Nowadays it’s rare for people to carry around cash, so transferring money to friends can be insanely easy with the amount of apps available for download through both Google Play and the Apple Store. Rather than running to an ATM, you should give these apps a try.
Venmo
Venmo prides itself on the fact that it’s free for many types of payment methods including paying with your Venmo balance, bank account, or major debit card. Transfer limits for users who haven’t confirmed their identities are $999.99 per week. If you verify your identity, you have the option to send much more with $3,000 being the single largest amount you can transfer at one time. According to the Venmo Help Center, their bank transfers are much faster than other apps and usually only take one business day.
Snapchat
Many people already use Snapchat on a regular basis without knowing it’s an excellent way to send money to friends. Snapcash allows you to transfer funds to friends quickly and securely. The initial weekly limit starts at $250, but if you send more than this amount you’ll be prompted to verify your identity to increase your spending limit. You can also store Visa or MasterCard debit cards for later use with this app, but you can’t link credit cards.
PayPal
PayPal is a great site that many people use to make purchases online, but it’s also one of the best ways to send money to friends. Their security is top-notch with fraud prevention and 24/7 monitoring for all transactions. Sending money to family and friends is free as long as you use your PayPal balance or bank account. Using a debit or credit card charges a fee of 2.9% plus $0.30. This means if you send a friend $100 using a debit or credit card, you’ll be charged $3.20.
Nearly everyone has a Facebook account. If you need to send money to a friend, you’ll be happy to know you already have an app on your phone that can do just that. The messenger app through Facebook allows you to send money from Visa or MasterCard debit cards to friends and family around the United States—it can take up to five days for the money to be deposited into a bank account depending on which bank you use. Facebook doesn’t openly list limits for sending money, but other sites list the limit as $500 for new users.
Square Cash
Square Cash is an app that allows you to accept and receive funds. Your transfers are protected by 128-bit encryption and passcode—additionally, you can choose to add fingerprint scanning for more security. To send money you need to have a debit or credit card, and the process takes a couple of days before payment is received. One of the best things about Square Cash is that sending money is fee free. You can send up to $250 per week with just your card information.
