The top money transfer apps for sending money between friends, family and small businesses

Select ’ s editorial team works independently to review fiscal products and write articles we think our readers will find useful. We earn a commission from affiliate partners on many offers, but not all offers on Select are from consort partners. Every day, millions of people around the earth have to figure out how to pay for the things they need. Whether you ‘re an freelancer contractor filing an bill, friends splitting the check or a syndicate looking to divide up family expenses, electronic payments have become the average for paying for about anything in a fast, procure way plainly by picking up your smart call.

“ I ‘ll Venmo you, ” has about replaced the phrase, “ Do you take a check ? ” But of course, not every business likes emojis alongside their invoices, and that ‘s where apps like PayPal — which has a slenderly more sophisticated invoicing set-up — come in. Factors like monetary value, transfer speed and international capabilities all come into play when choosing the best method acting for transferring digital cash. Ahead, Select reviewed the best five apps for sending money to friends, kin and flush some small businesses. ( Read our methodology for more data on how we choose the best money-sending apps. )

Select’s picks for the top apps to send money

Money transfer apps FAQs

Best between friends

Venmo

Learn More On Venmo ‘s guarantee site

  • Cost

    No care for sending money from a linked savings bank account, debit card or your Venmo history ; a 3 % fee for sending money using a linked credit card

  • Transfer speed

    instant transfer to Venmo balance ; 1 to 3 busines days for direct deposit ( rid ) or instantaneous transfer to your savings bank score for 1 % tip ( $ 10 soap )

  • Standout features

    Links to popular apps ; social features to interact with your friends ‘ payments ( including stickers and emojis ) ; Venmo debit and credit cards

  • Links to accounts

    Yes, bank and recognition cards

  • Availability

    lone available in the U.S. and only compatible with U.S.-based bank accounts and call numbers ; compatible with io & Android

  • Security features

    Multi-factor authentication when bless in ; QR code readers to make certain you link to the discipline exploiter account before you send money

See our methodology, terms apply .

Pros

  • Widely used and therefore easy when splitting bills with friends
  • Can link as payment method to popular apps including Uber, Uber Eats and Seamless
  • Can use to pay at participating online merchants
  • Users who opt-in can use a free Venmo debit card
  • Can link to the Venmo Credit Card to earn rewards on most popular spending categories at authorized merchants (subject to 3% credit card fee for person-to-person payments)

Cons

  • Charges a 3% processing fee when using linked credit card as a payment method
  • Charges a 1% fee for instant cash-outs (to disperse funds immediately to your bank account with no waiting period)
  • Not all users can currently link two separate Venmo user accounts to a joint bank account (Venmo is slowly rolling out this feature)

Learn More View More

Best for bank-to-bank transfers

Zelle

Learn More On Zelle ‘s impregnable locate

  • Cost

    release ( but check with your bank to ensure it does n’t charge an extra fee )

  • Transfer speed

    clamant : transactions typically occur in minutes when the recipient role ‘s electronic mail cover or U.S. mobile count is already enrolled with Zelle

  • Standout features

    No need to download an extra app ; Zelle is already included with most mobile bank apps

  • Links to accounts

    Yes, to U.S. bank accounts

  • Availability

    io and Android ; must have U.S. bank account linked to an e-mail address or compatible U.S. phone number

  • Security features

    The Zelle app uses authentication and monitoring features to make your payments more secure

See our methodology, terms apply .

Pros

  • Fastest money-sending method (when both sender and recipient are signed up)
  • Compatible with hundreds of U.S. banks and credit unions

Cons

  • You can’t link your account to credit card to use as payment method
  • You can’t send money to international bank accounts
  • Recipients must sign up for Zelle to receive money (if the recipient doesn’t enroll within 14 days, the payment will expire, and the funds will be returned to your account)

Learn More View More

Best for flexible payments

PayPal

Learn More On PayPal ‘s dependable locate

  • Cost

    release to download the app ; $ 0 to make purchases using a trust account or your PayPal poise ; $ 0 to transfer money to friends and family ; 2.9 % + $ 0.30 transaction fee to pay business/contractor invoices

  • Transfer speed

    1 business day or instantaneous transfer with 1 % fee

  • Standout features

    PayPal Credit lets qualifying users pay for purchases over $ 99 over six months interest-free

  • Links to accounts

    Yes, bank accounts and credit cards

  • Availability

    io and Android ; available in more than 200 countries and regions

  • Security features

    two-step authentication, data encoding, e-mail confirmations for every transaction

    See our methodology, terms apply.

