The personal check is on the way out. Here's what to use instead.

Policy changes by major retailers may have put another nail in the coffin of what used to be a financial mainstay: the personal check. In July, said CNBC, "Target joined a growing list of retailers, including the Aldi supermarket chain, Whole Foods, Old Navy, and Lululemon, that no longer accept personal checks as payment."

If it's hard to even remember the last time you wrote a check, this may not come as a big surprise. "Only 15% of adults said they wrote a few checks a month in 2023," while a whopping "46% of the more than 1,000 respondents said they hadn't written a single check in 2023," said CNBC, citing a report by GoBankingRates.

If you are one of the holdouts when it comes to using personal checks, here is why you may want to consider finally moving on — and what you can use to transfer money instead.

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Why should you reconsider using a paper check?

A major reason to stop relying on paper checks: "Check fraud tied to mail theft is up nationwide," said NerdWallet, and "letter carrier robberies are also on the rise." When checks are lost or stolen, they "can be used to steal money from your checking account," said Experian.

And that is far from the only downside of a paper check. Other drawbacks include the fact that nowadays, "banks typically charge extra for paper checks," and "paper checks may take two days or more to clear," said Experian. Your recipient may also have a harder time actually getting the money, as those "without bank accounts may have to pay fees to cash a check."

Finally, while writing a check is not all that difficult, it is certainly a bit more tedious and can take longer than some of the alternatives now available. The responsibility also falls on you to keep records, rather than automatically having an electronic paper trail.

What are ways to send or exchange money instead of writing a check?

If you have long relied on paper checks, whether to gift money at the holidays, pay a contractor or cover costs for your kid's extracurricular activities, you may not have considered how else to transfer those funds. Turns out, there are a number of other options, including:

Wire transfers: Available through your banking account, wire transfers are a great way to deliver "large amounts ($10,000 or more) from one bank to another within hours or minutes," said NerdWallet. Just note that you may face a fee for transfers — "the median domestic wire cost for sending is $25, and $15 for receiving." A wire transfer can often be a good option for things like "house closing, car purchases [and] sending money to friends and family overseas," said Investopedia.

Peer-to-peer payment (P2P) apps: This category includes options like "PayPal, Venmo and Zelle," all of which "allow you to pay businesses and individuals from a linked bank account or credit card," said Experian. It is possible to send and receive payments "instantly," though "transferring funds from the app to your linked account may take a few days unless you pay a fee." 

Money orders: If you would still rather work on paper, a "safe and secure" alternative to explore is a money order, said Investopedia. These "can be cashed just like checks and used to send money overseas or when you don't have a checking account but need to pay with a check." Just note there is often a limit of around $1,000, and you'll pay a fee.

Cashier's checks: While still technically a check, cashier's checks are a much safer bet than the standard personal check. Cashier's checks are "issued by a bank or credit union to a third party, usually on behalf of a bank customer who pays the bank the face value of the check," said Bankrate. But "because the check is backed by the bank's funds, there is no risk of the check bouncing." Usually "used for major transactions," a cashier's check typically "clears by the following business day and may involve a small fee," said Experian.