Based on our research, WorldRemit is the best money transfer app due to its international flexibility, lack of hidden costs, and more. Money transfer apps, also called peer-to-peer (P2P) money transfer apps, let you transfer cash from person to person, or from entity to entity, quickly, conveniently, cheaply, and securely. They simplify payments and also allow you to use a digital wallet to link your credit card or bank account. You can make electronic transactions and payments with just a few taps on a mobile device. The best money transfer apps collect high app store ratings, help app shoppers shell out money safely, and involve no hidden fees. They also fit consumer-specific needs, such as international payments, social options, digital wallet offerings, and more. The Best Money Transfer Apps for June 2024 The Best Money Transfer Apps for June 2024 Final Verdict Compare Apps How to Use Pros and Cons Alternatives FAQ Methodology Why We Chose It The World Remit app won this category for having no hidden costs and the flexibility to send to over 130 countries. WorldRemit can send money to recipients within minutes. Most transfers complete within 24 hours wherever recipients live in the world. When you introduce a friend to WorldRemit, you both get a voucher to use on your next transfer. Also, first-time customers can use the promo code 3Free to make their first three transfers with no fees. Pros & Cons Pros Quick deposit options worldwide Easy to use Cons Complex transfer fees Limits on large transfers to certain destinations Overview The app gives you various ways to send money—through cash pickup, bank transfer, mobile money, home delivery, and airtime top-up, and that's why it landed in our top category. WorldRemit accepts most types of debit, credit, and prepaid cards issued by Visa or Mastercard. WorldRemit also accepts payment from Klarna, Trustly, POLi, Apple Pay, and more. It no longer accepts Google Pay. To send money, download the iOS or Android version of the World Remit app. Select the country and amount you want to send and enter recipient details and bank information. Once you pay for the transaction, your recipient will find out by SMS and email when they can access their money. WorldRemit, approved by the Financial Conduct Authority (FCA), puts a high priority on security by implementing strict verification procedures. The company employs teams to monitor accounts for unusual activity. WorldRemit's large network of local partners works with worldwide banks and financial institutions. You can send a maximum of $9,000 in 24 hours and $5,000 per transaction for debit, credit, or prepaid cards. You can submit a maximum of $9,000 in Apple Pay payments within 24 hours and send a maximum of $300 per transaction. WorldRemit lists all fees and exchange rates before you execute each transaction. WorldRemit also offers a wallet for use in a limited number of countries, but any WorldRemit customer can send money to a WorldRemit Wallet. If you accidentally send money to the wrong person, WorldRemit can sometimes recall the mobile money or bank transfer transaction. In this situation, you want to contact WorldRemit as soon as possible. Why We Chose It The app's robust offerings, mixed with speed and convenience and PayPal's brand name awareness, make it a good choice. Pros & Cons Pros Name/brand recognition cultivates instant trust Easy to install and use Fast and secure Cons High transaction fees May hold money Difficult customer service Overview PayPal offers a wide range of versatile, flexible, secure, and easy-to-use money transfer tools. You can transfer money for free from a PayPal balance, bank account, or Amex Send account. You can also use PayPal Instant Transfer and transfer funds immediately (for a fee). PayPal offers versions of its app for iOS, Android, and Windows. It takes just minutes to download and start transferring money. You can share a PayPal.Me link for a quick and secure payment option. PayPal's invoice creation feature also allows you to customize and track every invoice you send. You can send up to $60,000, but PayPal may limit the transaction to $10,000, depending on the currency you use. If you accidentally send money to the wrong person, you can reach out to the contact and ask for a refund. If the individual doesn't respond, you can open a dispute in PayPal's Resolution Center. You can tap into your PayPal balance to keep money in your account with the PayPal Cash Card, a debit card with a daily spending limit of $3,000 and a daily cash ATM withdrawal limit of $400 with a limit of 30 transactions per day. Users pay 2.90% plus a fixed fee to send money via a credit card. PayPal charges 5.0% to send international personal transactions using a PayPal balance, bank account, or through an Amex Send account. PayPal keeps your information secure using sophisticated encryption. The company monitors transactions 24/7 and offers dispute resolution