Based on our research, WorldRemit is the best money transfer app due to its international flexibility, lack of hidden costs, and more. Money transfer apps, also called peer-to-peer (P2P) money transfer apps, let you transfer cash from person to person, or from entity to entity, quickly, conveniently, cheaply, 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, digital wallet offerings, and more.
The Best Money Transfer Apps for 2024
- Best for International Transfers: WorldRemit
- Best for Ease of Use: PayPal
- Best for Low Fees: Cash App
- Best for Shared Bills: Venmo
- Best for Small Transfers: Facebook Pay
- Best for Bank to Bank Transfers: Zelle
Best for International Transfers : WorldRemit
![WorldRemit](https://www.investopedia.com/thmb/S0lf_a1gjA8M7o14ry_5v_E0YT4=/fit-in/1500x750/filters:format(png):fill(white):max_bytes(150000):strip_icc()/WorldRemit-88ede7b39dfc4156851fec4da0c3a44c.jpg)
WorldRemit
The World Remit app won this category for having no hidden costs and the flexibility to send to over 130 countries.
WorldRemit can send money to recipients within 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.
Quick deposit options worldwide
Easy to use
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, home delivery, 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 version of the World Remit app. Select the country and amount you want to send and 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 Ease of Use : PayPal
![PayPal](https://www.investopedia.com/thmb/K_gcfTMVlfyOCOkujzVGSVzTDh8=/fit-in/1500x750/filters:format(png):fill(white):max_bytes(150000):strip_icc()/Pay_pal-26eacf915e884ff0a93cb2f3552b3ddf.jpg)
PayPal
The app's robust offerings, mixed with speed and convenience and PayPal's brand name awareness, make it a good choice.
Name/brand recognition cultivates instant trust
Easy to install and use
Fast and secure
High transaction fees
May hold money
Difficult customer service
PayPal offers a wide range of versatile, flexible, secure, and easy-to-use money transfer tools. You can transfer money for free from a PayPal balance, bank account, or Amex Send account. You can also use PayPal Instant Transfer and transfer funds immediately (for a fee).
PayPal offers versions of its app for iOS, Android, and Windows. It takes just minutes to download and start transferring money. 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 reach out to the contact and ask for a refund. If the individual doesn't respond, you can open a dispute in PayPal's Resolution Center.
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 2.90% plus a fixed fee to send money via a credit card. PayPal charges 5.0% 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.
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 Low Fees : Cash App
![Square Cash](https://www.investopedia.com/thmb/ljjWUXmX8ZjF8LMmUytgKbc1J0U=/fit-in/1500x750/filters:format(png):fill(white):max_bytes(150000):strip_icc()/Cash_App-1de91ae80d2f428b869bc75074f005dd.jpg)
Square Cash
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 minimal 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.
Offers more than just payment options
Simple and fast
Great for money requests for friends and family
Must rely on another person to return money if you send to the wrong individual
Cash App won because of its low fees 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 "Balance" tab on the app home screen, click "Cash out," 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."
Cash App lets you send $250 in any 7-day period 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
![Venmo](https://www.investopedia.com/thmb/4r3SZ5836HUm2mzXmN8FMZ5wWb8=/fit-in/1500x750/filters:format(png):fill(white):max_bytes(150000):strip_icc()/Venmo-a44f8668afea44b19245354b148b35b7.jpg)
Venmo
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.
Provides a social way to split money
Money moves instantly
No need to add money to Venmo to make payments
Past security concerns
Fee for instant cash-out transfers to your bank account
Venmo (which is owned by PayPal) 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 1.75% of the transfer total to send money via credit card.
Venmo also charges a 1.75% fee ($0.25 minimum and $25 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 iOS- or Android-based smartphone by choosing a sign-up method and creating a secure password between eight and 20 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 1.75% 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 January 2021.
Venmo imposes a $299.99 spending limit, but users can submit information about their identity to increase the weekly rolling limit to $60,000.