Pros

  • Widely used by individuals and businesses alike
  • Flexible payment options with the ability to finance large purchases over six months interest-free with PayPal Credit (APRs vary)
  • High transfer limits: send up to $60,000 in a single transaction (depending on eligibility)

Cons

  • International transfers can get pricey ($2.99 to $4.99, plus 2.9% of the transaction amount and an additional fee based on location)
  • Fee structure is more complex than other money transfer apps

Learn More View More

Best for budding investors

Cash App

Learn More On Cash App ‘s secure locate

  • Cost

    spare to download and use basic services

  • Transfer speed

    1 to 3 business days or instantaneous cash-out deposits for a 1.5 % tip ( 25 penny minimum )

  • Standout features

    App allows users to invest money in individual stocks vitamin a well as buy and sell bitcoin

  • Links to accounts

    Yes, bank accounts and credit cards

  • Availability

    io or Androis

  • Security features

    Data encoding and imposter detection technology ; alone, erstwhile login codes, two-factor authentication

See our methodology, terms apply .

Pros

  • Free debit card for users who opt in
  • Free ATM withdrawals if you set up direct deposit (otherwise $2 per withdrawal)
  • “Cash boosts” offer discounts with certain retailers that are automatically applied to a purchase to help users save money (only one boost may be active at a time)
  • App includes features to let users invest in stocks and buy and sell bitcoin

Cons

  • Charges a 3% processing fee when using linked credit card as a payment method
  • Charges a 1.5% fee for instant cash-outs (to disperse funds immediately to your bank account with no waiting period)
  • Cash App is not FDIC-insured, despite its more sophisticated investing features

Learn More View More

Best for sending money internationally

Remitly

Learn More On Remitly ‘s procure web site

  • Cost

    complimentary to download ; transmit costs vary by state and amount ( economy are much $ 0, express transfers start at $ 3.99 )

  • Transfer speed

    3 to 5 business days

  • Standout features

    commodious manner of speaking options, including sending money directly to trust banks, cash pick-up locations, mobile wallets or via dwelling pitch

  • Links to accounts

    Yes, links to debit cards, accredit cards and bank accounts

  • Availability

    io and Android ; for U.S. users sending to other countries only

  • Security features

    dependable waiter with data encoding ; two-factor authentication

See our methodology, terms apply .

Pros

  • Straightforward fee structure based on country and amount
  • Affordable economy transfers (3 to 5 business days)
  • High user approval rating in Google Play and Apple Store
  • Large network of financial partners to send money for cash pick-up

Cons

  • Extra charges for linking credit card as payment methods
  • Express transfer fees as high as $93.99 (for transfers of $9,000 or more)

Learn More View More

Money-sending app FAQs

How much do money transfer apps cost?

The best money transportation apps are exempt to download, but costs vary depending on how you use them. Most services offer absolve bank transfers at a standard speed of 1 to 3 occupation days, but charge fees if you want to pay with a citation menu and/or speed up the delivery to your bank account. International money transfers vary based on the nation ‘s switch over rates and trust fees, but you may even be able to choose a standard or economy delivery versus a more expensive express manner of speaking. Be sure to check fees before assuming that all money transfers are loose .

Are money transfer apps safe?

money apps are arguably safer than cash since most require you to create an report with a password and two-factor login methods ( such as sending confirmation codes ) to verify your identity and the person you are sending money to. alike, using a money app is safer than writing a bridle because it will not expose your bank history numeral and routing act to the person who receives it. By signing up for a money transportation app, you are, in effect, making it possible for anyone to send you a digital payment without viewing any of your fasten account data, just your drug user ID or email address/phone number. And unlike cash, digital payments can not be lost. Because digital money apps allow you to send money to anyone with an account, the one caveat is that it can be easy to send money to the ill-timed person if you ‘re not careful. Some apps offer extra protections, like QR-code read, textbook or e-mail confirmation, unique exploiter IDs and profile pictures to ensure the right person is on the receiving end of your payment .

Our methodology

To determine the best money-sending apps, Select analyzed over a twelve options offered by the top companies in this market and narrowed devour our rank by only including apps that meet the following criteria :

  • Pricing: Each app on our list offers low-cost (or free) standard checking account transfers and only charge higher fees when linking to credit cards as a payment method and/or requesting express money transfers.
  • Features: The apps on this list offer a variety of perks, including quick transfer speed of under five business days and the ease with which you can connect the app with your bank account.
  • Security: We chose apps that have at least two security features, including two-factor authentication and fraud detection.
  • User reviews and ratings: All of the apps in our round-up have a sizable number of user reviews and high user ratings. Each app on this list has at least 1,000 reviews in both the App Store (for iOS) and on Google Play (for Android), as well as a rating over 4 stars (out of 5) on both platforms.

In summation to these baseline requirements, some of the above apps offer extra standout features like social partake, investing capabilities and flexible requital options ( such as the ability to pay over clock time ). We noted these features with a brief explanation, and you can learn more by visiting the respective app ‘s web site. Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff ’ s alone, and have not been reviewed, approved or otherwise endorsed by any third party .

source : https://www.peterswar.net
Category : Finance

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