Are you tired of dealing with cash for your transactions? Luckily, there are numerous mobile apps and online platforms that make sending and receiving money quick, safe, and convenient. Whether you want to make an online purchase or send money to your loved ones, these apps can help you get the job done in mere seconds.
Best Money Transfer Apps Compared in 2024
Let’s take a look at the top picks for the best apps to receive and send money in the U.S. and across the world, and why you might choose each one.
Best for International Transfers: MoneyGram
If you need to send money across the state or even across the world, MoneyGram is the perfect choice. This platform allows you to transfer cash online, through a mobile app, or in-person at various retailers. Although there are fees involved, the service is user-friendly and enables simple cash movement, even with currency conversion. Fees start as low as $1.99 for many international transfers, and your recipient can receive the money within minutes or a few business days.
Best for Home Delivery: Remitly
Remitly is an excellent option for international money transfers. You can send cash directly to your loved ones’ bank account or mobile wallet, have it available for pick-up, or even opt for home delivery in some cases. With fees starting at $1.99 for economy transfers, Remitly offers affordable and secure transactions. You can initiate transfers through the mobile app or online, and they can be funded using various methods.
Best for Savings and Investment Features: Cash App
Cash App is a top-rated payment platform that allows you to send and receive money quickly. You can also send or receive stocks and even bitcoin. With no monthly fees or overdraft penalties, managing your Cash Card and accessing your paycheck early through direct deposit is hassle-free. This app is perfect for users aged 13 and above and offers a free option for sending and receiving money.
Best for Flexibility and Purchase Protection: PayPal
PayPal, the pioneer of online payments, remains a trusted name in the industry. With over 435 million active consumer and merchant accounts worldwide, PayPal offers protected transactions between businesses and customers. Send money from almost anywhere using your bank account, debit or credit card, or an existing PayPal balance. You can purchase goods and services with built-in consumer protections at no additional cost. PayPal also provides dispute resolution and reimbursement if any covered issues arise.
Best for Spending (and Splitting) Abroad: Revolut
Revolut is a mobile money transfer app that makes it easy to split bills, send money, and receive funds from others in seconds. With the ability to send money in over 25+ fiat currencies, Revolut offers convenience for international transactions. Monthly subscriptions range from $0.00 to $16.99, depending on your needs. You can transfer money internationally with low fees, create and follow a budget, and even make fee-free withdrawals at over 55,000 in-network ATMs.
Best for Sending Cash: Western Union
If you need to send cash safely, especially to someone without a bank account, Western Union is the go-to option. Established in 1851, Western Union is a trusted name in money transfer services, available in over 200 countries. You can send money using your bank account, credit card, or debit card, and the recipient can pick up the cash at an agent location near them. Fees vary based on factors such as location, funding method, and amount sent, with availability ranging from minutes to multiple business days.
Best for Mobile Transfers: Venmo
Venmo, a popular subsidiary of PayPal, is a widely-used payment app with around 90 million users. It’s perfect for sending money to friends, splitting bills, and making online and in-person purchases. Users can connect their bank accounts, savings accounts, or credit cards for funding purposes. Venmo allows for instant transfers to connected bank accounts or even the option to pay with a connected credit card. Cash withdrawals take one to three business days, while instant transfers are available for a fee. Venmo offers a connected credit card for cashback rewards and purchase protection for eligible transactions.
Best for Instant Transfers Between Banks: Zelle
Zelle connects with your U.S.-based bank or credit union accounts, enabling instant money transfers between enrolled bank accounts. Whether you’re sending money to loved ones or paying for a purchase, Zelle allows for seamless transfers without the need for middleman platforms. Funds are instantly withdrawn from one bank account and deposited into another, making them immediately available for use. There are no fees to use Zelle, and it’s available through over 1,700 financial institutions.
Best Alternative Money Transfer Options
If you prefer alternatives to mobile money transfer apps, consider these options:
Lili
Lili is excellent for small business owners looking to manage their business checking and transfer funds seamlessly. It charges no hidden fees, has no minimum balance or deposit requirements, and offers various accounting features to simplify bookkeeping.
Apple Cash
For Apple users, Apple Cash allows for fee-free transfers among Apple users. You can send, receive, or request money from others using connected debit or credit cards, bank accounts, prepaid cards, or an existing Apple Cash balance.
Match the Money Transfer App to Your Needs and Recipients
With the abundance of money transfer apps available, it’s essential to choose the one that suits your needs and recipients. Whether you’re paying bills, making purchases, or sending money worldwide, these apps offer a range of features and benefits. Remember to consider factors like fees, currency conversions, and transaction limits before making your decision.
Personal Finances Blog is dedicated to bringing you the best financial tips and advice. Visit our website for more information and helpful articles on managing your personal finances.