We live in a world which is full of technology, digital currency along with AI and we make each and every transaction of our life easy, be it sending photographs or important documents via email.
So why not get such apps and sources so that our Money transfer becomes even cheaper and effortless?!
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This read offers you 11 Best Money Transfer apps which do exactly the same. So, understand the features and pick the ones that suit your needs the best for Domestic and International Money Transfers.
1. TransferWise
Processing Fees: $3
Transfer in (Days): 1 Day
Processing Commission: Less than 1%
Minimum Transfer: $1
Transfer Type: International
Platform: Android and iOS
Best known for: International transfers with transparent pricing and No foreign exchange rate mark-ups
TransferWise is a great money transfer app which is saving people 8 times more than they spend when making transfers through a bank.
It provides a facility of transferring money in over 70 countries and in 22 currencies and along with this you can easily sign up with Google and Facebook account as well.
With TransferWise you can send up to $1,000,000 per transaction and it might take 2 business days to process the same.
Get TransferWise for: Android, iOS
2. PayPal
Processing Fees: $0
Transfer in (Days): Instantly or in some case 1 to 3 Business Days
Processing Commission: Only on Credit or Debit Card Transfers
Minimum Transfer: $1
Transfer Type: Domestic (Within US)
Platform: Android, Windows Phone and iOS
Best known for: Secure way to send, receive and access your money
PayPal provides you the facility of free transfers in the U.S. when you fund with PayPal balance or bank account.
But at the same time, paying with a credit card or a debit card carries a fee of 2.9% of the sending amount plus 30 cents and the bank account transfers are free.
Transferring money to bank accounts via PayPal will not charge you anything but it might take 1 to 3 business days to process the same.
You can create your own link at PayPal.Me and your friends and family members can easily transfer money to you through the same.
3. Venmo
Processing Fees: $1
Transfer in (Days): 1 Day
Processing Commission: 3%
Minimum Transfer: $1
Transfer Type: Domestic (Within US)
Platform: Android and iOS
Best known for: A simple, fun way to pay friends in the U.S
Venmo app lets you send and receive money for free when you link a bank account, debit card or a prepaid debit card.
With Venmo you can easily send up to $2,999.99 per week. The money you receive on Venmo can be cashed out to a bank account within 1 to 3 business days.
Once you get verified with Venmo app then your transaction limit increases up to $19,999 per week.
How does this app Work?
All the app users make payments by linking their bank accounts or debit cards directly via this app or they can also transfer the money stored in their Venmo account.
These money transfers can be stored in the app as Venmo balance or they can be cashed out to a bank account.
4. Google Pay
Processing Fees: $0
Transfer in (Days): Up to 3 days for Debit Card Transactions
Processing Commission: 2.9% for Debit Cards, otherwise Free
Minimum Transfer: $1
Transfer Type: Domestic (Within US)
Platform: Android and iOS
Best known for: Instant transfer of funds to debit cards
Google pay lets you transfer funds to debit card instantly, and also it allows you to transfer money for free using a phone number or email address.
With Google pay, you can cash out for free within minutes from the in-app wallet to a debit card and the maximum limit is $10,000 per transfer.
Apart from transferring, you can also request money from up to 5 people at once and have the app split the charge for you and this feature makes restaurant bills settlement easy.
Get Google Pay for: Android, iOS
5. Facebook Messenger
Processing Fees: $0
Transfer in (Days): Up to 3 Days
Processing Commission: 0%
Minimum Transfer: $1
Transfer Type: Domestic (Within US)
Platform: Android and iOS
Best known for: Easy to access and has no extra charges
Facebook has introduced a free and simple mobile payment feature to Facebook Messenger.
The sender and the receiver need to add their debit card information which should be from a U.S. bank and click on the dollar sign and send money.
Though this service is free of cost, it might take 3 days’ time for banks to process the payment.
Get Facebook Messenger for: Android, iOS
6. Square Cash
Processing Fees: $0
Transfer in (Days): 0
Processing Commission: 0%
Minimum Transfer: $1
Transfer Type: Domestic (Within US)
Platform: Android and iOS
Best known for: Easy app for sending and receiving the money within the U.S
Sending money via Square Cash is as easy as sending an email, all that you require is your recipient’s email address and your own debit card number.
The best part about sending money to people through square Cash is that they do not require a Square Cash account to receive the money.
For receiving money with Square Cash, you need to set up “$Cashtag” which is your own URL for accepting money.
You can share your “$Cashtag” on social media and on other platforms and payees can simply enter their debit card number and the amount they are paying and you will receive the payments.
Square Cash has also partnered with Snapchat and it allows you to send mobile payments through this popular chat service as well.
If you use the business version of this service to request payment then only Square Cash will charge you.
The only and most important thing is that you need to secure your email id because anyone who has access to your registered email address will be able to access your funds even without your debit card number.
Get Square Cash for: Android, iOS
7. Zelle
Processing Fees: $0
Transfer in (Days): 1 Day & 1-3 Business Days for Receipts with No Zelle Account
Processing Commission: 0%
Minimum Transfer: $1
Transfer Type: Domestic (Within US)
Platform: Android and iOS
Best known for: Transfers money within minutes from one Zelle account to another
Zelle is known for transferring money within minutes between bank accounts at different financial institutions.
