Looking to Find the Best Money Transfer App? Read Our Guide Today
There used to be a time where transferring funds from one person to another required much effort and thought. Today, it is as simple as pulling out your phone and opening up an app for transferring money.
Image Source: Pexels
But everyone has different needs when it comes to finding a money transfer app, and there are so many different money transfer apps on the market. So how do you know which app to transfer money is right for you?
This guide on apps to transfer money can help. We will go over things like:
- Important factors to consider when choosing your money transfer app
- Which apps to transfer money are considered the biggest players in the market
- Which transfer money app may be ideal for your business
- The other “smaller” money transfer apps you still may want to consider
- Social media’s money transfer app options
Throughout this guide, you should be able to find the ideal app to transfer money for you (and maybe your business) this year.
Reasons to Use an App to Transfer Money
Without a doubt the number one reason people use a money transfer app is for the convenience of it. You don’t have to visit a bank to take out a cash withdrawal, write out a check, or visit a money wiring company (though the Western Union money transfer app still allows you to use that service).
This helps you do things like these hassle-free:
- Pay your babysitter
- Split restaurant bills
- Send money to family or friends in need
- Surprise someone with birthday money
- Transfer money to roommates to pay bills
- Pay back money someone loaned you
- Send money to your child’s private guitar teacher
Most of the time, an app for transferring money is either free or extremely low in cost for transferring money among friends and families. So there is no reason not to use one.
Another reason people may want a transfer money app is to send and receive money for their business. Throughout this guide, we will also discuss which apps to transfer money could possibly allow you to do business.
What to Look for in a Money Transfer App
Not every app to transfer money is made the same. Though all apps to transfer money serve the same basic purpose—move money from here to there—they all do it a bit differently.
Before you choose a money transfer app, here are a few factors to consider first.
- Fees: There are definitely plenty of fees that can add up with a transfer money app, so it is important to read the fine print carefully.
Some apps to transfer money are free for personal use; some have fees for debit cards; some only have fees for business.
- Speed: Where one money transfer app may move the funds in a day or two, another app for transferring money may take four days.
- Limitations: These apps to transfer money all come with their own transfer limits.
One app to transfer money may say you cannot send more than $299.99 each week, some say no more than $50,000.
- Balance: Some money transfer apps allow you to keep a balance in the app, and others do not.
This boils down to convenience—do you want to add money to your account each time you use the money transfer app?
- International: If you will need to use the app to transfer money outside of the United States, you will need to be sure that is an option for that transfer money app.
- Business: A transfer money app may work well for business transactions and personal transactions.
If you think you will use this for business purposes, only choose an app for transferring money in both spheres.
As you can see, there may not be one, singular “best money transfer app” in the world. This is because people need all different types of services when it comes to moving their funds.
But we will highlight the top money transfer apps of this year below so you can see which will be the best app to transfer money for you.
Find Your Ideal Money Transfer App: The Big Guys
When it comes to deciding the top app to transfer money for this year, it is no doubt that one of these four money transfer apps would probably top anybody’s list.
These are the extremely popular powerhouse options you may want to consider when choosing an app to transfer money to friends or family.
Image Source: Venmo
- Venmo: Venmo allows you to send and receive money for free through your Venmo money transfer app balance, a U.S. bank account, or debit cards or prepaid cards; sending money through a credit card requires a 3% fee.
- PayPal: Though you can also buy and sell with this app to transfer money, actually transferring funds to friends or family is free when you use your PayPal balance or bank account in the U.S, 2.9% plus a fixed fee when you pay by debit or credit card, and various fees when you pay out of the country.
- Google Wallet: Your friend or family member does not need to have this transfer money app in order to receive your funds—and the biggest benefit? There are no fees to send or receive money through Google Wallet.
- Square Cash: Sending money to your friends or family by debit card with this app for transferring money is free, and they do not need to have an account for the money to go through.
What about the “Big” Money Transfer Apps and Business?
Most people searching for a money transfer app are simply looking to exchange funds from person to person (like a mom sending her college student extra money for textbooks, or a friend sending you money to cover half of the restaurant bill).
But some look for an app to transfer money for business transactions: buying and selling.
Here is how these big four money transfer apps deal with business:
- Venmo: You can make purchases with this transfer money app for free; you can use Venmo as a checkout selling option for a 3% fee.
- PayPal: You can make purchases with this app for transferring money for free; you can sell off PayPal for a 2.9% fee plus $0.30 per transaction.
- Google Wallet: This money transfer app will let you use its services to receive commercial payments as long as you are only a sole proprietorship; if you are a corporation or nonprofit, you will have to use another app to transfer money.
- Square Cash: You can make purchases with this money transfer app for free; you can use Square Cash for selling at a 2.75% fee.
With the exception of Dwolla below, many people may only want to consider these top, popular money transfer apps when it comes to important business money transfers.
Find Your Ideal Money Transfer App: The Underdogs
Simply because each app to transfer money below is not one of the four most popular apps to transfer money above does not mean they couldn’t be the right option for you. Here are some other apps to transfer money that you may want to consider.
Image Source: Circle
- Western Union: The Western Union money transfer app is different than the average app to transfer money since it sends money to Western Unions.
The Western Union money transfer app allows you to send money to around 500,000 Western Union locations internationally. You can also pay bills.
- Dwolla: If you are looking specifically for a business money transfer app, look into Dwolla.
It allows you to connect your app to a banking system and send or receive bank transfers.
- Chase QuickPay: This app to transfer money is quick and easy to use for anybody with Chase, Bank of America, Capital One, FirstBank, Frost Banking Investment Insurance, U.S. Bank, or Wells Fargo.
- Circle Pay: This transfer money app allows you to send friends and family money through a text or an email with PIN, touch ID, and two-device verifications in dollars, pounds, and euros without any fees.
Find Your Money Transfer App: The Social Options
One of the newest ways to send and receive funds electronically is through social media. When you think of finding a money transfer app, you may not automatically think of Facebook and Snapchat.
Yet both of these social media platforms now have options to turn their systems into money transfer apps.
- Facebook Messenger: When you connect your debit card to Facebook Messenger you can turn it into an app to transfer money.
- Snapcash via Snapchat: Add your debit card to make Snapchat a money transfer app, and then send cash to anybody in your contact list or receive cash from anybody in your contact list.
These are often apps to transfer money with close friends and family when you do not need to send too much. For example, when you want to send your friend that $15 you owe her, or when you want to give your roommate $50 for the electric bill.
This is not necessarily a great way to transfer money for business.
Conclusion—Which App to Transfer Money Is for You?
Now you have an idea of what types of money transfer app options are available to you. You can begin to see which will provide the type of service you need. Ask yourself questions like these:
- Will I ever use this app for transferring money in my business? Look at apps like Venmo, Square, PayPal, Google Wallet, or Dwolla.
- Do you want to transfer money to another person’s account or to a Western Union location?
If it’s the latter, try the Western Union money transfer app.
- Will I be sending little amounts of money to people already on my social media? Maybe choose to turn these accounts into a transfer money app.
Once you decide, download the app to transfer money and start moving funds hassle-free today.
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