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How to Transfer Money Online for Free

Most people need to transfer money online at a certain point, whether it is transferring a small amount to a friend who paid for your dinner last night or even sending money to your child or relative who is in need.

International transfers commonly imply high costs. Fortunately, money transfer apps came into the market and switched up “the game.” They have opened up new possibilities, making the process of transferring money less expensive, or even in some instances, free.

In this article, you can learn how to take advantage of a few tips on how to transfer money online for free.

Find the cheapest money transfer app from our comparison tool.

With the many different money transfer apps out there, here are the ones that allow free transfers.

PayPal

PayPal is the best money transfer app for flexible payments. It is free to download. Better yet, it is free of charge to transfer money to friends and family. It will also charge you no fee when making an online purchase using your bank account or your PayPal balance.

There are many questions in the PayPal community on how to transfer money from one card to another online? The way to do this is by adding funds from a Bank account to your PayPal balance, and then you can withdraw these funds to another bank account linked to your PayPal account.

You might also be asking how long does it take to transfer money from bank to bank online?

Notably, for money transfers between accounts at the same bank, transfer speeds are done within 24 hours. Although, if it is international transfers, they may take up to two to five business days. 

Revolut

Revolut is considered to be one of the best money transfer apps for sending money internationally. Here are cases where you have no transfer fees with Revolut:

  • Local transfers
  • Money transfers to non-Revolut accounts in the SEPA region
  • When you transfer funds to other Revolut customers

For all payments outside the SEPA region, customers may only receive payments free of transfer fees with their plan allowances:

Standard and Plus customers don’t have fees in international transfers.

Premium customers only get one international transfer free of charge per month.

Metal customers get up to 3 free of charge international transfers per month.  

Bunq

Bunq is probably one of the best money transfer apps to use within the SEPA region. It offers transfers fee-free within this region. Additionally, it doesn’t charge any fees for currency conversions.  

You are allowed to set up to 25 individual IBAN accounts for managing your cash. Whereas you can set saving goals, use budgeting tools, and use a personal payment link that lets you get free ATM withdrawals whenever you are traveling abroad.

Venmo

Venmo is free of charge when sending money from a linked bank account, debit card, or your Venmo account. The app supports instant transfers; 1 to 3 business days to direct deposit free of charge.

Unfortunately, Venmo is only available in the USA and is only compatible with U.S based accounts.

First, go to the main navigation screen on the app, and tap ‘Payments.’

Friends/contacts who have the app will have a blue ‘R’ pic on their profile. Select the friend you will transfer money to, and choose the currency plus the amount you wish to send. You may add a note or GIF as well. Finally, you may just press ‘Send,’ and the cash will instantly be transferred to the Revolut account!

If you don’t have a particular person in your contact list, you may add a new contact by clicking the (+) sign in the top right corner.

Additionally, you may transfer money to other Revolut users around the globe without having their mobile number. All you have to do is to search for their username in the ‘payments’ section in the search bar of the app. Likewise, you may view your own username in the ‘payments’ section as well. 

When it comes to transferring money on Bunq, there are a few steps you must undertake:

  • Click pay and then ‘From.’
  • Choose ‘account, and then click ‘To.’
  • Manually input your account name.
  • Click ‘Desired account,’ and then click on the amount.
  • Insert the amount you want to transfer and then click ‘Next.’
  • Finally, click ‘Send payment’’.

The number of clicks required to transfer money may get annoying from time to time, but the app is being optimized every time.

Online money transferring applications have brought tremendous innovation regarding low transaction fees and fast delivery times. They have made our life a whole lot easier and are continuing to do so!

If you want to find the best money transfer app for you, go to our comparrison page. Just answer a few simple questions and find out immediately which transfer app is best suited to your needs.

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