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Transferring money online, whether you’re splitting the cost of a meal out, paying your share of a utility bill or buying something from an online shop or auction site, is easier now than it has ever been. There are several online services that make it easy to transfer money within the UK and worldwide for little or no cost.

Initially you need to set up an online account with the service provider with details of the debit or credit cards you want to use for a money transfer. Once your account is set up you can make transfers using just your phone number or email address.

Whilst hundreds of companies offer money transfers online, the most popular have a reputation for providing the best security, speed, ease of use and low fees.

Skrill

Skrill enables to send and receive money using only your email address and a password. They provide the fastest and cheapest option to pay various merchants or send funds to friends or relatives at home or overseas, offering international transfers at local rates. A physical Skrill card also gives you instant access to your funds in cash at any atm. You can also earn rewards and take advantage of discounts with several retailers.

Square Cash

Square Cash is a fast and flexible option allowing you to send money to others in minutes. All you need for an account is a smartphone an email address and the debit card you’d like to connect your Square Cash account to. From there you can send and deposit money easily. For personal accounts money transfers are free. Business users are charged 1.5% for transactions.

Venmo

The pioneers of money transfers online is probably Venmo. It is easy to send payments to anyone with a phone number or email address, completely free. There is a 3% fee if you want to send money from a credit card or non-major debit card (you can see what’s “major” and what isn’t on their pricing page.) You can either cash out the money you have in Venmo to your bank account, or leave it there for future money transfers.

Google Wallet amd Google Android Pay

Google Wallet allows you to send and receive money quickly and easily to anyone who has a gmail address for free, unless you use a credit card. Since all a person needs is a Gmail account to use Google Wallet, it is likely to be a payment option for many people who've yet to actively use it.

The physical Google Wallet Card was withdrawn in 2016, but the Google Wallet account still allows the easy money transfer to a linked bank account or debit card. If you want to move on from fumbling through your wallet and handing over a card next time you’re in a store, with Google's Android Pay you can simply unlock your phone, place it near a contact-less terminal and you've paid. With selected merchants, your loyalty points and offers are automatically applied at checkout too.

PayPal

Paypal now has a much improved reputation. Paypal lets you send money in a couple of clicks via their website or its mobile apps. You can keep your money in your PayPal account like a wallet or use PayPal to check out at online retailers. Sending money with PayPal is easy and free for personal transactions, fees are charged when you use credit cards. PayPal also supports international money transfers, though their fees and currency conversion rates are difficult to understand and are not the most competitive on the market.

There is no charge when sending money to friends and family, but when you pay for goods or services via your PayPal account, the person providing the service pays 2.9% plus a fee for the transaction. Mark all transactions are personal, not for goods or services. Cashing out to a bank account is fast and easy.