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Prepaid debit cards or gift cards are easy ways to send money to someone without a bank account. Prepaid debit cards and gift cardsAccording to a 2021 FDIC study, nearly a third of unbanked households commonly use prepaid debit cards. Tips for sending money to someone without a bank accountWhen sending money to someone without a bank account, Marguerita Cheng, CFP® professional, RICP, and CEO of Blue Ocean Global Wealth, suggests comparing different options to find the best for your situation. Money transfer services, prepaid debit cards, gift cards, and digital payment apps or digital wallets are alternatives to sending and receiving money without a bank account. International money transfer services, such as those offered by Western Union or MoneyGram, can help you send money securely to someone without a bank account who lives overseas.

Persons: Venmo, It's, Marguerita Cheng, Cheng, you'll, You'll, you'd, Avanzamos Organizations: PayPal, Venmo, Apple, FDIC, CFP, Blue, Bank, Western Union Locations: Western Union, Western, Chevron

When the Federal Reserve raises rates, the interest rate on your savings account tends to go up, too. See the best savings account rates right now »If you bank with an online institution, you may have received an email or message from your bank that the interest rate on your high-yield savings account is going up. The interest rate on a high-yield savings account fluctuates and isn't fixed. This means if you open an high-yield savings account, its normal to see the interest rate go up or down over time. If the Federal Reserve lowers interest rates, savings interest rates will usually drop.

Persons: Marguerita Cheng, Cheng, they've, you've Organizations: Federal, Federal Reserve, CFP, RICP, Blue, Global Wealth, FDIC

The interest rate on your savings account is influenced by what the Federal Reserve does. When the Federal Reserve raises rates, the interest rate on your savings account tends to go up, too. The interest rate on a high-yield savings account fluctuates and isn't fixed. This means if you open an high-yield savings account, its normal to see the interest rate go up or down over time. If the Federal Reserve lowers interest rates, savings interest rates will usually drop.

Persons: —, Marguerita Cheng, Cheng, they've, you've Organizations: Federal, Federal Reserve, Service, CFP, RICP, Blue, Global Wealth, FDIC

Prepaid debit cards or gift cards are easy ways to send money to someone without a bank account. You can also easily send money online through a virtual wallet or payment app. Prepaid debit cards serve as common tool for sending money since they are easily activated and work similarly to regular debit cards. If you are looking for a more traditional way of sending money, Cheng notes you can get a money order instead. If you'd also like to help an unbanked person find a bank account, here are a few resources you may share:

Persons: Marguerita Cheng, Cheng, Venmo, you'll, You'll, you'd Organizations: Service, FDIC, CFP, Blue, PayPal, Venmo, Western, Apple, Samsung Locations: Wall, Silicon, Western Union

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