Pricing: Each app on our list offers low-cost (or free) standard checking account transfers and only charge higher fees when linking to credit cards as a payment method and/or requesting express money transfers.To determine the best money-sending apps, CNBC Select analyzed over a dozen options offered by the top companies in this market and narrowed down our ranking by only including apps that meet the following criteria:

Some apps offer additional protections, like QR-code scanning, text or email verification, unique user IDs and profile pictures to ensure the right person is on the receiving end of your payment. And unlike cash, digital payments cannot be lost.īecause digital money apps allow you to send money to anyone with an account, the one caveat is that it can be easy to send money to the wrong person if you're not careful. By signing up for a money transfer app, you are, in essence, making it possible for anyone to send you a digital payment without viewing any of your secure account information, just your user ID or email address/phone number.

Likewise, using a money app is safer than writing a check because it will not expose your bank account number and routing number to the person who receives it. Money apps are arguably safer than cash since most require you to create an account with a password and two-factor login methods (such as sending verification codes) to verify your identity and the person you are sending money to.

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