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Best Money Transfer Apps for September 2024

Wise is our top pick for international and large transfers, but other apps offer valuable features as well

Our top-rated money transfer app for international and large transfers is Wise, thanks to its relatively low international fees and generous transfer limits—you can send up to $1 million per transfer by wire or $50,000 by ACH. But if you just want to transfer money to friends and family in the U.S., you’ll be better served by Venmo, Zelle, or Cash App.

Money transfer apps provide a convenient way to pay someone without writing a check or taking out cash. The best money transfer apps allow you to send money for free or inexpensively. But each app has a different fee structure for instant transfers, international transfers, and payment methods (debit card, bank account, etc.) Apps also vary in their transfer limits, supported currencies, and other capabilities.

We evaluated the most popular money transfer apps based on these criteria and more, including customer ratings and country availability. The best option for you will depend on how you plan to use the app. Read on to learn more about the winners, and remember that you should never use a money transfer app to send funds to someone you don’t know. 

Best Money Transfer Apps for September 2024

  • Best Overall, Best for International Transfers and Large Transfers: Wise
  • Best for Domestic Transfers With Friends and Family: Venmo
  • Also Great for International Transfers: WorldRemit
  • Best for Low Fees/Domestic Bank-to-Bank Transfers: Zelle
  • Also Great for Low Fees: Cash App
  • Also Great for Large Transfers: PayPal
  • Best for Facebook Messenger Transfers: Meta Pay
  • Best for Customer Satisfaction (iOS Only): Apple Cash

Be aware that when sending money by credit card, the transfer may be counted as a cash advance. Cash advances are usually expensive, with fees and high interest rates. These extra charges are in addition to any fees charged by the money transfer app for credit card transfers.

Best Overall, Best for International Transfers and Large Transfers : Wise

Investopedia's Rating
4.8

Wise

Wise

  • Instant P2P Transfer Fee: No extra fee; only some transfers are instant
  • Debit/Credit Card Transfer Fee: Varies by currency, starting at 0.35%
  • Supported Countries: 160
Pros & Cons
Pros
  • Excellent customer reviews and app ratings

  • Digital wallet with international travel features

  • Send up to $1 million internationally

Cons
  • International transfers take up to 5 days

  • Small fee to withdraw wallet balance to bank account

  • Requires identity verification

Why We Chose It

Wise is an international money transfer app that allows Android, iPhone, and desktop users to send money to 160 countries, with relatively low transfer fees for many currencies. Wise also has the highest transfer limits among apps we reviewed, by a long shot. Single-currency transfers between Wise accounts are free and instant, but you’ll pay a small fee to withdraw money to your bank account, which varies based on the currency. While withdrawals are usually instant within the U.S., it could take up to three working days to receive the money in your bank account. 

Wise may not be the best choice for people sending payments to their friends in the U.S., since Wise charges a fee to withdraw your balance to your bank account, while some other money transfer apps offer free withdrawals. However, it’s a great option for people who want to send money internationally, particularly when sending large sums, or who need a convenient and affordable way to spend money abroad without a credit card.

A one-time $9 fee gets you a Wise debit card connected to your account balance, which you can add to a digital wallet like Apple Pay. You can also use the physical card to make payments online and in stores around the globe. The card automatically converts your currency at a fair exchange rate when you shop abroad, with low fees. For example, if you want to spend $100 at a restaurant in Europe, Wise only charges $0.39. Each month, you’ll also get two free ATM withdrawals up to $100.

Wise has a great reputation for customer satisfaction, with the highest Trustpilot score of the apps we reviewed (4.3 out of 5), and highly rated mobile apps to boot. Wise was founded in 2011. The U.S. entity is incorporated in Delaware and has an office in New York. 

