In the past, money used to be sent in cash or cheques. Nowadays money can be sent easily and quickly to loved ones owing to the rise of a money transfer app.
Choosing the best tool for sending money can be a little hard. This is due to the presence of many digital money payment options. It's free to use most money transfer tools while some charge some fees. Some tools for sending money take a longer time to process money transfers than others.
Here are 5 tools for sending money to family and friends fast:
Zelle
Zelle is a money transfer app that helps you send and receive money. It charges no fees and its transaction limit is $500 weekly. It takes minutes to transfer money. Leading banks and credit unions have partnered with Zelle for a fast, safe and easy way to send money to family and friends.
You can use Zelle through their bank's mobile app, or simply download its money transfer app on the Google Play or Apple store. Both the sender and receiver should easily access it through their bank or credit union.
Zelle processes payments quickly. The receiver can access the money within minutes. Zelle is simple to use. It sends a notification to the recipient to explain what they need to do to receive the money.
Afriex Money Transfer App
Afriex is a money transfer app that uses a peer to peer payment method. It is free to use but it charges a fee when using a credit card. Money transfer time is instant.
Afriex is a digital wallet meaning transactions are electronic. It is available on both Android and iOS. For a transaction to happen it does not require specific banks. What is required is for both users to have Afriex accounts. They will need your phone number or email address when setting up your account.
You can add money directly to your account or you can link an external source like your bank account or credit card as your payment method. Afriex account users can sync their phone and Facebook contacts.
Once you have set up your account, you pay by inputting the contact name, the reason for sending the money, and the amount you want to send. The recipient receives money in their account instantly.
PayPal
PayPal is a money transfer app that is safe and secure. They don’t charge any fee for U.S. transfers from the PayPal balance or a linked bank account. There is a transaction limit of $10,000 to $60,000 per single transaction if your account is verified. Though limits also vary according to currency. Transfer time is instant but may take upto 6 days for eChecks.
PayPal is a great way to shop online and to send money to family and friends. It is free to create a PayPal account and it is also easy to use. Once you have signed up, you can link a bank account or a card that you will use for paying.
When sending money, you only need the recipient's email address or phone number. You can access PayPal online or through their mobile app. It is available on both iOS and Android. All transactions through PayPal go through monitoring for easy management of the account.
Cash App
Cash App charges 3% to send money from a credit card and 1% for instant deposits. $7,500 is the transaction limit in a 7 day period. The transaction is instant from Cash App to Cash App payments. Cash App is a money transfer app from Square. It enables users to send money to loved ones quickly after creating a free account.
It is straightforward to send money using Cash App. All that you have to do is open up the app, input the amount you want to transfer, the recipient's phone number or email address, the reason for sending the money, and then tap the pay button.
You have to link your bank account or credit cards for you to send funds. It is free to use Cash App peer-to-peer service.
Google Pay
Since Google is everywhere, it also offers a way for people to send money quickly. Google Pay is a money transfer app for Android pay and Google Wallet. There’s no fee for transactions using Google Pay.
There is a transaction limit of $10,000 for a single transaction, $10,000 limit for a 7 day period, and a limit of $3,000 for every 24 hours for residents living in Florida. It is instant to transfer payment from a Google Pay balance or debit card but takes 5-10 days to transfer from a bank account.
Setting up an account is free. You can use your Google account to set up Google pay. For you to send money using Google pay, you have to link your debit card or bank account to your Google Pay account.
Currently, Google Pay service is only available in the US and India.
Final Thoughts
It has become more convenient to send money to family and friends. Thanks to the invention of a money transfer app, it is instant and affordable to send and receive money. You can choose any service to use to transact money, according to your preference.
