Our world moves quickly. With the click of a button, we can connect to friends and family all across the globe. We can connect, and chat, and share, and see – Almost instantaneously, and without leaving the comfort of home.
Because we move quickly, we want our money to move quickly too, sometimes more quickly than walking into a bank, or dropping a check in the mail.
Now, your money can move as quickly as your smartphone can send it, and there are plenty of useful apps out there to make that happen. Below are some of the most secure and reliable apps to transfer money by phone instantly.
With Venmo, sending and receiving money is incredibly easy. Any payments made from your Venmo balance, most debit cards, or a bank account cost nothing, and Venmo only charges a three percent fee for credit cards. Venmo is very user-friendly, and also has a “bank-grade” security system – all financial information is encrypted, stored, and protected on secure servers. Venmo gives users the peace of mind to transfer money easily without worrying about their confidential financial information being compromised, and even provides the option to revoke your device’s access online if your phone happens to be lost or stolen.
Facebook users are already connected to hundreds of friends, and with the Messenger payments, can transfer money amongst one another as well. Facebook has created a feature in its messenger app that allows any person in the United States to transfer money via the app. Users can simply tap the dollar symbol located above the keyboard and directly beside the icons for sharing photos and stickers. After setting up a debit or credit card, users only need to indicate the amount of money they wish to send and select “pay” in the top-right corner. Users should be savvy, as always, about accepting friend requests from unknown individuals, particularly when using the “pay” portion of the app.
Apple Pay Cash
In one of its more recent updates (iOS 11.2), Apple created its own payment mechanism that allows Apple users to send money directly to their contacts through iMessage, called Apple Pay Cash. For those who have iPhones, no third-party app is needed, provided that the contact you wish to transfer to has an iPhone as well. Users can transfer money to a particular contact, or request a certain amount from the contact. The message is sent in the same manner as any other, and users confirm the transaction using Face ID, Touch ID, or a passcode. Apple Pay Cash is compatible with iMessage on the Apple Watch as well, or users can choose to ask Siri to send the cash. Any money transferred is available in the Apply Pay balance immediately, but does take a few days for it to transfer to a bank account.
Google Pay Send/Google Wallet
Google Pay users allows users in the United States or the United Kingdom to send and request money through its minimal and user-friendly app. Google also offers the “wallet” feature which allows users to send money to anyone via either a phone number or an email, even if that recipient doesn’t have Google Wallet. Users simply log into their Google email account, then choose to split, request, or send money with no extra fees involved, provided you are using your Google Wallet balance or a link banked account. Otherwise, users pay 2.9% per transaction if using their debit card. Google Wallet also offers users the option of keeping a balance in Google Wallet and linking that to a Google Wallet card, which can be used to make purchases and ATM withdrawals. Last, but certainly not least, users can also be assured that their money is safe, with Google’s data encryption and fraud protection features.
PayPal is one of the oldest money transfer apps available. Users have the option to log in with their thumbprint, and avoid the nuisance of remembering another of many passwords. PayPal also offers users the option to pay for purchases at various businesses, and has a platform for online purchases . Offering continuous account monitoring, an encryption process, fraud prevention, and global buyer protection, PayPal users can feel confident that their funds are being protected. They can even shop around the world, as PayPal hosts 25 different currencies. PayPal transactions within the United States are free, provided users are using their PayPal balance or a linked bank account for transfers. Otherwise, PayPal charges 2.9% per transaction along with a flat thirty-cent fee for using a debit or credit card.
SquareCash is another very user-friendly app, and free to use among your friends and family with a debit card. Users sign up, receive a confirmation number via text or email, and then link the app to their debit card. Users can quickly send, receive and request money from friends and family, and as a bonus, users who invite friends or family receive $10 for each person that signs up. Money is quickly deposited into the user’s bank account once the transaction is complete, and the app assures encrypted data, fraud protection, and security locks, like touch I.D. SquareCash is free to individuals, but charges businesses a 2.75% service fee.
Though Chase customers have access to a variety of banking options with Chase’s smartphone application, non-customers valid email addresses also have the capability to send and receive money using the bank’s QuickPay feature. While the app is wonderful for Chase customers, its reach does not extend as far as other apps that are not customer-specific.
Western Union is the largest money transfer provider worldwide, covering over 200 countries and territories, and with more than 550,000 agent locations. The Western Union app not only allows users to transfer money among friends and family, but to countries and territories around the world as well. Though costs can be a bit higher than some other apps, Western Union offers a wide variety of payment and delivery apps. Western Union also lets users know how much money transfers should cost, and provides information for all Western Union branch locations.
