Modern technology has made sharing money easy. There is no need to run to the ATM to pay someone back. You can do so right from your fingertips as easy as 1, 2, 3… sent! However, with so many mobile payment apps available, you may wonder which one should you use. Though they all perform the same basic functions, each has unique features. Read up on each one to determine which may be the best fit for you.

The OG

PayPal made a name for itself back in the late 90s as the payment provider for eBay transactions. Since then it has grown significantly with lots of features. PayPal now is the preferred payment provider for dozens of websites. It allows users to transfer money to family and friends, pay businesses, invest, and have money pools. Money pools is a fairly new feature that is quite beneficial. Have a group of friends saving for a trip, group gift, or a sports bet? Instead of going to the bank for cash, you can deposit it into the PayPal Pool! What is also great about PayPal is that you can have more than one bank account or credit card linked giving you access to all of your accounts when needed.

Default App, No Download Needed

Apple Pay Cash is a new feature that was introduced with iOS 11. It works similarly to the other money sending apps except that it is exclusive to Apple Devices. Apple Pay Cash provides Apple device users with a pay cash card. The Apple Pay Cash Card can be linked with a U.S. bank account and funded. From there, users can send and receive money to other Apple users right through their iMessage app. When money is received, the recipient can decide to leave the money on their Apple Pay Cash Card for future transactions or to transfer it to a bank account. Having it deposited to a bank account can take 2-3 days.

Plain And Simple, But Gets The Job Done

The Square Cash app is very similar to Venmo. However, It has a simple interface and fewer features. With Cash App, you can send or receive money from anyone that has an account. There are no fees to transfer money as long as it is from a linked bank account via a debit card. Once the money is received, you can choose to have the money deposited the next business day or immediately. If you choose to have it deposited the next business day there is no charge. If you choose to have it deposited immediately there is a 1% fee taken out of the amount. Square Cash also has the option to get a Cash Card, which can link directly to your cash account so that you do not need to transfer funds into a linked bank account. You are not able to make online purchases with the app like other money apps. However, they have integrated a new feature that allows users to purchase bitcoin setting them apart from the rest.

Backed By The Bank

Zelle is a fairly new app that is special because it is utilized directly through your bank. There is no need to add another app to your phone’s storage. Your transaction can be completed right from your bank’s mobile app or website. All you have to do is sign up with Zelle. You can send and receive same-day transfers through participating banks at no charge. The list of banks is impressive and includes Bank of America, Ally, Chase, and many more. Plus, the list is still growing.

Not Just A Messenger

This cash transfer app is a bit more unconventional than the others but works similarly. Facebook Messenger can be used for much more than chatting, video calling, and game playing. Now they’ve added money transferring to its list of features. It’s very convenient to send money through Facebook Messenger since most people already have it. No need to spend time downloading another app and signing up for another account. All you need is a linked debit card to send and receive the payment and you’re all set! The only downfall with using Facebook Messenger to send money is the timeframe. Once the money is received and accepted, it is deposited into the account within five business days. That is a bit of a con considering how most other apps can do same day and next day transactions.