Whether you’re settling a tab at the end of a night out, splitting rent with roommates, or sending part of your paycheck home to support aging parents, person-to-person money transfers are an important part of life today. Show Thankfully, these types of transactions don’t require small bills, personal checks, or international wire transfers. There are now several apps that make it easy to send money right from your phone. Below, we cover the best apps to send money both domestically and internationally. Table of Contents Best Apps To Send Money Domestically Venmo Zelle PayPal Cash App Apple Pay Google Pay Best Apps To Send Money Internationally Revolut Wise (Formerly TransferWise) Xoom OFX Final Thoughts Best Apps To Send Money DomesticallyIf you’re trying to send money to someone with a US-based bank account, you can send and receive money in under a minute. However, some apps require users to pay a fee for “instant” transfers to accounts while requiring non-paying customers to wait two (or more) business days to receive their cash. These are the top apps for sending money domestically. VenmoVenmo is one of the most popular platforms for person-to-person payments in the United States. Users can transfer up to $4,999 per week to any given individual, and transfers are free for the sender. (If you pay someone with a credit card, the fee will be 3%). When you send money to another person, it shows up in their Venmo Wallet instantly. However, it typically takes 1-3 days for the corresponding transaction to show up in your checking account. ZelleMany major banks (and some smaller banks too) allow their customers to use Zelle to send money to people in the Zelle network. Customers can send and receive money with Zelle through their mobile banking app. For those whose financial institution does not yet offer Zelle, they can download the Zelle app and enroll with their Visa or Mastercard debit card. Their bank does not have to be part of the Zelle Network, however, at least one of the two transacting parties must have a bank that is in the Zelle Network. The only downside to Zelle transactions is the limits. Banks can limit the amount of money you can send to any given individual over some time. My bank limits me to $2,000 in a single transaction and $3,000 over 30 days. PayPalPayPal is the quintessential free peer-to-peer transfer app. Users can instantly transfer $10,000 or more to other PayPal accounts. You only need an email address and a phone number to get an account. If the money is needed right away, they can spend from their PayPal account or do an Instant Transfer (which takes up to 30 minutes) back to the bank account. Instant transfers cost 1% of the amount transferred. Cash AppCash App and Venmo are almost identical apps, but Cash App has a $7,500 weekly total transaction limit. Like Venmo, Cash App charges 3% for credit card transactions and Fewer people use Cash App compared to our top three apps, but it is a great platform with a user-friendly interface. Check out our review of Cash App >>> Apple PayApple Pay makes it easy to send money through iMessage. If both people are Apple Users, the transfer takes just a few minutes. However, transferring the money back to a debit card takes 1-3 days. Apple Pay allows users to send up to $3,000 per message and $10,000 over a seven-day period. You'll also be charged a 3% fee for transactions that are funded by a credit card. Google PayGoogle Pay allows users to send up to $10,000 to any of their Google contacts. Your contact doesn’t need a Google Pay account to receive money from you, but they will need to connect a bank account or debit card to claim the money. This is a relatively easy process that takes just a few minutes. Since most people have a Google account, this is a convenient way to send larger amounts of money to your friends and family. Best Apps To Send Money InternationallyHistorically, international remittances were dominated by Western Union and MoneyGram. But today, mobile and web-based interrupters have made it faster and cheaper to send money across borders. RevolutRevolut is a financial super-app that has its roots in international money transfers. The platform currently supports over 30 currencies covering over 200 counties. Almost all of the most populous countries are covered, and there are no limits on nationwide USD bank transfers (which is amazing). For international transfers, you get 10 ZERO fee transfers every month, and after that, you can easily transfer with fair exchange rates and no hidden fees. Before you initiate any transfers, you can easily see any fees up front. The typical transaction can happen in 30 minutes or less Monday-Friday domestically, and 1-3 days internationally. Read out full Revolut review here. Check out Revolut here >> Disclaimer: Please note that Revolut is frequently updating its products and features, see the Revolut Terms and Conditions for the latest offerings. Revolut is a financial technology company. Banking services provided by Metropolitan Commercial Bank, Member FDIC. Wise (Formerly TransferWise)Wise, which recently changed its name from TransferWise, is a unique banking service that allows customers to hold money in many different currencies. The platform supports over 56 currencies covering over 70 countries. The most populous countries across the world are all covered, but smaller Central American, South American, African, and Asian nations aren’t covered. XoomXoom is a PayPal Service that emphasizes ease of use and fast transfers for financial transactions that cross borders. Xoom charges small transfer fees ($2.99-$4.99) for small-dollar transactions, but it marks up the exchange rate by around 3%. That translates to a fee of approximately 3% on large transactions or 5-6% on smaller transactions. OFXOFX isn’t the most user-friendly transfer service. It’s designed for people who are doing business overseas or who want to time transfers for favorable exchange rates. However, the fees are astoundingly low, especially for those setting up recurring payments. If you need to pay bills overseas, OFX may be the right tool for the job. Final ThoughtsTransferring money to friends and family should be cheap and easy. If you’re overpaying, switch to an app that can make things simpler and less costly for you. The less you pay to transfer money, the more money your friends and family can receive! Hannah Rounds Hannah is a wife, mom, and described personal finance geek. She excels with spreadsheets (and puns)! She regularly explores in-depth financial topics and enjoys looking at the latest tools and trends with money. What is the safest app to transfer money?Best apps to send money. Best between friends: Venmo.. Best for bank-to-bank transfers: Zelle.. Best for flexible payments: PayPal.. Best for budding investors: CashApp.. Best for sending money internationally: Remitly.. Which money transfer app is the cheapest?MoneyGram: Cheapest for bank-to-bank transfers
Transfers sent online or by mobile app to bank accounts in various countries take an hour or a single business day; other providers can take several business days to transfer to bank accounts. For a bank-to-bank transfer, MoneyGram is the cheapest option.
What is better than Zelle?Zelle and Venmo offer fast and safe ways to send and receive funds electronically. If you're looking for a place to hold funds, Venmo is the better option. If you're looking for the quickest and cheapest option, Zelle might be the app for you.
What is the best way to transfer money instantly?PayPal. Founded back in 1998, PayPal is one of the oldest online payment providers around. The network offers instant payouts to your bank account from your PayPal account. Their Instant Transfer service allows users to access money sent from PayPal to their bank account within 30 minutes.
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