Xoom Money Transfer
Xoom allows users to send and receive money all over the globe, and boasts one of its best assets as its speed. Xoom aims to make international money transfers with same or next day delivery, and allows users in the United States to send money to 63 countries around the world. The app also offers low transfer fees, locked-in exchange rates, status updates, and push notifications for any sent or received money.
Bank of America
Bank of America’s smartphone app cuts down the amount of time its customers need to spend at a branch, and also allows them to securely send and receive money to anyone using a phone number or email address. Like many other Bank of America services, this app is kind of a disappointment.
Dwolla allows users to send money to anyone, using either an email address, phone number, or Dwolla ID. Users simply link their bank account to Dwolla, and retain a balance for future payments. Dwolla’s notable features include MassPay, which allows users to send many payments at once if desired, as well as recurring payments. Dwolla also offers a variety of services to businesses and nonprofits, including, for a fee, next-day business transfers, higher transaction limits, and priority customer support. While it does seem slightly more oriented to serving businesses, Dwolla is free for personal use, and offers a strong variety of features valued by users.
World Remit, as its name implies, offers users the ability to make secure transfers to over 140 countries around the world. Claiming to be able to send money from a mobile as “quick as a text message,” World Remit focuses on efficient, effective, high-speed service. Transfers can be received as a bank deposit, cash pickup, mobile credit, or airtime top-up, all within a matter of minutes. World Remit also offers high safety standards by utilizing industry-leading technology, and obtaining licenses with governments across the world. Charges for using the WorldRemit app depend on both the sum of money and the destination, but offers the first transfer for free.
Though a still somewhat lesser-known app, Azimo has apps available in both Google Play and Apple’s App Store for its international money transfer service. Azimo keeps users fully up-to-date on the status of their transactions via the app. Azimo, which specializes in international money transfers, also offers users location-specific instructions for collection, as the rules around collecting bank and cash payments can vary widely around the world. Fees charged by Azimo are dependent upon destination, but are fairly reasonable, and the service offers over 200,000 pick-up points world wide. Azimo also offers great customer service, and cash incentives to users who successfully invite friends to join.
OFX is an online money transfer provider that offers service to 91 countries from the United States. Users can transfer money through the company’s website, mobile app, or phone lines. OFX boasts no transfer fees and low exchange rate mark-ups. It advertises its biggest advantage as its cost. Delivery relies on standard banking hours and processing, so same-day or next-day delivery with OFX.
World First is an international money transfer platform that offers great exchange rates, fast, secure transfers, and award winning service. Rated as a 2018 Gold Service company, World First World First lets individuals and businesses send money from the United States to over 120 countries. Both sender and recipient must have bank accounts for a transfer, and the minimum sending amount is $1,000. Standard delivery is about two to three business days.
TransferWise offers an efficient and streamlined approach to international money transfers. The company, based in the United Kingdom, combines low costs and a convenient way to send money between your bank account and another in a different country. With TransferWise’s mobile app, users can send money from the United States to 58 countries. Transfers tend to be cheap because the company’s foreign exchange rates are among the best available, though delivery speeds can be a bit slower than some other apps.
Currencies Direct is a very diverse company considering the services it offers, which include market watch, forward contracts, and limit orders, along with unique guides which are provided to clients who are purchasing overseas properties. Currencies Direct allows users to connect directly with online marketplaces, and it offers a payment system that can serve a variety of purposes. The app is very user friendly, and the customer service is very helpful, with 21 offices around the world to help provide expert local help when needed. Currencies Direct does not typically charge transfer fees, and has competitive exchange rates.
FairFX allows its users to make money transfers to friends and family living overseas. Users can set up scheduled transfers, invest abroad, transfer pension payments into foreign bank accounts, obtain currency cards and more. FairFX claims no fees, excellent online exchange rates, and backs that claim with its “FairPay Price Guarantee.” Users can access FairFX through its website or mobile act. Most transfers take between two and four days.
TorFX has no hidden charges or direct fees, although, in some cases, fees may be incurred for a foreign exchange contract. TorFX only has offices in Australia and the United Kingdom, though it operates local bank accounts in many currencies. While rates can vary for business transfers, TorFX offers a zero exchange fee for personal transfers. TorFX also boasts excellent customer service.
Payoneer is a financial services company that specialized in online payment transfers both within the United States and internationally. It has over four million users in over 200 countries worldwide, and can process transactions between more than 150 countries. Payoneer doesn’t charge most of the fees that are usually associated with merchant accounts. It has a strong focus on international transactions, and advertises lower overall costs than its competitors. There’s no account setup fee and no monthly account fee. Payoneer works very well for freelancers and businesses that frequently work with international customers. ()