Best Mobile Money Transfer Apps of 2021

Nowadays, most banks allow you to transfer your money from one account to the other through your mobile. However, in general, banks were slow to embrace the internet. This allowed for many third parties to create money transferring tools that usually exceed banks in terms of user experience. Besides, international mobile money transfers are still a headache and usually way easier to be made with a third-party money transfer provider.

For these reasons, having a good money transfer app on your phone can facilitate your life. They are usually easier to use, have lower fees than banks, and allow easy international transfers. In this article, you will learn about the best mobile money transfer apps in 2021.

Are Money Transfer Apps Safe?

You could say that money transfer apps are safer than cash and checks. Most of these apps require you to create an account with a password and two-factor login methods (such as emailing verification codes). This allows them to authenticate your identity and the person to whom you are sending money. This makes it safer than carrying cash.

Using a money transfer apps is also safer than sending a check since it does not reveal your bank account number or routing number to the recipient. By registering for a money transfer app, you are essentially allowing anyone to make you a digital payment without seeing any of your protected account information other than your user ID or email address/phone number.

On top of all that, digital payments, unlike cash, cannot be lost. The only thing you should take is to double-check to whom you are sending the money. Sometimes it can be challenging to recover money if you sent it to the wrong person. Many of these apps created extra security features to guarantee that the proper person receives your money. Some of these features are QR-code scanning, SMS or email verification, unique user IDs, and profile photos.

Best Mobile Money Transfer Apps of 2021

So, now that you know money transfer apps are safe, it’s time to choose yours. To help you, here are the best mobile money transfer apps of 2021:

WorldRemit

Pros:

• Fast and super-secure transfer to over 130 countries
• Easy to use
• Competitive exchange rates
• Transparent fees

Cons:

• Complex fees
• Limits on large transfers to some destinations

Available for: iOS and Android

WorldRemit is a fully online money provider that allows you to move your money to over 130 countries around the globe. It offers competitive rates and fees, and no hidden costs.

With WorldRemit, you can transfer money to recipients in only 10 minutes. Most transactions are completed within 24 hours, regardless of where the beneficiaries are located. A great differential is that this app also allows you to send money in many ways: cash pickup, bank transfer, mobile money, and airtime top-up.

This money transfer app is available for iOS and Android mobiles. Most debit, credit, and prepaid cards issued by Visa or Mastercard are accepted by WorldRemit. WorldRemit also welcomes Klarna, Trustly, POLi, Apple Pay, and other payment methods.

The Financial Conduct Authority (FCA) has certified WorldRemit, and it sets a high priority on security by employing stringent verification methods. It allows transfers of up to $9,000 every 24h, depending on which type of payment you select. In some countries, it also provides a WorldRemit Wallet, which can be used to send and receive money.

PayPal

Pros:

• Name and brand awareness elevates trust
• Easy to use
• Fast and secure transfer to over 130 countries

Cons:

• High fees
• Might hold money
• Difficult customer service

Available for: iOS, Android, and Windows.

PayPal's money transfer tools are flexible, safe, and simple to use, setting it apart from competitors. You can send money from a PayPal balance, a bank account, or an Amex Send account for free. For a charge, you may also use PayPal Instant Transfer to send money right away.

PayPal Money Pools is a feature that makes it simple for individuals to add to a group collection. For a quick and safe payment option, you can share a PayPal.Me link. You may also personalize and track each invoice you send using PayPal's invoice generation function. With PayPal, you can transfer up to $60,000, but depending on the currency you select, your transaction might be limited to $10,000.

When sending money via credit card, users pay 2.90% plus a fixed fee. When utilizing a PayPal balance, a bank account, or an Amex Transfer account to send international personal transactions, PayPal charges a 5% fee. For international transactions done with credit cards, the costs are 7.90% plus a fixed fee.

