Best Money Transfer Apps – Cash When You Need It
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When transferring money, knowing the best way to do it is hard. Should you just use your bank account? Is PayPal still the way to go? And how do you know that your transfer is going to be safe? Here are the most commonly used money-transferring apps and the good and bad when transferring money using a mobile app.
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Things to consider when choosing a money transfer app
You need a money transfer to pay someone outside of a bank transfer, which often costs high fees and may take time unless you transfer between accounts at the same bank. Perhaps you need to pay a friend to pick up concert tickets or pay someone for an item you purchased from Craigslist. Even some vendors at festivals and events will accept pay via apps. You could pay your dog walker after they have visited each day. Here are things to consider when choosing your app:
Who you're transferring money to
The person you are transferring to will need the same app to receive the funds, which may mean you need to determine which app you prefer. If you are paying someone you do not know, you should look into the policies and disclaimers of the app as to how to get your money back in the event of an issue.
Location
Are you using the app with friends and people nearby, or must you send money abroad? International money transfer apps may automatically adjust payment exchange rates and charge additional transaction fees for international services.
Speed
You are using a money transfer app in the first place to skip using cash and pay immediately, as though you were paying with cash. How long does it take for the person you are paying – or for you to receive – money online?
Number of transfers
How often will you be using the app? If you use it for occasion transfers, you may not need to worry, but some apps have caps on how much money can be transferred each week or day.
Related: What Is a Multicurrency Account?
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
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Overview of the best money transfer apps
Money transfer app | Best for |
Apple Pay | Seamless transfer between Apple users |
Cash App | Transferring money with anyone |
Google Pay | Adding gift cards and loyalty cards |
PayPal | Sending money to users in other countries |
Venmo | Connecting to other apps as your preferred payment method |
Western Union | Cash pickups |
Wise (formerly TransferWise) | Multi-currency accounts that can be used worldwide |
Zelle | Easy transfers via mobile banking apps |
Best money transfer apps
Apple Pay
Apple Pay can offer a safe and easy way to transfer and receive money from your devices if you're an Apple user. The Apple Pay app is available on your device without downloading anything from the App Store. It is integrated into device usage to make transferring money seamless.
Apple Pay offers several ways to make purchases. Some stores accept Apple Pay as a form of payment, allowing you to make contactless payments in person. You can also sign up for Apple Card, a credit card that offers 3% cash back on every purchase.
To send money using Apple Pay, you and the other party must accept Apple’s legal agreement. After that, you can send money using the Messages app on your iPhone or other Apple device. You can transfer money from a connected bank account or your Apple Cash balance.
Apple Pay is available on the following:
- iPhone 6 and newer
- iPad Pro, iPad Air, iPad, and iPad mini models with Touch ID or Face ID
- Apple Watch Series 1 and later
Cash App
Cash App offers a straightforward way to send and receive money by linking your bank account to your Cash App account. In addition to being a straightforward money-transferring app, Cash App offers additional features and benefits.
To use Cash App’s primary functions, you must set up your account and enter a few details. You’ll need to know the username (the $cashtag) of the person you want to send or request money from. Alternatively, you can use the person’s email or phone number to make the transaction. You’ll also need to enter the amount of money you’re requesting or sending and select either the “request” or “pay” option, depending on your transaction.
Cash App offers more than just a way to transfer money, though. To use your Cash App funds outside of the app, you can request a free debit card from Cash App that can be used to make online and in-store purchases. By using the Cash Card, you can earn instant discounts called Boosts. You can also use the Cash App to invest in stocks and even transfer your money to Bitcoin.
Your Cash App account can also be considered an extension of your bank account. Using your Cash App account and routing number, you can receive direct deposits such as paychecks and tax returns and receive the funds up to two days earlier.
Read a full review on Cash App.
Google Pay
Google Pay could be considered the Android version of Apple Pay, with one important difference — it can be used on Android and iOS devices. The app allows you to handle several transactions in one central app rather than requiring you to use several apps to manage your finances.
Google Pay works similarly to other money transfer apps when transferring money between friends and family. You can use any device (including your computer) to request or send money. There’s also the ability to set up reminders for recurring payments, which can be helpful in situations such as if you transfer a certain amount of the utility costs to your roommate each month.
Google Pay can be used to make purchases within other apps and stores. When you’re using the app, you’ll be able to see which local stores accept Google Pay. You can also enter loyalty program cards and gift cards in the “Passes” section of the app. Google Pay offers the ability to add transit passes, but there aren’t many participating transit systems.
