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Apps have really come a long way, haven’t they? Remember the time when apps were only good for burping noises and games? Gone are the days 🙂 now we have apps that are capable of transferring money between users. But which one should you pick?
Today, we’ll go over the top 5 best apps for transferring money. We’ll look at the features, speed, and any fees associated with transferring money.
Let’s hop right into it.
1. Venmo
Venmo has pretty much become a cultural phenomenon when it comes to you transferring money with ease. Venmo is pretty much synonymous with the term money transfer as shown by its vast popularity.
The company had more than 40 million active accounts at the end of the first quarter of 2019, demonstrating how much users have put their faith in the app.
Venmo works by users linking their bank accounts or debit cards directly within the app. Once that is done, transfers can be done to other users of the app.
Transactions done using bank accounts and debit cards are completely free. However, users will have to wait one to two business days before receiving funds. You can also pay extra for an instance transfer, which was 1.5% at the time of writing this.
2. WorldRemit
If you are like me and have tires internationally, then WorldRemit would definitely be the app of choice. The majority of money transfer apps out there have limited International capabilities. WorldRemit Has dedicated the majority of his functionality for this purpose.
The app is very simple to use, very slick interface, and has access to more than 150 countries. The only caveat is the transfer fees, which entirely depend on what country you are sending money to and from.
Although they are fees associated with International transfers using WorldRemit, they are still much cheaper than using Western Union and wire transfers using Banks.
3. PayPal
Most people already know all about PayPal. PayPal has been around longer than most of the apps on this list. It has solidified itself as the number one go-to platform for online transactions.
Since it has been there for a while now, it is probably the most secure platform out there. It has had time to improve its infrastructure and gain trust amongst its users. Have the time of writing this, PayPal reports a total user base of 227 million accounts.
Unlike Venmo, debit and credit card transfers within the United States cost about 2.9% in fees. If you’re sending money to other countries, then there are additional charges as well. These will also vary depending on the country.
4. Facebook Pay
First introduced on November 12th, 2019, Facebook pay is Facebook’s effort to making online payments and transactions easier and secure. Considering that they have a user base of more than 2.7 billion, chances are everyone you know probably has a Facebook account.
This makes transferring money and breeze if the recipient also has Facebook. The money transferring feature is also completely free an integrated within the Facebook Messenger app.
The service requires that you connect a debit card info to send and receive payments. Payments take anywhere between 1 to 5 business days.
5. Zelle
Zelle has a unique proposition when it comes to transferring money between users. Although there is an app that you can download, it doesn’t necessarily require you to do so.
Since Zelle has partnered with most of the large banks here in the United States, the tool is already embedded within the banking apps. For example, U.S. Bank and Bank of America both have Zelle integrated within their apps.
In theory, anyone that has a bank account with one of the large US Banks can use Zelle to transfer money between each other.
Zelle also has zero transaction fees, and offers instant transfers without fees as well. So if you already have a bank account with one of the large U.S Banks, then Zelle might be good for you.
Which app is right for me?
Now that we have a list off the top apps for transferring money, which one you choose will largely depend on where you’re sending the money to, your recipient, and how much you are trying to send.
To summarize:
- Venmo – Most commonly used app offering 0% transaction fees using bank accounts and debit cards
- WorldRemit – Best when performing international transfers as it offers over 150 countries
- PayPal – Best for people conducting business transactions as it provides buyer and seller protection
- Facebook Pay – Best for friends and family since most people already have a Facebook account
- Zelle – Best for direct bank to bank near-instant transfers with 0% transaction fees
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