In our modern days, online transactions are embedded in our everyday life. Not only do we make purchases online, but also sending money to other people from around the globe has become a day-to-day activity for most people.
Cash App is a popular mobile banking service with over 36 million active users at the time of this writing.
It allows individuals to quickly transfer money to one another using the mobile app on their smartphones or tablets.
Cash App is convenient and allows users to buy and sell Bitcoin or stocks in addition to other mobile banking activities.
However, it also comes with a few drawbacks. For example, users can only send and receive up to $1,000 within a 30 day period (unless you fully verify your account) and also there are a lot of negative reviews at TrustPilot for this service.
It is also only available to users in the United States and the United Kingdom, preventing you from accepting payments from international clients.
While Cash App can be a good alternative for some people, it is not your only option as a peer-to-peer money transfer app.
In this article we will discuss 13 of the best alternatives to Cash App for mobile banking and for peer-to-peer money transfer.
Please note that the list below is in no particular order.
Table of Contents
1. Wise (Former TransferWise)
Wise is a payment app (with both mobile and desktop versions) aimed at those who want to send money to other people between countries as cheaply as possible.
The app is currently available in over 200 countries and works with Google Pay and Apple Pay as well (i.e you can add your Wise Card to both Google and Apple Pay service for making purchases).
International transfers are completed using the real exchange rate instead of the marked-up rate charged by most banks, resulting in lower fees.
Transparent pricing is the main advantage of using Wise. The prices are displayed before you submit the transfer.
However, you can only send money to recipients with bank accounts, which may be a problem for some users that rely on online banking services, such as PayPal.
PayPal remains one of the most used online banking services. Users can send, receive, and hold money using a PayPal account.
Along with sending money to other PayPal users, you can send money to bank accounts and complete online purchases.
Most online payment processing platforms accept PayPal, allowing you to shop at almost any online merchant.
PayPal also automatically converts foreign currency. While you can send money for free, PayPal charges a fee when you receive money.
The popularity of PayPal also makes it a target for scams and phishing attacks. Yet, PayPal is highly secure and one of the easiest payment systems to use.
Although it is a great alternative to any banking app, be careful with the fees since they can add up significantly.
Venmo is a mobile app owned and operated by PayPal. Unlike PayPal, it is a mobile-only service available on Android and iOS devices.
After linking a bank account, you can add funds to your Venmo balance and start sending and receiving money.
Venmo shares many features with PayPal but stands out for its unique social features. The app includes a social feed and allows users to share and like transactions.
It was built as a peer-to-peer (P2P) system for transferring funds between family and friends.
For example, you can use it to split the cost of a dinner with friends or pay back a coworker for covering your lunch. It is easy to use and offers fast transactions.
Zelle offers a way to quickly send money between almost any US bank accounts. Most transactions are completed within minutes using just an email address and phone number.
Zelle only supports US bank accounts and does not allow transfers from credit cards.
As with Venmo, Zelle is mostly intended as a peer-to-peer (P2P) payment service. You can send or receive money from other Zelle users.
Zelle does not charge transfer fees or place limits on the amount that you can receive. The app is available on Android and iOS devices.
5. Google Pay
Google Pay is a mobile wallet and payment system developed by Google. The app allows users to request, send, receive, and withdraw money from their digital wallets after adding funds from a linked bank account.
As with PayPal, users can use Google Pay for purchases from almost any major online retailer.
Along with shopping online, Google Pay users can use the app at millions of physical stores that accept NFC payment methods.
Moreover, with Google Pay you can perform peer-to-peer money transfers between friends or group of friends, if you want for example to split expenses etc.
Google Pay offers a high level of security and a streamlined interface for fast transactions. Unfortunately, it is only available in a few dozen countries, which may not work for those who conduct international business.
Revolut is a financial app with a variety of optional features, including optional credit cards. You can request also a debit card with a set limit for secure spending during a vacation.
