When it comes to online payment apps, it’s all about what you need. Whether you’re looking for a way to keep track of your personal finances or you want to streamline your business’s day-to-day transactions, there’s an app out there to cover the bases.
Of course, there are certain features that everyone wants: security and reliability being high on the list. But since online payment apps are designed for practically every possible use case, there’s bound to be a few that will be a better fit than others.
To help you find the best one for your needs, we’ve put together this list of our favorite online payment apps. Here are the top 10 options!
Best Apps For Online Payment
Payment apps allow business owners to make payments directly from a smartphone without using traditional payroll methods. You can also connect your credit cards or bank accounts to a payment app.
The best payment apps offer compatibility with a wide range of credit and debit cards, quick transfer speed, and support a wide variety of devices. We compared ease of use, lack of payment limitations, fund transfers, and even incentives for consumers. Learn more so you can choose the right option for your device.
The Best Payment Apps for 2022
Best Overall: PayPal
Best for Small Businesses: QuickBooks Online Mobile
Best for International Payments: Wise
Best for Freelancers: Stripe
Best for Invoicing: FreshBooks
Best Peer-to-Peer App: Venmo
Best Payment Apps
PayPal
QuickBooks Online Mobile
Wise
Stripe
FreshBooks
Venmo
Final Verdict
Compare Providers
How Do Payment Apps Work?
Are Payment Apps Safe To Use?
What Types Of Payments Can Be Processed With An App?
Methodology
BEST OVERALL
PayPal
PayPalLEARN MORE
We chose PayPal as our best overall due to its convenient payment options, powerful brand-name recognition, and robust tools. In addition, you can send up to $60,000, depending on the currency, and can use PayPal Cash or PayPal Cash Plus, which offers more features.
Pros
Easy to use
Offers safe encryption and monitoring
Free to pay friends and family
Cons
Fees apply for business accounts
Confusing array of packaging and services for merchants
Some banks charge a transaction fee
The PayPal app won our category based on its seamless payment options between parties. Register your credit card or bank account with your PayPal account. You can then swiftly send payments by tapping “Send” or request money by tapping “Request Money.” You can use PayPal Instant Transfer for a 1% fee (up to $10) or tap into its standard service, though it will take a couple of days to funnel into your bank account.
Users pay 2.90% to send money via a credit card or debit card. PayPal charges 5% to send international personal transactions using a PayPal balance, bank account, cards, or through an Amex Send account.
You’ll feel secure with PayPal’s encryption standards and 24/7 monitoring. The PayPal Security Key will also send you a temporary security code through SMS when you log in. If you accidentally send money to the wrong person, request a refund. If the individual doesn’t respond, dispute the transaction with PayPal directly.
Read our full PayPal review.
BEST FOR SMALL BUSINESSES
QuickBooks Online Mobile
QuickBooks OnlineLEARN MORE
The QuickBooks Online Mobile app swept the best for small businesses category due to the app’s touch interaction and intuitive interface. The app lets small business owners pay invoices, accept credit cards, and make debit card payments online with low effort. It can also set recurring invoices and instantly pay online.
Pros
Automatically categorizes business expense deductions
Pays employees and contractors automatically
Automatic tax tracking
Cons
User interface could use some improvements
Expensive advanced options
Mobile apps not comprehensive
QuickBooks’ Online Payments app took over this category because business owners can easily accept credit card payments and pay and get paid quickly. QuickBooks stores customers’ credit card information online and automatically processes it on the due date with recurring billing.
The app can also invoice, manage cash, catalog tax deductions, track travel miles, run reports, send estimates, manage bills, check expenses, and pay employees and 1099 contractors. The app also allows for real-time alerts and connects all bookkeeping.
You can also use GoPayment, a free mobile point of sale app that allows you to take payments on the go. All devices can connect to QuickBooks Online on the web with the QuickBooks Online mobile app. Funds arrive in your bank as soon as the next business day with the GoPayment app. In addition to the fees for QuickBooks online, costs include:
ACH bank transfers: 1% (max $10)
Card (Swiped): 2.4% plus $0.25
Card (Invoiced): 2.9% plus $0.25
Card (Keyed): 3.4% plus $0.25
QuickBooks Online embraces high-tech encryption and authentication technologies such as Secure Sockets Layer (SSL), digital certificates, and RSA encryption to protect your business’s valuable information.
