The Best Money Transfer Apps for 2024 (2024)

Based on our research, WorldRemit is the best money transfer app due to its international flexibility, lack of hidden costs, and more. Money transfer apps, also called peer-to-peer (P2P) money transfer apps, let you transfer cash from person to person, or from entity to entity, quickly, conveniently, cheaply, and securely. They simplify payments and also allow you to use a digital wallet to link your credit card or bank account. You can make electronic transactions and payments with just a few taps on a mobile device.

The best money transfer apps collect high app store ratings, help app shoppers shell out money safely, and involve no hidden fees. They also fit consumer-specific needs, such as international payments, social options, digital wallet offerings, and more.

The Best Money Transfer Apps for 2024

Best for International Transfers: WorldRemit
Best for Ease of Use: PayPal
Best for Low Fees: Cash App
Best for Shared Bills: Venmo
Best for Bank to Bank Transfers: Zelle

The Best Money Transfer Apps for 2024

Our Top Picks
WorldRemit
PayPal
Cash App
Venmo
Zelle
See More (2)
Final Verdict
Compare Apps
Pros and Cons
Alternatives
FAQ
Methodology

Best for International Transfers : WorldRemit

The Best Money Transfer Apps for 2024 (1)

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Why We Chose It

The World Remit app won this category for having no hidden costs and the flexibility to send to over 130 countries.

WorldRemit can send money to recipients within minutes. Most transfers complete within 24 hours wherever recipients live in the world. When you introduce a friend to WorldRemit, you both get a voucher to use on your next transfer. Also, first-time customers can use the promo code 3Free to make their first three transfers with no fees.

Pros & Cons

Pros

Quick deposit options worldwide
Easy to use

Cons

Complex transfer fees
Limits on large transfers to certain destinations

Overview

The app gives you various ways to send money—through cash pickup, bank transfer, mobile money, home delivery, and airtime top-up, and that's why it landed in our top category.

WorldRemit accepts most types of debit, credit, and prepaid cards issued by Visa or Mastercard. WorldRemit also accepts payment from Klarna, Trustly, POLi, Apple Pay, and more. It no longer accepts Google Pay.

To send money, download the iOS or Android version of the World Remit app. Select the country and amount you want to send and enter recipient details and bank information. Once you pay for the transaction, your recipient will find out by SMS and email when they can access their money.

WorldRemit, approved by the Financial Conduct Authority (FCA), puts a high priority on security by implementing strict verification procedures. The company employs teams to monitor accounts for unusual activity.

WorldRemit's large network of local partners works with worldwide banks and financial institutions. You can send a maximum of $9,000 in 24 hours and $5,000 per transaction for debit, credit, or prepaid cards. You can submit a maximum of $9,000 in Apple Pay payments within 24 hours and send a maximum of $300 per transaction. WorldRemit lists all fees and exchange rates before you execute each transaction.

WorldRemit also offers a wallet for use in a limited number of countries, but any WorldRemit customer can send money to a WorldRemit Wallet.

If you accidentally send money to the wrong person, WorldRemit can sometimes recall the mobile money or bank transfer transaction. In this situation, you want to contact WorldRemit as soon as possible.

Best for Ease of Use : PayPal

The Best Money Transfer Apps for 2024 (2)

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Why We Chose It

The app's robust offerings, mixed with speed and convenience and PayPal's brand name awareness, make it a good choice.

Pros & Cons

Pros

Best for Low Fees : Cash App

The Best Money Transfer Apps for 2024 (3)

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Why We Chose It

Cash App, owned by Square Inc., scored the highest in the low fees category because it allows users to send funds instantly via mobile app for free. Cash App stands out for its simplicity (you either pay or get paid), ease of use, and minimal fees.

Cash App also offers unique options not common in other money transfer apps, such as investment options, getting special savings with “cash boosts,” and buying and selling Bitcoin.

Pros & Cons

Pros

Offers more than just payment options
Simple and fast
Great for money requests for friends and family

Cons

Must rely on another person to return money if you send to the wrong individual

Overview

Cash App won because of its low fees and flexibility—including the ability to buy and sell Bitcoin straight from your Cash App balance.

You can also transfer funds to a bank account from your Cash App account or store money in your Cash App account. Tap the "Balance" tab on the app home screen, click "Cash out," enter the amount and indicate whether you want to request money or pay money. To send a payment, enter the other person's $Cashtag, phone number, or email address and tap "pay."

