charge for wallet to bank transfer. Citrus UPI based app is a smarter way of handling your online payments in India. Instantly Pay, Send, Receive & Split Money via Citrus. 

Lime by Axis Bank 
LIME is free of charge. You can download and use this application as and when needed without any charges. Your mobile operator may levy charges for GPRS/SMS used. 
Digi Purse by Union Bank 
At present, Bank does not charge any fee for offering this Digi Purse Facility. Bank reserves the right to charge the Customer fee for the use of the services provided under the facility and change the fee structure at its discretion. 
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Best ways to transfer money without a processing fee
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Sandeep Semwal
Content Writer
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