if you have a problem with a transaction. PayPal limits transfers to U.S. banks only and can connect with most U.S. banks and credit unions. Unfortunately, some banks, including online-only or prepaid bank accounts, can't give you access to PayPal. Why We Chose It Cash App, owned by Square Inc., scored the highest in the low fees category because it allows users to send funds instantly via mobile app for free. Cash App stands out for its simplicity (you either pay or get paid), ease of use, and minimal fees. Cash App also offers unique options not common in other money transfer apps, such as investment options, getting special savings with “cash boosts,” and buying and selling Bitcoin. Pros & Cons Pros Offers more than just payment options Simple and fast Great for money requests for friends and family Cons Must rely on another person to return money if you send to the wrong individual Overview Cash App won because of its low fees and flexibility—including the ability to buy and sell Bitcoin straight from your Cash App balance. You can also transfer funds to a bank account from your Cash App account or store money in your Cash App account. Tap the "Balance" tab on the app home screen, click "Cash out," enter the amount and indicate whether you want to request money or pay money. To send a payment, enter the other person's $Cashtag, phone number, or email address and tap "pay." Cash App lets you send $250 in any 7-day period and receive up to $1,000 instantly within any 30-day period. However, you can hurdle over these limits by verifying your identity. Note: the app doesn't transfer money immediately—you should have your money within one to three business days. Cash App supports debit and credit cards from Visa, MasterCard, American Express, and Discover. The app supports most government-enabled prepaid cards but users cannot deposit to these cards. Cash App does not support ATM cards, Paypal, and business debit cards at this time. Cash App employs up-to-date security encryption and fraud detection technology. Cash App features PCI Data Security Standard (PCI-DSS) Level 1 compliance. Unfortunately, sending a payment to the wrong person doesn't guarantee a swift return; you can only request the money and rely on that person's honesty to get your funds returned. Why We Chose It Venmo offers the best of both worlds—it offers a quick and easy way to send and receive money and offers a potential "parking place" for your cash. You can spend, send, or transfer Venmo money to your bank account. Because of these reasons, it won the category for shared expenses. You can even make the experience more interactive by adding emojis or animated stickers with your transactions. Pros & Cons Pros Provides a social way to split money Money moves instantly No need to add money to Venmo to make payments Cons Past security concerns Fee for instant cash-out transfers to your bank account Overview Venmo (which is owned by PayPal) conquered this category because it allows for quick and easy money exchange between individuals. You can send or receive money for free through the peer-to-peer payment app, though Venmo charges 1.75% of the transfer total to send money via credit card. Venmo also charges a 1.75% fee ($0.25 minimum and $25 maximum) for instant cash-out transfers to your bank account. You can keep money in Venmo or your bank account. You can send money using your iOS- or Android-based smartphone by choosing a sign-up method and creating a secure password between eight and 20 characters long. Venmo asks you to verify your phone number, email address, and bank account. The standard bank transfer through the ACH network to a verified checking account typically takes one to three business days to arrive. You can also choose an instant transfer to a bank account or debit card (incurs a 1.75% fee) which arrives within 30 minutes. Venmo should work with all U.S.-based banks. Venmo uses encryption to keep information secure. You can add additional layers of security to your Venmo account by adding multi-factor authentication and a PIN. Note: The Consumer Financial Protection Bureau raised red flags about Venmo's "debt-collection practices" through a Civil Investigative Demand in January 2021. Venmo imposes a $299.99 spending limit, but users can submit information about their identity to increase the weekly rolling limit to $60,000. If you accidentally send money to the wrong person, you can request a return for the money you sent by mistake. If you don’t hear back or need help sending a charge request, you can contact Venmo's support team. Venmo offers no recovery guarantees. Read our full Venmo Review. Why We Chose It For bank-to-bank transfers, Zelle won because of its quick access and wide availability at most banks and credit unions. Users can head to a bank's website or directly to the mobile app to register with just an email address or phone number. Pros & Cons Pros Widely used