Instant online money transfer mechanism has today become the norm of money transactions. It helps you pay for anything you like by simply picking up your smartphone. Online payments are a fast and safe mode of payment. But, before selecting a medium to transfer money online, you should consider factors such as transfer speed and cost. We accounted for it and presented below a list of the best platforms to transact money. Let us address them below.

PayPal
PayPal’s secure, flexible, easy-to-use tools to make money transfers make it a cut above the rest. The platform lets you transfer money at zero cost from your bank account, PayPal balance, or Amex Send. In addition, it also allows instant online money transfer with its PayPal Instant Transfer feature. It is compatible with Windows, Android, and iOS and takes only minutes to download and send money to multiple people.

PayPal lets you send as much as $60000, but PayPal might put an upper cap on the transaction to $10,000, depending on your currency. With its sophisticated encryption, PayPal keeps all your information secure. They monitor your transaction 24/7 and provide dispute resolution if you face any issues with any transaction. On the downside, their customer support is not the best, and their transaction fees are also on the higher end of the spectrum.

Apple Pay
Apple Pay is an excellent application that works natively with the Apple device, simplifying how you send money via your watch or smartphone to another Apple user. You use the iMessage and authenticate the payment with your device’s safety measures like Face ID or Touch ID. Apple Pay is an excellent digital wallet. You can connect it to your credit cards and bank account or use it at stores globally. However, when it comes to making a payment between two people, you can do so only within the country. But you can use the platform with Western Union for overseas transfers.

Venmo
Venmo has a more social media feel. It has a social payment feed. If you wish, you can share your transaction details with your friends. However, to send money via Venmo, you will need a Venmo account, and you can only send it to users with a Venmo account. Given it is one of the most popular instant online money transfer apps, your family and friends probably already use it. Venmo presents a secure way to pay while letting you connect with the people you pay. To send money with Venmo, you need the recipient’s handle, mobile number, or email address. You can also request payments via the app. If you transfer money online via your linked bank account, prepaid card, debit card, or balance within the Venmo app, it is 100% free. But, if you use your credit card to send money, you will have to bear a three percent fee. Typically, transfers from Venmo to a linked banked account take between 1-3 business days, but if you seek instant transfers, you will have to bear a $0.25 or 1.75 percent fee, whichever is higher up to a maximum of $25.

Facebook Pay
Facebook is one of the most popular social media apps used to keep in touch with family and friends. Today, it is also one of the convenient platforms for money transfers. However, the sole drawback is that it might take up to five business days for the transaction to complete. To get started, you must set up the funding source – a PayPal account or debit card. Once done, you can begin a conversation with the person you wish to send money to and make your transfer.