You can use an Android device to set Google Pay as your phone’s contactless payment app. However, Apple doesn’t allow you to do this, so if you’re using an Apple device, you can only use Apple Pay as your contactless payment app.
PayPal
PayPal has been around for over two decades, so it’s no wonder this company is a well-known and trusted way to transfer money. As time passed, PayPal added more features to enrich what the app offered.
Setting up a PayPal account is easy and free. You must create your account with your name, email address, and payment information. You can add your bank account, debit card, or credit card. When you pay using PayPal, the funds will come from whichever payment method you connect to the account. You can also transfer money from your PayPal account back to your bank account.
You can use PayPal to transfer money between friends and family in several ways. To send or request money, you can use someone’s PayPal username, email address, or phone number. You can also set up a PayPal.Me link to make it easier for others to find and send money to your PayPal account. Unlike other money transfer apps, you can use PayPal to send money to people in over 130 countries. You can also create a PayPal Money Pool to allow multiple users to add money to a specific fund. Finally, if you need to make a PayPal transaction in person, you can scan someone’s PayPal QR code with your PayPal app and send money to them immediately.
PayPal can also make purchases from stores or other online vendors. Many websites offer PayPal as a payment option, allowing you to bypass entering your credit or debit card information directly. If you choose this payment option, all you need to do is log into your PayPal account, and PayPal will automatically use money from your preferred payment method to complete your transaction.
Venmo
Venmo is a money transfer app that is known for its social component. You can add emojis, a joke, or just a description of your pay for each transaction. Anyone you’re connected with on Venmo (basically anyone in your phone’s contact list) can view your transactions just as you can view theirs. However, you can also change your privacy settings if you don’t want the world to see what you’re sending and receiving money for.
Venmo lets you quickly move money between your Venmo and bank accounts. You can keep a certain amount in your Venmo account for upcoming transactions. Then, when you’re ready, you can transfer the money from your Venmo account to your bank account so it can be used elsewhere. Transferring money is free if you’re willing to wait 1-3 business days, but instant transfers come with a 1.75% fee (with a minimum fee of $0.25 and a maximum fee of $25).
If you’re a frequent Venmo user, you may want to set up direct deposits to your Venmo account. By enrolling in this feature, you may get your direct deposits 1-2 days sooner than you would if the money was sent to your traditional bank account. This is because Venmo posts funds from your direct deposits to your account as soon as it receives notice from the sender.
Your Venmo account can also be connected to other apps as your preferred payment method. Some participating apps include Uber, Grubhub, Hulu, and Poshmark. Additionally, you can request a Venmo debit card to bring your Venmo account balance anywhere. This debit card features touch-free shopping and no-cost cash withdrawals from MoneyPass ATMs across the United States.
Related: Venmo Credit Card Review
Western Union
Western Union first focused on telegrams when it was founded in 1871. The company installed the first transcontinental telegraph cable so people on the East Coast of the U.S. could communicate with the western part of the country as it expanded. Today, it stands strong as a fintech company that serves its customers.
We aren’t sending telegrams, but Western Union can help you transfer money worldwide. It claims that 80% of its users can complete an online transfer in less than 6 minutes, making it a speedy process for just about anybody. Transfers are available 24/7 and can be tracked online or using the Western Union app.
Western Union offers a few ways to send and receive money. You can send a money transfer online or use the app at any time of the day. Money transfers can be funded using your bank account, credit card, debit card, or cash if you’re in a Western Union agent location.
A unique feature of Western Union is receiving your money in cash at a Western Union agent location. All you need to do is answer a few questions about the transfer on the app and go to a participating location. You’ll need to show your ID and MTCN tracking number to receive the cash when you arrive. You can also receive funds directly into your bank account if you don’t have access to an agent location or simply don’t want to bother going to a location to pick up your money.
Wise
Wise (formerly known as TransferWise) was founded by two friends who faced first-hand money transfer troubles. After figuring out the best ways to transfer money between countries and currencies, they realized they must not be the only ones facing high money transfer fees. And so, Wise was born.
Today, Wise offers low-cost online money transfers from the U.S. to over 80 countries. Wise will give you a guaranteed exchange rate when you set up a money transfer and show you how much money will be converted and sent to your recipient. You can transfer money from your bank account, debit card, or credit card. You can also transfer money using a wire transfer, the only option if you transfer large amounts.
Wise is upfront about the costs and fees of international money transfers. When you transfer money internationally, you’ll be charged a small flat fee and a fixed percentage of the transfer amount. There is no markup on the exchange rate. You may also be charged an additional fee depending on your payment method.