For QuickBooks Online Payments users, credit card payments and ACH are typically deposited by the next day.
QuickBooks makes it easy to right errors if you accidentally send a payment to the wrong person or vendor. You must delete your payment and recreate it if you send payments to the wrong account.
BEST FOR INTERNATIONAL PAYMENTS
Wise
WiseLEARN MORE
Wise earned our top spot because it uses the standard exchange rate instead of bank rates. Anyone who transfers money internationally can use Wise.
Traditional banks charge an average range of 3% to 4% of the total amount due to SWIFT fees that cost $20 to $50 per transfer and an additional exchange rate markup of 2% to 4%. Wise’s multi-currency account offers a cheaper alternative.
Pros
Lets you avoid bank exchange rate markups and high foreign transaction fees
Can always pay in the local currency
Instant notifications
Cons
Recipients cannot track the status of transfers
Not as fast as other payment apps
No protection by a financial protection scheme
Wise took the top spot for best international payments because it doesn’t charge overly large international transaction fees or exchange rates. You can send money to over 80 countries. However, you may send money to a country not on Wise’s list if the recipient’s account uses U.S. dollars, euros, or pounds.
Wise offers mobile apps for Apple and Android devices and enables robust security and encryption so you can protect your personal information. You can also choose two-factor authentication for extra security. Wise doesn’t offer the same protection that the Financial Services Compensation Scheme (FSCS), the U.K.’s statutory deposit insurance and investors compensation organization, offers with a bank account.
Converting money can take a maximum of two working days, but often takes less time. It also depends on how quickly the recipient’s bank can process deposits and the ways in which you can send money in that particular country.
For the personal accounts the daily limit is $1,000,000 and the annual limit is $5,000,000. For business accounts, the limits are $3,000,000 daily and $15,000,000 annually.
You can spend the money you keep with the Wise card.
If you accidentally send the wrong payment to the wrong person, try canceling the transfer yourself and set up a new transfer using the correct bank details. However, sometimes it’s too late to cancel. Once marked “complete,” the money goes into the banking system. In that case, get in touch with the person you paid and ask them to contact their bank and find out whether their bank can send the money back to Wise.
BEST FOR FREELANCERS
Stripe
Stripe LogoLEARN MORE
Stripe, which incorporates software and APIs to help small businesses (including freelancers) get paid, takes our top spot because of its robust payment processing platform. Its powerful products also accept payments and send payouts. Customers can send money from their bank account through a credit or debit card transaction directly to your freelancers’ business account.
Pros
Easy-to-navigate user interface
Supports invoicing and regular billing, a must-have for freelancers
Can take customer data with you when you move to a different payment system
Cons
First payout can take up to 14 days
Not as familiar to some people as PayPal
Simple payment features can look scammy
We chose Stripe because it’s easy for freelancers to take on its suite of payment products, including the ability to accept payments and send payouts globally. Stripe accepts all major debit and credit cards from customers in every country, so you don’t need to limit your clients to the U.S.
Stripe’s products also prevent fraud, issue virtual and physical cards, and help freelancers manage how much they spend in their business.
Stripe offers mobile apps for iPhone and Android devices. You can gain access to its comprehensive dashboard from your mobile device. It also offers transparent, pay-as-you-go pricing. Stripe costs 2.9% plus 30 cents for each successful card charge. You can do what you need to from there without extra set-up fees, monthly fees, and other hidden fees.
As a freelancer, you’ll feel secure knowing that Stripe meets PCI Service Provider Level 1 certification requirements, the highest level possible in the payments industry.
Freelancers often need to get paid quickly, and you can tap into Instant Payouts (for a 1% fee of the payout amount) to send earnings to a debit card within minutes. Daily payout limits may apply but this feature works 24/7 year-round.
Be aware that the first payout for every new Stripe account takes seven days after the first payment but can take up to 14 days for businesses in certain industries.
As long as you own or administer the Stripe account, you can invite anyone to access the account under Business Settings.
BEST FOR INVOICING
FreshBooks
FreshBooksLEARN MORE
FreshBooks, a cloud-based small business accounting software, won our top spot for its comprehensive time-tracking and receipt and expense management options. It also creates, edits, delivers, tracks, and successfully follows up on invoices efficiently through FreshBooks Payments, powered by WePay.
