Transferring money via smartphone app is safe, easy and convenient, but not all apps are created equal.
So how do money transfer apps work?
All you need is their mobile phone number or email address.
Some payments are free, but others have fees, which often depends on how you fund the transfer.
Some apps allow you to store money with their service for easy access.
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All of the apps are available wherever you usually get apps for your phone.
It all depends how you plan to use them.
Chances are, youll use different ones for different purposes.
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Fees:Zelle charges no fees for sending or receiving money.
However, individual banks might have a fee.
It is not possible to use a credit card with Zelle, just linked bank accounts.
When you sign up, you could link a bank account to the app, but its not required.
Plus, you could invest in stocks and Bitcoin, all within the app.
Most transfers take only minutes.
There is a 3% fee to send money using a credit card, however.
Instant cash outs will cost 0.5% to 1.75%.
Cash App allows you to use your money to buy stocks or convert dollars to Bitcoin.
Pros/Cons:Cash App markets itself as more than just a money transfer app.
you could use PayPal online and through the phone app.
Both the payer and the recipient will need PayPal accounts to transfer money.
People can also request payments through PayPal.
Fees:The fee structure for PayPal can get confusing.
Those transaction fees vary.
Transferring your PayPal balance to a linked bank account is free, but can take a few days.
Instant transfers are available for a 1.75% fee.
it’s possible for you to also have PayPal mail a paper check to you for $1.50.
PayPal also offers business accounts for different fees.
Pros/Cons:PayPal has protections in place to keep you from losing money.
If either the sender or recipient has an issue, PayPal will put a hold on funds.
PayPals fees are on the higher end, especially for business users.
To transfer, you just need their mobile number, email address or handle.
Users can also request payments.
Youll pay a 3% fee when you use a credit card to send money.
Transferring money from Venmo to your linked bank account is free with a standard transfer.
This could take some time, usually 1-3 business days.
Venmo users can also buy or sell cryptocurrencies with fees attached.
Others you are connected to will know who youre conducting business with and when.
Its also easy to request money from people within the app.
The major downside is the instant transfer fee.
Once everything is working, you just attach a payment like you attach a photo.
Fees:There is no fee to send or receive money through Meta Pay.
International transfers:Meta Pay is expanding to other countries outside of the United States.
You might want to set up extra security features just in case someone gets a hold of your accounts.
Customer support is available 24/7 via chat or email.
Google Pay
How they work:The evolution of Google Pay has been a roller coaster.
Youll be forgiven if you arent a little confused.
But fans of Google may find Google Pay relatively straightforward.
The app also has cool features that help you track your spending.
The built-in cashback rewards program is also a homerun for shoppers who remember to check what deals are available.
There isnt a fee to transfer to your bank account.
Pros and Cons:Google Pay is widely accepted and makes it easy to send money and split bills.
Security is top-notch, and the cashback rewards are a nice touch.
Its been challenging to keep up with the constant changes to the Google Pay/Google Wallet family, however.
How Long Does It Take to Transfer Money With an App?
Peer-to-peer money transfers in apps generally take just a few minutes.
That can take much longer, typically 1 to 3 days.
Check exchange rates in each app when you send money internationally.
Beware: Fees for international money transfers can be high.
The money transfer apps make it easy to relieve that stress by paying up.
Just check that you send money to the right person.
Once you tap send, its sometimes difficult to get the money back.
Each of the money transfer apps on our list is a strong performer.
Zelle provides instant transfers between bank accounts for free.
Most of the other apps will do instant transfers, but there is a cost associated with them.
Sadly, that depends on the app.
In others, you have to rely on the honesty of the wrong recipient to decline the transfer.
Its similar for PayPal.
Venmo has some services available online, but not all.
All the apps on our list offer free transfers.
Contributor Timothy Moore covers banking and investing topics for The Penny Hoarder.
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