According to Research and Markets, money transfer apps are expected to account for 20% of financial transactions worldwide by 2028.
Also known as mobile payment and peer-to-peer (P2P) apps, money transfer apps marry convenience and security, allowing users to shop online, make contactless payments and send money to friends digitally.
CNBC Select has chosen the best apps for sending money in various categories. Read our methodology for more on how we made our selections.
Best for paying friends: Venmo
Who's this for? Widely used and intuitive, PayPal-owned Venmo is great for splitting a check or repaying your pal for concert tickets. All you need is their phone number, email or Venmo handle.
Standout features: Users can comment on friends' transactions, while parents can set up a Venmo Teen Account for kids 13 and older. Venmo credit card earns rewards in your most popular categories.
Venmo
Cost
Free from a linked bank account, debit card or Venmo account; 3% fee if sending money by credit card
Transfer speed
Instant transfer to Venmo balance; 1 to 3 business days for free direct deposit or instant transfer to your bank account for 1.75% fee (minimum: 25 cents, maximum: $25)
Standout features
Venmo debit and credit cards; Users can interact with friends' payments (including with stickers and emojis). Venmo Teen Accounts available for kids 13 and up
Availability
Available for iOS and Android. Only compatible with U.S. bank accounts and phone numbers.
Security features
Multi-factor authentication when logging in, QR code reader to ensure you have the correct account before sending money.
Terms apply.
Pros
- Easy-to-use interface and large user base
- Can link to online merchants and apps like Uber and Seamless
- Free Venmo debit card
- Venmo credit card earns rewards in most popular spending categories
Cons
- 3% fee to use a linked credit card
- 1.75% fee for instant cashout
- Can't cancel sent payments
- No website interface
Transfer limits: Unverified users can send up to $299.99 per week to merchants or friends and transfer up to $999.99 into a bank account. Verified users can transfer up to $5,000 per transaction and up to $60,000 per week.
Cancellation policy: Venmo transactions can't be canceled or adjusted once they've been completed.
Best for ease of use: Cash App
Who's this for? Cash App lets you send funds with just an email address, phone number or unique Cashtag handle. For a $1 fee, you can add money to your Cash App balance at any Dollar General store.
Standout benefit: Users can invest in stocks and Bitcoin. If you file with Cash App Taxes, you can have your tax refund deposited into your Cash App account.
- Free debit card available
- Free ATM withdrawals with direct deposit of at least $300 a month
- Users can invest in stocks and buy and sell Bitcoin
- 3% processing fee if paying with a linked credit card
- Instant cash-outs subject to fee of between 0.5% and 1.75%
- Cash and savings balances are only FDIC-protected if you have a Cash App card (or sponsor an active sponsored account).
Maximum transaction amount: Unverified Cash App users are limited to $1,000 on a rolling 30-day period, while verified accounts can transfer up to $40,000 within a rolling 30-day period.
Cancellation policy: Cash App transactions are typically instant and can't be reversed. There are some exceptions, including for pending payments, recipient refunds and stock orders that haven't been executed.
Best for larger payments: PayPal
Who's this for? Available online or as a mobile app, PayPal has a generous $60,000 transfer limit for verified accounts, making it ideal for large payments.
Standout benefits: Unlike many other P2P apps, PayPal offers purchase protection on some transactions. Users can transfer money in more than 160 countries via PayPal's Xoom app.
PayPal
Cost
Free to download the app; $0 to make purchases using a bank account or your PayPal balance; $0 to transfer money to friends and family; 2.9% + $0.30 transaction fee to pay business/contractor invoices
Transfer speed
1 business day or instant transfer with 1.75% fee
Standout features
PayPal Credit lets qualifying users pay for purchases over $149 over six months interest-free
Links to accounts
Yes, bank accounts and credit cards
Availability
iOS and Android; available in more than 200 countries and regions
Security features
Two-step authentication, data encryption, email confirmations for every transaction
See our methodology, terms apply.
Pros
- Widely used by individuals and businesses alike
- Flexible payment options with the ability to finance large purchases over six months interest-free with PayPal Credit (APRs vary)
- High transfer limits: send up to $60,000 in a single transaction (depending on eligibility)
Cons
- International transfers can get pricey ($2.99 to $4.99, plus 2.9% of the transaction amount and an additional fee based on location)
- Fee structure is more complex than other money transfer apps
Maximum transfer amount: You can transfer up to $4,000 per transaction with an unverified PayPal account or up to $60,000 if you are verified.
Cancellation policy: Pending transactions may be canceled, especially between PayPal accounts. Buyers can request a refund within 180 days, but the seller can approve or deny any request.