Pros
Offers a free 30-day trial
Great for freelancers and small businesses
Actively supports invoices
Cons
Holds client limits
Cannot hold money
No payroll services
FreshBooks wins for best for invoicing because it automatically sends payment reminders and offers invoicing functionality. You can accept credit card payments right away and clients can pay online so the money goes into your pockets faster. That way, you can focus on your business instead of having to bug customers to pay their invoices.
We also liked it due to its simple pricing. It charges 2.9% plus 30 cents on most credit card transactions (American Express costs more, at 3.5% plus 30 cents). Bank transfers (ACH) cost 1%.
FreshBooks’ app on the Apple App Store and Google Play runs its mobile accounting app from any iPhone or iPad running iOS 13.0 or higher and any Android device running Android 5.0 or higher. Once you have the app up, go to online payments and add your bank information.
The app lets users either log time worked or use a timer to log work for a client or project. You can also track time for non-client work, and you can pair the timer with the invoices on the app. FreshBooks also allows you to respond to questions and seek feedback right from the app.
FreshBooks connects with over 14,000 banks through ACH payments and credit cards, so it can handle seamless invoice options and it takes approximately two business days to process a transaction. Freshbooks’ firewalls safeguard your banking information traveling between your browser and FreshBooks with 256-bit SSL encryption.
BEST PEER-TO-PEER APP
Venmo
VenmoLEARN MORE
We awarded Venmo our top peer-to-peer app designation for its instant transfer to a bank account or debit card, which arrives in about 30 minutes (for a 1.5% fee). Venmo works with all U.S.-based banks. You can send money for free through the app, although you’ll pay 3% of the transfer total to send money via credit card.
Pros
Can get your money within 30 minutes
Works with all U.S. banks
Simple and easy to use
Cons
Past safety and security concerns
No Federal Deposit Insurance Corporation (FDIC) insurance
Fee for instant cash-out transfers to your bank account
We chose PayPal’s Venmo as the best peer-to-peer app for your cash because you can spend, send, or transfer money to your bank account or to a friend’s with ease. You can even personalize your communication with emojis or share animated stickers with friends and family.
You can send money using your iPhone or Android-based smartphone by choosing a sign-up method and creating a secure password. Venmo asks you to verify your phone number, email address, and bank account. In addition, you must also verify your bank account when accessing funds.
The standard bank transfer through the ACH network to a verified checking account typically takes one to three business days to arrive. You can keep money in Venmo or your bank account. Venmo requires a person-to-person spending limit of $299.99, but users can increase the weekly rolling limit to $4,999.99 by verifying their identity.
You can add additional layers of security to your Venmo account by adding multi-factor authentication and a PIN.
If you accidentally send money to the wrong person, you can request a return for the money. If you don’t hear back or need help sending a charge request, contact Venmo’s support team, though they don’t offer a recovery guarantee.
Read our full Venmo review.
Final Verdict
Ultimately, the best payment app depends on your needs and preferences. For example, if you freelance full-time, you may want to gravitate toward Stripe for its additional business services.
For a comprehensive choice with robust offerings, you can’t beat PayPal. Its high standards, quick turnaround time, and encryption make it a great choice for just about any solopreneur, small business, or large company. It also fits the bill for people who need to pay each other or send other money requests.
Compare the Best Payment Apps
Company Operating System Payment Methods Fees Transfer Speed
PayPal Best Overall iOS and Android Send payments by tapping “Send” or you can request money by tapping “Request Money.” Free to send to friend sand family in the U.S. Users pay 2.90% plus a fixed fee to send money via a credit card. Charges 5% to send international personal transactions Instant transfer (paid option) or could take a few business days
QuickBooks Online Mobile Best for Small Business iOS and Android You can easily accept credit card payments with QuickBooks’ Online Payments app. Send customers a “Pay Now” link. ACH bank transfers: 1% (max $10); Card (Swiped): 2.4% plus 25 cents; Card (Invoiced): 2.9% plus 25 cents; Card (Keyed): 3.4% plus 25 cents Funds arrive in your bank account the next business day with the GoPayment app.
Wise Best for International Payments iOS and Android Wise Batch Payment tool for payroll allows employers to pay in more than 45 currencies See their website for more info. Fees vary with country and currency Zero to two business days
Stripe Best for Freelancers iOS and Android Comprehensive dashboard offers many payment methods from your mobile device Costs 2.9% plus 30 cents for each successful card charge Instant Payouts (for a 1% fee of the payout amount) to send earnings to a debit card or bank account within minutes; subject to daily payout limits.