by many banks You can still use it if your bank doesn't offer Zelle Swift movement of funds Money is federally insured Cons Only works with domestic banks Overview No other app offers such an easy bank-to-bank process. Zelle can transfer money to other Zelle users through the easy-to-use app. Users can send or request money with an email address or phone number. Recipients must have a Zelle account to send or receive money. Zelle sends a text or email and a link to accept payment. You can find the free app through the App Store or on Google Play. Enter the amount you want to send. The money goes directly into the recipient's bank account, typically in minutes. The Zelle app utilizes authentication and monitoring features for top security or uses your bank or credit union's mobile app. If your bank or credit union does not yet offer Zelle, you can only send up to $500. You cannot request to increase or decrease your send limit. You should know and trust the people you send money to because you can't cancel a payment through Zelle if the recipient already has a Zelle account. However, you can cancel a payment if the recipient hasn't enrolled in Zelle. Go to your activity page on the Zelle app, choose the payment you want to cancel, and tap "cancel this payment.” Read our full Zelle Review. Your final decision on the best money transfer app depends on your goals and preferences. For example, if you want your app to have additional features (like investing in Bitcoin), gravitate toward Cash App, which offers it. However, for a comprehensive overall money transfer app, you can't go wrong with PayPal, which offers a suite of payment options and a successful track record to back it up. PayPal also offers robust safety features, payment protection, and handy tools for businesses. In the News: Money transfers and person-to-person payments are increasingly popular. According to the Consumer Financial Protection Bureau, the total person-to-person (P2P) payment dollar volume quadrupled between 2018 and 2022. Though money transfer apps are convenient and easy to use, not all apps are backed by the Federal Deposit Insurance Corporation (FDIC), so consumers' deposits aren't always insured. As a result, you should be careful about what apps you use and how much money you store in them. Money transfer apps are relatively easy to use and allow people to send money instantly via their cellphones. There are some basic steps to take when setting up a money transfer app. Money transfer apps generally need to be connected to a bank account from where it will withdraw or deposit funds depending on whether you are sending or receiving money. It's possible to keep a balance in your money transfer app, but don't expect to be able to earn interest on those funds like you can with, for example, a savings account. In addition to whatever balance you might carry within the app, you also can connect multiple bank accounts. When you send money, the app needs a prioritized list of which accounts it should be drawing from. For example, you might want the app to use whatever balance you are carrying before it takes any money from a connected account. Other users are identified by email addresses or perhaps cellphone numbers, so it is important that you have accurate contact information so you can be sure you are sending money to the correct person. For people you exchange money with on a regular basis, you can save them to your app. Pros Easy fund requests and payments Multiple funding options Quick access to transferred money Cons Payments vulnerable to scams Potentially high transaction fees Funds rarely backed by FDIC insurance The Federal Reserve reported in 2021, its most recent survey, that 46.4% of all households use online payment services like Cash App, PayPal, and Venmo. Money transfer apps can be helpful when splitting a dinner bill or paying your dog walker. But they're not appropriate for all situations. In some cases, you may need to use an alternative method to send money or pay for services. When making a significant, high-dollar purchase—such as buying a home or car—you may need a cashier's check to complete the transaction. The bank guarantees cashier's checks, so there's no risk of the check bouncing when it's cashed. Banks typically charge a moderate flat fee per cashier's check. Money orders are a safer alternative to personal checks or cash. You can purchase a money order at any post office and at some banks, and each domestic money order can be up to $1,000. At the time of purchase, you'll receive a receipt that you can use to track the payment in case the money order is lost or stolen. A small fee applies for each money order purchased. For routine transactions, such as paying rent or utility bills, a personal check is an acceptable form of payment. It may take longer than other payment options since it may have to be mailed and cashed, but there are no fees with personal