Best for cash pickup: Western Union
Who's this for? Western Union is your best option if you're sending money to someone who wants the funds in cash, especially in countries with limited banking infrastructure.
Standout benefits: Western Union's agent network spans 200+ countries and territories. When funded by debit or credit card, transfers sent for cash pickup can arrive in minutes. Recipients can also receive funds via bank deposit or mobile wallet, which gives senders flexibility.
Western Union
Fees
Exchange rate markup and fees vary based on the amount, delivery method and destination
Transfer speed
Varies depending on payment method; Can send within seconds
Standout features
More than 500,000 cash-pickup locations servicing over 200 countries and territories
Transfer limits
Up to $50,000 per day
Payment options
Bank account, debit card, credit card, cash payment at agent locations
Delivery options
debit card, mobile wallet, bank account deposit, cash pickup at agent locations.
Terms apply.
Pros
- Can transfer up to $50,000 per day
- Over 500,000 cash pickup locations
- No transfer fee for first international transfer
Cons
- Exchange rates include markups
- Service fee for using credit card as payment method
Maximum transaction amount: Up to $3,000 per day for unverified accounts and up to $50,000 per day for verified accounts, across online, app, and in-person transfers. Cash pickup limits may vary by agent location and destination country.
Cancellation fee: Transfers can be canceled for a full refund within 30 minutes of sending, provided the funds haven't been picked up or deposited.
Best for sending money internationally: Remitly
Who's this for? Remitly allows you to transfer money to more than 170 countries and territories via over 100 currencies.
Standout benefits: There's no foreign exchange fee on your first transfer.
Remitly
Fees
Free to download. Exchange rate markup varies by country
Transfer speed
Express: Within minutes. Economy: 3-5 business days
Standout features
Home delivery is available in some countries
Payment options
Wire transfer, debit card, mobile wallet, Apple Pay, Google Pay
Delivery options
Bank account deposit, debit card, mobile wallet, cash pickup at partner locations
Transfer limits
No minimum and up to $100,000 in a single transaction
Terms apply.
Pros
- Over 350,000 cash pickup locations
- Waived fees and lower exchange rates for new customers
- Home delivery is available in some countries
Cons
- Extra charge for using credit card as payment
- Express transfer fees as high as $93.99 (for transfers of $9,000 or more)
Maximum transfer amount: Up to $300,000 per transfer from the US, though limits vary by destination country and delivery method. Additional documentation may be required for larger transfers.
Cancellation policy: Remitly can cancel a transfer as long as the funds have not been picked up or deposited. Refunds are processed immediately upon cancellation but may take up to 10 business days to appear, depending on your payment method and bank.
Best for using at checkout: Apple Cash
Who's this for? Apple's sheer ubiquity makes it easy to use Apple Cash at stores, restaurants and other real-world locations that accept Visa or Apple Pay.
Standout benefits: With Apple Cash Family, parents can limit who their children can send money to, lock their accounts and receive notifications about transactions.
Apple Cash
Cost
No charge for standard transfer of funds to or from linked bank account or debit card
Transfer speed
One to three business days for a standard bank transfer. For a 1.7% fee, instant transfer is available within minutes with an eligible debit card.
Standout features
Apple Cash offers a seamless experience, with funds sent and received through iMessages, Apple Wallet and Tap to Cash. Members can use their Apple Cash virtual card number to pay online vendors that don't accept Apple Pay.
Links to accounts
Yes, bank and debit cards (no credit cards)
Availability
Only available in the U.S. with other Apple devices and U.S.-based bank accounts and phone numbers; Not compatible with Android
Security features
Apple Pay uses two-factor authentication at setup and advanced features like Face ID and Touch ID to authenticate transactions. Apple Cash transfers are serviced by a Green Dot bank and federally insured up to $250,000
Terms apply.
Pros
- Send and receive money directly through iMessage
- Apple Cash transfers are guaranteed by FDIC up to $250,000
- Virtual debit card can be used for online purchases wherever Visa is accepted
Cons
- Only compatible with other Apple users in the U.S.
- Can't link your account to a credit card
- 1.7% fee for instant transfers to bank account or debit card
Maximum transfer amount: Transfer up to $10,000 per transaction from Apple Cash to your bank account and up to $20,000 total within seven days.
Cancellation policy: Payments can only be canceled before they've been accepted. If you've sent money to the wrong person, you may ask them to return it. If the receiver doesn't accept the payment within seven days, the funds are automatically returned to you.
Best for bank-to-bank transfers: Zelle
Who's this for? Zelle instantly transfers money between accounts from thousands of participating banks and financial institutions. There are no fees and no need to download a separate app.
Standout benefits: Funds arrive in minutes and transfers are protected by participating bank security protocols.