Transfer Speed, Fees, and Caps
  • Time to receive funds: Instant for some currency/country combinations; up to five business days for international transfers; same-day or next business day for wire transfers
  • Instant P2P transfer fee: No extra fee; only some transfers are instant
  • Debit/credit card transfer fee: Varies by currency, starting at 0.35%
  • International transfer fee: Varies by currency, starting at 0.35%
  • Send caps (verified; applies to most U.S. territories): $1 million per transfer from wallet; $50,000 per 24 hours via ACH; $2,000 per 24 hours via debit/credit card
  • Per-transfer receive caps (verified): $1.6 million via Swift; $6 million via local wire transfer from USD balance; $1 million via local ACH transfer
  • Per-transfer caps (unverified): N/A (must be verified)

Best for Domestic Transfers With Friends and Family : Venmo

Investopedia's Rating
4.1

Venmo

 Venmo

  • Instant P2P Transfer Fee: 0%
  • Debit Card Transfer Fee: 0%
  • Supported Countries: U.S.
Pros & Cons
Pros
  • Instant P2P transfers

  • Can send up to $60,000 per week

  • Supports crypto buying, selling, holding, and transferring

Cons
  • Only available in the U.S.; no international transfers

  • Credit card transfer fee of 3.00%

  • Instant transfers to bank cost 1.75% (min. $0.25, max. $25)

Why We Chose It

Venmo is only available in the U.S. but it’s quite popular, with 60 million+ users. It’s our top pick for sending money to friends and family in the U.S. thanks to its instant transfers and 0% fees when sending from a bank account, debit card, or Venmo wallet. Although some other apps (like Zelle and Meta Pay) have similar fee structures, they’re more limited in scope. Anyone in the U.S. can download the app (for iPhone or Android) and send or receive money with other Venmo users.

Verified users can send up to $60,000 per week. That’s one of the highest transfer limits among apps we reviewed, after Wise and WorldRemit (Zelle transfer limits vary by bank and user). If you haven’t verified your identity, you’re limited to sending $299.99 per week.

You don't need one to use the app, but users can apply for a standard Venmo debit card, a Venmo Teen debit card, or a Venmo credit card. These can be used like any other payment card, with the debit cards pulling from your Venmo balance.

The Venmo app has excellent user ratings in app stores, with a score of 4.9 out of 5 in the App Store and 4.2 in Google Play. But its Trustpilot score is an abysmal 1.1 out of 5, although there are relatively few reviewers there.

Some downsides to Venmo are a lack of international transfers and a relatively high credit card transfer fee of 3.00%. Standard transfers from your Venmo account to your bank account are free, but they may take up to three business days. If you want the money in your account instantly you’ll have to pay a fee of $1.75%, with a minimum of $0.25 and a maximum of $25. 

Venmo was founded in 2009. It came under the control of PayPal in 2013, when PayPal acquired the payment service Braintree. PayPal’s headquarters are in San Jose, California.

Unlike other P2P transfer apps, Venmo features a social feed. You can share your Venmo transfers with your friends and family in the app, and you can see their activity. But you can also disable this feature for privacy.

Transfer Speed, Fees, and Caps
  • P2P transfer time: Instant
  • Instant P2P transfer fee: 0%
  • Debit card transfer fee: 0%
  • Credit card transfer fee: 3%
  • International transfer fee: N/A (U.S. only)
  • Transfer send cap (verified): $60,000 per week (individual limits may apply)
  • Transfer send cap (unverified): $299.99 per week
  • Transfer receive cap (unverified): Undisclosed

Also Great for International Transfers : WorldRemit

Investopedia's Rating
4.5

WorldRemit

WorldRemit

  • Instant P2P Transfer Fee: No extra fee; only some transfers are instant
  • Debit/Credit Card Transfer Fee: Varies by country/currency
  • Supported Countries: 130+
Pros & Cons
Pros
  • Low fixed fees for international bank transfers

  • Can send up to $5,000 via credit or debit card

  • Cash pickup available in many countries

Cons
  • Can’t send money from U.S. to the European Union

  • Payment methods vary by country

  • ACH payments from the U.S. can take up to four days

Why We Chose It

WorldRemit allows you to send money from your phone (Android or iOS) or online account to more than 130 countries in multiple currencies, but it has more limited countries, payment methods, and payment receipt options than Wise. 

