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Key takeaways
- The best way to send money depends on your priorities – Chime® Pay Anyone or Zelle® work well for instant bank-to-bank transfers, while Venmo® and Cash App® are popular for casual payments between friends.
- Most peer-to-peer payment apps let you send money for free when you use a linked bank account or debit card, though credit card transfers typically carry a fee.
- Once you send money through most apps, the transfer is usually irreversible, so double-check recipient details before hitting send.
Splitting rent with roommates, paying back a friend for concert tickets, sending cash to family across the country – moving money is part of daily life for many people. But with so many apps and services available, figuring out which one actually works best for your situation can feel overwhelming.
Below, we’ll break down seven popular ways to send money, compare their fees and speeds, and help you pick the right option for your next transfer. Our team looked at transfer fees, payment speed, and standout features. Check the latest account details and agreements before signing up.
Third-party brands and companies are mentioned for informational purposes only. Chime does not sponsor, endorse, or partner with any of these brands or companies, and they do not sponsor or endorse Chime.
How do these money transfer options compare?
The best way to send money depends on your priorities. For fee-free instant transfers, use Chime Pay Anyone1 or Zelle. Looking for something more social? Venmo and Cash App work great for splitting dinner or paying back a friend.
For larger amounts, such as a car down payment or a major purchase, bank wire transfers offer higher limits and added security. And if you’re sending money to someone in another country, services like Western Union have cash pickup locations in over 200 countries.
Here’s a quick breakdown of how these options stack up, then keep reading for more details on transfer speed and fees.
| Service | Best For | Speed | Typical Fees |
|---|---|---|---|
| Chime | Fee-free transfers to anyone | Instant to minutes | Fee-free |
| Zelle | Bank-to-bank transfers | Minutes | Fee-free |
| Venmo | Social payments with friends | Instant to 1-3 days | Fee-free or up to 3% |
| Cash App | Flexible payment options | Instant to 1-3 days | Fee-free or up to 2.5% |
| PayPal | Online purchases and transfers | Instant to 1-3 days | Fee-free or up to 2.9% |
| Western Union | International and cash pickups | Minutes to days | Varies by method |
| Wire transfers | Large amounts | Same day to 1-2 days | $15-$50+ |
7 best ways to send money
1. Chime
Chime offers a feature called Pay Anyone that lets you send money instantly1 to almost anyone in the U.S. – even if they don’t have a Chime account. All you need is the recipient’s email address or phone number.
Here’s how it works: the recipient gets a link to claim the money, then deposits it into any U.S. bank account they choose. No fees for sending. No fees for receiving. Other Chime members get their funds instantly, and non-members have 14 days to enter their debit card info and claim their funds.
What makes Pay Anyone especially handy? You don’t have to ask for someone’s bank details or routing number. Just send the link, and you’re done.
2. Zelle
Zelle2 connects directly to over 2,300 banking and credit union apps across the country. Money moves straight from one bank account to another, usually within minutes.
The biggest perk is convenience. If your bank already supports Zelle, you won’t need to download a separate app – it’s built right into your existing banking app. No account balance to manage, no extra login to remember. But not all banks support Zelle.
One limitation to keep in mind: Zelle only works for domestic transfers within the United States. If you’re sending money internationally, you’ll want to look at other options.
3. Venmo
Venmo3 lets users split bills, send their share of the rent to roommates, or reimburse friends after a group dinner. All you need is your friend’s Venmo username or the phone number or email linked to their account.
- Standard transfers are free, but may take 1-3 business days to reach your bank
- Instant transfers cost 1.75% of the amount you’re moving
- Credit card payments carry a 3% fee
Venmo also offers a debit card that lets you spend your Venmo balance directly at stores and ATMs.
4. Cash App
In addition to basic money transfers, Cash App4 lets you invest in stocks, buy Bitcoin, and get cash back at select retailers with the Cash App Card.
Sending money works the same as other apps – it’s free when you use a linked bank account or debit card, and there’s a small fee (0.5% to 2.5%) for instant transfers. If you bank with Cash App, you can earn up to 3.25% APY on your savings and get free overdraft coverage on your checking account.
The app’s interface is straightforward, making it a solid choice if you want payment features plus some basic investing tools in one place.
5. PayPal
PayPal5 is one of the most established names in online payments, widely accepted by online retailers, freelancers, and businesses worldwide.
Sending money to friends and family within the U.S. is free when you use your PayPal balance or a linked bank account. International transfers incur fees that vary by destination and amount, and credit card payments incur a 2.9% fee, plus a fixed fee based on currency received.
PayPal also offers buyer protection on eligible purchases. If something goes wrong with an online order, you may be able to get your money back – a feature that sets it apart from most peer-to-peer apps.