Cash App lets you send $250 in any 7-day period and receive up to $1,000 instantly within any 30-day period. However, you can hurdle over these limits by verifying your identity. Note: the app doesn't transfer money immediately—you should have your money within one to three business days.

Cash App supports debit and credit cards from Visa, MasterCard, American Express, and Discover. The app supports most government-enabled prepaid cards but users cannot deposit to these cards. Cash App does not support ATM cards, Paypal, and business debit cards at this time.

Cash App employs up-to-date security encryption and fraud detection technology. Cash App features PCI Data Security Standard (PCI-DSS) Level 1 compliance.

Unfortunately, sending a payment to the wrong person doesn't guarantee a swift return; you can only request the money and rely on that person's honesty to get your funds returned.

Best for Shared Bills : Venmo

The Best Money Transfer Apps for 2024 (4)

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Why We Chose It

Venmo offers the best of both worlds—it offers a quick and easy way to send and receive money and offers a potential "parking place" for your cash. You can spend, send, or transfer Venmo money to your bank account. Because of these reasons, it won the category for shared expenses.

You can even make the experience more interactive by adding emojis or animated stickers with your transactions.

Pros & Cons

Pros

Provides a social way to split money
Money moves instantly
No need to add money to Venmo to make payments

Cons

Past security concerns
Fee for instant cash-out transfers to your bank account

Overview

Venmo (which is owned by PayPal) conquered this category because it allows for quick and easy money exchange between individuals. You can send or receive money for free through the peer-to-peer payment app, though Venmo charges 1.75% of the transfer total to send money via credit card.

Venmo also charges a 1.75% fee ($0.25 minimum and $25 maximum) for instant cash-out transfers to your bank account. You can keep money in Venmo or your bank account.

You can send money using your iOS- or Android-based smartphone by choosing a sign-up method and creating a secure password between eight and 20 characters long. Venmo asks you to verify your phone number, email address, and bank account.

The standard bank transfer through the ACH network to a verified checking account typically takes one to three business days to arrive. You can also choose an instant transfer to a bank account or debit card (incurs a 1.75% fee) which arrives within 30 minutes. Venmo should work with all U.S.-based banks.

Venmo uses encryption to keep information secure. You can add additional layers of security to your Venmo account by adding multi-factor authentication and a PIN. Note: The Consumer Financial Protection Bureau raised red flags about Venmo's "debt-collection practices" through a Civil Investigative Demand in January 2021.

Venmo imposes a $299.99 spending limit, but users can submit information about their identity to increase the weekly rolling limit to $60,000.

If you accidentally send money to the wrong person, you can request a return for the money you sent by mistake. If you don’t hear back or need help sending a charge request, you can contact Venmo's support team. Venmo offers no recovery guarantees.

Read our full Venmo Review.

Best for Bank to Bank Transfers : Zelle

The Best Money Transfer Apps for 2024 (5)

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Why We Chose It

For bank-to-bank transfers, Zelle won because of its quick access and wide availability at most banks and credit unions. Users can head to a bank's website or directly to the mobile app to register with just an email address or phone number.

Pros & Cons

Pros

Widely used by many banks
You can still use it if your bank doesn't offer Zelle
Swift movement of funds
Money is federally insured

Cons

Only works with domestic banks

Overview

No other app offers such an easy bank-to-bank process. Zelle can transfer money to other Zelle users through the easy-to-use app. Users can send or request money with an email address or phone number. Recipients must have a Zelle account to send or receive money. Zelle sends a text or email and a link to accept payment.

You can find the free app through the App Store or on Google Play. Enter the amount you want to send. The money goes directly into the recipient's bank account, typically in minutes.

The Zelle app utilizes authentication and monitoring features for top security or uses your bank or credit union's mobile app.

If your bank or credit union does not yet offer Zelle, you can only send up to $500. You cannot request to increase or decrease your send limit.

You should know and trust the people you send money to because you can't cancel a payment through Zelle if the recipient already has a Zelle account. However, you can cancel a payment if the recipient hasn't enrolled in Zelle. Go to your activity page on the Zelle app, choose the payment you want to cancel, and tap "cancel this payment.”

Read our full Zelle Review.

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 offers robust safety features, payment protection, and handy tools for businesses.