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 : Facebook Pay
![Facebook Pay](https://www.investopedia.com/thmb/efF92orT9vGRYmn0_c5s6PIgHJk=/fit-in/1500x750/filters:format(png):fill(white):max_bytes(150000):strip_icc()/FacebookPay-dd1fc2645d104516964fe91fb5cab59b.jpg)
Facebook Pay
Facebook Pay took the award for its ease of transferring small amounts of money through a familiar platform. You can use Facebook Pay to make seamless and secure payments in select countries through Meta Messenger, WhatsApp, Portal, and Instagram.
Excellent chat feature for communication
Easy to request and transfer money
Can add multiple people to the money request
May not be available in all payment uses
Purchase protection not consistently available
Facebook 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." Facebook Pay will lead recipients through the process with specific instructions if they don't have an account.
Facebook Pay does not specify transaction limits, but Messenger limits transactions to $10,000 depending on what type of payment is used. Users can fund payments using a Visa or MasterCard debit card. PayPal accounts are also accepted. U.S. citizens 18 or older may send money to trusted friends and family.
The firm 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 Facebook 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 five 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.
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
![Zelle](https://www.investopedia.com/thmb/O4gbl9cb86RrHw7JSP_ARGnnNXc=/fit-in/1500x1000/filters:format(png):fill(white):max_bytes(150000):strip_icc()/Zelle-5192fad7f41b4776bbe82a03d99fffc1.jpg)
Zelle
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.
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
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 up to $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 offers robust safety features, payment protection, and handy tools for businesses.
Compare the Best Money Transfer Apps
App | Operating System | Minimum Transfer | Transfer Speed |
---|---|---|---|
WorldRemit Best for International Transfers | iOS and Android | Depends on the country you send from and the payment method used to fund the transfer | Instant |
PayPal Best for Ease of Use | iOS and Android | No minimum transfer amount | Transfers occur in minutes and vary by bank. Debit card transfers may take up to 30 minutes. |
Cash App Best for Low Fees | iOS and Android | No minimum transfer amount | Standard deposits arrive within three business days. Instant deposits arrive immediately. |
Venmo Best for Shared Bills | iOS and Android | No minimum transfer amount | Instant |
Facebook Pay Best for Small Transfers | Depends on the apps you already use | No minimum transfer amount | Instant, though the bank may take up to five days to process |
Zelle Best for Bank to Bank Transfers | iOS and Android | Varies by bank/credit union Zelle partners with | Instant |
In the News
In the News: Money transfers and person-to-person payments are increasingly popular. According to the Consumer Financial Protection Bureau, the total person-to-person (P2P) payment dollar volume quadrupled between 2018 and 2022.
Though money transfer apps are convenient and easy to use, not all apps are backed by the Federal Deposit Insurance Corporation (FDIC), so consumers' deposits aren't always insured. As a result, you should be careful about what apps you use and how much money you store in them.
Pros and Cons of Money Transfer Apps
Easy fund requests and payments
Multiple funding options
Quick access to transferred money
Payments vulnerable to scams
Potentially high transaction fees
Funds rarely backed by FDIC insurance
Pros Explained
- Easy fund requests and payments: Money transfer apps like PayPal and Venmo allow you to quickly and easily send money to contacts in your phone or request funds with just a phone number, reducing the need to carry cash or personal checks.
- Multiple funding options: Depending on the app, you can make payments or send money with several different funding options. For example, you can send money directly from a checking account or use a debit card, credit card, or even cryptocurrency.
- Quick access to transferred money: Rather than waiting for a check to arrive in the mail, money transfer apps offer quick access to funds, typically within one to three days. With some apps, instant transfers are available for a fee, allowing funds to be transferred within minutes.
Cons Explained
- Payments vulnerable to scams: Most payments are nearly instant and unable to be canceled or reversed. Scammers have repeatedly taken advantage of this feature to convince unsuspecting people to send payments to bad actors.
- Potentially high transaction fees: Fees vary by platform and type of transaction, but the costs can add up, particularly if you routinely request instant access to transferred funds or link your accounts to plastic.
