Have you ever thought of a time when people will have banking powers in their pockets? A time when people will not be going to physical banks for money transfers? This is precisely what mobile money transfer apps have done. These apps allow people to initiate money transfers and other transactions away from the bustle of a mortar and brick bank. This is in contrast to the traditional setup where people had to walk to local banks, write checks, or send money orders to transfer money.
Today people can send money to their friends and family members as well as pay bills from their mobile devices. Before these apps, sending money was a tedious and expensive process that would take up to months. Thanks to money transfer apps, this can now be done almost instantly and at very minimal charges.
Why Use a Money Transfer App?
Money Transfer Apps offer almost instantaneous money transfer at no fee or rather minimal charges. Therefore, if you’re splitting bills with your buddies and don’t have cash, you won’t have to write a check or be stuck. You will just get into your mobile app and initiate a transfer from your bank or credit card.
These apps also help to avoid the use of fancy checkbooks and solid cash. Users can always use these apps to clear their bills and send cash to friends and family members. In short, money transfer app is important in making transactions easy, effective, and punctual.
The 17 Best Money Transfer Apps That You Can Consider
Venmo is one of the most popular Peer-to-Peer mobile cash transfer Apps. Its popularity is due to its social element. With Venmo, you can send and request money from anyone with a Venmo account. The live feed of transactions description within your network is also available.
The app boasts of a strong security feature that ensures all private and sensitive information is encrypted. You can also customize your account features to look exactly the way you want. The other security features available are the PIN and fingerprint log-in options.
For starters, you can only transfer up to a maximum of $299.99 per week. After your identity is verified, the limit rises to $4,999.99. Initially, the limit for verified users was $2,999.99, but due to Covid-19 was increased.
|Venmo has a large user base. Therefore, it is a suitable way to adopt for sending, requesting, and sending money.||There is a geographical limitation to Venmo users. For the transfer to take place both the recipient and sender must be within the USA.|
|Free Venmo debit Card. Those who opt to acquire this card access funds freely to pay their bills. The card also offers cashback whenever you shop at certain stores and merchants.||Money transfer to a credit card is charged a 3% fee.|
|Instant transfer of money to your account has a 1% fee. If you don’t want to pay this fee, you will have to wait for up to three days to receive your funds.|
2. Square’s Cash App
Cash App serves both personal and business functions. Its parent company Square is a popular payment processing platform. All personal transfers on Cash App are free of charge. However, business transactions are charged. When using this app for business purposes, you’ll pay a 3% transaction fee.
The outstanding feature of Cash app is its ability to avail cash in a matter of seconds.
You can also create a web page plug-in that will enable people to pay you at no cost. For personal transfers, link your prepaid debit card with Cash App. Then you will be able to request, send, and receive money without charges.
Cash App also provides cryptocurrency and stock investment to those who want to try online ventures.
App has withdrawal limits when using the debit card. The daily limit is $250, $1,000 in a week, and a monthly limit of $1,250.One major drawback of the app is its inability to transfer funds internationally. You can only send and receive cash if the two parties are in the same country.
|You get cash instantly in your account.||The app works only with debit cards. This means credit card and bank account users are locked out.|
|No payments for peer-to-peer transfers.||The 3% fee charged on business transactions is too high.|
|You can transfer money to people without bank accounts.||The app doesn’t support international cash transfers.|
|If you refer your friends and sign up, there is a referral bonus.|
3. Transfer Wise
Transfer Wise is another ideal choice if you want an app that will facilitate global funds transfer. Its app has a broader list of countries around the world where it operates. It is suitable if you want to transfer money to friends, family, or business purposes internationally.
The money transfers wait time ranges from one to three business days. The app also offers minimum transfer charges at only 0.7%.
One distinctive feature of Transfer Wise is that its lack of minimum transfer amounts. People, therefore, can transfer smaller amounts of money when the need arises.
|It is easy to sign up for the Transfer Wise account. Once you have supplied all the required documentation, your account approval takes between one to three days.||Limited reach. The app currently supports money transfers to about fifty countries across the world. This represents a small world coverage compared to some Apps that are covering up to 200 countries.|
|Transfer Wise Offers fair mid-market rates. It ensures that businesses do not lose money when receiving and sending payments.||Even though it doesn’t have a minimum limit, it may not be an ideal app for large sums of money. Its charges are based on the percentage of funds you are transferring. As the amount increase, so are the fees.|
|The Financial Service Authority regulates Transfer Wise. Thus, they are mandated by law to protect their customers’ funds. In case the company runs out of business, customers will receive full compensation.|
4. Chase QuickPay
Chase Bank is among the first banks that ventured into mobile banking. Their Chase Quick Pay App is thus very robust and efficient. The app is available to any U.S. resident who has a bank account and a valid email address. The app’s partnership with the Zelle network makes it very popular. Through the network, it connects Chase Bank customers with other participating Banks. Therefore, it makes it easy to transact with people in those banks.
