The best apps for sending money

By

Mia Taylor

Mia Taylor

Blog author Mia Taylor

Mia Taylor is an award-winning journalist with two decades of reporting experience. News organizations she has worked for as a staff member or contributor include The Atlanta Journal-Constitution, Westways Magazine, Vacation Agent Magazine, the San Diego Union-Tribune and The Boston Globe. She has an M.A. in Journalism and Media Studies and was a member of a team of reporters who received a Walter Cronkite Award for Excellence in Journalism in 2011.

Published May 31, 2019|2 min read

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Money transfer apps have become increasingly popular, and for good reason: They’ve simplified everything from splitting a tab with friends to paying vendors at places like farmers markets.

The proliferation of these apps make it hard to know which one is the best to use. Here's our list of the best apps for sending money.

Venmo

Venmo was one one of the first peer-to-peer payment options to arrive on the scene. It's now one of the most well-known money transfer apps.

“Venmo is essentially the social network of cash transfer apps. Unless you choose to make your payment private, it will show up on a public newsfeed along with a description of what the payment is for,” said Matt Dworetsky, president of Dworetsky Financial.

Venmo has no monthly or annual fees and allows users to choose between two transfer types: A free standard transfer taking one to three business days or an instant transfer that comes with a fee of 1%.

Learn more about Venmo and the digitization of money here.

Zelle

Zelle is another free, peer-to-peer money transfer app. It's owned by a group of big banks, making it easy to instantly transfer money from one bank account to another, said Dworetsy.

“Zelle is known for larger dollar amount transfers,” he said. “Depending on the bank, you’re allowed to transfer up to $2,000 to $2,500 in one day between accounts.”

Zelle can often be found within your mobile banking app, meaning there's no download necessary. If your bank doesn't offer the app, it can be downloaded separately.

In order to send money with Zelle, you’ll need the recipient’s preferred email address or mobile number. If the person you’re transferring money to is already enrolled with Zelle, the money goes into their bank account typically within minutes.

Learn more about transferring money from one bank to another.

Cash App

Cash App is an app in the money transfer space that’s growing considerably, said Greg Mahnken, an industry analyst for Credit Card Insider.

“Cash App is currently the number one finance app in the Apple app store,” he said.

One of the benefits of the Cash App is there’s no social feed, so you won’t be sharing your purchases with the world. Sending money via the app is free.

TransferWise

TransferWise is a good option if you’re looking to transfer money internationally.

The app was created to reduce international money transfer costs. Transfers using this app are based on exchange rates. Some actions, like adding money to your account, involve a small fee. But most transactions are free, including setting up an account, holding balances in your account and receiving money from certain countries.

Traveling internationally? Here are other ways to send money.

Image: Norwood Themes

Mia Taylor

Blog author Mia Taylor

Mia Taylor is an award-winning journalist with two decades of reporting experience. News organizations she has worked for as a staff member or contributor include The Atlanta Journal-Constitution, Westways Magazine, Vacation Agent Magazine, the San Diego Union-Tribune and The Boston Globe. She has an M.A. in Journalism and Media Studies and was a member of a team of reporters who received a Walter Cronkite Award for Excellence in Journalism in 2011.