There often comes a time when people need to transfer money to someone. So, what do they do in such an instance? Do they rely on banks or use smartphone applications? The answer is most likely the latter for tech-savvy people. You see, banks didn’t really embrace the technology that quickly.
This gave third parties a perfect opportunity to develop applications that can make transferring money a breeze. And even though banks have now made it possible to do online money transfer apps, it is still quite difficult to make international payments. This is why mobile apps are thriving right now.
Top 4 Best Money Transfer Apps
Also known as peer-to-peer (P2P) applications, these money transfer apps have simplified payments. You can easily transfer cash to another person securely. And it doesn’t even take much time as well. But how to choose the best app for transferring money? Well, just like there are some factors to consider while choosing your cable service, like Spectrum Cable, there are some pointers that you have to keep in mind to choose the right app. Some of them are as follows:
- High rating on the app store
- No hidden fees
- Help shoppers shell out money safely
Let’s now have a look at some of the best Money Transfer Apps that you can use without any worries.
PayPal is an extremely popular app for money transferring. It offers both convenience and speed to the consumers. The fact that this app is really easy to use makes it a hot favorite of everyone. This app allows you to transfer money for free from a bank account, PayPal balance, or Amex Send account. There is also an option of PayPal Instant Transfer which you can use to transfer funds immediately. However, do note that using this option will cost you a fee.
This app is available not just for mobile devices (iOS and Android) but also for Windows. All it will take is a few minutes to download, and then you can easily transfer the money to anyone from up to 20 people at a single time. For more security, you can choose to add your name, picture, email address, and phone number so that people can know that it’s you. The newest version of the PayPal app announced in September 2021 includes a lot of cool features that will further enhance your user experience.
WorldRemit makes this list for many reasons. First, they have a pretty transparent system. This means that you can never expect them to include hidden charges. Then, they have the best upfront exchange rates. Also, they have low fees. And the best part is that you can send money to more than 130 countries. With this app, you can send the money to the recipients no matter where they are in the world in just 10 minutes. Whereas other apps can take up to 24 hours.
There are various ways via which you can send money on WorldRemit. Some of them include bank transfers, cash pickup, and mobile money. It also accepts most types of credit, prepaid, and debit cards that are issued by Mastercard or Visa. The app can also accept payments from Trustly, Klarna, and Apple Pay to name a few. To send the money, all you have to do is to select the country and then the amount which you want to transfer. You will then be required to enter the recipient’s bank information and other details. Once the recipient has been paid, the individual will get an email and SMS, letting them know when they can receive it.
#3. Cash App
Owned by Square Inc., Cash App is widely used in the United States. And there’s a reason for that. You see, the app doesn’t charge you anything when you transfer the money. The thing which makes this app so different from its competitors is how easy it is to use. Plus, it offers some features which are not usually found in other such apps, such as buying and selling of crypto and investment options.
The way you send money to the receiver with Cash App is quite simple. You just have to press the dollar icon and then enter the amount that you want to transfer. You will then have to indicate if you want to pay or request that amount. Since you are sending a payment, you will enter the receiver’s $Cashtag, email address, and phone number. You will then press “Pay,” and the money will be sent. However, do note that the other person should have a Cash App account as well to receive the funds.
#4. Facebook Pay
Facebook is not just a social media platform anymore. It is venturing out into other things such as mobile applications for payment. You can use Facebook Pay if you want to make small payments. You will be able to transfer the funds in a few selected countries through familiar platforms like Instagram, WhatsApp, and Facebook Messenger.
It is really simple to send money with Facebook Pay. You just have to message the recipient that you want to transfer the funds. You can then hit the money icon and then enter the amount that you want to send. After that hit the “Pay” button, and the recipient will get the funds. It’s that simple!
People have become more dependent on mobile applications to transfer payments to others. And rightfully so. After all, it is a bit of a hassle if you try to do it with your bank. The aforementioned apps are some of the most popular in the space that you can use to transfer funds. Some of these options of Money Transfer Apps, like Cash App, also offer special features which not many applications have like investing in cryptocurrency. There are many other apps as well which you can try like Venmo and Zelle. So, which one are you going to opt for?