Best Apps for Safely Sending & Receiving Money in 2023 

In today’s interconnected world, the need to securely send money to another person has become increasingly important. Whether you’re sending money to a loved one, splitting expenses with friends, or making business payments, don’t compromise your financial security. 

But with numerous options available, how can you ensure the safety and privacy of your financial transactions?

Say goodbye to worries about fraud, data breaches, or unauthorized access by exploring various secure options to suit your preferences. You can make informed choices and safeguard your hard-earned money. Read on and learn how to send money to someone with peace of mind.

1. Best for Immediate Transfers: Zelle

Zelle is becoming an increasingly popular money transfer service among those who want to see their deposits hit their accounts instantly. It’s free to use (some banks might charge fees on their end) and works instantly when you link your bank account.

Although Zelle has its own app, most national banks have Zelle capability, so there’s no need to download it. It also offers a secure way to send money by requiring you to double-check the phone number of the person on the other end. 

One limitation of Zelle, though, is the inability to link a credit card. Another drawback is that users need to sign up for Zelle to receive the money. If they don’t sign up within 2 weeks,the payment is sent back to you. 

2. Best for Family, Friends & Roommates: Venmo

Venmo has been around for a while now and has placed itself at the top of the list of money transfer apps. The app is ideal for anyone who frequently sends and receives money from family members or friends. 

It’s a great way to split payments when you go out to eat, or share the cost of living between roommates. It even offers the option to link a credit card, though you’ll pay a 3% processing fee to use it.

One of the downsides of Venmo is that you’ll pay a 1% fee if you need to instantly cash out your account. The normal turnaround time for funds in your Venmo account is about three days.

3. Best for Large Transfers: PayPal

Paypal is a popular payment method for all kinds of transactions, like online purchases and payments. It even offers the option to finance purchases over the span of six months without any interest.

If you’re someone who frequently sends and receives money in large quantities, PayPal might be helpful. Other money transfer apps often have limits between $1,000 and $5,000 – PayPal allows you to send up to $60,000 in a single transaction, though it depends on your eligibility.

4. Best for Investments: Cash App

Do you deal in things other than cash? Cash App allows you to send and receive money in addition to investing in stocks. It even has the ability to buy and sell crypto currencies, making it an ideal option for those interested in the world of alternative finance. 

One of the drawbacks of Cash App, however, is that it is not FDIC-insured. This can be risky, especially if you use the app to invest.

5. Best for Consistency: Google Pay

Do you use Google Suite on a consistent basis? Google Pay might be the ideal money transfer app for you. You’ll need both a Google account and a bank account to get started, but once you sign up, you can use it to make online payments and transfer money.

Sending Money with Personal Checks: The Old-Fashion Method

A personal check is like a special piece of paper you can write to pay someone. It’s linked to your bank account, so the money comes directly from it when you write a check. 

You can write the recipient’s name, the date, and the amount you want to pay on the check. It’s like an IOU that you give to someone. They can then deposit the check into their checking account by visiting their bank or using mobile banking apps. 

It’s a simple and old-fashioned way to make payments, and it helps you keep track of your spending since you have a record of the checks you write.

Getting a Money Order: The Non-Bank Method

A money order is a piece of paper you can buy from places like the post office or a financial institution. It’s a safe and secure way to send money, and they’re a good option if you don’t have a bank account or if the person you’re paying doesn’t accept personal checks.

Think of it as a prepaid certificate. You pay the amount you want to send, plus a small fee, and you get this special paper in return. On the money order, you’ll see the amount you paid, the recipient’s name, and sometimes even a space for a little message.

A money order is a guaranteed payment, like a cashier’s check. The recipient can cash it or deposit it into their bank account. Money orders are handy because they’re widely accepted. You can use them to pay bills, send money to a friend, or make purchases. 

Electronic Transfers: The Convenient Method

An electronic transfer, or e-transfer for short, is like casting a digital spell that moves money from your bank account to someone else’s account with just a few clicks or taps. It’s a modern and convenient way to pay someone without handling physical money.

Electronic transfers are fast, secure, and save you from the hassle of carrying cash or writing checks. Plus, you can track the transaction online to know exactly when the money arrives.

Wire Transfer: The Secure Electronic Method

If you need to send money to someone who lives far away, like in a different country, you can’t exactly hand them cash or use a payment app that easily. That’s where wire transfers come in.

A wire transfer is like a digital messenger that zaps your money from your bank account to another person’s bank account, no matter where they are in the world. It’s like sending an invisible wire with your money attached to it.

Here’s how it works: 

• You go to your bank or use your online banking. 
• You provide the recipient’s bank account details, like their account number and the name of their bank. 
• Your bank uses its magic powers to send the money directly to the other person’s bank account.