For example, if you’re sending money from the U.S., you can’t send funds to someone in the European Union, and you can only send funds directly to an individual’s bank account in select countries, including the United Kingdom, Mexico, Australia, Canada, Morocco, and a few others. There’s also a $5,000 transfer limit when sending money from the U.S.

That said, WorldRemit only charges a low, fixed fee for international bank transfers. For example, you can send any amount up to the limit from the U.S. to the U.K. for just $1.99, and it should arrive the next working day. Exact fees and transfer times depend on the country and payment receipt option you choose. When paying from your U.S. bank account with an ACH transfer, WorldRemit says the service is slow—it will take up to four days for your transfer to reach WorldRemit, plus additional time to reach the recipient.

WorldRemit allows you to store funds in a WorldRemit wallet, but the feature is only available in a small number of countries, and there’s no clear list of its availability. The WorldRemit mobile apps are highly rated, and the company has a great Trustpilot rating (3.8 out of 5), coming in second after Wise. WorldRemit was founded in 2010 and is headquartered in London. 

Transfer Speed, Fees, and Caps
  • Time to receive funds: Varies by country combination and transfer method
  • Instant P2P transfer fee: No extra fee; only some transfers are instant
  • Debit/credit card transfer fee: Varies by country combination
  • International transfer fee: Varies by country combination and transfer method
  • Per-transfer cap (verified): Varies by country combination and transfer method
  • Per-transfer caps (unverified): N/A (must be verified)

Best for Low Fees/Domestic Bank-to-Bank Transfers : Zelle

Investopedia's Rating
3.9

Zelle

 Zelle

  • Instant P2P Transfer Fee: 0%
  • Debit Card Transfer Fee: 0%
  • Supported Countries: U.S.
Pros & Cons
Pros
  • Free domestic transfers via bank account or debit card

  • Transfers are usually instant

  • Works with many U.S. banking apps

Cons
  • No international transfers

  • No credit card payments

  • May have lower daily/monthly transfer limits, depending on your bank or credit union

Why We Chose It

Zelle is our top pick for low fees and domestic bank-to-bank transfers because it allows you to send money instantly for no cost. Chances are, Zelle is already a feature in your banking app—more than 2,000 banks and credit unions use Zelle. But even if your bank doesn’t work with Zelle, you can still send and receive money using the Zelle app. When making a Zelle transfer, only one person involved in the transaction needs to bank with a financial institution that supports Zelle. 

However, Zelle doesn’t support multiple currencies and only works with U.S. bank accounts and debit cards, so you can’t use it to transfer money internationally. There’s also no option to transfer money from a credit card, so you’ll need to have sufficient funds in your bank or debit card account. 

Depending on your bank and several individual factors, you may have to follow strict transfer limits when sending money with Zelle. For example, some Chase customers can send up to $500 a day, while others can send up to $10,000. Per-transaction and monthly limits may also apply. 

Zelle has poor reviews on Trustpilot (1.1 out of 5), although Zelle app ratings for Android and iPhone are relatively good (3.9 and 4.8 out of 5, respectively). Early Warning Services, the fintech company that owns Zelle, is based in Scottsdale, Arizona. The company launched the Zelle network in 2017. 

Some scam artists use Zelle because transfers typically can’t be canceled once they’re sent. A fraudster may even impersonate someone from your bank. To avoid losing money to fraud, be sure to only send money to people you know, with Zelle or any other money transfer app.

Transfer Speed, Fees, and Caps
  • Time to receive funds: Usually within minutes, but up to several days in some cases
  • Instant P2P transfer fee: 0%
  • Debit card transfer fee: 0%
  • Credit card transfer fee: Does not support credit card transfers
  • International transfer fee: Does not support international transfers
  • Per-transfer cap (when financial institution offers Zelle): Varies by financial institution and individual
  • Per-transfer send cap (when financial institution does not offer Zelle): $500 per week
  • Per-transfer receive cap (when financial institution does not offer Zelle): $5,000 per week

Also Great for Low Fees : Cash App

Investopedia's Rating
4.1

Square Cash

 Square Cash

  • Instant P2P Transfer Fee: 0%
  • Debit Card Transfer Fee: 0%
  • Supported Countries: U.S. and U.K.
Pros & Cons
Pros
  • Free domestic transfers via Cash account and debit card