For a transaction to occur, both the sender and recipient should have accounts with Zelle network banks. And at least one of them with a Chase Bank account.
The QuickPay limits are different for personal and business accounts. Personal transactions should not go beyond $2,000 per day, $8,000 a week, and $16,000 in a month.
Business transaction limits are slightly higher. Per day you will be allowed $5,000, $20,000 per week, and $30,000 per month.
|The partnership with Zelle connects Chase QuickPay users to millions of contacts. The connection makes it possible to send and receive funds from people without Chase Bank accounts.||When transferring money to non-chase account owners, the process may take up to 5 business days.|
|Makes cash transfer easy. With the only valid address and a phone number, you can send money free of charge.||The money limits can be very disadvantageous, especially to business people.|
|Zelle offers high personal data security. Internal security measures have been put in place to ensure customer data is preserved and secure.|
5. Bank of America
Bank of America also offers one of the most advanced money transfer apps. The app has a fingerprint scanner to enforce security. You can also deposit your checks via this app. All you need to do is get a close-up picture of your check and upload it to the app.
Additionally, the app allows people to send money to out of network people. With just an email address or a mobile number, you can send money. The app will send you text notifications whenever there are any activities on your account.
The check deposit limit for accounts over three months old is $10,000 per month. For the accounts under three months, the monthly limit is $2,500.
The app supports the international transfer of funds to more than 200 countries worldwide. The exchange rates are also not so high.
|The direct deposit feature is a plus if you receive checks frequently. With this app, you won’t have to make a trip to cash your checks anymore.||The international money transfer is expensive.|
|The app has an online virtual assistant named Erica. The bot helps with non-technical customer issues.|
|The connection to the Zelle network eases money transfer hassle.|
PayPal Money transfer app is one of the oldest in the industry. It covers some of the remotest parts of the world. The app requires just a user email and a phone number to set up an account and transfer money.
An additional feature called PayPal- Me enables friends and family members to send money instantly. For example, when you are out with your buddies and need to split your bill, you can use this feature to send money.
Money transfer via PayPal takes between three to five business days. This speed is, however, not without pay. High transaction fees are involved in transferring money to different world destinations. These high charges are one of the drawbacks associated with PayPal. For instance, PayPal transactions within the U.S. are charged 2.9%, and this changes from country to country.
|The high-security features available ensure that extra sense of your money security. Security is crucial when it comes to online platforms where people are vulnerable to all types of risks.||The high fee charged is a put-off. Unlike most of the money transfer apps, PayPal charges domestic transactions.|
|The app covers more extensive geographical areas. You can send money to contacts in remote regions where no other app is available.|
|PayPal has a higher personal spending limit of up to $10,000 per day.|
Zelle is another excellent Peer-to-Peer money transfer App. This app brings together over 200 major financial banks and credit firms in the U.S. To send or receive money via Zelle, both of you must have accounts at participating banks. However, the app allows transfer to people without their accounts. Such transfers will take up to three business days to complete.
Zelle network connects millions of people banking with different banks. This app facilitates the faster transfer of funds between people in participating banks. If your bank is within this network, you already have the app within your Bank Mobile App.
All you need is a phone number or email address to transfer money to your friends and family members. Just like the Venmo app, Zelle does not support online purchasing and selling.
Zelle App doesn’t charge any fees, but your bank may do so. Also, the limits vary from bank to bank. Most of the participating banks set a daily maximum of $2,000 to $2,500.
This app is only suitable for people within the U.S. Therefore, if you are looking for an app that can facilitate overseas funds transfer, Zelle isn’t one of them.
|The integration of banks and credit unions brings together more than 95 million customers. This simplifies money transfer between people in the Zelle network.||Both the sender and recipients must have U.S. bank accounts. This restriction makes Zelle geographically limited.|
|The app is readily available in most of the participating banks’ mobile apps. Therefore, you don’t have to download the standalone app.||If your transactions involve buying and selling, the app doesn’t cover you. If you make any erroneous payments, that may mean losing your cash.|
WorldRemit allows swift and secure transfer of funds to more than 140 countries. With this app, you can quickly and securely send money to your friends and family members.
It offers very decent currency rates. These rates ensure that you don’t lose your money in the conversion process. There is a flexibility feature: you can select the form you want your recipients to receive the money. Once the process is complete, they will be notified either by email or text message.
WorldRemit app is popular for its low fee and small amount transfers. The app doesn’t have a minimum limit, like most money transfer apps.
