Money Apps: The 3 Best Money Transfer Apps of 2018Top of the List Uncategorized
Looking for the best money transfer apps? So are tons of other people, as paper checks are dying out. In 1995, Americans wrote 49.5 billion checks. Twenty years later in 2015, that number dropped to 17.9 billion – a decrease of 64 percent! And with the rise of digital banking, those numbers aren’t going to turn around. The List spoke with Fiserve‘s Matt Wilcox to learn about three of the best money apps of 2018.
1. Venmo – Now Works with PayPal
The first on our list of best money transfer apps is Venmo. Thanks to Venmo, we now know how cheap our friends really are! But now the app is used for more than just settling tabs. “The PayPal acquisition of Venmo I think helped put it on an accelerated path to drive growth,” shares Matt. “You’re now able to pay at merchants with Venmo.” That’s right – it’s money transfers aren’t just person-to-person anymore. You can now pay for stuff with Venmo basically wherever PayPal is accepted. Matt says we’ll also start seeing Venmo partner up with companies like Uber, GrubHub, Seamless and Eat-24. You can pay directly for rides and meals with the Venmo app! Venmo is definitely one of the best money apps out there.
2. Square – Changing the Money Apps Game
Now let’s jump into the second on our list of best money transfer apps. If you’ve shopped at a small business, you’ve probably seen Square. But Square’s not just for retailers any more. “They’ve started to move more into the P2P space,” notes Matt. Square now offers a Visa-branded debit card that allows you to draw from funds in your Cash app – including digital funds transferred from friends. “You can move money to that card, and be able to use that card,” adds our expert. You can also swipe this card at any retailer that takes Visa to complete a purchase, and withdraw money from ATMs. It’s no wonder why Square makes our list of best money apps!
3. Zelle – Transfer Money in Real-Time
And the final cash app on our list of best money transfer apps? Zelle! Banks have gotten into the digital banking game big-time with Zelle – which partners with leading banks and credit unions. This means if you have your bank’s app on your phone, you probably already have Zelle. “It’s embedded within their digital banking app, and it’s a fee-free environment,” mentions Matt. On the other hand, Venmo charges a $0.25 fee, and Square which charges at 1.5%. Zelle also transfers money in real time. But be aware that of any of these services, as the credit cards entered into these money apps can charge fees of their own.
If you’re looking for the best money apps to transfer money, now you know the three best ones to use!