Share files & collaborate with one O365 user?

if I have my own O365 account, how can I share an Excel file, for example, with someone else who doesn't? Do they also need to have an O365 plan? They only have an Exchange Online plan but I don't think that entitles them to online file sharing/collaboration?
If possible how would I share the file to them or give a URL they could connect to and collaborate with me on (without this whole back and forth of e-mailing attachments)?
Who is Participating?

[Product update] Infrastructure Analysis Tool is now available with Business Accounts.Learn More

I wear a lot of hats...

"The solutions and answers provided on Experts Exchange have been extremely helpful to me over the last few years. I wear a lot of hats - Developer, Database Administrator, Help Desk, etc., so I know a lot of things but not a lot about one thing. Experts Exchange gives me answers from people who do know a lot about one thing, in a easy to use platform." -Todd S.

Vasil Michev (MVP)Commented:
If you are using plan that includes OneDrive for Business or SharePoint Online, you can save the file in the cloud and share it with them via a guest link (anonymous login) or via link that requires them to login.

Here are the instructions:

Experts Exchange Solution brought to you by

Your issues matter to us.

Facing a tech roadblock? Get the help and guidance you need from experienced professionals who care. Ask your question anytime, anywhere, with no hassle.

Start your 7-day free trial
It's more than this solution.Get answers and train to solve all your tech problems - anytime, anywhere.Try it for free Edge Out The Competitionfor your dream job with proven skills and certifications.Get started today Stand Outas the employee with proven skills.Start learning today for free Move Your Career Forwardwith certification training in the latest technologies.Start your trial today
Office 365

From novice to tech pro — start learning today.