checks, and the money is withdrawn directly from your checking account. Money transfer services, such as Western Union or MoneyGram, allow those without bank accounts to transfer money or pay bills. Through a remittance transfer, customers can also use these services to send money to loved ones internationally. Remittance transfers have specific consumer-protection requirements. If you need to securely transfer large sums—such as money to cover the closing costs on a home—a wire transfer is a popular choice. It allows you to transfer money electronically from one bank account to another, but your bank will likely charge you fees to complete the transfer. Review your account's deposit agreement or schedule of fees to find out what bank fees may apply. No one money transfer app is best for everyone (or for every situation). For example, Zelle, one of our top picks, is an excellent choice for those that want to move money quickly from one domestic bank account to another; WorldRemit is a better choice for international payments. PayPal is a relatively simple solution, while Cash App is a top choice for having low fees. You may also want to check out Venmo for sharing bills, and Facebook Pay for small transfers. If you need to send money to someone in another country, we found that WorldRemit is the best app for international transfers. Most transfers are completed within minutes, and you can choose from several transfer options, including cash pickup, bank transfer, or even home delivery. Money transfer apps allow you to transfer money quickly and easily. Some apps hold your money and others transfer it from one bank to another. Some money transfer apps specifically cater to consumer-specific needs. The length of time it takes varies. Some transfers occur immediately and others can take up to a few days. Keep your needs and time frame in mind so you choose the best mobile money app for you. All of our list's major money transfer apps are generally secure, using the latest encryption technology and privacy measures to protect user information. These include WorldRemit, Zelle, PayPal, Cash App, Venmo, and Facebook Pay. However, there is still a risk of scams and data breaches, so it's important to take extra steps to protect your information. For example, enabling multifactor authentication, regularly changing passwords, and avoiding public WiFi connections can help keep your account safe. Both Zelle and Venmo are generally safe. The platforms use encryption to protect account information and monitor account activity, and encrypted data is stored on servers in secure locations. However, all money transfer apps have some level of risk. To protect yourself, verify the recipient's contact information before sending money, and only send money to those you know and trust. We researched and reviewed 9 companies to find the best money transfer apps you see on the list above. Below are the companies we researched: Apple Cash, Cash App, Google Pay, Meta Pay, PayPal, Venmo, Wise, WorldRemit, Zelle. Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of money transfer apps. To rate companies, we collected hundreds of data points for 9 apps over one month, including transfer fees, transfer limits, country and currency availability, app features, and customer ratings, to ensure that our reviews help you make informed decisions about which transfer apps to use. We grouped those criteria into five main categories for analysis: fees, limits, availability, features, and reputation. Article Sources Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy. WorldRemit. "Send Money to Over 130 Countries With WorldRemit." WorldRemit. "Bank Transfers." WorldRemit. "Send Money From the United States." PayPal. "What's the Maximum Amount I Can Send With My PayPal." PayPal. "PayPal Consumer Fees." Cash App. "Account Settings." Cash App. "Cash App Security." Venmo. "Instant Bank Transfer FAQ." PayPal. "10-K Filing." Venmo. "Personal Profile Payment Limits." Consumer Financial Protection Bureau. "Analysis of Deposit Insurance Coverage on Funds Stored Through Payment Apps." Federal Bureau of Investigation. "Cybercriminals Trick Victims Into Transferring Funds to 'Reverse' Instant Payments." Consumer Financial Protection Bureau. "Helpful Tips for Using Mobile Payment Services and Avoiding Risky Mistakes." Consumer Financial Protection Bureau. "Consumer Advisory: Your Money Is at Greater Risk When You Hold It in a Payment App, Instead of Moving It to an Account With Deposit Insurance." Federal Reserve. "2021 FDIC National Survey of Unbanked and Underbanked Households." FDIC. “Deposit Accounts." United States Postal Service. "Sending Money Orders." Consumer Financial Protection Bureau. "What Is a Wire Transfer?" Article Sources Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy. WorldRemit. "Send Money to Over 130 Countries With WorldRemit." WorldRemit. "Bank Transfers." WorldRemit. "Send Money From the