馃攳
Best Apps To Send Money (Domestic And International) - YouTube
Channel: The College Investor
[0]
remember how trying to figure out how to
[2]
split dinner with your friends was
[4]
kind of complicated there was the whole
[7]
i'll get dinner
[8]
and then you can get dinner next time
[10]
and just figuring out how to split the
[12]
bill
[12]
well now there's technology where you
[15]
can send
[16]
money to anyone literally within
[19]
seconds so in this video i'm covering
[22]
the best apps for you to send money to
[24]
friends and family
[26]
both here in the us and internationally
[38]
hey what's up guys it's justine with a
[40]
college investor
[41]
investing in personal finance for
[43]
millennials
[44]
and today we are talking about apps that
[46]
you can use
[47]
to send money to anyone within seconds
[51]
and it makes it so much easier than
[54]
writing a physical check
[55]
or figuring out how to split things up
[58]
or
[59]
just physical cash who uses that anymore
[62]
that's why we have the apps so let's hop
[64]
into the best apps that you can use
[67]
right here in the us to send money
[68]
domestically
[70]
the first one is venmo you've probably
[73]
heard of venmo in fact this is the most
[75]
popular
[76]
peer-to-peer cash app that i know
[80]
and that i personally use with my
[81]
friends and family
[83]
so some of the great features about
[84]
venmo is that it's free to use
[87]
so you connect your bank to the app and
[90]
then you can use that money from your
[92]
bank
[92]
send it to venmo and then it it gets
[95]
sent
[96]
to your friends or family and vice versa
[98]
so if you were to receive money
[100]
through venmo it hits your venmo wallet
[102]
first
[103]
and then you'll have to transfer it to
[104]
your bank now transfers can take
[106]
anywhere between one and three days
[108]
depending on when you request that
[110]
transfer if it's during
[112]
during normal business hours or on the
[114]
weekends
[115]
and then also if you want to do an
[117]
instant transfer
[119]
and get that cash right away to your
[120]
bank account there is going to be a one
[122]
percent fee
[124]
based on the transfer amount the next
[126]
app that you'll want to consider
[127]
is zell now a lot of major banks
[130]
actually connect with the zell
[131]
app so that you can send money back and
[134]
forth to friends and family
[135]
when i looked this up i saw that major
[137]
banks like chase
[139]
wells fargo and bank of america were
[142]
listed
[142]
as partnering with zelle so it makes it
[144]
really easy to pair up with your bank
[146]
account
[147]
you can also connect this with debit
[149]
cards however zell does limit the number
[151]
of transactions and the amounts that you
[153]
can transfer
[154]
using their app the next app that you
[156]
can use to send
[157]
money domestically is of course paypal
[161]
you can send 10 000 or more
[164]
through the paypal app all you need is
[166]
an email address and phone number to
[168]
sign
[169]
up and then again you're going to
[171]
connect your bank account
[172]
to your paypal account and then it's
[175]
going to take anywhere between
[176]
one to three days to transfer that money
[179]
out of your paypal account
[180]
into your bank account depending on when
[183]
you request that
[184]
transfer if you want the money right
[185]
away there is
[187]
an instant transfer fee of one percent
[190]
and if you are trying to send
[191]
money with a credit card they are going
[193]
to charge you 2.9
[195]
plus 30 cents per transfer and that's
[197]
pretty standard across the board so
[199]
you'll want to take a look at that if
[200]
you're considering paypal
[202]
so vin mozelle and paypal really are the
[204]
front
[205]
runners but we also want to give mention
[207]
to other apps that you can send money
[209]
domestically
[210]
including cash app cash app is
[214]
just like venmo except there are limited
[218]
transactions that you can make up to 7
[220]
500
[221]
weekly then there's also apple pay where
[224]
you can send money
[225]
if you're an avid iphone user and all
[227]
your friends and family are as well
[229]
you can send money through imessage and
[232]
then on the opposite end if you are a
[234]
google user
[235]
you can send money through google pay to
[238]
any of your google contacts
[240]
okay let's talk about the best abscess
[242]
in money internationally
[243]
now in the past places like western
[246]
union or
[247]
moneygram were typically the types of
[250]
providers
[251]
where you could send money
[252]
internationally and i remember when i
[254]
was studying abroad in australia we
[256]
actually had to do
[257]
a wire transfer from my u.s bank over to
[260]
my newly established australian bank
[263]
and it was not very straightforward
[265]
luckily
[266]
there are apps in place that help take
[268]
care of this
[269]
so that you can send money
[270]
internationally a lot faster
[273]
now keep in mind with any of these apps
[275]
you are going to experience
[277]
transfer fees and exchange rate fees so
[280]
you want to see the discrepancies before
[281]
you make a decision
[283]
the first app that you're going to want
[285]
to look into
[286]
is transferwise now transferwise keeps
[289]
their fees relatively low
[291]
they support over 56 currencies and 70
[294]
countries
[295]
and their transfer fees are less than
[297]
one percent plus they use
[299]
published exchange rates so you're not
[301]
going to see any markups
[303]
the next app that you'll want to
[304]
consider for international money
[306]
transfers is
[307]
zoom that's zoom with an x xom
[311]
zoom has small transfer fees so you're
[313]
going to see transfer fees between
[315]
three and five dollars but the exchange
[318]
rate can be marked up to three percent
[321]
they do support more countries than
[323]
transfer wise
[324]
which could make this a better app for
[326]
you another thing about zoom that's
[328]
really nice
[329]
is that you can do cash pickup locations
[333]
so if you were sending money to a
[335]
different country
[336]
the person in that country can actually
[339]
go to a physical location
[341]
and pick up physical cash now our
[343]
runner-up honorable mention
[345]
in this category is ofx if you do
[349]
business overseas or you need to pay
[351]
bills overseas
[353]
this is going to be the best app for you
[355]
because they have
[356]
favorable terms and fees that go along
[359]
with it
[360]
so if you're business-minded and you're
[362]
doing business internationally ofx
[364]
is something that you'll want to take a
[366]
look at so i feel like
[368]
transferring money whether it be in the
[370]
us
[371]
or internationally to literally anybody
[374]
has gotten so much easier thanks to the
[377]
help of these types of apps
[378]
i absolutely love using venmo for things
[381]
like
[382]
picking up something that i found on
[384]
facebook marketplace
[386]
or sending money to friends and family
[388]
without having to figure out how we're
[389]
going to get each other
[391]
physical checks or physical cash
[394]
just makes it so much easier so if
[396]
you're wanting
[397]
ease with your money management
[399]
regardless if you're sending it
[401]
or not then be sure to check out all of
[403]
our free resources
[405]
at thecollegeinvestor.com
Most Recent Videos:
You can go back to the homepage right here: Homepage