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8 Best Ways to Send Money
The best ways to send money are fast, free or low in fees, and offer good options for sending and receiving funds.
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Updated · 8 min read
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Spencer Tierney is a consumer banking writer at NerdWallet. He has covered personal finance since 2013, with a focus on certificates of deposit and other banking-related topics. His work has been featured by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He is based in Oakland, California.
Tony Armstrong leads the banking team at NerdWallet. He has covered personal finance for nearly a decade. Tony began his NerdWallet career as a writer and worked his way up to assistant assigning editor and then to lead assigning editor. His writing has been featured by the Los Angeles Times, MarketWatch, Mashable, Nasdaq.com, USA Today and VentureBeat. Tony lives in Minneapolis, Minnesota.
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Ruth Sarreal is a content management specialist covering consumer banking topics at NerdWallet. She has over a decade of experience writing and editing for consumer websites. She previously edited content on personal finance topics at GOBankingRates. Her work has been featured by Nasdaq, MSN, TheStreet and Yahoo Finance.
Editor’s note, March 5, 2024:Google Pay will be shutting down in the U.S. on June 4, 2024. Users can transfer any balance out to their bank account using the app before that date (or use the website version after that date). Those who want to tap to pay in stores will still be able to use Google Wallet, but Google will no longer have a peer-to-peer transfer option.
When you send money online, the best way to do so depends on how and where you want to send it. We compared fees, speed and other features to identify the best domestic and international money transfer services. Many of these services are available online and through apps, and some are in-person options.
Why you can trust NerdWallet: Our writers and editors follow strict editorial guidelines to make sure our coverage is fair and accurate, so you can choose the options that work best for you.
Here's a rundown of the best ways to send money to friends and family.
Bank wire transfer
Why it’s our pick:
Delivers large amounts ($10,000 or more) from one bank to another within hours or minutes.
+ Bank wire transfers in a nutshell
Sending a wire transfer through your bank might be the best way to send a large amount quickly; P2P apps limit how much you can send (generally $1,000 to $10,000 per transfer) and delivery can take multiple days.
Bank wire transfers generally are delivered within hours or minutes.
+ Important to know about bank wire transfers
There’s a steep fee for transfers. Based on an analysis of big banks, the median domestic wire cost for sending is $25, and $15 for receiving (see what most banks charge).
The cost could be worth it if you need to send a lot of money within minutes.
Receive a bonus when someone uses your referral code to sign up and send money.
No fees to send or receive money.
+ Cash App in a nutshell
Cash App lets you send and receive money for free with cash from your linked bank account or debit card.
You can create your own $Cashtag, or username to make it easier for people to find you and send you payments.
Cash App offers a bonus when someone signs up with your referral link and sends at least $5 from their new account.
+ Important to know about Cash App
You don’t need to have a bank account to use Cash App. If you have a Cash App Card (Cash App’s debit card), you can make deposits to it to fund your Cash App balance.
Money you receive will show up instantly in your app balance, but it takes one to three days for the money to show up in your bank account if you choose to transfer.
You can cash out instantly to your debit card but you’ll pay a 0.5%-1.75% fee.
You’re limited to sending and receiving a maximum of $1,000 per 30 days.
To increase your limit, you’ll need to provide more personal information such as your full name, date of birth and last four digits of your Social Security number.
If you send money using a credit card, you’ll be charged a 3% fee. (For more information, see our Cash App review.)
Google Pay
Why it's our pick:
Instant transfers to a debit card for a smaller fee than what other P2P payment services charge.
+ Google Pay in a nutshell
Transfer money for free using a QR code, the recipient’s name, phone number or email address.
Cash out instantly from the in-app wallet to a debit card for a 1.5% fee.
Cash out for free to a bank account, which takes one to five business days.
The maximum you can send is $5,000 every seven days.
Bank accounts and debit cards can fund transfers, but credit cards and prepaid cards cannot.
+ Important to know about Google Pay
Google Pay may refund you for purchases that you believe are fraudulent, which isn't a given for all money transfer apps and services.
PayPal offers free transfers in the U.S. when you fund with a bank account or PayPal balance.
Paying with a credit card — and unlike other providers, a debit card — costs a fee: 2.9% of the sending amount plus 30 cents.
Bank account transfers are free.
+ Important to know about PayPal
Depending on your currency,the maximum amount you can send per transfer ranges from $10,000 to $60,000. But if you're sending that much money, doing so through a federally insured bank provides more safeguards for your balance, such as Federal Deposit Insurance Corp. (FDIC) insurance.
Transferring money to bank accounts for free takes one to three business days.
You can also pay for an instant transfer to a linked debit card.
You can send or receive money on the website or mobile app on iOS and Android, or at PayPal.Me, where you create your own link that family and friends can use to pay you. (Read our PayPal review.)
Venmo’s app ratings are strong from both Android and iOS users.
It’s free to send and receive money when you link a bank account, debit card or prepaid debit card.
Using a credit card costs 3% of the transaction.
After you’ve verified your identity, you can send up to $60,000 per week.
Your and your friends’ transactions will pop up — without amounts — on a news feed.
