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Sunday, June 16th
2024 Money Transfer Service Reviews
Zelle
- Free to join
- No fees from Zelle
- Direct transfers offered
- Connects directly to your banking app
If you hold a US bank account, there's a good chance you have access to Zelle right through your banking institution. Zelle is an integrated money transfer service available through the mobile banking platforms of over 800 financial institutions nationwide.
Easy to start out
Zelle facilitates direct transfers of funds between accounts, typically making them available within minutes. The fees and charges for using Zelle directly through your bank will depend on your bank's individual policies. Utilizing just your phone number or email, you can sign up in a flash. Better yet, those are the only details you need from a friend, loved one, or other recipient to send money through Zelle, making it quick and easy overall.
Use Zelle with your pre-existing bank app
Zelle's services are mostly for sending money to people you know for personal or professional reasons, not retailers. The app supports direct deposit and allows you to send money from your checking or savings account after you've linked your bank with Zelle. But most people won't even need to sign up; you'll already have access to Zelle just by having an open bank account. The most unique feature of Zelle is its extensive integration into banking apps, and it comes stock with the program. You can conveniently access Zelle through your mobile banking app or through your desktop banking page. From there you can start sending money from the Zelle tab with no extra hassle. If you don't have Zelle integrated, you can easily enroll through your email or mobile number via the dedicated Zelle app; there's no account setup required beyond that.
Fees and limits are based on your bank
A notable feature of Zelle is its cost-free nature. While partner banks may have the discretion to impose fees on their end of the transaction, the money transfer service itself does not entail any charges for you. So, if you want details about fees, you'll need to hop on your banking app to clarify any fees or charges that might be related, like transfer limits or other details dictated by your bank.
No international options or protection
Despite its merits, Zelle falls short compared to some competitors. It operates exclusively within the United States along with requiring a US bank account to use any of its features. Additionally, there is no protection in place for fund transfers; mistakes, such as sending money to the wrong person, may not result in a refund. Issues or fraudulent activities must be addressed directly with your bank. This limitation also makes Zelle less suitable for transactions involving the purchase or sale of items in person or online.
Top and bottom scores at the same time
Zelle earns commendation in various third-party assessments for its exceptional speed. Transactions typically register as received within a minute or two of being initiated, particularly if the recipient is already set up with Zelle. However, if the recipient is not yet enrolled, they need to take the necessary steps to complete the payment on their end. Zelle's parent company, Early Warning, holds an "A+" rating and accreditation from the Better Business Bureau. And yet, Zelle itself does not provide customer support. This lack of customer support is a common grievance found in over 700 1-star reviews on Trustpilot. The mixed reputation leaves a lot of questions about whether Zelle is going to be the right choice or not.
Convenient but not the best service
While Zelle has a history spanning over a decade, it lags behind its counterparts, particularly in terms of reliability and customer service. Unsuitable for international transactions and lacking recourse in case of transfer complications, Zelle may not be the optimal choice, especially for high-amount payments. However, the 100% fee-free (unless your bank is charging fees itself) is a bonus.
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The 10 Best Money Transfer Services
Paypal
Venmo
XE
MoneyGram
Western Union
Ria
Zelle
Remitly
Xoom
TransferGo
What is the Best Money Transfer Service?
Transferring money in this day and age has become as simple as a few taps on your smartphone. Whether you're supporting a friend in another state with their rent or covering your cousin's concert ticket, there are limitless reasons to send (and receive) money on the fly.
However, making sure you have the best money transfer service can be a difficult decision. With so many finance apps and transfer services out there, it can be hard to say which one offers the best features or the best fee schedule. The choice of money transfer service can change from person to person based on their financial needs.
Continue reading below
Money Transfer Service FAQ
It's just like the name suggests. Money transfer services let you send and receive money as needed. Most services can be used for personal reasons, like sharing a restaurant tab with friends, or for business purposes such as paying a babysitter or contractor.
That depends on the service you choose. There are options for going to an in-person location with cash and the recipient gets paid in cash, or 100% online services that let you do everything through an app connected to your bank account and/or credit card. Your money could be transferred immediately, or it might take several hours or more.
Yes, sometimes. Most of the person-to-person services that use an app or online platform have no-fee options, particularly if you're using your bank account (and not a credit card) to fund the transfer. However, if you're sending cash or using a credit card to pay for your transfer, expect per-transaction flat fees and a percentage fee based on the amount of money involved.
Some services allow that. You'll have to go in person to a location near you. Keep in mind that there will be fees associated with your money transfer, so bring enough cash to cover those as well.
Some of them do. In fact, there are money transfer services that specialize in international transactions only and don't offer any domestic options. If you're trying to send or receive money internationally, check that the transfer service offers that capability before you create an account online.
Sometimes. You could see a limit of $2,000 per day, especially for cash transfers. Online-only money transfer services tend to have higher limits, if they have any at all.
Check the terms of service for any platform you're considering. Particularly among the online money transfer services, there are restrictions as to how they can legally be used. Alternately, there may be certain guarantees (and fees!) when sending or receiving a transaction as a payment for goods and services, compared with doing it as a "friends and family" type of exchange.
Continued from above...
In the current era, one of the most notable conveniences of money transfers is the ability to complete the entire process online. The days when you had to visit physical locations with cash in hand, navigating unfamiliar neighborhoods - an experience that often felt uncomfortable and less secure - are long gone. Nowadays, whether you want to send money from your bank account to a friend or transfer funds between credit and debit cards, you can effortlessly manage it all from the comfort of your home or while on the go through your smartphone.
And you're not even missing out if you want to send cash. If your recipient needs to receive funds in cash, tons of modern money transfer options offer cash transfers with in-person pickup at secure partner locations. And if that wasn't enough, many money transfer platforms now offer the added convenience of paying bills, from utilities to subscription services, or even shopping from your favorite retailer. Some services even integrate directly into your pre-existing banking app for minimal stress if you don't like making tons of new app accounts.
Selecting the right money transfer service might seem overwhelming. The good news is that you can opt for more than one, depending on your destination and the purpose of the transfer - whether it's covering everyday expenses or making online purchases. For example, you might be looking to make international payments whereas someone else might just want to send a birthday surprise to someone close by.
To help you make sense of all the numbers, percentages, and fees, and make an informed decision, consider the following factors when narrowing down your options:
- How you send money. Some apps and websites are mainly designed for sending money directly to your pals, like when you want to reimburse your friend for paying for a movie or send an extra tip to your nail tech. Meanwhile, other platforms are more geared towards sending money internationally. Some have different waiting periods for free transfers, so speed can be a factor too.
- Costs. The fees for transferring money can vary significantly depending on the service you choose. While certain platforms may allow you to send money without any charges, others might have substantial fees. This is why having multiple options is beneficial; you can use a service with no fees for routine transactions and resort to those with fees only when necessary.
- Reputation. What have other people said about their experiences using the money transfer service? Did they have positive encounters with the company? Checking if the Better Business Bureau has given the company a good rating can also provide insights into its reputation, and reviews can help you see how customers just like you fared during the money transfer process.
- Assurances. Does the platform assure you that your money will be successfully transferred? Are there any promises for reimbursem*nt or purchase protection? You want a transfer service to have your back if something goes wrong, so make sure those protections are in place before you start sending and spending.
To help you get a handle on money transfers, Top Consumer Reviews has carefully evaluated and rated the top money transfer services on the market today. We hope this helps you select the ideal platform for effortless and cost-effective money transfers. Whether you choose one or multiple apps to serve your needs, you'll be sending and receiving money in no time!
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