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most used money transfer app

1. PayPal 

Dating back to 1998, PayPal has become synonymous with money transfers in the digital age It’s super easy to install and very user-friendly, plus it’s available in over 200 countries/regions and supports 25 currencies. The only downsides are that there can be high transaction fees to send money instantly and PayPal may place a hold on funds, delaying accessibility to them. Additionally, customer service can be a pain to get ahold of, largely because this app is just so incredibly popular.  

2. CashApp 

CashApp stands out in the world of money transfer apps by serving as an alternative to a traditional bank account (sans federal insurance, or FDIC, an important caveat). Users can not only bank, but file their taxes and buy stocks using their CashApp accounts. Insofar as money transfers go, CashApp allows you to pay and get paid quickly.

It’s easy and fast, but if you send cash to the wrong person, you must rely on them to send it back to you, which is a pretty big con (because who is going to send back free money?). Standard deposits are free and arrive within one to three business days. Instant deposits are subject to a 0.5%-1.75% fee (with a minimum fee of $0.25) and arrive instantly to one’s debit card. CashApp is available in the U.S and U.K. only.  

3. WorldRemit 

WorldRemit is available in over 130 countries, making it almost as popular as PayPal. Most money transfers made on this app are complete within 24 hours no matter where you’re sending the money to or from, and first-time transfers are free. After that, fees depend on one’s bank and country, and it can all get rather complicated, but it is an ideal service for international money transferring as it’s typically faster than a bank wire transfer. 

4. Venmo 

Owned by PayPal, Venmo now courts 77.7 million active members in the U.S, according to Oberlo. The popular money transfer app is a favorite way to split the bill because it makes it so easy to send cash directly from one’s bank account to someone. The cons are there have been past security concerns around privacy — make sure you lock down your privacy settings when using the app. Additionally, Venmo charges a 1.75% fee, which is a $0.25 Minimum and $25 maximum–for instant cash-out transfers to your bank account. 

5. Zelle 

Zelle could very well make the business of traditional bank wire transfers obsolete — that’s how breezy it makes bank-to-bank money transfers. The app is free to use and is implemented by most banks and a transfer only takes a couple of minutes, but the catch is it’s only been adopted by banks based in the U.S. so international users are out of luck.  

6. Wise 

Over 10 million people in over 170 countries use Wise to send, receive, spend and convert funds. It’s a great money transfer app for those looking to send money internationally because it doesn’t mark up its rates for currency exchanges. That said, it does charge higher transfer fees than other money transfer fee apps on the market. Additionally, there are fewer than 100 countries where money can be sent — less than what is available with WorldRemit. Transfer times are unpredictable, taking anywhere from a few seconds to five business days.



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