Best Apps For Money Transfer To Settle Your Debts In 2018

Best Apps For Money Transfer To Settle Your Debts In 2018


If you don’t have cash to pay for your dinner check with your friends, you don’t need to withdraw money from an ATM or tell your friend to pay him back later. All you have to do is use one of these smartphone apps for money transfer so you can settle up with him right away.

These apps are convenient, and they are available for a low fee or no cost. They also prevent you from putting the entire bill on your credit card. This scenario is common among friends. Although all of them may agree to pay you back ASAP, you will soon realize that no one has paid you.

You may text or call them to get your money back. However, there is a simpler way to regain your funds through the use of your smartphone. Some of you may doubt these apps’ security. After all, we’ve heard all those data breaches happening to many huge companies.

But these apps are trustworthy and safe to use. Undoubtedly, they are the best ways to help you send and receive money through a smartphone. You can use these apps to split a dinner tab or pay your dues. Regardless of how you use them, they are the best applications to help you settle your debts. 

1. PayPal

It is, by far, one of the best money apps available. This app is free to use when you send money from your bank account or PayPal account balance. Apart from sending money to anyone, you can also ask or request money through it. There are limits imposed for unverified PayPal accounts. However, once you verify your account, the total value of payments become unlimited. Then again, the app only allows you to send up to $10,000 per transaction.

2. Venmo

What makes this money transfer app great is that there are no fees for payments made using your Venmo balance, bank account, and most debit cards. However, if you use your credit card, there’s a three percent fee that will be charged to your account. With its bank-grade security system, you can prevent hackers from getting hold of your financial information.

It is good at what it does. For example, you can use it to pay your roommate the other half of the rent. Compared with PayPal, Venmo is almost free to use. As mentioned earlier, payments made using a credit card will have three percent transaction fee. But that is lower than what PayPal charges for payments using debit or credit cards.

Some are saying that Venmo is more superior than PayPal. But it still depends on the features that you need or the payment amount. For many, PayPal could still be the better option.

3. Apple Pay Cash

It is not available to all countries yet. However, if you live in one of those nations where you can use Apple Pay, then you’re in luck. Apple has set its aim at Venmo by allowing you to send and receive money directly to your contacts via iMessage. Thus, if you’re an iPhone user, there’s no need for you to install a third-party app.

If you wish to use it, simply open iMessage and tap the A symbol. Tap Pay and choose the amount you wish to send or request. Send the request the same way you would when sending a message. To confirm it, you may use TouchID, FaceID or passcode. You can also use it on your Apple Watch or ask Siri to send cash.

You will receive the money immediately. However, it takes a few days before you can transfer it to your bank account.

4. Western Union

This app does not only let you transfer money to your family and friends, but it also allows you to send money to over 200 countries. However, money transfer transaction comes at a cost. The fee depends on how much money you wish to transfer.

The speed of transfer is also very fast as you can receive it in minutes. Regarding exchange rates, it is better to send a significant amount of money as the app offers better exchange rates. Thus, most people would opt to bundle a few of their transfers in a single transaction.

5. Google Wallet

It is another digital wallet that makes it easy for you to send and request money from your friends. To access it, you may use your fingerprint sensor. You will receive the money instantly. Furthermore, you can send or request money straight through your Gmail, as long as you have integrated the service.

The biggest security threat here does not come from a hacker. Instead, it is an unauthorized person accessing your smartphone. The good thing is that Google Wallet includes features that protect your account in case your mobile is lost or stolen.

6. Square Cash

It lets you send, receive and request money from anyone with just a simple link to your debit card. Furthermore, you will receive the money quickly to your bank account after the transaction has been completed.

The most appealing thing about this payment service is that there are no fees for using it, as long as it is for personal payment. However, if it is a business transaction, you need to pay 1.5 percent of the money you receive. Plus, you do not need to create an account to use it. However, if you wish to use its additional features, you may wish to create an account with Square Cash.

7. Xoom

It is available from all over the globe. The app has low transfer fees and status updates. It also features locked-in exchange rates.

A subsidiary of PayPal service, this digital money transfer lets you send or receive money, not just in the US but also to 52 countries.

More Ways Of Sending Money

With today’s technology, there are more ways to send money to your family and friends than ever before. Whether the money is to settle a $25-debt or for a home repair, there’s always an app for that. However, with so many apps available, the most challenging part is to choose which service is legit. But the apps listed here are widely recognized and trustworthy. Each app offers excellent features for a simple payment using your mobile.

Author: Jane Danes

Jane has a lifelong passion for writing. As a blogger, she loves writing breaking technology news and top headlines about gadgets, content marketing and online entrepreneurship and all things about social media. She also has a slight addiction to pizza and coffee.

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