6. Western Union
Western Union6 shines when you’re sending money internationally or when the recipient prefers to pick up cash in person. With a large network of agent locations spanning more than 200 countries, it’s one of the most accessible options for global transfers.
Recipients can choose how they want to receive funds:
- Cash pickup at a local agent
- Direct deposit to a bank account
- Transfer to a mobile wallet
Fees vary based on how much you send, where it’s going, and the delivery method. Transfers can arrive in minutes or take several days, depending on your choices.
7. Wire transfers
Wire transfers work best for large amounts – think buying a car, closing on a house, or paying for major business expenses. Banks process wire transfers directly, making them secure and reliable for large transactions.
The trade-off is cost. Wire transfer fees vary by bank, so it’s worth checking your bank’s current fee schedule before you send. Most domestic wires are completed within the same business day, though timing can vary by bank, and international transfers may take additional business days.
If you’re moving a substantial sum and want the peace of mind that comes with a secure, bank-processed transfer, a wire transfer can be a good option.
What to consider when choosing how to send money
Picking the right transfer method comes down to a few key factors. Here’s what to weigh before you send:
- Speed: How quickly does the recipient need the money? Instant transfers through Chime or Zelle may arrive in minutes, while standard electronic funds transfers can take 1 to 3 business days, depending on the service.
- Fees: Free isn’t always free. Many apps charge nothing for standard transfers but add fees for instant transfers or credit card payments.
- Transfer limits: Each service sets daily and weekly limits. If you’re moving a large amount, wire transfers or bank-to-bank transfers may be your only option.
- Recipient access: Does the person you’re paying have the same app? Services like Chime’s Pay Anyone and PayPal let you send to people who don’t have an account, while others require both parties to sign up.
One more thing to consider: security. Look for services that offer fraud protection and two-factor authentication. And remember, once you send money through most peer-to-peer apps, the transfer is typically irreversible.
Tip: Before sending a large amount through any new service, try a small test transfer first. This helps you confirm the recipient’s information is correct and understand how the process works.
Do P2P payments have tax implications?
If you use payment apps for personal transactions – like splitting dinner or paying back a friend – you generally don’t owe taxes on that money. Reimbursements or personal gifts between friends are typically not considered taxable income. However, everyone’s tax situation is different, so consider consulting a tax professional if you’re unsure.
Business transactions are different. Payment apps like Venmo, PayPal, and Cash App may be required to report transactions to the IRS when you receive income above a certain threshold for goods or services – check the IRS website or consult a tax professional for the most current reporting requirements. If you meet the reporting threshold, you may receive a 1099-K form, which you’ll use when filing your taxes.
Keeping records of your transactions makes tax time simpler. A quick note in the payment description – “dinner split” versus “freelance work” – can help you distinguish between personal payments and business income later on.
Send money with confidence
Sending money has never been easier, with options ranging from instant peer-to-peer apps to traditional wire transfers. The right choice depends on your situation – how fast you need the money to arrive, how much you’re sending, and whether the recipient is across town or across the world.
For everyday transfers to friends and family, fee-free options like Chime® Pay Anyone feature, Zelle, or Venmo can help you avoid unnecessary costs. Just take a moment to verify recipient details before you hit send, since most transfers can’t be reversed once they’re on their way.
Frequently asked questions about sending money transfers
How can I send money to someone instantly?
Apps like Zelle, Venmo, and Cash App offer instant or near-instant transfers when you send from a linked debit card or bank account. Chime’s Pay Anyone feature also delivers funds within minutes. Keep in mind that “instant” transfers through some apps may cost a small fee, while standard transfers are free but take 1 to 3 business days.
What happens if I send money to the wrong person?
Most peer-to-peer payment apps don’t offer a way to cancel or reverse a completed transfer. Your best option is to contact the recipient directly and ask them to return the money. If that doesn’t work, reach out to the app’s customer support – though recovery isn’t guaranteed. Double-checking phone numbers and email addresses before sending can save you a lot of headaches.
Can I send money without a bank account?
Yes, several options exist. Western Union and MoneyGram let you pay with cash at retail locations. Some apps, like PayPal and CashApp, allow you to add cash through retail partners. You can also use prepaid debit cards with certain payment apps, though features may be limited compared to linking a traditional bank account.
How do I transfer a large amount, like $20,000?
For large transfers, a bank wire transfer is typically the most reliable option. Contact your bank to start the process – you’ll need the recipient’s bank name, account number, and routing number. Wire fees vary by bank, so check your bank’s current fee schedule before you send. Some banks also offer ACH transfers for large amounts, which are slower but often free or low-cost.