The 7 Best Money Transfer Apps of 2022

How it works: You need an email address or a phone number to send money. The sender and recipient don’t need to be customers of the same bank; they only need to both be enrolled in Zelle.

In most cases, you’ll need your regular online banking user name and password to enroll and link accounts within Zelle. However, if you want to use the Zelle app — instead of initiating transfers using your bank’s app — you’ll need a separate login.

If you don’t have a smartphone, you can also send money using Zelle through your bank’s website.

Fees: Zelle charges no fees for sending or receiving money. However, individual banks might have a fee.

Pros/Cons: The fact you probably already have the capability of using Zelle within your online or mobile banking app or line is a definite plus. The only thing you need to do is to sign up using an email or mobile phone number and you can start sending and receiving money right away. The fact that transfers are also almost immediate is a good thing because you get paid quickly; just make sure you’re sending money to the right person. It is not possible to use a credit card with Zelle, just linked bank accounts.

How it works: To send money, you need to know the recipient’s email address, phone number or unique ID the app calls a $Cashtag. 

When you sign up, you’ll need to link at least one bank account to the app. You can also store funds in the app and treat it like a traditional bank account, with a fee-free debit card and early access to direct deposits.

Fees: There are no fees to send or receive money between friends if you have a linked bank account or debit card with accepted financial institutions. There is a 3% fee to send money using a credit card.

Like the other apps, Cash App is secure, and transferring your money to your bank account is free but can take a few days. Instant cash outs will cost 1.5% with a $0.25 minimum.

Cash App allows you to use your money to buy stocks or convert dollars to Bitcoin, but there are fees associated with these services.

International transfers: Cash App is mostly used within the United States, but it can also be used to facilitate transfers between the US and the United Kingdom.

Pros/Cons: Cash App markets itself as more than just a money transfer app. The app also has a banking-type feature that allows users to receive their paychecks and other direct deposits earlier than most banks. But be aware, the money you leave in the app isn’t insured. While Cash App is growing in popularity, you won’t find as many users with the app as you would with competitors like Venmo.

How it works: PayPal is secure, and you can send money domestically and internationally, although fees apply for international transfers. You can also use PayPal online and through the phone app. To send money via PayPal, you’ll need to know the email address or mobile number of the person you’re sending money to. 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. You won’t pay any fees if you’re sending money from a linked bank account or through the app. However, if you want to use a credit or debit card, you’ll pay a 2.9% fee (plus a transaction fee if you’re using a currency other than the U.S.). 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% fee. You can also have PayPal mail a paper check to you for $1.50.

International transfers: You can transfer money internationally, but if you’re sending money to someone outside of the U.S., be aware that you’ll be subject to a different fee structure. 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. PayPal’s fees are on the higher end, especially for business users.

How it works: You can send money to anyone, as long as they also have a Venmo account; due to its popularity, you’re more likely to find Venmo users than users of other P2P cash transfer apps. To transfer, you just need their mobile number, email address or handle. Users can also request payments.

Fees: Venmo is secure and is free to send money using a balance within the Venmo app, linked bank account, debit card or prepaid card. You’ll 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. 

If you’re short on time, you can initiate instant transfers, which carry a 1.75% fee or a minimum of $0.25 and a maximum of $25. Venmo users can also buy or sell cryptocurrencies with fees attached.

International transfers: Both sender and receiver need to have U.S. bank accounts, so sending money abroad isn’t possible.

Pros/Cons: The fact that Venmo feels like social media can be good or bad, depending how you look at it. Others you are connected to will know who you’re conducting business with and when. For those of us who are bad at math, a function of the app will help you split bills. It’s also easy to request money from people within the app.

How it works: Meta Pay (formerly Facebook Pay) isn’t a standalone app, but rather an enhancement to those primary social media apps, so you’ll need to set it up in each app.

To set up Meta Pay:

Instagram: You can first set things up on Facebook or Messenger and then connect the payment info through the Instagram app, or you can set it up directly in the Instagram app.

Messenger: You can connect your Meta Pay information to Messenger or set it up in the Messenger app. Once everything is working, you just attach a payment like you attach a photo. 

Portal: Just connect your existing Facebook Pay information to Portal or you can do it separately.

Meta Pay is secure, but if you want added security, you can create a PIN or use your device’s biometrics security every time you make a payment.

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. 

Pros/Cons: It’s super-convenient to be able to send money, donate money, and buy things from whatever app you might be using and familiar with. 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. Meta continues to face controversy for how it handles private information; carefully consider adding banking information to your account.

How they work: Originally designed as digital wallets, Apple Pay and Google Wallet (formerly Google Pay) now also handle peer-to-peer payments, which means you can send or receive money if you have the other person’s email address or phone number.

Google makes peer-peer-payment using debit card information. The app has a rewards program where you can earn cashback rewards if you activate certain offers. Some offers might include cash back with a minimum spend at places like REI, Target or Warby Parker.

Apple goes a step further and allows you to pay someone in the iMessages messaging app. Apple Pay is built into devices, so there is no separate app to download. Apple says more than 85% of retailers in the United States accept it.

Fees: No fees for transfer of money to family or friends and also no payment when you use the app to pay for purchases.

Pros and Cons: The apps are easy to set up and use and they keep a good record of what you’ve spent and where. Security is top-notch with either option. Some users say the communication about platform changes along with terms and conditions could be better.