It has become common to transfer money using an app over the last few years, and the banking industry has been completely transformed. Electronic money transfers have become safe, secure and increasingly normalised. The systems in place ensure peace of mind when sending your cash with a money transfer app. These days all you really need is a smartphone or tablet, and you’re good to go. The perks and benefits of using a money transfer app are numerous, primarily low fees, speed, and safety. With robust encryption protocols, connecting via your bank account is no longer a nightmare! You will have to safeguard your passwords and ensure no one accesses your mobile devices; however, if you are careful, the system is pretty secure.
Of course, there are some crucial points to consider when choosing a money transfer app. Speed of transfer, your geographic location, the number of transfers you intend making, and who you will be transferring to. Here we will take a peek at the ten leading money transfer apps on the market today. We will also compare their features.
1 – Apple Pay Cash
Apple Corp is a renowned and trusted brand that has its own app for iOS users. You can easily send and receive money, especially to other iPhone and iPad users. Apple Pay Cash has many useful features and extras like sending cash using Siri and adding your store loyalty cards. Debit card transfers between iOS users are free of charge, and credit card transfers carry a 3% charge.
PayPal is one of the pioneers of online money transfers starting out way back in 1998. Initially created as a payment provider and digital wallet for eBay, and has since morphed into one of the premier names for online payments. With the PayPal app, you can transfer your money to and from international banks. Transferring to family and friends from your bank account and PayPal balance is free of charge, while there is a fee for credit card transfers and currency conversion.
3 – Google Wallet
Google Wallet allows you to do several useful things, and sending money is one of them. It integrates seamlessly with Gmail and Google products, enabling you to send funds via Gmail and your Google wallet. The system is easy to use, and if you already have a Google account, you are automatically signed up for Google Wallet. Best of all, Google Wallet is free to use.
4 – Facebook Messenger
Facebook Messenger deserves to be high on this list. You can link your debit card and send cash using the chat function. Since so many people already use Facebook, you can send money without them having to sign up or create an account. If they add a debit card at their end, the system ensures your payment details remain totally private. The recipient will see your Facebook profile photo, and as soon as the payment is accepted, the funds arrive in your bank account in five days.
5 – Cash App (Square Cash)
Cash App was previously known as Square Cash. It provides instantaneous money transfers, and the app makes it simple to transfer and receive funds from other users and integrates with your email account. The Cash App ecosystem allows you to add a unique tag so family, friends and associates can use it to send you money quickly.
6 – OFX
OFX is perfect for transferring more substantial sums to foreign countries. There is an extensive list of supported countries and currencies, with useful features to facilitate transactions. For instance, the daily live currency converter permits you to choose the best rate, and lock in your payment on that date of transfer. The minimum amount you can transfer is €1,000, and there is no limit to the number of transfers you can effect. The fees and charges vary slightly; nevertheless, the currency exchange rates are typically under 2%.
7 – TransferWise
TransferWise is predominantly effective with larger international transfers. The list of supported countries is somewhat smaller than OFX and transactions and transfers take slightly longer, up to three days. Transaction fees are low, at around 0.7%, and exchange rates can be pegged for almost 30 hours. You can also send smaller amounts, as there is no minimum transfer amount.
8 – WorldRemit
WorldRemit is an app that suits smaller international transfers. The app has several advantages like low fees, a vast list of countries, and several ways recipients can access the money they are sent. There is no minimum transfer limit, and WorldRemit provides super-fast transactions processed virtually instantly. The real appeal of the WorldRemit app is its straightforward and intuitive use.
9 – Venmo
Venmo was primarily designed as a peer-to-peer payment app. It is now well known for its convenience and ease of use. It is free of charge, and the app permits you to hook up with Facebook and access your phone contacts and transfer funds to anyone within your social network. The app has plenty of security features you can customise, and you can control how your transactions show up. There is a credit card fee of 3%; otherwise, it is free to use with debit cards.
10 – Zelle
Zelle is a peer to peer transfer app that allows the transfer of funds via your US bank account. Although that somewhat limits the app, you can transfer to someone who doesn’t have a Zelle account, with funds arriving within three days.
The convenience and availability of money transfer apps have led to a high adoption, with businesses and individuals using them. There is an abundance of money transfer apps with different features. You will find many others with a quick search in the Apple or Google App Stores, and it’s best to read about them before signing up. Another point worth mentioning is that you will need to verify your bank account, debit, or credit cards before seamless transfers. Furthermore, some apps will have a limit. You can generally lift it by sending in further verification documents, such as utility bills, ID Card copies and proof of identity. Once all the documents are verified, your transfer limits are lifted.