Thanks to peer-to-peer payment apps like Venmo, Zelle and PayPal, it's never been easier to send money to friends, family members and service providers. These types of platforms essentially serve as a middleman between your bank account and someone else's.
There are several different payment apps out there, and each one has its own pros and cons. Let's walk through some of the best ways to send money so you can decide which one is right for you.
6 Ways to Send Money
- Zelle
- Venmo
- PayPal
- Cash App
- Apple Cash
- Bank wire transfer
| Transfer Speed | Within minutes between enrolled recipients |
|---|---|
| Transfer Cost | Typically free |
| Transfer Limit | Limits set by financial institutions and can range from $1,000 per day to $20,000 per month |
| Best For | Sending money directly from your bank account to another |
| Transfer Speed | Instant in most casess |
|---|---|
| Transfer Cost | Free if using your Venmo balance, debit card or bank account to send money within the U.S. to a Venmo or PayPal account |
| Transfer Limit | Unverified accounts: Up to $299.99 per week Verified accounts: Up to $60,000 per week |
| Best For | Splitting shared purchases with friends and family |
| Transfer Speed | Within minutes if transferring between PayPal and Venmo accounts |
|---|---|
| Transfer Cost | Standard transfers within the U.S. from PayPal balance or bank account: Free Money sent from a credit or debit card: 2.9% transaction fee plus a $0.30 flat fee |
| Transfer Limit | Unverified accounts: Total sending limits vary, but a one-time payment can be up to $4,000 Verified accounts: No sending limits, but single transactions may be capped at $10,000 or $60,000 |
| Best For | Sending money internationally |
| Transfer Speed | Instant if sending funds to another Cash App user |
|---|---|
| Transfer Cost | Money sent from Cash App balance, bank account or debit card: Free Money sent from a credit card: 3% fee |
| Transfer Limit | Unverified accounts: Up to $1,000 on a rolling 30-day period; total transactions capped at $1,500 Verified accounts: Up to $40,000 on a rolling 30-day period |
| Best For | Sending money and investing |
| Transfer Speed | Instant if sending funds to someone with a compatible Apple device |
|---|---|
| Transfer Cost | Free |
| Transfer Limit | Within a seven-day period, you can send and receive up to $10,000 (or $2,000 if you're sending to an Apple Cash Family member) |
| Best For | Sending money quickly via text or by holding two compatible devices together |
| Transfer Speed | Often the same day |
|---|---|
| Transfer Cost | As much as $40 for domestic transfers; $85 for international |
| Transfer Limit | Can be unlimited in some cases |
| Best For | Transferring a large amount of money, like a down payment on a home |
1. Zelle
If you'd rather not download another app, you might appreciate Zelle. You can transfer money directly from your bank account to someone else's, typically within minutes. That means you don't have to store money on a separate balance within an app. That can provide peace of mind—and you won't have to remember to transfer your balance to your bank account.
Pros
Widely available: Over 2,400 banks and credit unions offer Zelle. You may already have access through your online banking app.
Cuts out the middleman: Unlike other peer-to-peer payment platforms, Zelle can send money directly from your bank account to another. That allows the recipient to receive funds quickly.
Doesn't require a separate app: You only need the recipient's phone number or email address to pay them. If you're receiving money, it will appear in your account almost instantly.
Cons
Recipients must be enrolled with Zelle: If they haven't enrolled within 14 days of you sending your payment, it will be returned to your account.
Sending limits are set by financial institutions: Some banks cap individual Zelle transactions at $500 and total daily transactions at $1,000.
No purchase protection: If you fall victim to a scam or send money to the wrong person, you may not get that money back.
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2. Venmo
Venmo, which is owned by PayPal, is a straightforward digital wallet that makes it easy to send money to friends and family. It works like a social media platform, allowing users to share their transaction history with comments and replies (though this is optional). You can transfer money from your Venmo balance to a linked bank account or opt for a Venmo debit card. The Venmo app can also be used to purchase cryptocurrency.
Pros
Free transactions: There are no fees for sending money within the U.S. from your Venmo balance, bank account or debit card.
Easy to split purchases with friends or family: Whether you're splitting a restaurant bill or going in on a group gift, Venmo allows you to pay others on the spot. The transaction will then appear on your Venmo feed, similar to a social media app, but you can hide this if you don't want your payment history to be public.
Offers payment protection: If you mark a transaction as a good or service before paying, you may be reimbursed if you need to dispute it later on.
Cons
Not always protected: If you accidentally send money to the wrong person, and the transaction isn't for a good or service, payment protection doesn't apply.
Credit card fees apply: Sending money through Venmo with a credit card will trigger a 3% fee.
Lower sending limits for unauthorized accounts: If you haven't verified your Venmo account, you cannot send more than $299.99 per week.
3. PayPal
This well-known peer-to-peer payment platform allows you to send and receive money within the U.S. for free using your PayPal balance or linked bank account. You can securely send money overseas for a small fee. PayPal also offers payment protection when shopping online, which could help protect you from fraud.
