Money transfer platforms, also known as peer-to-peer money transfer apps, provide a secure, convenient, quick, and cheap way to transfer funds between entities or individuals. These platforms use a digital wallet to link to a bank account or credit card, making electronic payments and transactions faster and easier with just a few taps on the mobile phone. There are various types of money transfer apps, but the best ones guarantee secure payments, no hidden fees, and high store ratings. Moreover, they cater to specific consumer needs such as digital wallet options, social features, international payments, and more.

Remitly
The Remitly app for Android and iOS specializes in international money transfers. One can send secure and fast transfers to over 145 countries. One can get access to multiple payment methods, including credit cards, debit cards, and banks. So, One can choose as per convenience. Depending on the country one sends funds to, there can be several collection methods, including mobile money, home delivery, or cash pickup. One can employ the Remitly app to view the live exchange rates. This online money transfer app also lets the user set alerts to help snap a great rate at the right time. The user can also get support in multiple languages, receive money, and track transfers. There is a fee involved in international money transfers, but it depends on the country and currency. One may also pay a fee based on the collection or payment method and the delivery speed. Exchange rates may also include a mark-up. The app typically has promotions and offers for new customers. So, one can save big on the first transfer.

PayPal
PayPal offers secure, versatile, and easy-to-use money transfer tools. It lets the user transfer money from a bank account, PayPal balance, and Amex Send account for free. Alternatively, one can use the PayPal Instant Transfer to send funds immediately at a small fee. The app is available for Windows, Android, and iOS. It takes only a few minutes to download the app and get started with money transfers. For a secure and quick payment, the user can share the PayPal.Me link. With PayPal’s invoice creation feature, one can also track and tailor the invoice sent.

PayPal lets one send up to $60,000 per week. However, PayPal limits the transaction to $10,000, depending on the currency used. If one sends money to the wrong person, one can instantly contact customer support and seek a refund. However, if the individual does not respond, one can lodge a dispute in the Resolution Center.

PayPal has a PayPal Cash Card, their proprietary debit card, via which one can withdraw and spend money from the PayPal balance. The daily ATM withdrawal limit is $400 (maximum of 30 transactions per day), and the daily spending limit is $3000. It is one of the best money transfer apps and charges 2.9 percent + fixed fee to send money via credit card. However, to send international transfers, PayPal charges 5 percent.

Wise
Wise is one of the top-rated apps for bank-to-bank transfers at the mid-market rate with zero hidden fees. It is available in over 50 countries and lets the user send money in over 70 currencies at the mid-market rate.

Wire is very pocket-friendly for small transfers below $7000. They also keep the charges low with local bank accounts in the countries where they function. It implies there is little to no hidden fee for the users. One bears a fixed fee of 0.61 percent of the amount and mid-market exchange rate on Wire transactions. Further, Wire also offers a multi-currency account review for business and personal uses that lets one manage, gold, and convert between 50+ currencies.

Cash App
Owned by Square Inc., Cash App is lauded for its low fees, as it lets the users send money instantly via their mobile app for free. It allows different money transfer types and stands out for its simplicity, minimal fees, and ease of use. Further, the platform offers unique options absent in other online money transfer apps. For instance, investment options, selling or buying Bitcoin, or getting exquisite savings with cash boosts.

Zelle
Zelle enjoys the reputation of being the most straightforward money transfer app. It simplifies money transfers directly to or via an account by eliminating the need for a separate profile or virtual wallet. It has partnered with all prolific American banks to receive and send funds quickly between verified accounts. A pro of transferring money directly through an account is that the money is insured by the Federal Deposit Insurance Corporation, unlike the funds in the Venmo or PayPal balance. These, while encrypted, are not FDIC-insured. FDIC comes into play if a bank fails, making Zelle a reliable medium to send across payments.

Every financial institution sets its money-sending limit with Zelle. For instance, one cannot send over ten transfers or $ 3,500 in a day when transacting with Bank of America. Further, every bank does not offer Zelle. However, one can still download the mobile app if the bank does not offer Zelle. In this case, one can send only $500 per week.