  • Free debit card offers FDIC protection

  • Saving, investing, and cryptocurrency features

Cons
  • High credit card transfer fee of 3%

  • International transfers between the U.S. and U.K. only

  • $1,000 transfer limit for unverified accounts

Why We Chose It

Cash App is inexpensive to use for most everyday purposes. It doesn’t charge for sending money from your Cash account or debit card, or for standard withdrawals to your bank account. However, there may be individual transfer limits. Unlike Zelle, you can use Cash App to send money with a credit card, but the 3% fee is relatively high. 

While you can use your Cash App card internationally with no fees, you can’t send money to people outside of the U.S. and the U.K. 

Cash App offers other banking and investing services in addition to money transfers. Once you’ve verified your account, you can request a free Cash App card, which gets you FDIC insurance for your cash balance, instant discounts when you shop, access to ATMs, and the option to auto-invest with each transaction via roundups. You can also use Cash App to buy, sell, send, and receive Bitcoin and buy and sell stocks commission-free.

Cash App’s Trustpilot score is quite low at 1.5 out of 5; some reviewers complain of withdrawal limits or temporarily restricted features of their account, as well as poor customer service. As with other money transfer apps, Cash App is often used by scammers, so be careful when sending money. 

Cash App, which was founded in 2013, is owned by fintech company Block. Block is being investigated by federal prosecutors as of May 2024. 

Transfer Speed, Fees, and Caps
  • Time to receive funds: Instant
  • Instant P2P transfer fee: 0% (when paying from Cash account or debit card)
  • Debit card transfer fee: 0%
  • Credit card transfer fee: 3%
  • International transfer fee: 0% (between U.S. and U.K. only)
  • Per-transfer cap (verified): Varies
  • Per-transfer send cap (unverified): $1,000 per 30 days
  • Per-transfer receive cap (unverified): $1,000 per 30 days

Also Great for Large Transfers : PayPal

Investopedia's Rating
4.7

PayPal

 PayPal

  • Instant P2P Transfer Fee: 0%
  • Debit/Credit Card Transfer Fee: 2.9% + $0.30
  • Supported Countries: 200+
Pros & Cons
Pros
  • High $60,000 transfer limit for verified accounts

  • Free domestic P2P transactions using PayPal balance or a bank account

  • PayPal balance can be used to shop online securely

Cons
  • Charges 3%–4% currency conversion markup

  • Recipient must have PayPal account

  • Poor customer ratings

Why We Chose It

PayPal allows you to make free domestic transfers from your PayPal balance or bank account. Once your account is verified, you can send up to $60,000 per transfer with no cap on the number of transfers, though PayPal says it may limit the transaction amount to $10,000 in some cases. Take note that the recipient will usually need to have a PayPal account to access the money.

PayPal is not as ideal for international transfers. The exchange rate is not as favorable as Wise’s mid-market rate due to a 3% to 4% currency conversion spread in addition to international transfer fees. On the plus side, PayPal’s international transfer fees are capped at just $4.99. If you have an American Express credit card, you can avoid PayPal’s credit card transfer fee by sending money from your Amex Send Account.

PayPal also charges a relatively high instant withdrawal fee when transferring money from your PayPal balance to your bank account or debit card: 1.75% of the transferred amount. Standard transfers, which are free unless currency conversion is required, typically finish within one business day. International transfers are also speedy to most countries, usually taking just a few minutes. PayPal’s Xoom service offers multiple methods of receiving payments, including cash pickups at stores, but the options and timeline vary by country.

PayPal has well-rated mobile apps, but the company is poorly rated on Trustpilot, with a “Bad” score of just 1.3. Still, PayPal is a widely accepted, global leader in payments that has won numerous awards for excellence (like Webby awards) since it was founded in 1998. The company is headquartered in San Jose, California.  

A PayPal account can also be used to shop online at thousands of retailers without providing your payment card information.