Compare the Best Money Transfer Apps

App	Operating System	Minimum Transfer	Transfer Speed
WorldRemit Best for International Transfers	iOS and Android	Depends on the country you send from and the payment method used to fund the transfer	Instant
PayPal Best for Ease of Use	iOS and Android	No minimum transfer amount	Transfers occur in minutes and vary by bank. Debit card transfers may take up to 30 minutes.
Cash App Best for Low Fees	iOS and Android	No minimum transfer amount	Standard deposits arrive within three business days. Instant deposits arrive immediately.
Venmo Best for Shared Bills	iOS and Android	No minimum transfer amount	Instant
Facebook Pay Best for Small Transfers	Depends on the apps you already use	No minimum transfer amount	Instant, though the bank may take up to five days to process
Zelle Best for Bank to Bank Transfers	iOS and Android	Varies by bank/credit union Zelle partners with	Instant

In the News

In the News: Money transfers and person-to-person payments are increasingly popular. According to the Consumer Financial Protection Bureau, the total person-to-person (P2P) payment dollar volume quadrupled between 2018 and 2022.

Though money transfer apps are convenient and easy to use, not all apps are backed by the Federal Deposit Insurance Corporation (FDIC), so consumers' deposits aren't always insured. As a result, you should be careful about what apps you use and how much money you store in them.

Pros and Cons of Money Transfer Apps

Pros

Easy fund requests and payments
Multiple funding options
Quick access to transferred money

Cons

Payments vulnerable to scams
Potentially high transaction fees
Funds rarely backed by FDIC insurance

Pros Explained

Easy fund requests and payments: Money transfer apps like PayPal and Venmo allow you to quickly and easily send money to contacts in your phone or request funds with just a phone number, reducing the need to carry cash or personal checks.
Multiple funding options: Depending on the app, you can make payments or send money with several different funding options. For example, you can send money directly from a checking account or use a debit card, credit card, or even cryptocurrency.
Quick access to transferred money: Rather than waiting for a check to arrive in the mail, money transfer apps offer quick access to funds, typically within one to three days. With some apps, instant transfers are available for a fee, allowing funds to be transferred within minutes.

Cons Explained

Payments vulnerable to scams: Most payments are nearly instant and unable to be canceled or reversed. Scammers have repeatedly taken advantage of this feature to convince unsuspecting people to send payments to bad actors.
Potentially high transaction fees: Fees vary by platform and type of transaction, but the costs can add up, particularly if you routinely request instant access to transferred funds or link your accounts to plastic.
Funds rarely backed by FDIC insurance: If you store your money with a money transfer app, you should know that the FDIC does not insure the funds. If the platform fails, you could lose the money in your account.

The Federal Reserve reported in 2021, its most recent survey, that 46.4% of all households use online payment services like Cash App, PayPal, and Venmo.

Alternatives to Money Transfer Apps

Money transfer apps can be helpful when splitting a dinner bill or paying your dog walker. But they're not appropriate for all situations. In some cases, you may need to use an alternative method to send money or pay for services.

Cashier's Checks

When making a significant, high-dollar purchase—such as buying a home or car—you may need a cashier's check to complete the transaction. The bank guarantees cashier's checks, so there's no risk of the check bouncing when it's cashed. Banks typically charge a moderate flat fee per cashier's check.

Money Orders

Money orders are a safer alternative to personal checks or cash. You can purchase a money order at any post office and at some banks, and each domestic money order can be up to $1,000. At the time of purchase, you'll receive a receipt that you can use to track the payment in case the money order is lost or stolen. A small fee applies for each money order purchased.

Personal Checks

For routine transactions, such as paying rent or utility bills, a personal check is an acceptable form of payment. It may take longer than other payment options since it may have to be mailed and cashed, but there are no fees with personal checks, and the money is withdrawn directly from your checking account.

Money Transfer Services

Money transfer services, such as Western Union or MoneyGram, allow those without bank accounts to transfer money or pay bills. Through a remittance transfer, customers can also use these services to send money to loved ones internationally. Remittance transfers have specific consumer-protection requirements.

Wire Transfers

If you need to securely transfer large sums—such as money to cover the closing costs on a home—a wire transfer is a popular choice. It allows you to transfer money electronically from one bank account to another, but your bank will likely charge you fees to complete the transfer. Review your account's deposit agreement or schedule of fees to find out what bank fees may apply.

