With money transferring apps, sending cash to a friend has never been easier than it is in 2018. There are a variety of options available to download that makes transferring money as simple as pressing a button, and we’ve compiled the best money transferring apps to help you get your cash where it needs to be.
There are a number of apps available for sending funds and it appears as if there are more and more startups offering their own take on the service as time goes on. The following five apps represent the best money transferring apps on the market, and offer a unique combination of convenience and security that make them a top pick.
Venmo
Venmo is one of the most popular options on this list of best money transferring apps – and for a good reason. In addition to being a smooth way to transfer funds among friends, it also interfaces well with businesses and can allow an increasingly mobile-first customer base a way to checkout smoothly and conveniently.
Many people don’t know that Venmo is owned by PayPal, and while PayPal has a superior hold when it comes to purchasing products from online businesses, Venmo has taken the world by storm as one of the best money transferring apps in the social sphere. It features a digital wallet design that allows mobile-savvy individuals to make quick and easy peer-to-peer transfers to friends, as well as adding a social network-esque feed with comments on contacts’ shared purchases.
Venmo is free to use for debit card transactions, and features encryption for maximum safety and security.
While Western Union has been a staple of money transferring for quite some time, many people – especially millennials – have opted for services like Venmo or PayPal as one of the top money transferring apps. Western Union has definitely updated themselves to be caught up with the times, however, and their mobile app is convenient and speedy.
With the knowledge that people don’t want to spend ages entering details to send a few bucks, they have implemented TouchID functionality that allows you to send money with a simple touch of a button. A card scanning feature also allows you to set up the device with ease by simply scanning your debit card.
The downside is that it costs some money to send transfers via Western Union at a fee of $5 for up to $500. This may make it infeasible for sending a few dollars, but for larger amounts it’s certainly one of the best money transferring apps.
WorldRemit
For those who are looking to send money internationally, there are few better options than WorldRemit. The company, like Western Union, recognizes that speed and convenience are the name of the game and claims that you can “send money from your mobile as quickly as a text message.”
As one of the best money transferring apps, sending money via WorldRemit is pretty easy. Using the app, you can send money to over 140 different countries as a bank deposit, cash pickup, mobile credit or an airtime top-up. It takes just a few minutes, making for near-instant availability on the other end of the transaction.
Once the money transfer is completed, both users receive an SMS or email notification which confirms that the funds have safely reached their destination. Charges depend on the amount of money and the destination, however, so make sure it’s the top pick from among the best money transferring apps on this list before you make the jump.
Another option for international transfers (albeit less of a household name) is Azimo. The main advantage that this service has over other options on the list is the fact that there are more than 200000 pick-up points available worldwide.
While transferring money around the world might seem easy, there are a number of areas in which actually accessing the transferred money can be difficult. By having this many locations, it’s a near-guarantee that you’ll be able to find a place to pick up your funds if a direct bank transfer isn’t a possibility.
Throughout the transfer process, the sender will be updated continuously on the status of the transaction via the app – adding peace of mind that your transfer is working effectively.
While most people think of PayPal when it comes to internet-based transactions, they are also one of the best money transferring apps when sending money to individual users. However, the fact that they acquired Venmo makes it obvious that the company has a long way to go to establish themselves as a big name in peer to peer transactions.
However, that’s not to say that PayPal isn’t deserving of a spot on the best money transferring apps list. As an extremely popular service, it’s likely that most everyone has access to an account, making transferring money pretty easy. With a more corporate look and feel, it also appeals to more traditional users that want something that looks more like a bank interface than a social app.
Unfortunately, it does charge users for debit card transactions, but that is somewhat made up for by individual transactions supported up to a whopping $10000.