- Funds rarely backed by FDIC insurance: If you store your money with a money transfer app, you should know that the FDIC does not insure the funds. If the platform fails, you could lose the money in your account.
The Federal Reserve reported in 2021 that 46.4% of all households use online payment services like Cash App, PayPal, and Venmo.
Alternatives to Money Transfer Apps
Money transfer apps can be helpful when splitting a dinner bill or paying your dog walker. But they're not appropriate for all situations. In some cases, you may need to use an alternative method to send money or pay for services.
Cashier's Checks
When making a significant, high-dollar purchase—such as buying a home or car—you may need a cashier's check to complete the transaction. The bank guarantees cashier's checks, so there's no risk of the check bouncing when it's cashed. Banks typically charge a moderate flat fee per cashier's check.
Money Orders
Money orders are a safer alternative to personal checks or cash. You can purchase a money order at any post office and at some banks, and each domestic money order can be up to $1,000. At the time of purchase, you'll receive a receipt that you can use to track the payment in case the money order is lost or stolen. A small fee applies for each money order purchased.
Personal Checks
For routine transactions, such as paying rent or utility bills, a personal check is an acceptable form of payment. It may take longer than other payment options since it may have to be mailed and cashed, but there are no fees with personal checks, and the money is withdrawn directly from your checking account.
Money Transfer Services
Money transfer services, such as Western Union or MoneyGram, allow those without bank accounts to transfer money or pay bills. Through a remittance transfer, customers can also use these services to send money to loved ones internationally. Remittance transfers have specific consumer-protection requirements.
Wire Transfers
If you need to securely transfer large sums—such as money to cover the closing costs on a home—a wire transfer is a popular choice. It allows you to transfer money electronically from one bank account to another, but your bank will likely charge you fees to complete the transfer. Review your account's deposit agreement or schedule of fees to find out what bank fees may apply.
Frequently Asked Questions
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What Is the Best Money Transfer App?
No one money transfer app is best for everyone (or for every situation). For example, Zelle, one of our top picks, is an excellent choice for those that want to move money quickly from one domestic bank account to another; WorldRemit is a better choice for international payments. PayPal is a relatively simple solution, while Cash App is a top choice for having low fees. You may also want to check out Venmo for sharing bills, and Facebook Pay for small transfers.
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What Is the Best App for International Money Transfers?
If you need to send money to someone in another country, we found that WorldRemit is the best app for international transfers. Most transfers are completed within minutes, and you can choose from several transfer options, including cash pickup, bank transfer, or even home delivery.
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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.
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What Apps Allow Instant Money Transfer?
With most apps, it can take one to five business days for funds to transfer. However, the following apps offer instant transfer options, so the money is received within minutes if you pay an additional fee:
Zelle does not charge a fee.
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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.
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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 time frame in mind so you choose the best mobile money app for you.
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What Money Transfer App Is Safest?
All of our list's major money transfer apps are generally secure, using the latest encryption technology and privacy measures to protect user information. These include WorldRemit, Zelle, PayPal, Cash App, Venmo, and Facebook Pay.
However, there is still a risk of scams and data breaches, so it's important to take extra steps to protect your information. For example, enabling multifactor authentication, regularly changing passwords, and avoiding public WiFi connections can help keep your account safe.
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Is Zelle Safer Than Venmo?
Both Zelle and Venmo are both generally safe. The platforms use encryption to protect account information and monitor account activity, and encrypted data is stored on servers in secure locations.
However, all money transfer apps have some level of risk. To protect yourself, verify the recipient's contact information before sending money, and only send money to those you know and trust.
Methodology
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.
![Best-money-transfer-apps-5180183](https://www.investopedia.com/thmb/ke-jpKakdY2Vh6BSt8ocC6BNjtA=/1500x0/filters:no_upscale():max_bytes(150000):strip_icc()/MoneyTransfer_-sasun-bughdaryan-60aa1f2beee34f93b8dca675acc8510c.jpg)
Getty Images / sasun bughdaryan