United States." PayPal. "What's the Maximum Amount I Can Send With My PayPal." PayPal. "PayPal Consumer Fees." Cash App. "Account Settings." Cash App. "Cash App Security." Venmo. "Instant Bank Transfer FAQ." PayPal. "10-K Filing." Venmo. "Personal Profile Payment Limits." Consumer Financial Protection Bureau. "Analysis of Deposit Insurance Coverage on Funds Stored Through Payment Apps." Federal Bureau of Investigation. "Cybercriminals Trick Victims Into Transferring Funds to 'Reverse' Instant Payments." Consumer Financial Protection Bureau. "Helpful Tips for Using Mobile Payment Services and Avoiding Risky Mistakes." Consumer Financial Protection Bureau. "Consumer Advisory: Your Money Is at Greater Risk When You Hold It in a Payment App, Instead of Moving It to an Account With Deposit Insurance." Federal Reserve. "2021 FDIC National Survey of Unbanked and Underbanked Households." FDIC. “Deposit Accounts." United States Postal Service. "Sending Money Orders." Consumer Financial Protection Bureau. "What Is a Wire Transfer?" Related Terms What Is PayPal and How Does it Work? PayPal is an electronic commerce company that facilitates payments between parties through online funds transfers. more Remittance: What It Is and How to Send One A remittance is a sum of money sent to another party, usually in another country. Remittances are a major source of income for people in poor nations. more What Is a Money Order, How Does It Work, and How Do I Get One? A money order is a secure alternative to cash or a personal check. It works similarly to a check, and is usually issued by governments and banking institutions. more Unified Payments Interface (UPI): Definition and How It Works A Unified Payments Interface (UPI) is a smartphone application which allows users to transfer money between bank accounts. more What Is Online Banking? Definition and How It Works Online banking allows a user to conduct financial transactions via the Internet. Online banking is also known as Internet banking or web banking. more What Is a Wire Transfer? How It Works, Safety, and Fees A wire transfer is an electronic transfer of funds across a network administered by hundreds of banks around the world. moreThe Best Money Transfer Apps for June 2024
Best for International Transfers : WorldRemit
Best for Ease of Use : PayPal
Best for Low Fees : Cash App
Best for Shared Bills : Venmo
Best for Bank to Bank Transfers : Zelle
Final Verdict
Compare the Best Money Transfer Apps
App Operating System Minimum Transfer Transfer Speed WorldRemit
Best for International TransfersiOS and Android Depends on the country you send from and the payment method used to fund the transfer Instant PayPal
Best for Ease of UseiOS and Android No minimum transfer amount Transfers occur in minutes and vary by bank. Debit card transfers may take up to 30 minutes. Cash App
Best for Low FeesiOS and Android No minimum transfer amount Standard deposits arrive within three business days. Instant deposits arrive immediately. Venmo
Best for Shared BillsiOS and Android No minimum transfer amount Instant Facebook Pay
Best for Small TransfersDepends on the apps you already use No minimum transfer amount Instant, though the bank may take up to five days to process Zelle
Best for Bank to Bank TransfersiOS and Android Varies by bank/credit union Zelle partners with Instant In the News
How to Use Money Transfer Apps
Connect to a Bank Account
Set Your Preferences
Know Your Recipient
Pros and Cons of Money Transfer Apps
Pros Explained
Cons Explained
Alternatives to Money Transfer Apps
Cashier's Checks
Money Orders
Personal Checks
Money Transfer Services
Wire Transfers
Frequently Asked Questions
What Is the Best Money Transfer App?
What Is the Best App for International Money Transfers?
How Do Money Transfer Apps Work?
What Apps Allow Instant Money Transfer?
How Long Does It Take to Transfer Money With an App?
What Money Transfer App Is Safest?
Is Zelle Safer Than Venmo?
Companies We Reviewed
How We Picked the Best Money Transfer Apps
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:fill(white):max_bytes(150000):strip_icc()/Venmo-a44f8668afea44b19245354b148b35b7.jpg "The Best Money Transfer Apps for June 2024 (4)")
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Best Ways to Send Money as a Teen How Safe Is Venmo and Is It Free? Venmo Teen Debit Card Review 2024 What Is PayPal and How Does it Work? What Is an ACH Transfer? How It Works Remittance: What It Is and How to Send One
FAQs
What is the best app for transferring money? ›
Best Money Transfer Apps for June 2024
- Best Overall, Best for International Transfers and Large Transfers: Wise.
- Best for Domestic Transfers With Friends and Family: Venmo.
- Also Great for International Transfers: WorldRemit.
- Best for Low Fees/Domestic Bank-to-Bank Transfers: Zelle.
- Also Great for Low Fees: Cash App.
Jun 13, 2024
Our Top Tested Picks
- Google Pay. Best for Android Users. Jump To Details. ...
