Where is the safest place to transfer money?
Venmo, Cash App, Google Pay, Zelle, PayPal, and wire transfer are some of the safest way to send money digitally. Money transfer apps are inexpensive and convenient options for paying family and friends. Wire transfers at a bank are ideal for securely sending large amounts domestically or internationally.
Both of the payment services are decently safe, have user-friendly interfaces, and allow you to conveniently send money when you need it. Zelle stands out from Venmo with its absence of instant transfer fees, but it also cannot be used as a wallet. So, if you need a wallet function, you should go for Venmo .
| App | Best for | # of countries |
|---|---|---|
| PayPal | Flexibility and purchase protection | 200+ |
| Revolut | Spending (and splitting) abroad | 38 |
| Western Union | Sending cash | 200+ |
| Venmo | Mobile transfers | 1 |
- Paypal: Best overall.
- Venmo: Best for sending money.
- Cash App: Best if you like options.
- Google Pay: Best for Google suite users.
- Apple Pay: Best for Apple users.
- Zelle: Best for sending money directly.
- Western Union: Best for traditional domestic transfers.
Is PayPal safer than bank transfers? PayPal is considered a safe payment method and offers advantages over bank transfers. It provides an extra layer of protection, allowing you to make payments without directly exposing your bank account or card details to the merchant.
Disadvantages of using Zelle include the potential for fraud or theft. 10 Users can also face difficulties, such as not receiving their funds if the app or banks experience technical problems. Outages can affect money transfers.
Zelle's unique selling proposition is it doesn't necessarily require an additional app. The tool is embedded into the mobile banking app of participating banks. Someone can create an account in seconds and doesn't need to go through the account verification process that Venmo has.
If you want to send money through the Zelle app, you can only send a transaction to other Zelle users, and you're limited to 500 USD per week.⁴ However, you can receive up to 5,000 USD.
Are there any fees to send money using Zelle®? Zelle® doesn't charge a fee to send or receive money. We recommend confirming with your bank or credit union that there are no fees for Zelle® transactions.
In summary, wire transfers over $10,000 are subject to reporting requirements under the Bank Secrecy Act. Financial institutions must file a Currency Transaction Report for any transaction over $10,000, and failure to comply with these requirements can result in significant penalties.
What is the downside to Venmo?
The absolute biggest downside to Venmo is its questionable privacy policies and settings. By default, all of your transactions are made public, anyone who knows your username can see what transactions you have made (both sending and receiving).
Using an international money transfer services like Xe might be your best bet. Xe consistently offer bank-beating exchange rates, helping you to send money overseas to most countries in the world.
- Best overall: Capital One.
- Runner-up: Bank of America.
- Best for credit monitoring: Chase.
- Best for traveling abroad: Discover®
- Best for credit union: Alliant Credit Union.
PayPal is a fast, secure way to pay online. We help you make purchases at millions of online stores across more than 200 global markets – all without the hassle of converting currency first. It's free to sign up for an account and download our app to send and receive money.
Protection you can count on. PayPal's Buyer Protection program entitles you to reimbursem*nt for the full purchase price of the item plus the original shipping costs you paid, if any when you don't receive your item from a seller, or when you receive an item, but the item isn't what you ordered.
If you are charged for a transaction that you didn't make, let us know within 60 days, and we've got you covered. Purchase Protection covers all eligible purchases where PayPal is used, as well as payments made through our website.
Regulators say hundreds of millions of dollars are stolen through scams and fraud each year involving one of the most popular electronic options for making payments: Zelle. Now, the banks may be negotiating new ways to protect customers.
Zelle® is a fast, safe and easy way to send and receive money with friends, family and others you trust - no matter where they bank1. It's important that you know and trust those you send money to. Because once you authorize a payment to be sent, you can't cancel it if the recipient is already enrolled in Zelle®.
In general, Zelle is better if the only thing you're looking for is a fast, free way to send money. Venmo can do the same thing, but it takes slightly longer to move money into your bank account unless you pay a fee to speed things up.
No, Zelle® payments cannot be reversed. With Zelle® money moves into an enrolled recipient's account within minutes and cannot be reversed.
Is PayPal safer than Zelle?
Zelle and PayPal security and privacy standards are fairly similar in that both platforms make use of encryption, strict access controls, and two-factor authentication. In addition, both platforms allow customers to make payments using their email address, which protects their account and personal information.
Link a Visa or Mastercard debit card.
With one of those options, you can send money to friends, family, and others also using Zelle without the need for a traditional bank account.
Zelle® does not report transactions made on the Zelle Network® to the IRS, including payments made for the sale of goods and services. The law requiring certain payment networks to provide forms 1099K for information reporting on the sale of goods and services does not apply to the Zelle Network®.
Most banks and credit unions set Zelle limits based on daily, weekly and monthly dollar amounts. Some banks also impose a transaction limit. Some banks consider your account and your history with recipients, too.
If your bank or credit union offers Zelle®, please contact them directly to learn more about their sending and receiving limits through Zelle®. If your bank or credit union does not yet offer Zelle®, your weekly send limit is $500 and your weekly receive limit is $5,000 in the Zelle® app.