Pros
Ideal for online shopping: Many online retailers accept PayPal, which can provide a safe way to pay. You won't have to enter your bank account or debit card details, and transaction and payment information is encrypted.
Comes with payment protection: Like Venmo, PayPal protects transactions that are specifically tagged for goods and services. You can also report suspicious requests for money.
Good for international transactions: PayPal is available in over a hundred countries, which makes it an easy way to send money to a friend, family member or business merchant who lives abroad.
Cons
Fees may apply: If you're sending money to someone in another country, you can expect to pay 5% of the transaction amount (capped at $4.99). That's on top of currency conversion fees.
Not all domestic transactions are free: Sending money from a credit or debit card will result in a 2.9% transaction fee, plus a $0.30 flat fee.
How much you can send may be limited: If you have an unverified PayPal account, you may not be able to send more than $4,000 in a single transaction. There's also a general sending limit that's set on an individual basis.
4. Cash App
Cash App is a standalone app that allows you to send and receive money easily. You can transfer your money to a linked bank account or debit card—or make ATM withdrawals for a fee. There's also an optional Cash App Card, which is a debit card that's linked to your account and offers shopping discounts.
Pros
Doubles as an investment account: Cash App allows you to open a brokerage account to purchase stocks, exchange-traded funds (ETFs) and Bitcoin. That could provide a simple way to grow your wealth.
Can pay merchants on the go: Cash App allows you to securely pay businesses that use Stripe terminals. You can also make purchases with a Cash App card.
No bank account required: Cash App allows you to add funds to your balance with cash at participating retailers. You can also receive transfers from other Cash App users.
Cons
Payments are difficult to cancel: It may not be possible to recover money that is lost in a scam or accidentally sent to the wrong Cash App user.
Hard to send money out of the country: Free Cash App transfers are only available in the U.S. However, the Cash App Card can be used in certain countries, with fees.
There may be fees: Using a credit card to fund a transfer will result in a 3% fee.
5. Apple Cash
Apple Cash is a digital payment card that's already installed in the Wallet app of many iPhones. You can send and receive money through a text message, the Wallet app or by holding your phone next to another compatible device. After accepting the payment, the receiver will see the funds appear on their Apple Cash balance in their digital wallet. You can use Apple Cash anywhere that Apple Pay is accepted. Alternatively, you can transfer funds to a linked bank account.
Pros
Easy to use: There are several quick and easy ways to send funds. You can also use Apple Cash on the go to pay anywhere that Apple Pay is accepted.
No fees: Sending, receiving and requesting money is completely free with Apple Cash.
Speed: When you initiate a transfer, the receiver will see an instant deposit on their Apple Cash balance.
Cons
The recipient must have a compatible Apple device: This is the only way to receive money with Apple Cash. That means you cannot send money to someone who has an Android.
Only works within the United States: You cannot send a personal transfer to someone outside of the country.
Cannot reverse payments: Once the receiver accepts your payment, you can't get that money back.
6. Bank Wire Transfer
A wire transfer is a safe way to move a large sum of money electronically, from one bank account to another. You can arrange it through a bank, which will verify that you have enough money to complete the transaction before processing the transfer.
Pros
Large sending limits: This may be important if you're sending a large amount of money, like a down payment on a home or cash to cover a financial emergency.
Speed: In most cases, wire transfers can be completed within the same business day.
Allows you to send money internationally: With a wire transfer, you can reliably and safely transfer funds to a foreign bank.
Cons
High fees: Wire transfer fees can be as high as $40 for domestic transfers—and $85 for international transfers. Fees tend to be less expensive if you schedule a wire transfer online instead of in person.
Inconvenient: Even if you schedule an online domestic wire transfer, you'll need to provide the recipient's name, address, account number and routing number. Additional information is required for international transfers.
Wire transfers cannot be reversed: This is why scammers often request payment in the form of a wire transfer. Once it goes through, the sender cannot get it back.
Frequently Asked Questions
What's the Fastest Way to Send Money?
All of these options can allow you to send money quickly, but Zelle is particularly attractive because it can deliver funds to an enrolled recipient's bank account within minutes. If you're sending a large amount, a wire transfer may be a better idea.
Do I Need a Bank Account to Send Money?
No; there are several payment apps that don't require a bank account to send and receive money. For instance, Cash App funds can be held on your Cash App balance, which you can access directly with a Cash App debit card.
How Can I Send Money Internationally?
PayPal or a wire transfer can allow you to send money out of the country. Fees are typically higher with a wire transfer.
The Bottom Line
These are some of the best ways to send money, but it isn't an exhaustive list. The right option for you will depend on your goals and what you feel most comfortable using. No matter what you choose, it's wise to exercise caution when using peer-to-peer payment apps. Knowing how to avoid payment app fraud can help you spot a scam.