FreshBooks Best for Invoicing iOS and Android Edit, deliver, track, and successfully follow up on invoices more efficiently through FreshBooks Payments, powered by WePay Charges 2.9% plus 30 cents on all credit card transactions (American Express costs more, at 3.5% plus 30 cents) and bank transfers (ACH) at 1% Two business days
Venmo Best Peer-to-Peer App iOS and Android Standard bank transfer through the ACH network or can keep money in Venmo or your bank account Send money for free through the app, although you’ll pay 3% of the transfer total to send money via credit card. Instant pay feature costs 1% of the total cost. Instant transfer option available for the fastest transfer method; standard bank transfer method takes between one and three business days.
How Do Payment Apps Work?
Payment apps offer convenience for business owners, contractors, and individuals who want to send money from person to person. Payment apps work by allowing you to make payments directly from your smartphone. You can make payments through your app without needing to have your credit card or debit card handy at all. The app may allow you to bypass a bank altogether and may offer other features, such as business invoicing, timers to track work, and more.
Are Payment Apps Safe to Use?
The payment apps on our list were specifically tested for their safety features. You can usually find protection against unauthorized transactions with a payment app but may not get the same type of financial protection you might get through FDIC-protected banks or other financial institutions.1 Many apps offer authentication technologies such as Secure Sockets Layer (SSL), digital certificates, and RSA encryption to protect your business’s valuable information.
What Types of Payments Can Be Processed With an App?
From making customer billing payments to paying a friend for drinks or dinner, payment apps will transfer payments between two parties through individual banking accounts or credit cards. You can register your business or personal credit, debit, or ACH information once. Then, in just a few taps, you can pay employees, purchase goods, pay a bill, and even keep track of invoices and business expenses.
How We Chose the Best Payment Apps
We analyzed a dozen apps offered by the top companies for the best user experience and assessed app pricing, features, user reviews, and ratings.
We considered apps that primarily focus on payments, that come with low (or no) cost to sign up, offer an easy-to-use interface, and that provide multiple device accessibility.
We also looked into security features, products, educational tools, security, and how each app accesses your financial data. Finally, the apps on the list have thousands of reviews and high ratings in the App Store and on Google Play.
best money transfer apps
Money transfer apps, also called peer-to-peer (P2P) apps, let you transfer cash from one person to another quickly and securely. They simplify payments and also allow you to use a digital wallet to link your credit card or bank account. You can make electronic transactions and payments with just a few taps on a mobile device.
The best money transfer apps collect high app store ratings, help app shoppers shell out money safely, and involve no hidden fees. They also fit consumer-specific needs, such as international payments, social options, virtual wallet offerings, and more.
The Best Money Transfer Apps for 2022
Best Overall: PayPal
Best for International Transfers: WorldRemit
Best for Low Fees: Cash App
Best for Shared Bills: Venmo
Best for Small Transfers: Meta Pay
Best for Bank to Bank Transfers: Zelle
Best Money Transfer Apps
PayPal
WorldRemit
Cash App
Venmo
Meta Pay
Zelle
Final Verdict
Compare The Best Money Transfer Apps
How Do Money Transfer Apps Work?
Are Money Transfer Apps Safe To Use?
How Long Does It Take To Transfer Money With An App?
Methodology
BEST OVERALL
PayPal
PayPalLEARN MORE
The app’s robust offerings, mixed with speed and convenience, put it squarely in the winner’s circle. PayPal’s brand name awareness elevates it to the best overall category.
Pros
Name/brand recognition cultivates instant trust
Easy to install and use
Fast and secure
Cons
High transaction fees
May hold money
Difficult customer service
PayPal’s flexible, secure, and easy-to-use money transfer tools put it above the rest. You can transfer money for free from a PayPal balance, bank account, or Amex Send account. You can also use PayPal Instant Transfer for a fee and transfer funds immediately.
PayPal offers versions of its app for iOS, Android, and Windows. It takes just minutes to download and start transferring money from up to multiple people at once. For added security, you can agree to show your name, photo, username, email, and mobile phone number on PayPal so people know it’s you.
You can share a PayPal.Me link for a quick and secure payment option. PayPal’s invoice creation feature also allows you to customize and track every invoice you send.
