From paying bills to splitting bar tabs, money-sending apps have made it easier than ever to do anything. In recent years, these apps have become increasingly popular, and now there is a range of choices to choose from.
The best money-sending app for you depends on your unique situation, including what you are using the app for and to whom you are sending the money.
This article covers five methods of sending money electronically. Read on to find out which one is best for you.
Venmo
Venmo, owned by PayPal, allows you to send cash and do other functions, such as paying with your phone at participating companies. To move money for free with Venmo, you must use a funding source like a bank account or money you have collected from others via the app.
Venmo is restricted to use within the US, and users cannot send more than $4,999.99 in a seven-day period.
CashApp
CashApp, previously known as Square Cash, is offered by parent company Square, best known for supplying small businesses with payment processing platforms. With CashApp and a connected debit card, you can immediately send and receive funds.
There is no charge for using the service with a personal account, but when you use the company version, there is a 3% fee. CashApp only deals with debit cards, so if you prefer to use a credit card this app isn’t the best fit.
If you want to play with small-scale investments, CashApp also allows you to invest in stocks and cryptocurrencies, which is a neat function.
Apple Pay
Apple Pay offers several ways to send money. Through the Messages app, you can use your iPhone, iPad, or Apple Watch to send money. Click the “Apple Pay” icon to open a conversation with the person you wish to send money to, enter the sum you want to send, and tap “Pay,”.
You will be asked to validate your payment by using Face ID, Touch ID, or your passcode. Your iPhone or Apple Watch can also be used to ask Siri to transfer money to one of your contacts.
In a single transaction, you can send anywhere from $1 up to $10,000 in a seven-day cycle. While you can use Apple Pay to make payments in various countries, you can only use it to send money inside the US.
USForex
USForex is challenging to beat, whether you need to submit substantial cash sums at home or abroad. USForex accepts all major currencies and allows you to lock in an exchange rate.
You’re not charged a transfer fee if you submit an amount above $5,000. Anything below that amount incurs a flat transfer fee of $5.
While USForex provides the flexibility of both its online service and a mobile app, if you need someone to transfer for you, you can also call them and have one of their dealers help you with your transaction.
Zelle
Zelle is an app for sending money that allows for direct bank-to-bank transfers between people. You can transfer money within the same business day if you and the person you send funds to have accounts with a participating bank.
In many other cases, individuals can transfer funds via Zelle inside their banking app rather than having to download a separate app. The service is free, and in a matter of minutes, funds can be received into your account.
Conclusion
Remember to take all the appropriate precautions to ensure that the transfer is safe before sending money to someone via your phone, computer, or other devices.
Be sure to hold onto the receipt or proof of transfer if you make a transfer until the receiver acknowledges that they have obtained the funds and can access them. This way, you can have evidence of the transfer if a problem occurs.