7 Money Transfer Apps to Know About

In the old days, the only way to send money from one person to another was via stagecoach, a transportation method that was prone to robbery and security issues. We have come a long way since then, and now, not only does money exist, it does so in the form of digital information in a bank account. That means we can transfer money instantly and without relying on a stagecoach.

However, you might still need a mobile app to transfer funds. Read on to see how you can turn your mobile phone into a tiny electronic stagecoach.

Note: While OppU is making this information available on popular money transfer apps, we are not recommending or endorsing any of these companies or services for your specific needs. As always, when using any financial products or services, make sure to carefully research the companies and review the applicable agreements, terms, and conditions, to be sure you understand the risks involved, including any associated costs.

1. Venmo

If you Google “money transfer app,” you’re bound to see the name Venmo. Venmo is a well-known, instant money transfer app. Walk through any brunch place, and as attendees attempt to split the bill, you’ll likely hear, “So, you all have Venmo, right?”

Venmo’s standard services are generally considered simple and free to use, and it can link directly to your bank account. You can send money or request money as easily as sending a text. When someone completes your Venmo request, the money appears as an addition to your Venmo balance. You can then transfer the money to your bank account instantly for a small fee, or for free if you're willing to wait a few business days.

You can also link a credit card or debit card to your Venmo account, but note: using either may incur transfer fees, and you cannot transfer money from a Venmo balance to a credit card.

There’s also the social networking element that allows you to leave notes and create captions for different transactions and make them visible to your network.

2. PayPal

Did you know PayPal owns Venmo? Both are useful in their own way, with Venmo often used as a mobile payment method and Paypal for other devices. Paypal is one of the original money transfer companies and is meant for more formal transactions than Venmo.

Your PayPal account may not be able to fully replace your bank account, but it has additional services through banking partners. Paypal transaction fees for business transactions or card use are similar to Venmo fees, though PayPal allows a maximum transfer of $10,000.

3. Cash App

From Square, the people who brought you the little dongle that lets food truck workers swipe your credit card on a phone or tablet, comes the Cash App. Formerly known as Square Cash, Cash App is similar to Venmo. Cash App also allows users to claim a “$Cashtag,” or a unique username in the form of a URL, so they can receive payment from friends and strangers alike. Additionally, Cash App also offers an investment option that allows you to buy and sell stocks.

4. Wise

While you have many options to send money within the United States, international transfers can be challenging. Wise allows you to send money in 160 countries and 40 currencies. It automatically factors in the exchange rates and provides you with a clear picture of what you’ll pay.

Paypal also offers an international money transfer service called Xoom. It’s advisable to do a comparison to find out which works better for you.

5. Google Pay

If you like taking care of business, whether personal or for work, with your Google accounts, consider Google Pay. Formerly known as Google Wallet, it allows you to send and receive money instantly just like the other apps. Additionally, it allows you to pay by tapping your phone at certain retailers, and works as a payment processor for customers and businesses.

6. Apple Pay

Apply Pay is like  Google Pay but for Apple products. It’s like picking between Pokemon Red or Pokemon Blue. It’s advisable to pick the one that best fits your lifestyle, accounts, and products.

7. Zelle

Zelle allows you to send money directly to and from bank accounts. Multiple banks and cards, including Bank of America and Mastercard, have chosen to build it into their money transfer options, so you may want to consider looking into it as well.