Every day, millions of people around the globe have to figure out how to pay for the things they need.
Whether you're an independent contractor filing an invoice, friends splitting the check or a family looking to divide up household expenses, electronic payments have become the norm for paying for almost anything in a fast, secure way simply by picking up your smartphone.
"I'll Venmo you," has nearly replaced the phrase, "Do you take a check?" But of course, not every business likes emojis alongside their invoices, and that's where apps like PayPal — which has a slightly more sophisticated invoicing set-up — come in.
Factors like cost, transfer speed and international capabilities all come into play when choosing the best method for transferring digital cash.
Ahead, CNBC Select reviewed the best five apps for sending money to friends, family and even some small businesses. (Read our methodologyfor more information on how we choose the best money-sending apps.)
Best for budding investors
Cash App
On Cash App's secure site
Cost
Free to download and use basic services
Transfer speed
1 to 3 business days or instant cash-out deposits for a 1.5% fee (25 cent minimum)
Standout features
App allows users to invest money in individual stocks as well as buy and sell bitcoin
Links to accounts
Yes, bank accounts and credit cards
Availability
iOS or Androis
Security features
Data encryption and fraud detection technology; unique, one-time login codes, two-factor authentication
Terms apply.
Pros
- Free debit card for users who opt in
- Free ATM withdrawals if you direct deposit at least $300 per month (otherwise $2 per withdrawal)
- Cash App Offers provide discounts with certain retailers that are automatically applied to a purchase to help users save money (only one may be active at a time)
- App includes features to let users invest in stocks and buy and sell Bitcoin
Cons
- Charges a 3% processing fee when using linked credit card as a payment method
- Charges a 1.5% fee for instant cash-outs (to disperse funds immediately to your bank account with no waiting period)
- Cash App cash and savings balances are covered by FDIC insurance through a partner bank (up to $250,000) only if you have a Cash App Card (or are a sponsor of any active sponsored accounts)
Best between friends
Venmo
On Venmo's secure site
Cost
No charge for sending money from a linked bank account, debit card or your Venmo account; a 3% fee for sending money using a linked credit card
Transfer speed
Instant transfer to Venmo balance; 1 to 3 business days for direct deposit (free) or instant transfer to your bank account for 1% fee ($10 max)
Standout features
Links to popular apps; social features to interact with your friends' payments (including stickers and emojis); Venmo debit and credit cards
Links to accounts
Yes, bank and credit cards
Availability
Only available in the U.S. and only compatible with U.S.-based bank accounts and phone numbers; compatible with iOS & Android
Security features
Multi-factor authentication when signing in; QR code readers to make sure you link to the correct user account before you send money
Terms apply.
Pros
- Widely used and therefore easy when splitting bills with friends
- Can link as payment method to popular apps including Uber, Uber Eats and Seamless
- Can use to pay at participating online merchants
- Users who opt-in can use a free Venmo debit card
- Can link to the Venmo Credit Card to earn rewards on most popular spending categories at authorized merchants (subject to 3% credit card fee for person-to-person payments)
Cons
- Charges a 3% processing fee when using linked credit card as a payment method
- Charges a 1% fee for instant cash-outs (to disburse funds immediately to your bank account with no waiting period)
- Not all users can currently link two separate Venmo user accounts to a joint bank account (Venmo is slowly rolling out this feature)
Best for flexible payments
PayPal
On PayPal's secure site
Cost
Free to download the app; $0to make purchases using a bank account or your PayPal balance; $0 to transfer money to friends and family; 2.9% + $0.30 transaction feeto pay business/contractor invoices
Transfer speed
1 business day or instant transfer with 1% fee
Standout features
PayPal Credit lets qualifying users pay for purchases over $99 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
Best for bank-to-bank transfers
Zelle
On Zelle's secure site
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)
Best for sending money internationally
Remitly
On Remitly's secure site
Cost
Free to download; transfer costs vary by country and amount (economy are often $0, express transfers start at $3.99)
Transfer speed
3 to 5 business days
Standout features
Convenient delivery options, including sending money directly to trustedbanks,cash pick-up locations,mobile walletsor viahome delivery
Links to accounts
Yes, links to debit cards, credit cards and bank accounts
Availability
iOS and Android; for U.S. users sending to other countries only
Security features
Secure server with data encryption; two-factor authentication
Terms apply.
Pros
- Straightforward fee structure based on country and amount
- Affordable economy transfers (3 to 5 business days)
- High user approval rating in Google Play and Apple Store
- Large network of financial partners to send money for cash pick-up
Cons
- Extra charges for linking credit card as payment methods
- Express transfer fees as high as $93.99 (for transfers of $9,000 or more)
Money-sending app FAQs
How much do money transfer apps cost?
The best money transfer apps are free to download, but costs vary depending on how you use them. Most services offer free bank transfers at a standard speed of 1 to 3 business days, but charge fees if you want to pay with a credit card and/or speed up the delivery to your bank account. International money transfers vary based on the country's exchange rates and bank fees, but you may still be able to choose a standard or economy delivery versus a more expensive express delivery. Be sure to check fees before assuming that all money transfers are free.
Are money transfer apps safe?
Money apps are arguably safer than cash since most require you to create an account with a password and two-factor login methods (such as sending verification codes) to verify your identity and the person you are sending money to.
Likewise, using a money app is safer than writing a check because it will not expose your bank account number and routing number to the person who receives it. By signing up for a money transfer app, you are, in essence, making it possible for anyone to send you a digital payment without viewing any of your secure account information, just your user ID or email address/phone number. And unlike cash, digital payments cannot be lost.
Because digital money apps allow you to send money to anyone with an account, the one caveat is that it can be easy to send money to the wrong person if you're not careful. Some apps offer additional protections, like QR-code scanning, text or email verification, unique user IDs and profile pictures to ensure the right person is on the receiving end of your payment.
Subscribe to the CNBC Select Newsletter!
Money matters —so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox.Sign up here.
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 decisions with their money. Every money transfer app review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of personal financeproducts.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. Seeour methodologyfor more information on how we choose the best money transfer apps.
Our methodology
To determine the best money-sending apps, CNBC Select analyzed over a dozen options offered by the top companies in this market and narrowed down our ranking by only including apps that meet the following criteria:
- Pricing: Each app on our list offers low-cost (or free) standard checking account transfers and only charge higher fees when linking to credit cards as a payment method and/or requesting express money transfers.
- Features: The apps on this list offer a variety of perks, including quick transfer speed of under five business days and the ease with which you can connect the app with your bank account.
- Security: We chose apps that have at least two security features, including two-factor authentication and fraud detection.
- User reviews and ratings: All of the apps in our round-up have a sizable number of user reviews and high user ratings. Each app on this list has at least 1,000 reviews in both the App Store (for iOS) and on Google Play (for Android), as well as a rating over 4 stars (out of 5) on both platforms.
In addition to these baseline requirements, some of the above apps offer additional standout features like social sharing, investing capabilities and flexible payment options (such as the ability to pay over time). We noted these features with a brief explanation, and you can learn more by visiting the respective app's website.
Catch up on CNBC Select's in-depth coverage ofcredit cards,bankingandmoney, and follow us onTikTok,Facebook,InstagramandTwitterto stay up to date.
Read more
These top budgeting apps sync with your bank accounts, are widely available and come highly rated
These top high-yield savings accounts could earn you over 14X more money than the national average
Here's how much money you should have saved up at every age
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
