The Best Apps for Sending Money

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 farmers' markets. But with so many options available, it can be challenging to know which app is best for your needs. Here’s our list of the best apps for sending money.

1. Venmo

Venmo was one of the first peer-to-peer payment options to arrive on the scene, and it remains one of the most well-known money transfer apps. “Venmo is essentially the social network of cash transfer apps,” says Matt Dworetsky, president of Dworetsky Financial. 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.

• Key Features:
  • No monthly or annual fees
  • Two transfer types: Free standard transfer (1-3 business days) or instant transfer with a 1% fee

2. Zelle

Zelle is another free peer-to-peer money transfer app, owned by a group of big banks, making it easy to instantly transfer money from one bank account to another. “Zelle is known for larger dollar amount transfers,” says Dworetsky. Depending on your bank, you can transfer up to $2,500 in one day between accounts.

• Key Features:
  • Often integrated within mobile banking apps
  • Instant transfers to enrolled users

3. Cash App

Cash App is rapidly gaining popularity and is currently the number one finance app in the Apple App Store, according to Greg Mahnken, an industry analyst for Credit Card Insider. One of the benefits of Cash App is that it doesn’t have a social feed, so your purchases remain private.

• Key Features:
  • Free to send money
  • Option to buy and sell Bitcoin

4. TransferWise

TransferWise is a great option if you’re looking to transfer money internationally. The app was created to reduce the cost of international transfers by using the real exchange rate. While some actions, like adding money to your account, involve a small fee, most transactions are free.

• Key Features:
  • Low-cost international transfers
  • No markup on exchange rates

Conclusion

Choosing the right money transfer app depends on your needs. Whether you’re splitting dinner with friends, sending a large sum to a family member, or transferring money internationally, there’s an app that can meet your requirements.

Description: A visual representation of the top money transfer apps, showcasing their logos and key features.