Transferring money has never been simpler thanks to peer-to-peer (P2P) payment systems. With just a few taps on your smartphone, you can instantly send or receive funds.

Here are seven top methods for sending money to others from virtually anywhere.

1. Zelle

Best for: People with compatible bank accounts who prefer to avoid downloading additional apps or paying fees.

Zelle is an excellent choice for quickly reimbursing friends and family. It’s free, transfers are completed within minutes, and you may not need to install a separate app.

With over 2,000 financial institutions in the Zelle Network, you can send money by simply providing Zelle with the recipient’s email address or phone number. Weekly sending limits vary by bank, but with the standalone Zelle app, you can send up to $500 per week and receive up to $5,000 per week if your bank does not support Zelle.

Payments through Zelle are typically processed in minutes, even on weekends and holidays, as long as both parties are enrolled. However, delays may occur if one party is newly enrolled.

What to watch for: Ensure you’re sending money to the correct recipient. If you mistakenly send funds to the wrong person, recovering your money is not guaranteed.

2. Venmo

Best for: Reimbursing friends with a social twist.

Venmo, owned by PayPal, is a popular peer-to-peer payments app that combines money transfers with a social element. Transactions are shared with friends, but users can opt to keep their payment history private, either by default or on a per-payment basis.

Unlike Zelle, you will need to download the Venmo app to use its services. Once installed, you can easily link your bank account to send money for free, or opt to pay a small fee for instant transfers.

Payments can be made using the recipient’s Venmo username, phone number, or email. Venmo may also ask for the last four digits of the recipient’s phone number to verify the transaction.

When you link a bank account, Venmo will automatically withdraw the amount from your account. If you choose to link a credit card, a 3% fee will apply. You can adjust your payment method before sending money, but not after the transaction is complete. Once your identity is verified, you can send up to $60,000 per week. Venmo occasionally offers referral bonuses if people you know sign up using your referral link.

What to watch for: Like Zelle, Venmo does not allow you to cancel payments once they are sent. Double-check that you’re sending money to the right person and for the correct amount.

3. Cash App

Best for: Those seeking a straightforward app and users needing to send money between the U.S. and U.K.

Cash App is a popular standalone app for sending money to contacts. Available in both the United States and the United Kingdom, it allows for fee-free transactions between the two countries, though your bank may charge its own fees. Both the sender and recipient need to have the app installed.

You can send money using an email address, phone number, or a $Cashtag (a unique identifier). Initially, you can send up to $250 within the first seven days after signing up. This limit increases to $1,000 after 30 days, and further amounts are possible once your identity is verified.

Sending money using Cash App is free, but using a credit card incurs a 3% fee. Instant deposits to a linked debit card are subject to a fee of 0.5% to 1.75%, with a minimum fee of $0.25. Standard deposits are free but take one to three business days to process.

What to watch for: As with other peer-to-peer apps, transactions typically cannot be canceled once sent. Ensure you verify the recipient and the amount before completing your transfer.

4. PayPal

Best for: Individuals looking to send larger amounts of money and those who need a convenient option for international payments.

PayPal is a well-established digital payment system that allows you to send and receive money globally. It offers both a web platform and a mobile app, with features that include the ability to use emojis, similar to Venmo.

With PayPal, you can send money for free using a linked bank account, PayPal Cash Card, or PayPal balance. However, using other payment methods, such as credit or debit cards, incurs a fee of 2.9% plus 30 cents per transaction in the U.S.

For verified PayPal accounts, the sending limit is up to $60,000, though there may be a $10,000 cap per transaction depending on the currency. Users without a PayPal account can send up to $4,000 per transaction. PayPal also supports international transfers through its Xoom service, enabling you to send money to over 160 countries. Additionally, PayPal offers some level of purchase protection for both buyers and sellers in certain situations.

What to watch for: Be mindful of potential fees for international transactions and ensure you verify the recipient and amount before sending money, as transactions typically cannot be canceled.

