The Best Money Transfer Apps for 2021 - Investopedia

Posted: 26 Apr 2021 02:04 PM PDT

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 2.90% 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
Facebook 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

Frequently Asked Questions

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.

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