The days of writing checks are over. Welcome to 2016, and the options for transferring money to a friend or roommate are blossoming. As many apartment dwellers choose to shack up with one or more roommates to ease costs, that leads to a lot of difficulty keeping bills and rent straight. Who owes what? What bill is in your name? Did you remember to pay me back for dinner last night? These questions are all easily, and quickly, answered and handled with some of the emerging money transfer apps hitting the market lately. Here are seven of the best apps for money transfers, and a bit about each one:
The king of kings when it comes to money transfer apps today. With an extremely easy-to-use and simple-to-understand user experience, Venmo has taken the country, and millennials, by storm. Simply the best way to transfer money to a friend or roommate. Any payments made from your Venmo balance, most debit cards, or a bank account, cost nothing to execute, and Venmo charges just a 3 percent fee for credit cards. Extremely secure with many safety features built in. Use it for rent, cable, utilities, and a well-cooked dinner or more. Sharing finances has never been easier.
Sign up with your email or phone number, and snap a pic of your debit card to pay and get paid instantly. No fees to move money, and no limits on how much you send, receive or cash out each week using your Circle account. Personalize your money message with a cat pic, hot dog emoji, awkward gif or whatever you’d like.
Paypal represents the old guard in the money transfer industry, but it is a well respected name nonetheless. Though the funds landing in your account takes a bit longer than Venmo, the differentiator is Paypal allows you to pay at certain businesses with the money stored in your account. Paypal also owns a money sharing app called Xoom which is making inroads in 51 countries.
Send money to anyone in the US using an email address or phone number. It’s fast, easy, and free to send directly from your debit card, bank account, or Wallet Balance. You can do all this in the Google Wallet app, or, if you’re on desktop, you can also send and request money in Gmail. This is all within the trusted Google family, so you know the interface will be easy to navigate and clear to understand.
Over 14,000 ratings on the app store and just about a five star score overall. Those stats don’t lie. Square Cash allows you to quickly send, receive, or request money from friends and family after linking your debit card. Very quick transfer of money to your bank account, which users love.
Snapcash is a new partner of Square, and the money transfer industry has gone social. Users can send money to anyone 18+ by adding a dollar symbol + numeric value to a chat. Snapchat is proving more useful and integrated as time goes on.
If you’re transferring money globally, Western Union has always been the play. It has moved online, and their money transfer app is still the go-to for over 200 countries and territories. It also lets you know how much your money transfers should cost, and provides all Western Union branch listings.