WorldRemit doesn’t have fixed charges. They depend on your preferred destination and the amount you are transferring. Therefore, it is worth comparing the fees of the countries you have in mind to move money.
|It doesn’t have a minimum transfer amount.||The transaction fee is not predictable. You may end up spending a lot of money in transactions than you intended.|
|Money transfer is almost instant.|
|The real-time notification system allays fear of erroneous transactions.|
|WorldRemit offers a beginner bonus by not charging the first money transfer.|
9. Google Pay
Google Pay provides instant free funds transfer. The app acts as digital wallet housing to your finances.
You can make contactless payments and money transfers from this app. Also, you are allowed to cash out from the apps in the wallet to your debit card within minutes. All personal transactions are free of charge, including sending money to friends and family members.
The maximum personal transfer allowed is up to $10,000. The transfer funds can be drawn from debit or checking accounts. A fingerprint sensor is available as a security component.
|It provides instant money transfers.||Most banks haven’t yet incorporated the system.|
|The maximum transfer limit is big enough to accommodate most personal bills and needs.|
OFX is a perfect App if you want an app to facilitate bulk overseas transfers. The app boasts worldwide coverage and powerful features. For example, it has a live exchange rate tool that locks the best exchange rates for your transfer.
Also, the app doesn’t have a limit to the number of transfers. However, the app has a minimum amount of restriction of $1,000.
OFX transaction fees vary depending on the transfer destination and amount. But, the charge is always below 2% on exchange rate currencies.
|The app has a large user-base. Therefore, it’s an excellent international money transfer app.||The minimum amount of restriction isn’t right. People who want to transfer small amounts are locked out.|
|The fee charged is favorable.|
This app was developed through the partnership of various banks. They included Capital One, Bank of America, Chase, FirstBank, Wells Fargo, and U.S. Bank.
For a transaction to occur, both sender and recipient must have accounts in one of the participating banks. However, it doesn’t necessarily mean the same bank.
Transactions via ClearXchange take up to a day to complete. Also, its security is guaranteed.
|The app is very secure. When transferring money, you don’t need to worry about your fund’s security.||Geographically limited-because both the recipient and sender must have U.S. banks.|
|The service is only limited to customers within the network.|
12. Apple Pay
If you live in a country that supports Apple Pay, you may not need to install third-party money transfer apps. If both of you are using an iPhone, sending money is such an easy task.
As if you are just holding a normal conversation, click the A symbol next to the camera and then select pay. After selecting the amount, you would want to pay, tap pay. The money transfer process will be complete.
You can as well request funds from your contacts. You just need to send a message then be prompted to verify FaceID, Passcode, or fingerprints.
The Apple Pay, Cash, and iMessage on all Apple Watches, are compatible. Therefore, you can easily use Siri to transfer cash to your friends and relatives. Even though the transfer is immediate, it takes days for funds to reflect in your bank account.
The app doesn’t charge any fees to send, receive, or request funds. However, when using a credit account, you’ll pay a 3% transfer fee.
|Apple Pas has strong security features that are hard to bypass.||The cash transferred isn’t instantly available. You have to wait for days to receive your funds.|
|Transfer between iPhone users is effortless to initiate.|
13. Western Union
Western Union has remained the leading global money transfer company for ages. The introduction of their Money Transfer App just increased its efficiency and convenience.
The Western Union App is available for all leading mobile devices i.e., Android, iPhone, and iPad. It allows money transfer to 200 plus countries across the world.
The find an agent feature in the app allows you to track and monitor your transfer and even estimate the time before submitting it.
Western Union App allows people to transfer up to $500 for a $5 fee. This is considered a reasonable rate for international transfers.
|The advanced features allow you to calculate and estimate arrival time.||Not very fast compared to some other apps as transfers may drag for days.|
|The app offers various modes of payments, from cards to cash.|
Xoom is a top-speed international money transfer app. Transfers take minutes. The app serves about 70 countries in the world.
Transfer limits are not fixed and vary from country to country. For example, there are countries where you can send up to $25,000. Others have a maximum limit of $10,000 and even lower for some.
Xoom has partnered globally with banks to ensure that recipients can have their money as they want it. They can receive cash, through their banks and mobile reloads.
Account to account transfers is free of charge in this app. However, when using debit and credit cards, you may be charged higher conversion rates.
|Offers recipients flexibility-they can receive their money as they want it.||The different tariffs may end up eating into your money.|
|Account to account transfer is free of charge.||It is easy to incur higher costs in transfer during currency exchanges.|
MoneyGram is another giant money transfer company. It boasts more than 350,000 locations in more than 200 countries across the world. Their mobile money transfer app has eased the burden of physical cash deliveries to different places.
Funds sent via their app today take hours or a single business day to be available in bank accounts—the cost although, remains the main challenge for this app. For example, sending cash of $200 to $1,000 will cost you a range of $5 to $35.