In addition to money transfers, Wise now offers multi-currency accounts. A multi-currency account from Wise provides a card you can use in 200 countries. It allows you to convert and hold 54 currencies for free. You’ll also be able to use the account to transfer money to others at the low-cost Wise offers to all its customers.
Zelle
Zelle is perhaps one of the easiest money transfer apps available today. You may already have access to Zelle via your mobile banking app. Banks participating in Zelle include Ally Bank, Bank of America, TD Bank, and Wells Fargo.
You can either download and use the Zelle app or your participating mobile banking app to send money with Zelle. All you need to provide to register is your email address or your U.S.-based mobile phone number. Once enrolled, you can enter the email address or phone number of the person you want to send money to. The person you send money to will get a notification explaining how to accept the money and complete the process.
Receiving money from Zelle is just as easy. If you’re enrolled with Zelle, your money will be sent directly to your connected bank account. If you’re new to Zelle, you’ll click the link within your payment notification to start the enrollment process. Then, you’ll select your bank and follow the instructions to enroll and receive your payment.
You can use Zelle even if your bank does not participate in Zelle’s money transfer services. You’ll need to use the Zelle app directly instead of accessing it through your mobile banking app. You can enroll in a Zelle account using a Visa or Mastercard debit card.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
Best money transferring apps summary
Money Transfer App | Platforms | Other Features |
Apple Pay | Apple Watch Series 1 and later, iPhone 6 and newer, iPads and Touch ID and Face ID | In-store purchases, credit card |
Cash App | Apple and Android devices | Debit card, direct deposits, investing, Bitcoin |
Google Pay | Apple and Android devices | In-store and in-app purchases, ability to add gift cards and loyalty cards |
PayPal | Any device | Global money transfers, store purchases, money pools for group purchases |
Venmo | Apple and Android devices | Debit card, bill splitting, purchases through partner apps, direct deposit |
Western Union | Desktops, Apple devices, Android devices | Western Union agent locations |
Wise (formerly TransferWise) | Desktop, Apple devices, Android devices | Multi-currency accounts |
Zelle | Apple and Android devices | Accessible via participating mobile bank apps |
FAQs
Are money transfer apps safe to use?
For the most part, yes, money transfer apps are safe to use. However, there are some things to keep in mind. When sending money using the app, you should be careful to confirm that you have the email address, phone number, or username correct before you send money. If you accidentally send money to the wrong person, there’s a chance that you may not be able to get it back. Some apps offer more protection than others, so if you’re worried about losing money with money transfer apps, you may want to consider an app that offers more protection than others.
Is there a limit on how much money I can send or receive?
Yes, many apps have limits on how much money you can send. Some apps also limit how many transactions you can make per day, week, or month. Each app sets its limit, so it’s important to do your research before choosing an app to make sure that it can meet your needs. Some apps also offer the option to increase your limit by verifying your identity.
Should I keep an account balance?
This is a personal decision that only you can make. Generally speaking, you probably don’t need to keep an account balance in your money transfer app, which can pull funds directly from your linked bank account. You can also receive money via bank transfers. However, it’s a good idea to evaluate the pros and cons by reviewing the app’s information. Some apps may default to pulling money from your account balance, while others will only use your account balance in certain situations.
Why you should use money transfer apps
Money transfer apps are a great way to send and receive money quickly. In today’s world, it can simplify finances in many situations. Some situations that come to mind are:
- Splitting bills with your roommates
- Paying someone back after they purchased an item for you
- Purchasing items directly from a person or business
Money transfer apps can also provide other benefits, such as getting the funds from your direct deposit early and credit cards with exclusive offers.
Whether you think you’ll need it often or not, being familiar with the different money transfer apps is certainly useful for you at some point in life.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
The bottom line
There isn’t much of a downside to money transfer apps. Most apps are free and easy to enroll in, and many don’t charge transaction fees. They can be useful whether you owe someone money or just want to send your best friend $10 for a coffee and a bagel when they’re having a bad day.
Money transfer apps can also be a safer alternative to other payment methods. Many apps offer a contactless payment option with participating stores, making it easy to tap and go to make your payment without touching public surfaces. It can also be a nice alternative to entering your credit card information on every website you purchase.
Is there one app that is better than all of the rest? Of course not. But the good news is that there is bound to be an app that will suit your needs well. And if you can’t find everything you need in one app, nothing stops you from having a few at your disposal.
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Ashley Hart is a lead copywriter and digital marketing expert covering finance, law, real estate, music, entertainment, health and wellness.
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