Money Transfer Options

As a society, we move money with greater frequency than ever before, as we simply do not carry that much cash anymore. Parents transfer money to their children. People split restaurant bills by allowing one person to pay and get reimbursed by the others via a phone app. We send payments for services like lawn work, babysitting and others through money transfers. Some people even pay their rent via money transfer. But is this the most efficient option available? How can you tell?

Money Transfer Applications

There are quite a few money transfer applications in wide use today. This list will give you an excellent place to begin your search for applications that can make the money transfer process easy, whether you are at home or on the go.

Venmo. Transfers generally occur within half an hour from Venmo to credit card. They charge a one percent transaction charge (minimum of 25 cents) and three percent to make payments funded by a credit card. Those fees are waived if the money is drawn from a Venmo balance, debit card or bank account.

Drawbacks for Using Money Transfer Applications

Before you dive in headfirst, it is a good idea to pay attention to some of the drawbacks of using money transfer applications, which include the following:

Transaction limits. Different apps have different maximum transaction sizes.

Benefits of Using Money Transfer Applications

These are a few benefits to keep in mind that make using money transfer applications worthwhile for many users.

No cash required. Thanks to a growing cashless society, these apps help you pay friends back if you’re caught without cash in a place that does not accept cards.

Takeaway

Money transfers offer a quick and convenient method of transferring money as long as you know the potential considerations. However, as more people go cashless, this creates a unique opportunity to share funds, split bills and repay debts on-the-go and from your phone.