If you prefer privacy, you can change your settings so that only your friends or only you and the other user you’re paying or receiving money from can see them.
+ Important to know about Venmo
Money you receive shows up instantly in your Venmo balance, but cashing out to a bank account takes one to three business days.
You can also transfer funds to a debit card, typically within 30 minutes, for a 1.75% fee. (For more details, read our Venmo review.)
Walmart2Walmart
Why it’s our pick:
Convenient option for sending cash to and/or from a Walmart store.
+ Walmart2Walmart in a nutshell
Walmart is a convenient option to transfer cash, especially if you and/or your recipient are near a store:You can send money from a Walmart store for pickup at a Walmart.
Walmart partners with several money transfer service providers, so you can also send money from any MoneyGram, Ria or Western Union location for pickup at any of the thousands of U.S. Walmart stores, where a recipient can pick up the money within minutes.
You can also send money from a Walmart for pickup within minutes at a Western Union or MoneyGram location (Ria locations aren’t a pickup option).
+ Important to know about Walmart2Walmart
The maximum you can send in a day is $1,000, and prices start at $2.50. (For more about Walmart financial services including information on the FTC lawsuit against the company, read our Walmart Money Center review.)
Extensive worldwide network of locations so you can send money internationally.
Many ways to send and deliver money.
+ Western Union in a nutshell
Western Union offers a sizable range of transfer options.
On the provider’s price estimator tool online, you’ll see more than a dozen combinations of sending channels, payment methods and delivery options.
Send money from the Western Union website or its mobile app using a bank account, debit card or credit card — or send from a nearby agent location using cash.
The transfer giant’s physical network covers over 200 countries and territories and hundreds of thousands locations globally.
+ Important to know about Western Union
Transfers are expensive — especially compared with most of the P2P apps on this list, which offer free ways to send and receive money.
Only some options include same-day or next-day delivery.
Some online transfer options at Western Union can take several business days for delivery. (Read our Western Union review.)
Note that in general, when you make a transfer abroad, you generally encounter two costs: 1) the fee for sending money (also known as the outbound or upfront fee) and 2) the foreign exchange fees, or the markup on the exchange rate that financial institutions use when transferring money among themselves. Consider both fees to find the best deal.
Already integrated with over 1,000 financial institutions, connecting more than 100 million people.
+ Zelle in a nutshell
With Zelle, you can send and deliver money within minutes between bank accounts at different financial institutions.
You might already be using Zelle's service through your bank’s website or mobile app. More than 2,000 banks and credit unions use the service which means that 150 million-some customers can use Zelle within their bank's website or mobile app.
If your bank isn't part of the network, Zelle is also available as a standalone app.
+ Important to know about Zelle
You'll need a U.S. bank account to fund and receive payments.
Zelle doesn't charge any fees, though any of its partner banks can decide to.
Although limits vary by bank, some of the largest banks set daily transfer maximums from $2,500 to $5,000.
Zelle is not made for buying or selling things, and you’re not protected for those transfers.
In addition, if you send money to the wrong person or transfer the wrong amount, you might be out of luck.
Protections are limited to when someone steals your Zelle account or password and uses it to send money.
4.00%SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
4.75%*Current promotional rate; annual percentage yield (variable) is 4.25% as of 11/8/24, plus a .50% boost available as a special offer with qualifying deposit. $10 to start. Terms apply; if the base APY increases or decreases, you’ll get the .50% boost on the updated rate. Cash Reserve is only available to clients of Betterment LLC, which is not a bank; cash transfers to program banks (www.betterment.com/cash-portfolio) conducted through clients’ brokerage accounts at Betterment Securities. FDIC is subject to certain conditions.
Min. balance for APY
$0
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
4.25%Annual Percentage Yield (APY) is subject to change at any time without notice. Offer applies to personal non-IRA accounts only. Fees may reduce earnings. For CD accounts, a penalty may be imposed for early withdrawals. After maturity, if your CD rolls over, you will earn the offered rate of interest in effect at that time. Visit synchronybank.com for current rates, terms and account requirements. Member FDIC
Term
13 months
Checking accounts are used for day-to-day cash deposits and withdrawals.
Checking accounts are used for day-to-day cash deposits and withdrawals.
0.10%Advertised Annual Percentage Yield (APY) is variable and accurate as of 07/01/2024. Rates are subject to change at any time before or after account opening.
Several different options for sending and receiving money are available. Depending on the money transfer service provider, options can include:
Sending money from an app (generally funded by a bank account, debit card or credit card), a bank account, a debit or credit card.
Receiving money in a bank account, an app balance, mobile wallet or as cash at an in-person pickup.
Some money transfer services are free but others charge fees.
» Curious about the latest transfer service? Learn about FedNow
The amount you can send may be limited. Each provider generally has a certain amount you’re limited to spending. There may be per-transaction, daily or monthly limits. Some providers allow a higher limit if you verify your identity, which may require sharing personal information such as your Social Security number or individual taxpayer identification number (ITIN).
Delivery time varies. Some providers offer instant transfers with money showing up in the recipient’s account immediately or within minutes or hours. Other options may include delivery within a day or up to a few business days.