You can send up to $60,000, but PayPal may limit the transaction to $10,000, depending on the currency you use.
If you accidentally send money to the wrong person, you can tap the contact’s name and ask for a refund. If the individual doesn’t respond, you can tap the blue pencil icon, select “disputes,” and communicate with PayPal.
You can tap into your PayPal balance to keep money in your account with the PayPal Cash Card, a debit card with a daily spending limit of $3,000 and a daily cash ATM withdrawal limit of $400 with a limit of 30 transactions per day.
Users pay 2.50% plus a fixed fee to send money via a credit card. PayPal charges $2.50 to send international personal transactions using a PayPal balance, bank account, or through an Amex Send account.
PayPal keeps your information secure using sophisticated encryption. The company monitors transactions 24/7 and offers dispute resolution if you have a problem with a transaction. You can also add in the PayPal Key, which sends you a temporary security code through SMS when you log in.
PayPal limits transfers to U.S. banks only and can connect with most U.S. banks and credit unions. Unfortunately, some banks, including online-only or prepaid bank accounts, can’t give you access to PayPal.
BEST FOR INTERNATIONAL TRANSFERS
WorldRemit
WorldRemitLEARN MORE
The WorldRemit app won this category for its low fees, best upfront exchange rates, and no hidden costs, as well as its flexibility to send to over 130 countries.
WorldRemit can send money to recipients within 10 minutes. Most transfers complete within 24 hours wherever recipients live in the world. When you introduce a friend to WorldRemit, you both get a voucher to use on your next transfer. Also, first time customers can use the promo code 3Free to make their first three transfers with no fees.
Pros
Quick deposit options worldwide
Easy to use
Cons
Can send to a limited number of countries
Complex transfer fees
Limits on large transfers to certain destinations
The app gives you various ways to send money—through cash pickup, bank transfer, mobile money, and airtime top-up, and that’s why it landed in our top category.
WorldRemit accepts most types of debit, credit, and prepaid cards issued by Visa or Mastercard. WorldRemit also accepts payment from Klarna, Trustly, POLi, Apple Pay, and more. It no longer accepts Google Pay.
To send money, download the iOS or Android versions of the World Remit app. Select the country and amount you want to send, enter recipient details and bank information. Once you pay for the transaction, your recipient will find out by SMS and email when they can access their money.
WorldRemit, approved by the Financial Conduct Authority (FCA), puts a high priority on security by implementing strict verification procedures. The company employs teams to monitor accounts for unusual activity.
WorldRemit’s large network of local partners works with worldwide banks and financial institutions. You can send a maximum of $9,000 in 24 hours and $5,000 per transaction for debit, credit, or prepaid cards. You can submit a maximum of $9,000 in Apple Pay payments within 24 hours and send a maximum of $300 per transaction. WorldRemit lists all fees and exchange rates before you execute each transaction.
WorldRemit also offers a wallet for use in a limited number of countries but any WorldRemit customer can send money to a WorldRemit Wallet.
If you accidentally send money to the wrong person, WorldRemit can sometimes recall the mobile money or bank transfer transaction. In this situation, you want to contact WorldRemit as soon as possible.
BEST FOR LOW FEES
Cash App
Square CashLEARN MORE
Cash App, owned by Square Inc., scored the highest in the low fees category because it allows users to send funds instantly via mobile app for free. Cash App stands out for its simplicity (you either pay or get paid), ease of use, and zero fees.
Cash App also offers unique options not common in other money transfer apps, such as investment options, getting special savings with “cash boosts,” and buying and selling bitcoin.
Pros
Offers more than just payment options
Simple and fast
Great for money requests for friends and family
Cons
Must rely on another person to return money if you send to the wrong individual
Cash App won because of its low 1.5% fee (minimum of $0.25) and flexibility—including the ability to buy and sell bitcoin straight from your Cash App balance.
You can also transfer funds to a bank account from your Cash App account or store money in your Cash App account. Tap the dollar icon, enter the amount and indicate whether you want to request money or pay money. To send a payment, enter the other person’s $Cashtag, phone number, or email address and tap “pay.” The receiver must have a Cash App account.
Cash App lets you send and receive up to $1,000 instantly within any 30-day period. However, you can hurdle over these limits by verifying your identity. Note: the app doesn’t transfer money immediately—you should have your money within one to three business days.