Revolut allows P2P transfers, making it easy to split bills with friends or family.
The app includes a budget planner, allowing you to monitor where your money is going each month.
Parents can also set up junior accounts for children to help teach them the importance of budgeting and financial planning.
Other highlights include automatic currency exchanges when transferring foreign currencies and the ability to purchase cryptocurrencies.
Payoneer was developed as a competitor to PayPal and includes many of the same features. You can link a bank account and send or receive funds.
The app also supports international payments and is accepted by a wide range of online merchants and services in the United States and Europe.
Payoneer account holders can also request a Mastercard debit card. The card comes with an annual fee but allows users to withdraw cash from ATMs and complete in-store purchases.
Compared to other payment processing platforms, Payoneer tends to charge higher fees and supports fewer currencies.
Payments must also come from registered businesses or other Payoneer users. However, the payments are processed quickly and securely.
Paysend is an affordable payment transfer app for those who need to send larger amounts of money.
The app charges a flat fee of $2 for each transaction, no matter the amount of the transfer. You can send money using a bank account, debit card, credit card, or funds kept in your Paysend account.
Paysend is currently supported in over 100 countries and automatically exchanges currencies for international transfers.
Unlike most of the Cash App alternatives, Paysend charges a 0% exchange rate. You only pay the flat fee for the transfer, making it one of the least expensive options for international payments.
However, Paysend has a lengthy review process. New users often need to wait up to three days for approval.
Xoom Money Transfer is designed to support almost all your payment processing needs, allowing you to send money to bank accounts, submit cash deliveries, reload phones, and pay utility bills in other countries.
It is a convenient option for those who support family members in other countries and individuals who want to set up automated payments.
Xoom Money Transfer is owned by PayPal, which ensures a high level of security. The app is also supported in over 160 countries.
The fees are relatively high compared to other options, especially for small transfers. The main advantage of Xoom Money Transfer is the delivery speed.
Most transfers take just minutes, depending on the processing speed of the recipient’s bank.
10. Facebook Pay
Facebook Pay allows users to complete purchases or send money on Facebook, Instagram, WhatsApp, and Messenger. The platform does not include a digital wallet. Funds come from a linked bank account, credit card, or debit card.
Shopify and other online marketplaces plan on adding support for Facebook Pay. However, it is currently mostly used as a P2P money processing system, making it easy for people to send money to family or friends through social media.
WorldRemit lets users send and receive money to over 130 countries. Users can track payments and view their transaction history from the mobile app, which is available on Android and iOS devices.
While WorldRemit charges a currency exchange margin and transfer fees, the costs are relatively small compared to some of the other apps.
When sending money, you can arrange a cash pickup or a bank transfer. With a cash pickup, the recipient may pick up the cash from an approved bank or retail store.
Most cash pickups are completed within minutes, which is useful for sending funds overseas immediately. About 90% of bank transfers are completed on the same day.
Remitly is another money transfer service that allows you to deliver or receive physical cash. You can send money from a debit or credit card for faster delivery or with your bank account for lower fees.
You also have the option of sending a standard electronic deposit to your recipient’s bank account.
Remitly gives you more ways to send and receive money, making it useful for those who prefer to pick up cash without paying a fee (in addition to electronic transactions).
However, it is licensed to send money from within 17 countries only (including United States, UK, Canada, Australia).
If you need to send or receive funds internationally from more countries, you may need to use a different service.
ACE Money Transfer is a payment transfer service available online and through mobile apps on Android and iOS devices.
You can send money to other users in over 100 countries. However, the app only supports a handful of currencies.
Users can complete a transaction using a bank transfer, debit card, or credit card or cash pickup.
However, ACE Money Transfer is not a mobile wallet. The funds need to go to a bank account or separate mobile wallet service, such as PayPal.
You also have the option of arranging a cash pickup, allowing your recipient to collect cash from a specific pickup location.
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