Zelle
Cost
Free (but check with your bank to ensure it doesn't charge an additional fee)
Transfer speed
Instant: transactions typically occur in minutes when the recipient's email address or U.S. mobile number is already enrolled with Zelle
Standout features
No need to download an extra app; Zelle is already included with most mobile banking apps
Links to accounts
Yes, to U.S. bank accounts
Availability
iOS and Android; must have U.S. bank account linked to an email address or compatible U.S. phone number
Security features
The Zelle app uses authentication and monitoring features to make your payments more secure
Terms apply.
Pros
- Fastest money-sending method (when both sender and recipient are signed up)
- Compatible with hundreds of U.S. banks and credit unions
Cons
- You can't link your account to credit card to use as payment method
- You can't send money to international bank accounts
- Recipients must sign up for Zelle to receive money (if the recipient doesn't enroll within 14 days, the payment will expire, and the funds will be returned to your account)
Maximum transaction amount: Depends on your bank.
Cancellation fee: Payments can only be canceled if the recipient hasn't enrolled with Zelle yet.
How do money transfer apps work?
Money transfer apps, also known as digital wallets, peer-to-peer (P2P) payment services and mobile payment devices, allow you to send and receive funds electronically without a checkbook, paper money or credit card. Funds can be sent between account holders or to or from a traditional bank account.
While you need to be 18 to open a money transfer account, apps like Venmo and Apple Cash have sponsored accounts for users as young as 13.
What to look for in a money transfer app
Most money transfer apps operate the same way, but there are features you may want to explore, depending on your needs:
- A user-friendly interface
- High transaction limits
- Quick deposit turnaround
- No fee for a standard cashout
- Two-factor authentication and other security features
- Support for international money transfers
You may also look for an app that offers optional add-ons like bill-splitting, investing, budgeting and Bitcoin buying.
How much do money transfer apps cost?
All of the apps we've recommended are free to download and use if linked to a bank account. Deposits generally clear in one to three business days but users can pay a fee to expedite the process.
There is also usually a charge if you link your app to a credit or debit card, usually 3% of the transaction amount.
The price of international money transfers varies by currency and app, but you may be able to save money by choosing standard over express deposit.
Be sure to check all applicable fees before using any money transfer app..
Are money transfer apps safe?
Money transfer apps are arguably safer than cash, since they can't be lost and most require you to create an account and password to verify both your identity and the person you are sending money to.
Since no one sees your account numbers and you can't accidentally leave your app somewhere, they're also safer than checks and credit cards.
You'll need to verify your name, age, and the last four digits of your Social Security number, and the system uses data encryption and multi-factor authentication tools to add security.
However, the burden is on you to be sure you're sending money to the right person. Some apps have additional safeguards — like QR codes, unique user IDs or profile pictures — but it's difficult to impossible to reverse a transfer once the transaction is complete.
Money transfer app FAQs
Do money transfer apps cost money?
Venmo, PayPal and Cash App are typically free if you link them to a bank account and allow up to three days for a deposit to clear. There are fees for expedited deposits, however, and for linking your account to a credit or debit card.
What's the difference between Apple Cash and Apple Pay?
Apple Cash is a digital card that can be used to send and receive payments electronically. Apple Pay is a digital platform that allows you to use money-transfer apps — including Apple Cash, Venmo and others — to pay for goods and services.
How can I transfer money from Apple Pay to Cash App?
Because they use different operating systems, you can't directly transfer money from Apple Pay to Cash App. You can, however, deposit money from Apple Pay into your bank account and then use Cash App's "Add Cash" feature to deposit it.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed financial decisions. Every review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of personal finance products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
Our methodology
To determine the best money-transfer apps, CNBC Select analyzed more than 20 providers and narrowed our choices by:
- Pricing: Every app on our list offers free standard checking account transfers and reasonable fees for instant cashout and linking to a credit or debit card.
- Security: We chose apps with at least two security features, including two-factor authentication and fraud detection.
- Transaction limits: Apps were weighed more heavily if they have higher-than-average limits for one-time, daily, weekly and monthly transactions.
- Transfer speed: The apps on this list clear transfers with five business days or less
- Special features: We weighed an app more heavily if it had standout features like budgeting and investing tools, flexible payment options and parent-monitored accounts for children.
- Customer satisfaction: All of our selections earned at least an A from the Better Business Bureau and positive TrustPilot reviews.
We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.
Based on this criteria, our picks for the best money transfer apps are:
- For paying friends: Venmo
- For ease of use: Cash App
- For larger payments: PayPal
- Best for cash pickup: Western Union
- For sending money internationally: Remitly
- For using at checkout: Apple Cash
- For bank-to-bank transfers: Zelle
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