Frequently Asked Questions

What Is the Best Money Transfer App?
No one money transfer app is best for everyone (or for every situation). For example, Zelle, one of our top picks, is an excellent choice for those that want to move money quickly from one domestic bank account to another; WorldRemit is a better choice for international payments. PayPal is a relatively simple solution, while Cash App is a top choice for having low fees. You may also want to check out Venmo for sharing bills, and Facebook Pay for small transfers.
What Is the Best App for International Money Transfers?
If you need to send money to someone in another country, we found that WorldRemit is the best app for international transfers. Most transfers are completed within minutes, and you can choose from several transfer options, including cash pickup, bank transfer, or even home delivery.
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.
What Apps Allow Instant Money Transfer?
With most apps, it can take one to five business days for funds to transfer. However, the following apps offer instant transfer options, so the money is received within minutes if you pay an additional fee:
- Cash App
- PayPal
- Venmo
Zelle does not charge a fee.
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 time frame in mind so you choose the best mobile money app for you.
What Money Transfer App Is Safest?
All of our list's major money transfer apps are generally secure, using the latest encryption technology and privacy measures to protect user information. These include WorldRemit, Zelle, PayPal, Cash App, Venmo, and Facebook Pay.
However, there is still a risk of scams and data breaches, so it's important to take extra steps to protect your information. For example, enabling multifactor authentication, regularly changing passwords, and avoiding public WiFi connections can help keep your account safe.
Is Zelle Safer Than Venmo?
Both Zelle and Venmo are both generally safe. The platforms use encryption to protect account information and monitor account activity, and encrypted data is stored on servers in secure locations.
However, all money transfer apps have some level of risk. To protect yourself, verify the recipient's contact information before sending money, and only send money to those you know and trust.

How We Pick 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.

The Best Money Transfer Apps for 2024 (6)

Article Sources

Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy.

WorldRemit. "Send Money to Over 130 Countries With WorldRemit."
WorldRemit. "Bank Transfers."
WorldRemit. "Send Money From the United States."
PayPal. "What's the Maximum Amount I Can Send With My PayPal."
PayPal. "PayPal Debit Card, Direct Deposit, and Cash Load."
PayPal. "PayPal Consumer Fees."
Cash App. "Account Settings."
Cash App. "Cash App Security."
Venmo. "Instant Bank Transfer FAQ."
PayPal. "10-K Filing."
Venmo. "Personal Profile Payment Limits."
Zelle. "Is There a Limit to How Much Money I Can Send?"
Consumer Financial Protection Bureau. "Analysis of Deposit Insurance Coverage on Funds Stored Through Payment Apps."
Federal Bureau of Investigation. "Cybercriminals Trick Victims Into Transferring Funds to 'Reverse' Instant Payments."
Consumer Financial Protection Bureau. "Helpful Tips for Using Mobile Payment Services and Avoiding Risky Mistakes."
Consumer Financial Protection Bureau. "Consumer Advisory: Your Money Is at Greater Risk When You Hold It in a Payment App, Instead of Moving It to an Account With Deposit Insurance."
Federal Reserve. "2021 FDIC National Survey of Unbanked and Underbanked Households."
FDIC. “Deposit Accounts."
United States Postal Service. "Sending Money Orders."
Consumer Financial Protection Bureau. "What Is a Wire Transfer?"

Venmo Teen Debit Card Review 2024 Best Ways to Send Money as a Teen How Safe Is Venmo and Is It Free? Remittance: What It Is and How to Send One What Is PayPal and How Does it Work? What Is an ACH Transfer? How It Works

Related Terms

What Is PayPal and How Does it Work?

PayPal is an electronic commerce company that facilitates payments between parties through online funds transfers.

Remittance: What It Is and How to Send One

A remittance is a sum of money sent to another party, usually in another country. Remittances are a major source of income for people in poor nations.

What Is a Money Order, How Does It Work, and How Do I Get One?

A money order is a secure alternative to cash or a personal check. It works similarly to a check, and is usually issued by governments and banking institutions.

Unified Payments Interface (UPI): Definition and How It Works

A Unified Payments Interface (UPI) is a smartphone application which allows users to transfer money between bank accounts.

What Is a Wire Transfer? How It Works, Safety, and Fees

A wire transfer is an electronic transfer of funds across a network administered by hundreds of banks around the world.

What Is Online Banking? Definition and How It Works

Online banking allows a user to conduct financial transactions via the Internet. Online banking is also known as Internet banking or web banking.

The Best Money Transfer Apps for 2024 (2024)