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The offer of applications such as Zelle and Paypal to transfer money increases every day and with this offer the number of users who seek solutions to their daily financial needs has grown.
In recent decades, the traditional financial services offered by banks in the United States have been forced to evolve driven by technology. In this sense, everything has been simplified: transactions that used to be carried out in a physical branch and that took a few hours can now be carried out from anywhere in just a few minutes, thanks to the existence of applications such as Zelle and Paypal that, in addition to being used to send and receive money between banks, they allow other types of transactions to be carried out, facilitating the day-to-day life of people.
These applications not only offer convenience, due to their speed and the absence of fees for some services, they also offer transaction security, ensuring that people’s money is protected at all times.
The 5 most popular applications to send money in the United States
Currently, most of the mobile banking applications offer similar services, with some differences between them. These differences derive from close competition, but have allowed them to gain the first places of popularity among users, thanks to their efficiency in solving specific financial needs. Some of them are described below:
Zelle – Best option for those who make transfers between banks
With a huge number of institutions affiliated with its services, Zelle has become the leading application for transfers between banks without any cost. Thanks to it, thousands of people receive or send money in seconds, either from the mobile application of their bank or from the Zelle application itself, which is available on all platforms to be downloaded to smartphones and smart devices.
In addition to being fast, Zelle is extremely secure and its application is renowned for being easy to use.
- Allows you to make bank transfers in seconds.
- Transactions made through this tool are insured by the federal government.
- It does not allow you to make payments with credit cards, but it allows you to associate debit cards and bank accounts.
- People whose bank is not affiliated with Zelle can also use the application, although this may be associated with fees.
- It only requires an email account and a telephone number in the United States to be able to join.
- The limits for transactions may vary depending on the receiving bank.
- A savings or checking account in the United States is necessary to be able to use the service, both for the sender and for the receiver.
- At least 1,700 financial institutions are already affiliated.
- Does not imply usage fees.
- Does not work with international banks.
Paypal – Best option for those looking to diversify their payments
Paypal is particularly convenient due to all the options it offers: in addition to receiving and sending money, its users can allocate money to donations, receive payments for sales (if they own a business) or raise funds for a certain purpose. It even has an option for users to request payments from other users, in the case of a loan or a rental payment, maintaining the privacy between the parties without the need to exchange words.
The funds received in Paypal can be used for online purchases or direct payments to other people subscribed to the service.
- People can create an account for free.
- Transactions made with Paypal are not only fast, but also safe.
- Its mobile application is easy to install and very easy to use.
- Allows you to transfer money from your Paypal account to a bank account in the United States. However, it charges a fee (5%) that is considered high compared to other services.
- It has the PayPal Instant Transfer service that allows you to make transfers instantly for the payment of a fee.
- Allows you to cash checks from anywhere with the payment of a fee.
- Allows you to invest in cryptocurrencies.
- Offers the option of receiving advance payments.
- Allows you to make transactions with the use of a link or a QR code.
- Allows you to set up direct deposits.
- It has a version specially designed for companies.
- When payments are made to the wrong account, refunds can be requested from the person. If there is no response, the user can make a claim to Paypal.
- Customer service is deficient compared to what can be received in other services or in banking institutions.
- The mobile application is available on all download platforms.
Cash App – Best option for those looking for minimal fees
Among all the money transfer apps out there, Cash App is one of the easiest to use because it focuses on making or receiving payments with the lowest fees. Some transactions may be waived of fees and the funds may be used for other options such as buying and selling cryptocurrency or other investments.
Cash App can also be used by teenagers over the age of 13 and allows people to pay their taxes annually without any fee.
- Although it focuses on sending and receiving payments, it offers people a good number of options to manage their money.
- Make payments from your application, which is available on all download platforms.
- Transactions in Cash App are completely free. Therefore, it is perfect for those looking for minimal service fees.
- Offers exclusive discounts to users of the application. These discounts may be available upon making certain payments.
- Transfers are not made immediately. People receive the money from 1 to 3 business days.
- Allows you to affiliate credit and debit cards.
- When people make wrong transfers, they can only wait for the person who receives them to give them a refund.
- Your app is among the easiest to use.
- It is ideal for transactions between friends and family.
- Allows you to invest in bitcoins.
- Allows you to invest in stocks.
Venmo – Best option for those looking to share payments
Like Paypal, Venmo offers the possibility of diversifying payments thanks to its platform, which allows users to send, receive money and also reserve it. However, it differs from other applications because it is much more social: Venmo is perfect for sharing expenses between friends or family. In this sense, if it is about bills, basic services, rent and others, this application allows each person to be assigned responsibility for a certain amount.
At the same time, it is perfect for making shared payments during a trip or an outing with friends.
- In general terms, it works as an intimate social network to divide payments and transfers.
- Make immediate transactions, facilitating the flow of money.
- Transfers do not imply the payment of a fee.
- It allows transfers to bank accounts, but this advantage is associated with the payment of a fee: 1.75% (minimum of $0.25 and maximum of $25).
- By its nature, it allows operations between people to be more interactive.
- It has a spending limit of $299.99. People can increase the limit (up to $60,000 weekly) by verifying their identity.
- Like other apps, claims can be made for erroneous transfers, but the return is not guaranteed.
- Although it allows people to secure their account with various alternatives (such as multi-factor authentication), this app has been embroiled in reports of security issues in the past.
WorldRemit – Best option for those who need to make international transfers
WorldRemit is ideal for international transfers because it extends its reach to more than 130 countries. Most transactions are completed in minutes or a maximum of 24 hours, but are associated with fees. New users can enjoy an introductory promotion that allows them to make their first three transactions without having to pay any fees, and once inside, the app provides reward coupons to people who get others to join, benefiting both parties.
It also stands out for the possibility of receiving payments from other similar applications and because it allows you to sign up credit, debit and prepaid cards.
- Allows you to affiliate credit, debit or prepaid cards that are VISA, MasterCard.
- Allows users to send and receive transactions from other apps such as Klarna, Trustly, POLi, Apple Pay, among others. You do not receive from Google Pay.
- Your app can be easily used. It is only necessary to download it from a platform, select the country, enter the data of the transfer and the recipient.
- Send alerts via text messages and email when transactions have been made.
- Allows you to recover money for erroneous transfers, provided that the user makes the report as soon as possible.
- Transaction limits can vary considerably, depending on the country of destination.
- Demands fees for each transaction.