If someone you know needs money, you may want to help out. You could give them cash, but this might not be the safest option. So, for example, if your friend loses their wallet or gets mugged and robbed, there’s no guarantee that they’ll get the money back. A better solution is to arrange for a transfer from your credit card account to theirs. How to send money with a credit card to your friend in need? Here’s how it works:
If a friend needs money, you may want to help out by using your credit card. But is it safe to transfer funds this way?
It is safe to transfer funds from your credit card to a friend’s bank account if you are confident in your relationship with the person. It can be done by either having their bank information or by using their email address and password to log into their account. If you’re not sure whether or not it is safe to transfer funds, then there are other ways of helping out that may not involve giving away important personal information.
Find out if you can transfer money from your credit card account to your friend’s bank account
First, you’ll want to check the terms and conditions of your credit card. If it’s a Visa or MasterCard, then you have access to VISA payWaveTM or MasterCard Contactless payments. These allow you to use your contactless payment card by tapping it against a payment terminal in-store without needing a PIN or signature. The money is then transferred directly from your bank account into the retailer’s account (minus any fees).
Some credit cards let you send the funds directly to a bank account
Some credit cards let you send the funds directly to a bank account.
If your card has this feature, the money will be transferred instantly and there’s no fee. The recipient must be in the same country as you (or have an internet connection) for this to work.
Otherwise, you can likely get a check and have your friend cash it
You can also get a cashier’s check or money order. These are safer than just giving someone cash, but they may take longer to process.
If you don’t have time for that, consider asking your friend if he would be willing to travel to the bank with you so that he can withdraw some of his own funds from an ATM while receiving your funds. It will limit the amount of time your friend is carrying around any other people’s money in his wallet and reduce the risk of theft or loss.
Financial advisors like SoFi say, “If you find yourself in a bind and have limited options, you may need to send money with a credit card.”
If you are able to send funds directly from your credit card account, this is the safest way to help out a friend. If not, then having them cash a check may be the next best option. Avoid sending cash because it could get lost or stolen along its journey from one person’s hands to another’s.