5. Apple Cash

Best for: Apple device users seeking a seamless, integrated payment experience.

For those with an iPhone or Apple Watch, Apple Cash provides a straightforward way to send and receive money using a simple text message.

To get started, you’ll need to set up Apple Cash in your Apple Wallet, which involves linking a debit card to facilitate transfers. Once set up, you can use the Apple Pay icon in the Messages app to send money to your contacts, and the funds will appear directly in their wallet.

Sending and receiving money is free, but there is a 1.5 percent fee for instant transfers, with a minimum fee of 25 cents and a maximum of $15. Payments can be canceled if the recipient hasn’t accepted them yet. You can also use Siri to send money. The minimum transfer amount is $1, and you can send up to $10,000 per transaction, with a weekly limit of $10,000.

What to watch: Money must be accepted by the recipient for it to be deposited into your account.

6. Google Pay

Best for: Splitting payments or bills among a group of people.

Google Pay, available on both Google Play and iOS devices, is a versatile tool for sending and receiving money between friends and family. It also allows for contactless purchases in stores and online.

To use Google Pay, link a debit card or bank account to the app. Verified users can send up to $5,000 within a seven-day period, while those with unverified accounts are limited to $500. Google Pay also offers a feature for creating groups to easily split costs for things like rent or dining.

What to watch: Google Pay does not support using credit cards for sending money to friends and family.

7. Samsung Pay Cash

Best for: Samsung device users.

Samsung Pay offers a convenient way to send money, but it requires the recipient to have a Samsung Pay Cash account, which can limit its universality compared to other peer-to-peer payment services.

Samsung Pay Cash accounts come in two types: “lite” and “full.” A lite account is not fully registered and has limited functionality, allowing only one payment receipt per month and up to $500 in payments, no more than 15 times within the same period. Upgrading to a full account removes these restrictions.

You can fund your Samsung Pay Cash account via debit or credit card, bank transfer, direct deposit, or by receiving funds from others. Payments must be accepted by the recipient within five days, or they will expire. The Samsung Pay Cash app is available on Google Play.

What to watch: Ensure the recipient has a Samsung Pay Cash account or is willing to set one up before sending money.

Considerations for using peer-to-peer payment methods

Be aware of tax implications: If you use these payment platforms for business transactions, you’ll need to report payments totaling $600 or more to the IRS. You’ll receive Form 1099-K to document the income. This requirement does not apply to personal transactions with family and friends.

Watch out for scams: The ease of transferring money can also invite fraud. Scammers might pose as support representatives to gain access to your account or trick you with fraudulent schemes. Common scams include requests for upfront payments for goods or services that are never delivered or fraudulent claims that a payment was sent by mistake and then canceled. If you suspect a scam, notify the app and your bank immediately.

Understand the protection limitations: Transactions made through these apps often cannot be canceled or reversed, and you might not have the same level of protection as with traditional banks or credit cards. P2P platforms typically do not offer reimbursement for authorized transactions, even if a scam or accidental payment occurs.

Be mindful of fees, limits, and processing times: Each app has its own rules for transaction limits, fees, and delivery times. Familiarize yourself with these details to avoid unexpected costs or delays.

Verify recipient details: Always double-check the spelling of email addresses, usernames, and phone numbers before sending money to ensure it goes to the right person.

Secure your account: Use a strong password and enable available security features, such as account alerts and two-factor authentication. Avoid sending or accepting money from people you do not know.

Report fraud: If you fall victim to a scam, report it to the app, your bank, and the Federal Trade Commission to help address the issue and prevent further fraud.

In Conclusion

Mobile apps offer a convenient way to send money quickly. However, it’s important to check if there are any fees associated with sending money and how long it will take for the funds to reach the recipient.

Most peer-to-peer (P2P) payment services require both the sender and recipient to have the app installed for transactions to be completed. Consider this when choosing an app, especially if your friends or family favor a particular one.