Cash App supports debit and credit cards from Visa, MasterCard, American Express, and Discover. The app supports most government-enabled prepaid cards but users cannot deposit to these cards. Cash App does not support ATM cards, Paypal, and business debit cards at this time.
Cash App employs up-to-date security encryption and fraud detection technology. Cash App features PCI Data Security Standard (PCI-DSS) Level 1 compliance.
Unfortunately, sending a payment to the wrong person doesn’t guarantee a swift return; you can only request the money and rely on that person’s honesty to get your funds returned.
BEST FOR SHARED BILLS
Venmo
VenmoLEARN MORE
Venmo offers the best of both worlds—it offers a quick and easy way to send and receive money and offers a potential “parking place” for your cash. You can spend, send, or transfer Venmo money to your bank account. Because of these reasons, it won the category for shared expenses.
You can even make the experience more interactive by adding emojis or animated stickers with your transactions.
Pros
Provides a social way to split money
Money moves instantly
No need to add money to Venmo to make payments
Cons
Past security concerns
Fee for instant cash-out transfers to your bank account
PayPal’s Venmo conquered this category because it allows for quick and easy money exchange between individuals. You can send or receive money for free through the peer-to-peer payment app, though Venmo charges 3% of the transfer total to send money via credit card.
Venmo also charges a 1% fee ($10 maximum) for instant cash-out transfers to your bank account. You can keep money in Venmo or your bank account.
You can send money using your iPhone- or Android-based smartphone by choosing a sign-up method and creating a secure password between eight and 32 characters long. Venmo asks you to verify your phone number, email address, and bank account.
The standard bank transfer through the ACH network to a verified checking account typically takes one to three business days to arrive. You can also choose an instant transfer to a bank account or debit card (incurs a 1% fee) which arrives within 30 minutes. Venmo should work with all U.S.-based banks.
Venmo uses encryption to keep information secure. You can add additional layers of security to your Venmo account by adding multi-factor authentication and a PIN. Note: The Consumer Financial Protection Bureau raised red flags about Venmo’s “debt-collection practices” through a Civil Investigative Demand in February 2021.1
Venmo imposes a $299.99 spending limit, but users can submit information about their identity to increase the weekly rolling limit to $4,999.99.
If you accidentally send money to the wrong person, you can request a return for the money you sent by mistake. If you don’t hear back or need help sending a charge request, you can contact Venmo’s support team. Venmo offers no recovery guarantees.
Read our full Venmo Review.
BEST FOR SMALL TRANSFERS
Meta Pay
Facebook PayLEARN MORE
Meta Pay took the award for its ease of transferring small amounts of money through a familiar platform. You can use Meta Pay to make seamless and secure payments in select countries through Meta Messenger, WhatsApp, Portal, and Instagram.
Pros
Excellent chat feature for communication
Easy to request and transfer money
Can add multiple people to the money request
Cons
May not be available in all payment uses
Purchase protection not consistently available
Meta Pay won over other contenders for this category because you can easily send money or donate to causes you support with simple steps:
Message the recipient.
Tap the money icon, then enter the amount you want to send.
Recipients can then tap “pay.” Meta will lead recipients through the process with specific instructions if they don’t have an account.
The operating system you need depends on the app you already use. For example, for Meta Messenger, Android’s operating system supports the Messenger Version 4 (Ice Cream Sandwich) app and above. Apple operating system versions that support the Messenger app include iOS 8 and above.
Meta Pay does not have a minimum transfer amount. The maximum transfer amount tops off at $9,999. Users must fund payments using a U.S. bank-issued Visa or MasterCard debit card or PayPal account. U.S. citizens 18 or older may send money to trusted friends and family in the U.S.
Meta monitors payments using anti-fraud technology and advanced data storage and encryption for payment card and bank account details. Notifications also send you alerts if Meta Pay detects unusual activity. You can also use a personalized Meta Pay PIN or a fingerprint or face ID to keep your information secure.
Once you add a payment method, your money transfers immediately. However, it may take your payment provider up to three business days to post the money to your account.
You can personalize your interactions as much as you want because the platforms offer instant messaging, audio, video, group chats, and more.
The app only works with reloadable prepaid cards, government-issued debit cards, bank-issued Visa or Mastercard debit cards, or PayPal accounts. The app doesn’t hold your money.