Transfer Speed, Fees, and Caps
  • Time to receive funds: Instant or potentially longer, depending on the source of the funds, the type of transfer, and the country combination
  • Instant P2P transfer fee: 0%
  • Debit/credit card transfer fee: 2.9% + $0.30
  • International transfer fee: 5% ($0.99 minimum to $4.99 maximum) plus currency conversion markup
  • Per-transfer cap (verified): $60,000
  • Per-transfer send cap (unverified): $4,000
  • Per-transfer receive cap (unverified): Undisclosed

Best for Facebook Messenger Transfers : Meta Pay

Investopedia's Rating
4.9

Meta Logo
  • Instant P2P Transfer Fee: 0%
  • Debit Card Transfer Fee: 0%
  • Countries Supported: 143 (no international transfers)
Pros & Cons
Pros
  • Convenient payments through Facebook Messenger

  • Free, instant transfers to friends and family

  • Additional security options

Cons
  • Must have a Facebook, Instagram, or Messenger account 

  • No international transfers for U.S. residents

  • Relatively low maximum transfer amount of $10,000

Why We Chose It

Meta Pay makes it easy to send and receive money with friends and family through Facebook Messenger, and in some cases, WhatsApp. Meta Pay charges no fee to send money and it’s a great option if you and your friends or family use Messenger. Transfers happen instantly, but depending on your payment method it could take three to five days for your balance to update.

Meta Pay has somewhat low transaction limits relative to the other money transfer apps we reviewed—you can send up to $10,000 per transaction if you use a Visa debit card, $5,000 with a Mastercard debit card, and $3,000 with a PayPal account. 

While Meta Pay is available in 143 countries, U.S. residents currently can’t use it for international money transfers. Meta Pay securely stores your payment info, but it doesn’t offer a wallet for storing funds. And although Meta Pay can be used in both Messenger and WhatsApp, there are some limitations depending on the app you’re using. 

For example, transfers through Messenger can only be made within the U.S., and they must come from bank-issued Visa and Mastercard debit cards, reloadable prepaid cards, government-issued bank cards, and PayPal accounts. And you must use the Messenger mobile app to do so, rather than the website. WhatsApp money transfers, on the other hand, are not currently available in the U.S., although depending on where you live you may be able to make payments from a credit card.

We appreciate the extra security features of Meta Pay, including anti-fraud technology, encryption, and the option to create a PIN or use a fingerprint or Face ID on your phone to authorize a payment without providing your biometric info to Meta. 

Mark Zuckerberg founded Facebook in 2004, and the company was rebranded as Meta in 2021. Meta is headquartered in Menlo Park, California. The company is currently under regulatory scrutiny in the European Union, where the European Commission is investigating whether Meta is taking sufficient measures to protect young users from harm. 

Transfer Speed, Fees, and Caps
  • Time to receive funds: Instant
  • Instant P2P transfer fee: 0%
  • Debit card transfer fee: 0%
  • Credit card transfer fee: Not supported in the U.S.
  • International transfer fee: Not supported in the U.S.
  • Per-transfer cap (verified): $3,000 to $10,000
  • Per-transfer cap (unverified): N/A (must verify)

Best for Customer Satisfaction (iOS Only) : Apple Cash

Investopedia's Rating
3.2

Apple Cash
  • Instant P2P Transfer Fee: 0%
  • Debit Card Transfer Fee: 0%
  • Supported Countries: 84 (No international transfers)
Pros & Cons
Pros
  • Highest-rated mobile app among apps we reviewed

  • Instant, free transfers to other Apple Cash users

  • Use your balance at 85% of U.S. retailers

Cons
  • No international transfers

  • No credit card transfers

  • Can’t send money to Android users

Why We Chose It

Apple Cash is built into the iPhone as part of Apple Wallet, so you don’t need to download an app to use it. Apple Cash, a digital card stored in your Wallet, allows you to send and receive money domestically with friends and family through iPhone messages—this means only iPhone users in the U.S. can use Apple Cash for P2P transfers. You can send money using your Apple Cash balance or directly from a debit card.

Apple Wallet had the highest mobile app rating among money transfer apps we reviewed, with a score of 4.8 in the Apple App Store. Apple Cash may offer higher transfer limits than Zelle or Cash App for some users: Primary account holders can send up to $10,000 per transaction, although Apple Cash Family Account users are limited to $2,000.