With Zelle, you will need a US bank account to fund and receive payments and Zelle doesn’t charge any fees but it’s partner banks might.
Like some apps, Zelle is not made for buying and selling things and you’re not protected for these transfers so, if you transfer your money to the wrong person or account then you might not get it back.
8. OFX
Processing Fees: N/A
Transfer in (Days): 2 to 4 business days
Processing Commission: N/A
Minimum Transfer: $1000
Transfer Type: International
Platform: Android and iOS
Best known for: Cheap bank-to-bank transfers
With OFX, you send money to over 80 countries via its website and mobile app.
Transferring your money might be a little longer process with OFX but it is definitely cheaper when compared with other International Money Transfer apps.
And, OFX transfers only from bank to bank, so if you’re looking for peer to peer or any other sort of transfer then read on and look for other options.
OFX combines great digital experience with easy-to-reach customer service hence, you can reach them at any hour as OFX has offices across time zones.
9. MoneyGram
Processing Fees: $4
Transfer in (Days): 1 Day
Processing Commission: N/A
Minimum Transfer:$1
Transfer Type: International
Platform: Android and iOS
Best known for: Fast transfers to bank accounts or as cash for pickup worldwide
MoneyGram has a great network and operates in over 200 countries and territories but it is not a cheap money transfer option.
The transfer between locations takes minutes for delivery as cash pickup so, people in need of urgent funds can use this app.
The transfers sent online or by mobile phone to bank accounts in various countries take hours or a single business day.
Get MoneyGram for: Android, iOS
10. Xoom
Processing Fees: $4.99
Transfer in (Days): 1 Day
Processing Commission: 0%
Minimum Transfer: $10
Transfer Type: International
Platform: Android and iOS
Best known for: Fast Money Transfer
Xoom is a very dynamic app and it has different policies for different countries but it specializes in fast transfers to over 70 countries.
In some countries, you can send up to $25,000 but in others, the maximum limit might be of $10,000.
Transfers from one bank account to another are Free with Xoom if you send larger amounts to some countries but fess can be high if you use a debit or credit card.
11. Western Union
Processing Fees: $1
Transfer in (Days): 1 Day
Processing Commission: 5%
Minimum Transfer: $1
Transfer Type: International
Best known for: Worldwide coverage
Western Union is the biggest money transfer company worldwide and it has various transfer options.
You can easily send money from the Western Union website or its mobile app and you can use a bank account, debit card or a credit card and you can also send money from a nearby agent location using cash.
Western Union charges a transaction fee and marks up the exchange rate and the amount you are charged depends on how you are paying and where you are sending money.
You can get a discount of fee by joining the loyalty program offered by Western Union (My WU).
The transfers that are funded by a credit or debit card usually process in 1 to 2 business days while the ones that are funded by a bank account take 4 to 6 business days.
Get Western Union for: Android, iOS
Why use a Money Transfer App?
At times your near ones require funds urgently and bank transactions usually take 2 to 3 business days to complete the same process which gets completed via a money transfer app within seconds or minutes.
So, you already know the answer to this question and it is that Money Transfer apps help in peer to peer money transfer that too instantaneously.
What do you need to consider while Choosing a Money Transfer App?
Well, there are certain factors that you need to focus on while choosing a money transfer app and need not to go by what people say about which is the best money transfer app.
So, let’s not get fooled by the heading of “Best Money Transfer App” and its better to understand your needs and accordingly choose the one which will prove to be the most suitable one for you.
The below-mentioned are the factors that you need to focus on while choosing a money transfer app:
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Transaction Speed
This aspect is very crucial when the receiver is in need of instant cash.
Hence, if your BAE is stuck with paying a bill then PayPal or Square Cash might prove to be the best money transfer apps for you as they instantly deliver the money in the receivers account but the amount needs to be small.
And in case your friend or family member misplaces all of their belongings in foreign lands then you need to check from the above list and choose a different app which charges no to bare minimum fees on International transfers.
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Money Transfer Amount
A small amount of money can be transferred very easily with no fee required but the bigger amounts need to be handled carefully.
There are various apps which charge a huge sum of money for just transferring a few hundred bucks so, in this case, you can either use 3 to 4 apps to transfer the amount.
Or find one such app from the list above which has no transaction fees even on transferring a huge amount of money.
But this also depends on the type of transfer that you are doing i.e. bank to bank, peer to peer or bank to peer, so read carefully and then decide.
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Fund Transfer Location
Domestic money transfer becomes quite easy but international ones are a bit tricky hence you need to rely on such brands which have been in the money transferring business since long and have its agents across the globe.
TransferWise and Western Union can prove to be your best friend in this case so pick these apps but then again, firstly understand the platforms on which they operate and which kind of money transfer do they facilitate.
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To whom are you transferring the money?!
If you need to transfer money through app to your family or friends then it is safe but making a transfer to unknown people which cannot be reversed can make you lose hundreds of Dollars.
It is advised to never make huge sums of transfers to new users or to the people whom you generally don’t transfer funds to.
So, you need to consider this aspect as well before choosing the best money transfer app.
Apart from this understanding if you have any other query regarding how to save your bucks by not paying fees for Money Transfer Apps then please do drop all of your questions in the comment section below.