If you accidentally send money to an unintended recipient, you can ask them to decline the money if they haven’t yet added a debit card to their account.
BEST FOR BANK TO BANK TRANSFERS
Zelle
ZelleLEARN MORE
For bank-to-bank transfers, Zelle won because of its quick access and wide availability at most banks and credit unions. Users can head to a bank’s website or directly to the mobile app to register with just an email address or phone number.
Pros
Widely used by many banks
You can still use it if your bank doesn’t offer Zelle
Swift movement of funds
Money is federally insured
Cons
Can’t connect a credit card to pay
Only works with domestic banks
No other app offers such an easy bank-to-bank process. Zelle can transfer money to other Zelle users through the easy-to-use app. Users can send or request money with an email address or phone number. Recipients must have a Zelle account to send or receive money. Zelle sends a text or email and a link to accept payment.
You can find the free app through the App Store or on Google Play. Enter the amount you want to send. The money goes directly into the recipient’s bank account, typically in minutes.
The Zelle app utilizes authentication and monitoring features for top security or uses your bank or credit union’s mobile app.
If your bank or credit union does not yet offer Zelle, you can only send $500. You cannot request to increase or decrease your send limit.
You should know and trust the people you send money to because you can’t cancel a payment through Zelle if the recipient already has a Zelle account. However, you can cancel a payment if the recipient hasn’t enrolled in Zelle. Go to your activity page on the Zelle app, choose the payment you want to cancel, and tap “cancel this payment.”
Read our full Zelle Review.
Final Verdict
Your final decision on the best money transfer app depends on your goals and preferences. For example, if you want your app to have additional features (like investing in bitcoin), gravitate toward Cash App, which offers it.
However, for a comprehensive overall money transfer app, you can’t go wrong with PayPal, which offers a suite of payment options and a successful track record to back it up. PayPal also noses ahead due to its safety features, payment protection, and handy tools for businesses.
Compare the Best Money Transfer Apps
App Operating System Minimum Transfer Fees Transfer Speed
PayPal Best Overall iOS and Android $1 Users pay 2.50% plus a fixed fee to send money via a credit card. Costs 5% to send international personal transactions using a PayPal balance, bank account, or through an Amex Send account. Credit card payments for international transactions cost 7.90% plus a fixed fee. Transfers occur in minutes and vary by bank. Debit card transfers may take up to 30 minutes.
WorldRemit Best for International Transfers iOS and Android Depends on the country you send from and the payment method used to fund the transfer All countries have different fees and exchange rates. Instant
Cash App Best for Low Fees iOS and Android No minimum transfer amount Standard deposits: Free, arrives in one to three business days. Instant deposits: Subject to a 1.5% fee (with a minimum fee of $0.25), arrives instantly Standard deposits arrive within three business days. Instant deposits arrive immediately.
Venmo Best for Shared Bills Apple iOS 10.0 or Android Lollipop (API 21) or higher devices No minimum transfer amount Free to send or receive money; charge of 3% of the transfer total to send money via credit card. Fee for instant cash-out transfers to your bank account Instant
Meta Pay Best for Small Transfers Depends on the apps you already use No minimum transfer amount None Instant, though the bank may take up to five days to process
Zelle Best for Bank to Bank Transfers iOS and Android $1 None, but check with your bank or credit union Instant
How Do Money Transfer Apps Work?
Money transfer apps allow you to transfer money quickly and easily. Some apps hold your money and others transfer it from one bank to another. Some money transfer apps specifically cater to consumer-specific needs.
Are Money Transfer Apps Safe to Use?
Generally, money transfer apps offer robust security features to protect your money. However, it’s important to understand that if you send money to the wrong recipient, you may not get your funds back. Providers might not help recover misdirected funds. Only send money to people you know and trust.
How Long Does It Take to Transfer Money with an App?
The length of time it takes varies. Some transfers occur immediately and others can take up to a few days. Keep your needs and timeframe in mind so you choose the best mobile money app for you.
How We Chose the Best Money Transfer Apps
We researched 13 money transfer apps. First, we took a look at each app’s store ratings, then tested each app for ease of use and transaction speed. We also analyzed each app’s compatible systems and narrowed our search by evaluating each app’s security features. We then calculated each app’s minimum and maximum transfer amounts.
We rounded out the list by taking a look at fees and the flexibility within each transfer option and gave final preference to apps that offer unique features.
Conclusion
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