- Cash App. Best for Buying Stocks and Bitcoin. ...
- PayPal. Best for Shopping Online. ...
- Zelle. Best for Instant Bank-to-Bank Transfers. ...
- Apple Pay. Best for Purchases iOS and Mac Users. ...
- Samsung Pay. Best for Contactless in-Store Purchases. ...
- Venmo. Best for Paying Friends.
PayPal: PayPal offers instant transfer services that allow users to send funds to friends, family, or merchants using routing and account numbers.
What is the quickest payment method to transfer funds? ›A wire transfer is one of the fastest ways to transfer money electronically from one person to another through a bank or a nonbank provider such as Wise, formerly TransferWise. For a domestic wire transfer, you'll need the routing number, account number, the name of the recipient and possibly the recipient's address.
Which online transfer is best? ›Top 6 International Money Transfer Service Providers in India
| S . No. | Best International Money Transfer Service Providers | Rating |
|---|---|---|
| 1 | BookMyForex | 4.5/5 |
| 2 | CurrencyFair | 4.3/5 |
| 3 | Axis Bank | 3.7/5 |
| 4 | ICICI Bank | 3.6/5 |
Aug 1, 2023
Internxt Send shares and supports all file formats: PDF, JPEG, DOC, PNG, XLS, and more!
- AirDroid Personal. AirDroid Personal is a great tool for transferring large files between several platforms, such as macOS, Windows, Linux, iOS, and Android. ...
- Google Drive. ...
- Filemail. ...
- Send Anywhere. ...
- Dropbox.
Jan 19, 2023
The Best Apps to Transfer Money for 2024
- Paypal: Best overall.
- Venmo: Best for sending money.
- Cash App: Best if you like options.
- Google Pay: Best for Google suite users.
- Apple Pay: Best for Apple users.
- Zelle: Best for sending money directly.
- Western Union: Best for traditional domestic transfers.
However, while Zelle may appear more secure, applications like Venmo and PayPal are just as secure. All of them use data encryption to protect users against unauthorized transactions and store users' data on servers in secure locations.
Which payment platform is best? ›Best Online Payment Gateways in India 2024
- PayU.
- Instamojo.
- CCAvenue.
- Bill Desk.
- JusPay.
- Airpay.
- Cashfree Payments.
- Zaakpay.
You can either wire money through your bank or with a provider like Western Union. Wire transfers are usually completed within the same business day if not mere minutes, but they do have high fees as a result. Apps like Zelle and Popmoney let you send money to a recipient using your banking app.
What app is instant ACH transfer? ›
Another option is to rely on instant ACH transfer apps like Zelle and Venmo.
What is the fastest transfer of money from bank account? ›Consequently , RTGS payments happen faster, as the amount is reflected in the payee's account within 30 minutes of initiation of payment at the remitter's end. On the other hand, NEFT fulfilment is reflected within 2 hours.
How can I send money to someone immediately? ›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.
Which method is used for fastest money transfer? ›RTGS is typically used for high-value transactions and there is usually a fee charged by the bank. While all three systems allow for electronic funds transfer, IMPS is the fastest and most convenient for small transactions.
Which transfer is instant? ›IMPS is an emphatic service which allow transferring of funds instantly within banks across India which is not only safe but also economical.
Is Zelle or Cash App safer? ›Users can obtain FDIC coverage through three of the four apps: Apple Cash, Cash App, and Venmo. (Zelle, which is co-owned by seven of the largest U.S. banks, transfers funds directly between FDIC-insured bank accounts and does not hold funds in-app as the others do, so funds are covered.)
Is Zelle safer than Venmo? ›Both of the payment services are decently safe, have user-friendly interfaces, and allow you to conveniently send money when you need it. Zelle stands out from Venmo with its absence of instant transfer fees, but it also cannot be used as a wallet. So, if you need a wallet function, you should go for Venmo .
How can I transfer money instantly for free? ›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.
Does Zelle charge a fee? ›Zelle can provide a fast and convenient way to send money to another person, no matter which bank they use. Unlike many of its competitors, Zelle provides instant money transfers with no fees, so you can send and receive funds more quickly.