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2 Safe, Easy Ways to Gift Money Virtually This Holiday Season
December 15, 2020 by Spectrum Credit Union
Whether it’s cash in a card from grandma or a check from a friend who didn’t know what to get you, the gift of money is quick, simple, and convenient.
Gift giving this year may be a little different though. With the concerns around COVID-19, many gifts have gone virtual – including money. To help make sure your gift gets delivered safe and sound, here are 3 ways to gift money virtually this holiday season.
1. Electronic gift cards
Although many stores are closed, you can still make purchases online. This is where an electronic gift card comes in handy. They run the gamut of accessibility:
- For a small fee, you get the ultimate flexibility with a VISA or Mastercard gift card. You can use them anywhere that card is accepted.
- Gifts cards to sites like Amazon or BestBuy have no fees and can buy almost anything – as long as it’s on their website.
- There are also cards that are brand-specific, like a Starbucks gift card, which can be used to buy products from that specific company.
Often times, you are able to write a little message to send along with the electronic gift card to their inbox to make it extra personal.
2. Online peer-to-peer payments
Apps such as PayPal, Venmo, and Zelle send and deliver money within seconds between two bank accounts. Most providers offer a free way to send and request money, though details vary.
You can even transfer a specific amount of money for a particular item, and then write a note detailing the gift with the transfer. This works great if the item you wanted to gift is currently sold out.
The virtual capabilities of gifting money this year bring a new-age twist to the old classic. Electronic gift cards, peer-to-peer payment apps, and wire transfers provide safe and easy ways to send money over the holidays. To show how much you appreciate the virtual gift, you can even send a virtual thank you card back.