For app-based money transfer services, you can generally cash out to your bank account. Cashing out, or transferring your balance, to a bank account or debit card can take a few business days. You may be able to opt for an instant transfer but it might cost a fee.
You can avoid money transfer and P2P payment scams by following best practices. Note that you should always take precautions when using person-to-person (P2P) services to ensure you’re sending money to the right contact. In most cases, you’re not guaranteed a refund if your money goes to the wrong recipient. Read about how to avoid P2P scams.
If you’re sending money abroad, there are some key terms it’s helpful to understand. When sending money to a different country, if currency exchange is involved there may be more fees than with a domestic money transfer.
+ Learn definitions and general advice for making money transfers to another country
Definitions: Money Transfer Rates
Three rates determine how much your money transfer will cost and how much money your recipient will receive.
Exchange rate: An exchange rate is the price of one currency in relation to another currency. For example, if you want to convert U.S. dollars to euros, you would check what one U.S. dollar is worth in euros.
Midmarket rate: The midmarket rate, also called the interbank rate or interbank exchange rate, is the exchange rate that big banks use to swap currencies among one another.
Exchange rate markup: Most providers use an exchange rate markup when pricing your transfer. They give customers an exchange rate that’s the midmarket rate plus an additional percentage, or markup, to make a profit on the transfer. The higher the markup, the less your recipient gets in their currency.
General advice for international money transfers
1. Know how exchange rates work (and how to find the best). One of the ways money transfer providers make money is through exchange rate markups. Most transfer providers won’t give you the exchange rate you’d find on a currency exchange platform like the one at Bloomberg.com or Reuters.com. Those sites just tell you the price of one currency in relation to another, but they are a helpful starting point to know what the best rate looks like this minute. When you check the exchange rate for an international transfer with services like Western Union, focus on the exchange rate markup by looking at the foreign currency amount. The higher it is, the lower the markup is, and the more money your recipient receives.
2. Compare total transfer costs across multiple providers. There are two types of costs: upfront fee and exchange rate markup (see above). Find the provider that has the lowest fee combined with the best exchange rate you can get. Usually online nonbank providers offer cheaper transfers than banks.
3. Avoid paying with a credit card. It’s an option for some providers, but there might be a higher upfront fee and your credit card issuer may tack on costs such as interest and cash advance fees. A transfer paid by bank account directly tends to be a much cheaper (and much slower) transfer. If you need money delivered quickly, use a debit card, which will also incur a lower fee than using a credit card.
Frequently asked questions
How can I send money to someone immediately?
You can send money to someone immediately by using a money transfer service or peer-to-peer payment app. If you’re using a P2P app like Cash App or Venmo, for example, the money you transfer will be available immediately in the recipient’s app balance. It can take a few days to be transferred to a bank account, though. Zelle is one of the best ways to send money, letting you send funds from your bank account to be deposited immediately to the recipient’s bank account.
How can I send money without fees?
You can send money without a fee by using P2P payment apps such as Cash App, Google Pay, PayPal, Venmo and Zelle. Note that you may have to pay a fee if you fund your transfer with a credit card, and the recipient may have to pay a fee if they choose to receive the money instantly in their bank account or debit card.
How do I send money online?
You can send money online by using the website or app for a money transfer service or peer-to-peer payment service. Generally, in most cases you will need to log into the website or app and use a credit card or bank account to fund the transfer, and the recipient will need to have the same app and a bank account or debit card to receive the money.
How can I send money to someone immediately?
You can send money to someone immediately by using a money transfer service or peer-to-peer payment app. If you’re using a P2P app like Cash App or Venmo, for example, the money you transfer will be available immediately in the recipient’s app balance. It can take a few days to be transferred to a bank account, though. Zelle is one of the
, letting you send funds from your bank account to be deposited immediately to the recipient’s bank account.
How can I send money without fees?
You can send money without a fee by using P2P payment apps such as Cash App, Google Pay, PayPal, Venmo and Zelle. Note that you may have to pay a fee if you fund your transfer with a credit card, and the recipient may have to pay a fee if they choose to receive the money instantly in their bank account or debit card.
How do I send money online?
You can send money online by using the website or app for a money transfer service or peer-to-peer payment service. Generally, in most cases you will need to log into the website or app and use a credit card or bank account to fund the transfer, and the recipient will need to have the same app and a bank account or debit card to receive the money.
To determine the best domestic transfer services, we examined the following features for 14 providers: fees, delivery speed of cash or money to recipient’s bank account, user reach (where transaction data were available), sending amount limit and security measures. Priority went to those providers that offer no-cost transfers, have established histories and maintain high security standards. We excluded single-bank P2P services since they usually limit users to a given bank.
Note: All transfer amount limits given assume users have verified their identity as each app requires. There are also initial amount limits when first using the app.
We analyzed seven providers that work in the U.S., mostly focusing on major players in the international money transfer industry, based on market research, experts, cost analysis and U.S. internet traffic.
Countries surveyed: Germany, India, Mexico and the United Kingdom.
