Money transfer apps have changed how we pay each other. Also called peer-to-peer (P2P) payment apps, money transfer apps allow users to send and receive money using their smartphones or an online platform, simply by linking their checking account or credit card.
Transferring money via smartphone app is safe, easy and convenient, but not all apps are created equal. The best money transfer apps of 2023 set themselves apart with low (or no) fees to transfer cash, immediate transfers, heightened security measures and strong customer service. You can also rely on ratings in the Apple App Store and Google Play to determine if a money transfer service is up to snuff.
How Money Transfer Apps Work
Money transfer apps are an easy, secure way to exchange money between friends and family. They also make it easy to manage payments as a freelancer, independent contractor or someone earning extra cash from a hobby.
So how do money transfer apps work? By downloading an app on your phone, or in some cases going to a website, you can send money to people. All you need is their mobile phone number or email address.
The apps are linked to bank accounts, debit cards or credit cards, which is how they access your funds and transfer money with just a few taps. Some payments are free, but others have fees, which often depends on how you fund the transfer.
When someone sends you money through the app, you can get access to the