The currency exchange rates aren’t decent also. The average markup goes up to 3%. This isn’t very favorable, and if not careful, you may end up losing a lot of cash in this process.
|Transfer time is short.||The poor exchange rates are a put-off.|
|Being an already established brand, it has more security features to protect customers against losses.||The transfer charges are also very high even though they differ for different countries.|
16. Facebook Messenger
Facebook Messenger payment feature is best for money transfer to friends, family members and people connected in Facebook. Your contacts are synchronized such that you can send money to your Facebook friends without keying in their bank account details. The money transfer on this app is free of charge.
For security purposes, both the sender and the recipient’s debit card information is a requirement. If the recipients do not provide his/her debit card information, then the transfer cannot be completed.
|The transaction is free of charge.||The transfer is not instant. The process may take up to five business days.|
|The app’s user inter interface is easy to navigate and initiates a transfer process.||Facebook’s privacy security has been in doubt for a long time. For this reason, people may not be willing to give their personal information.|
|The app is currently only available to users within the U.S.|
17. Azimo Money Transfer
If you are looking for an app to transfer money globally, Azimo is available for consideration. This app offers fast money transfers across the world at cheap fees.
You can send money from this app to money wallet, bank accounts, and 300,000 plus pick up points in the world.
Azimo charges depend on the country and currencies you are sending. Another factor that determines the fees to pay is the pay-in and payout methods you choose.
The app offers a bonus to new users by granting them two free of charge transfers. Also, referral bonuses are available when you invite a friend and signs up.
The transfer duration varies with the countries. In some, the transfer is completed within an hour, and others may take up to five business days.
|Azimo has 24/7, responsive customer service.||A flat-rate fee of 2.99% is charged when you pay using a credit card.|
|The app provides free remittances to migrant employees.|
|The fees charged are reasonable compared to other international money transfer apps.|
What to Consider When Choosing a Money Transfer App
The safety of your funds should always be your most significant concern when picking an online money transfer app. For a better understanding of any app, it is recommended you read people’s reviews. These will give you a glimpse of the app’s security features.
Online transfers are risky because you can easily fall on the hands of hackers and end up losing your money. Until you have gathered enough information about a platform, never trust it.
Speed is crucial, especially when it comes to international money transfers. You are supposed to choose an app that guarantees you faster money transfer. Sometimes your relatives or friends may need emergency funds to offset hospital, education, or mortgage bills. In such cases, you cannot settle for a transfer medium that will take weeks or months to complete your transfer.
To understand the apps’ speed ratings, you can read on users’ testimonials. These will give you an idea of how long a particular App takes to complete transfer processes.
All the available money transfer apps have different fee schedules. Although most of them offer free downloads to customers, it is hard to find an app that offers free money transfers. For this reason, it is good to compare several apps to pick one that fits you best.
To choose a good app in terms of transaction costs, you can consult your frequent contacts. These will help you to select a suitable application.
When choosing your Money Transfer App, convenience is of great importance. The app should allow your recipients to receive their funds per their expectations. If you send the money is as cash, they should receive it through their checking Bank accounts or debit cards. The money you send via mobile wallet; should receive in cash form.
Quantity of Transfers
It is crucial to keep in mind how much money you intend to transferring via the app. Apps have got different daily, weekly, and even monthly transfer limits. The amount of cash you intend to transfer should guide you in making your choice.
Other apps also charge a percentage of the money you transfer. When considering these apps, keep in mind your cash transfer bulk. You may settle on an app that will not allow you to transact as per your expectations.
Consider your location and where to use the app to send money frequently. Some platforms do not allow international transfers at all. Others allow but with strict guidelines accompanied by high charges.
Security issues also arise when it comes to overseas money transfers. You may have to be subjected to unnecessary screening before your transfer is complete. For this reason, you should consider the apps that best serve your preferred destination without complications.
Financial issues are very sensitive, and that is why it is essential to have responsive customer service. This way, you will be able to solve all your problems that may arise. Customer service is critical in any successful organization. Can you imagine falling on a platform that doesn’t offer its users any help? That would mean any mistake you make will be putting your finances at high risk.
Some customer services charge for consultations. When settling on a particular App, make sure their customer services are readily available.
FAQ – Frequently Ask Questions
What is the best app to transfer money?
The appropriateness of the app depends on where you want to send money. For example, Venmo is the best for domestic use. OFX stands out for overseas bulk cash transfers etc.
How to transfer money from cash app to the bank account?
- On your cash App home screen, press the balance tab.
- Click Cash Out button
- Select an amount to transfer then press cash out.
- Choose your deposit speed.
- Verify with PIN or fingerprints.
Can I transfer money from PayPal to Cash App?
No. There is no possible way to send money directly from your PayPal account to Cash App.
What is the best international money transfer app?
OFX money transfer app. It is best for international money transfers. But, only for bulk money.
Money transfer apps make it easy and quick to send and receive money than using cash and checks. The recent proliferation of these apps should not confuse you. It is good to compare the available apps and settle on one that best suits your needs.