Apple Pay and Apple Cash are more secure than shopping with a credit card or sending money through most other apps. That’s because you need to authorize transactions with Face ID, Touch ID, or your passcode. Apple doesn’t share your payment information with retailers, so it can’t be traced back to you. It also offers parental controls that allow you to send money to your kids stress-free. You can limit who they can send money to, and you’ll be notified when they spend their Apple Cash.

It’s usually free to withdraw money to your bank account; instant withdrawals are available for a reasonable 1.5% fee. You can also spend your Apple Cash at any retailer that accepts Apple Pay, which makes it easy to avoid the fee altogether. 

Apple Pay and Apple Cash are available in many countries besides the U.S. You can use your Apple Cash balance when spending abroad (for a fee), but you can’t send or receive money internationally. Apple Cash has been around since 2017.

Transfer Speed, Fees, and Caps
  • Time to receive funds: Instant
  • Instant P2P transfer fee: 0%
  • Debit card transfer fee: 0%
  • Credit card transfer fee: Does not support credit card transfers
  • International transfer fee: Does not support international transfers
  • Per-transfer cap (verified): $10,000
  • Per-transfer send/receive cap (unverified): $500

The Bottom Line

If you want to send money internationally, Wise will likely be your best option because it offers transparent fees, a favorable exchange rate, and multiple transfer options in many countries. Wise also has a great reputation for customer service. However, depending on where you are sending money, you may prefer the features and fee structure of WorldRemit. If you’re mostly using money transfer services for domestic transfers, Venmo is a great choice, especially if your friends use it.

Zelle is great for instant transfers to another bank account at no charge, but it may not work for frequent or large transfers, depending on where you bank and who you’re sending money to. If you’d like to send or receive Bitcoin, or if you want additional banking features, we recommend Cash App. If you have the Messenger app on your phone and your friends do as well, you might find that Meta Pay is most convenient. And Apple Pay is great for iPhone users, especially those who want an easy way to load their kids’ phones with cash. 

Compare the Best Money Transfer Apps

App Instant P2P Transfer Fee Card Transfer Fee Supported Countries
Wise No extra fee; only some transfers are instant Varies by country/currency, starting at 0.35% 160
Venmo 0% 0% for debit cards; 3% for credit cards U.S.
WorldRemit No extra fee; only some transfers are instant Varies by country/currency 130+
Zelle 0% 0% for debit cards; credit card payments not supported U.S.
Cash App 0% 0% for debit cards; 3% for credit cards U.S. and U.K.
PayPal 0% 2.9% + $0.30 for debit and credit cards 200+
Meta Pay 0% 0% for debit cards; credit card payments not supported 143
Apple Pay 0% 0% for debit cards; credit card payments not supported 84

In the News

In the News: Money transfers and person-to-person payments are increasingly popular. According to the Consumer Financial Protection Bureau, the total person-to-person (P2P) payment dollar volume quadrupled between 2018 and 2022. 

Though money transfer apps are convenient and easy to use, not all apps are backed by the Federal Deposit Insurance Corporation (FDIC), so consumers' deposits aren't always insured. As a result, you should be careful about what apps you use and how much money you store in them.

What Is a Money Transfer App?

Money transfer apps provide a way to send money to an individual without mailing a check, delivering cash, or asking that person for their bank account information. Some of these apps allow you to send money to another country in a different currency. Others offer additional security features or other perks.

According to Deb Baxley, a member of the U.S. Payments Forum Steering Committee and partner at Paygility Advisors, money transfer apps come in two varieties: stored value apps and direct-to-bank transfer apps.

“Some people prefer to leave money in the service if they are frequent transactors, while others prefer the direct-to-bank account service, eliminating the step of withdrawing money back to a bank account,” said Baxley.

With most money transfer apps, you can’t cancel a transfer or receive a refund unless the recipient initiates a return transfer for the same amount. You also won’t get purchase protection when shopping, which is available with many of the best credit cards, so money transfer apps are typically best for sending money to friends and family members.

