6 Best Money Transfer Apps

Apple Pay is probably the easiest route to go if you own an iPhone. Apple Pay is already on your device so there is no need to download a special app. You can use it to buy things at a store, online, or to send money to family or friends.

As with everything Apple, it has privacy and security built in. It’s very simple to set up. Just add your credit or debit card to the Wallet app on your iPhone and you’re set.

You can use Apple Cash with Apple Pay. If you’re not sure what Apple Cash is, it’s a digital card that resides within in your Wallet and it stores the money you receive or want to send. To send or accept, all you have to do is use iMessages and approve it using Touch ID or Face ID. 

At the moment, peer-to-peer payments are only available in the U.S. but you can pair Apple Pay with Western Union to send money internationally.

Apple Pay and Apple Cash are completely free and work natively with every Apple device. Unfortunately Android users will have to opt for a different money transfer app, Apple Pay is exclusively for iPhone users.

PayPal is a well-trusted brand that’s been around for a while. It has a suite of tools that are flexible, secure, and easy-to-use. It takes mere minutes to download the app and start transferring.

You’re able to transfer from a PayPal balance, bank account, or Amex Send account for free. If you want to transfer funds instantly, you can use PayPal Instant Transfer.

You can transfer to multiple people and even share a PayPal.Me link as a secure payment option. There is a 2.9 percent fee plus a fixed fee to send money using a credit card. There is a 5 percent fee if you need to send money internationally.

Venmo, owned by PayPal, is targeted at friends and family wishing to split bills. The best part is the money moves instantly and is super secure. 

Venmo keeps your information safe and secure using encryption. If you want an extra layer of protection you can add two-factor authentication and a PIN.

It’s completely free to send and receive money using their peer-to-peer app. However, if you send money using a credit credit there is a 1.75 percent fee.

Zelle is the go-to app for bank-to-bank transfers. It’s widely used by most banks, making it incredibly reliable and convenient. Your money is even federally insured.

The app lets Zelle users transfer money to other Zelle users for free. All you need is an email address or phone number to request or receive money. 

There is one downfall to Zelle. It’s only for available for those with U.S. bank accounts.

Cash App, owned by Square Inc., offers even more options than other apps. You can send money peer-to-peer, take advantage of investment options, file your taxes, and buy or sell Bitcoin.

It’s known for having low fees and being incredibly flexible. Debit and credit cards from Visa, MasterCard, Discover, and American Express are all supported.

Cash App has both security encryption and fraud detection technology. It’s free to receive, request, and send from friends and family.

Western Union is designed for sending money internationally. You can send money to over 200 different countries and territories.

You’re able to track your money transfers or pickups. It’s easy to set up repeat transfers for even quicker transactions. Western Union gives you live exchange rates for U.S. and global currencies.

Western Union isn’t the cheapest way to go, since it has both transfers fees and currency exchange fees. It’s one of the oldest, most reliable, and secure financial services in the world.

Some people shy away from money transfer apps due to security reasons. However, in general, these apps have some of the most secure features to protect you and your money. Cash may still be king but it doesn’t mean you have to physically carry bills around.

It’s important that you feel comfortable with your choice or choices. Once you get the hang of transferring money via your smartphone or smartwatch, you’ll never go back. Just remember, you should never send money to people you don’t know or trust.