Venmo

Pros:

• Offers a social way to split money
• Instant transfers
• No need to add money to Venmo to make transfers

Cons:

• Past security issues
• No Federal Deposit Insurance Corporation (FDIC) insurance
• Charges a fee for instant transfers to your bank account

Available for: iOS and Android

Venmo combines the best of both worlds by allowing you to send and receive money quickly and easily while also providing a possible "parking spot" for your cash. Venmo money may be spent, sent, or transferred to your bank account. This app also makes the experience funnier by allowing you to add emojis and animated stickers to your transactions.

Most transactions are free of fees, but Venmo does charge a fee of 3% of total transfers via credit card. For immediate cash-out transactions to your bank account, which take only up to 30 min to be finalized, Venmo charges a 1% fee ($10 maximum). A regular bank transfer to a confirmed checking account via the ACH network generally takes one to three business days to arrive. Money can be kept in Venmo or a bank account.

To keep information safe, Venmo employs encryption. Multi-factor authentication and a PIN can be added to your Venmo account to provide extra levels of protection.

Venmo has a $299.99 spending cap, but users can submit information about their identity to raise the weekly limit to $4,999.99.

TransferWise

Pros:

• Solid mid-market rates that are fixed for 24/48 hours
• Simple to use
• Transparent fees and costs

Cons:

• Difficult customer service
• Not great for large money transfers

Available for: iOS and Android

TransferWise is a peer-to-peer money transfer business. It currently operates in 59 countries, with ambitions to expand further in the next years. The company provides uncomplicated money transfer services as well as a multi-currency account option. This allows you to keep more than 50 currencies at once and convert them as needed.

To make transfers, you will have to pay a percentage of the amount, followed by a variable cost. If you wish to make immediate transfers, you can do so by paying an extra fee.

To send money, TransferWise does ask for a lot of information about your identity, especially if your transfers are over $10,000. The actual limit of transfers for TransferWise is $1 million, but you do need to submit quite a lot of information to be able to access such high transfers.

Zelle

Pros:

• Used by many banks and credit unions
• Even if your bank doesn’t use Zelle, you can still use it
• Swift transfers

Cons:

• Can't connect a credit card to pay
• You can’t send money to international bank accounts
• The beneficiary needs to also be signed up to Zelle

Available for: iOS and Android

No other app makes it so simple to transfer money from one bank to another. Through the easy-to-use app, Zelle users can send money to other Zelle customers. With only an email address or a phone number, users can send each other money. However, there is a limitation. To send or receive money, both parties must have a Zelle account.

For further protection, the Zelle app employs authentication and monitoring features. In addition, this app offers multi-factor authentication is when signing in. To ensure you are linking to the proper user account before sending money, it has QR code scanners.

Zelle works with banks that do and don’t offer Zelle. But if your bank does not provide Zelle, you will have a lower transfer cap of $500. Also, it is important to mention that this money transfer app only works with domestic bank accounts. Thus, international transfers are not available.

Zelle itself doesn’t charge extra fees on transactions but ensure with your bank if they don’t add additional fees for these services. This app is especially fast. Most transactions take minutes to be finalized if both parties have a Zelle account.

Cash App

Pros:

• Low Fees
• Offers more than just payment options
• Quick and easy to use
• Great for money requests for friends and family

Cons:

• If you send the money to the wrong person, you rely on them returning it
• No FDIC insurance

Available for: iOS and Android

Cash App is distinguished by its ease of use, simplicity (you either pay or get paid), and low fees. It also includes features not usually seen in other money transfer apps. Some of these features are investment options, “cash boosts,” and the ability to buy and sell bitcoin.

Within each 30-day period, Cash App allows you to send and receive up to $1,000. You can, however, get around these restrictions by verifying your identity. It takes 1 to 3 business days for the transfer to be completed. If you wish to make instant transfers, you will have to pay a 1.5% fee (25 cents minimum).

Cash App accepts debit and credit cards from Visa, MasterCard, American Express, and Discover. Although the app supports most government-issued prepaid cards, users cannot make deposits to these cards.

The app maintains its security by using data encryption and fraud detection technology, unique, one-time login codes, and two-factor authentication. Despite its more advanced investing features, Cash App is not FDIC-insured.