How to Choose a Money Transfer App

When comparing money transfer apps, Baxley said to consider the following:

  • Receiver validation: Some apps verify recipients by “matching to someone in your contacts or validating the email to a known account holder,” said Baxley, which can help prevent errors. 
  • Security features: All of the apps we reviewed that store your information use encryption. But some also have extra security measures, like biometric authorization. 
  • Speed of transfer and cash-out: Bank-to-bank transfer apps like Zelle are usually instant, but other apps may have varying transfer speeds, and you may need to pay a fee to get the money into your bank account the same day.
  • Transaction limits: Money transfer apps usually cap the amount of money you can send or receive per transaction or for a specific timeframe, like per day, week, or month. Some apps also have lifetime limits. You’ll typically get a higher limit with account verification.
  • Transfer fees: International transfers usually come with fees, and the exchange rate the provider uses also plays a role in the cost. Many apps offer free domestic transfers, but there may be other fees in certain situations, such as when sending money from a credit card.
  • Supported countries/currencies: If you want to send money abroad, choose an app that supports transfers to the countries where you send money.
  • Social features: “Some people value the social aspect of money transfer apps. For example, Venmo allows emojis and a social feed of send activities,” said Baxley.
  • Other perks: “Some apps have additional features within their ecosystem, such as investment and banking services for Cash App,” explained Baxley.

How to Use Money Transfer Apps

Each app has a different process, so you should consult your provider’s help pages if you’re not sure how to use the app’s features. Generally, these are the steps you can expect.

  1. Download the app and create an account.
  2. Connect a bank account or debit/credit card.
  3. Verify your identity, if required.
  4. Get the contact details for the transfer, and only send money to people you know.
  5. Complete the transfer.
  6. Withdraw funds to your bank account or spend your balance as needed.

Pros & Cons of Money Transfer Apps

Pros
  • Easy fund requests and payments

  • Multiple funding options

  • Quick access to transferred money

Cons
  • Payments vulnerable to scams

  • Potentially high transaction fees

  • Funds rarely backed by FDIC insurance

Pros Explained

  • Easy fund requests and payments: Money transfer apps like PayPal and Cash App allow you to quickly and easily send money to contacts in your phone or request funds with just a phone number, reducing the need to carry cash or personal checks.
  • Multiple funding options: Depending on the app, you can make payments or send money with several different funding options. For example, you can send money directly from a checking account or use a debit card, credit card, or even cryptocurrency.
  • Quick access to transferred money: Rather than waiting for a check to arrive in the mail, money transfer apps offer quick access to funds, typically within one to three days. With some apps, instant transfers are available for a fee, allowing funds to be transferred within minutes. 

Cons Explained

  • Payments vulnerable to scams: Most payments are nearly instant and unable to be canceled or reversed. Scammers have repeatedly taken advantage of this feature to convince unsuspecting people to send payments to bad actors. 
  • Potentially high transaction fees: Fees vary by platform and type of transaction, but the costs can add up, particularly if you routinely request instant access to transferred funds or link your accounts to plastic.
  • Funds rarely backed by FDIC insurance: If you store your money with a money transfer app, you should know that the FDIC does not insure the funds. If the platform fails, you could lose the money in your account.

The Federal Reserve reported in 2021, its most recent survey, that 46.4% of all households use online payment services like Cash App, PayPal, and Venmo.

Alternatives to Money Transfer Apps

Money transfer apps can be helpful when splitting a dinner bill or paying your dog walker. But they're not appropriate for all situations. In some cases, you may need to use an alternative method to send money or pay for services.

