Having tangible cash in your wallet isn’t necessary to fund your life, especially when you utilize money-transfer apps. The following apps allow you to send money digitally so you don’t have to stop at the ATM when surprise expenses (or splurges) happen. Since there are so many apps available, it is important to be discerning when choosing one to use so it truly fits your money-transferring needs.
“The best money transfer apps collect high app store ratings, help app shoppers shell out money safely, and involve no hidden fees,” according to Melissa Brock, writer for Investopedia.com. “They also fit consumer-specific needs, such as international payments, social options, virtual wallet offerings, and more.”
When you think of a money-transfer app, PayPal probably comes to mind. Why? Because it’s a super popular, user-friendly option. According to Spencer Tierney, writer for Nerdwallet.com, PayPal ranked in his outlet’s category of most popular online thanks to its high transfer maximum and widespread adoption with more than 400 million accounts in use across the globe.
You can transfer money free of charge from your PayPal account, as long as it has a balance, or from an account at a financial institution. “Paying with a credit card — and unlike other providers, a debit card — carries a fee: 2.9 percent of the sending amount plus 30 cents,” Tierney adds.
When you’re chipping in for a group gift, paying back a friend, or splitting a restaurant or vacation bill, Venmo is a great way to exchange money with your crew. It works from your smartphone and offers an instant transfer option, according to Eric Rosenberg, writer for TheBalance.com. Be aware though, it does charge a 3 percent fee if you use a credit card to send funds, and don’t forget to manually adjust settings for privacy.
If you’re looking for an app that charges a minimal amount to use it, consider downloading the Cash App. The simple interface lets you exchange money without a high fee, and it’s a quick process. “Cash App won because of its low 1.5 percent fee (minimum of $0.25) and flexibility — including the ability to buy and sell bitcoin straight from your Cash App balance,” says Brock.
If you regularly use Google Accounts and services like Gmail, you can benefit from the no-fee way to send money via Google Pay. Unlike some apps, you can use both your smartphone and laptop to complete a transaction. It’s not perfect, though; as Rosenberg points out, it may not be as popular as other apps, and when using a banking account to transfer money it can take up to five days to appear.
“Like most Google products, it is well designed and easy to use. It works with the dedicated Google Pay app or through other integrated Google services,” he adds. “There are currently no fees to use Google Pay except when transferring money out to a debit card.”
Transferring money is easier than ever with these apps. Choose one that best fits your needs and you’ll feel more in control of your transactions!