  • Cashier's checks: When making a significant, high-dollar purchase—such as buying a home or car—you may need a cashier's check to complete the transaction. The bank guarantees cashier's checks, so there's no risk of the check bouncing when it's cashed. Banks typically charge a moderate flat fee per cashier's check.
  • Money orders: Money orders are a safer alternative to personal checks or cash. You can purchase a money order at any post office and at some banks, and each domestic money order can be up to $1,000. At the time of purchase, you'll receive a receipt that you can use to track the payment in case the money order is lost or stolen. A small fee applies for each money order purchased.
  • Personal checks: For routine transactions, such as paying rent or utility bills, a personal check is an acceptable form of payment. It may take longer than other payment options since it may have to be mailed and cashed, but there are no fees with personal checks, and the money is withdrawn directly from your checking account.
  • Money transfer services: Money transfer services, such as Western Union or MoneyGram, allow those without bank accounts to transfer money or pay bills. Through a remittance transfer, customers can also use these services to send money to loved ones internationally. Remittance transfers have specific consumer protection requirements.
  • Wire transfers: If you need to securely transfer large sums—such as money to cover the closing costs on a home—a wire transfer is a popular choice. It allows you to transfer money electronically from one bank account to another, but your bank will likely charge you fees to complete the transfer. Review your account's deposit agreement or schedule of fees to find out what bank fees may apply.

Frequently Asked Questions

  • What Is the Best Money Transfer App?

    No one money transfer app is best for everyone (or for every situation), but you have a variety of good options. Wise is our top pick for large transfers and international payments, although WorldRemit is worth looking into as well. Venmo is our number one choice for domestic transfers to friends and family, while Zelle is great for free domestic bank-to-bank transfers in particular. Cash App is another top choice for having low fees. And Meta Pay is worth checking out if you and your friends/family use Facebook Messenger.

  • What Is the Best App for International Money Transfers?

    If you need to send money to someone in another country, we found that Wise is the best app for international transfers, followed by WorldRemit. Most transfers are completed within minutes, and you can choose from several transfer options, including cash pickup, bank transfer, or even home delivery.

  • How Do Money Transfer Apps Work?

    Money transfer apps allow you to transfer money to family, friends, and businesses quickly and easily. Money can usually be sent from bank accounts and debit cards, while some apps feature wallets that can hold money. Some allow you to send money internationally, while others are best for domestic P2P transfers.

  • What Apps Allow Instant Money Transfer?

    With most apps, it can take one to five business days for funds to transfer. However, the following apps offer instant transfer options for an additional fee, so the money is received within minutes:

    Zelle does not charge a fee for instant transfers.

  • How Long Does It Take to Transfer Money With an App?

    Different money transfer apps have different transfer times. Some transfers occur immediately and others can take up to a few days. The transfer time may depend on the country you're sending to or from, and if currency conversion is required. Keep your needs and time frame in mind so you choose the best mobile money app for you.

  • What Money Transfer App Is Safest?

    All of our list's money transfer apps are generally secure, using the latest encryption technology and privacy measures to protect user information. These include Wise, WorldRemit, Zelle, PayPal, Cash App, Venmo, and Meta Pay.

    However, there is still a risk of scams and data breaches, so it's important to take extra steps to protect your information. For example, enabling multifactor authentication, regularly changing passwords, and avoiding public WiFi connections can help keep your account safe. Be aware that you generally can't request refunds after sending money—if you send money accidentally or to a scammer, it's up to the recipient to refund the money or not.

  • Is Zelle Safer Than Venmo?

    Both Zelle and Venmo are generally safe. The platforms use encryption to protect account information and monitor account activity, and encrypted data is stored on servers in secure locations.

    However, all money transfer apps have some level of risk. To protect yourself, verify the recipient's contact information before sending money, and only send money to those you know and trust. Once you send money, there is usually no option to request a refund.

  • Companies We Reviewed

    We researched and reviewed nine companies to find the best money transfer apps you see on the list above. We included the following services in our research:

    Apple Cash, Cash App, Google Pay (no longer available in the U.S.), Meta Pay, PayPal, Venmo, Wise, WorldRemit, Zelle.

How We Picked the Best Money Transfer Apps

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of money transfer apps. To rate companies, we collected hundreds of data points for nine apps over one month, including transfer fees, transfer limits, country and currency availability, app features, and customer ratings, to ensure that our reviews help you make informed decisions about which transfer apps to use. We grouped those criteria into five main categories for analysis: fees, limits, availability, features, and reputation.

The Best Money Transfer Apps for June 2024

Investopedia / Zoe Hansen

Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
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