Cash App is an excellent app that allows you to transfer money instantly to your friends and family. Additionally, it also allows you to invest in stocks in the app. However, it is not perfect, because it’s only available in the U.S. and U.K. If you are looking for cash app alternatives, whether it’s due to personal preference, or you plan to send money to your family in Switzerland, don’t worry, we’ve got you.
In this post, we will talk about the cash app alternatives that will suit all your needs.
Best Cash App Alternatives
1. Wise
The first one is Wise, which was previously known as “Transfer Wise”. It is a financial technology company that focuses on international money transfers and aims to be a more affordable alternative to banks. It offers low transaction fees, favourable currency conversion rates and is available in more than 160 countries. The main difference between Wise and Cash App is it does not include investment features.
Wise also offers a business account where you can pay up to 1000 employees in multiple currencies in one click.
Pros
- Low international fees – Currency Converter
- Over 160 countries. 40 currencies.
- User friendly
- Domestic transaction – free (both need to open a balance)
- Send money through phone no.
Cons
- Wise card withdrawal fees
- Fees for sending money from Wise balance to bank accounts
2. Revolut
Another alternative to Wise is Revolut. Revolut is an all-in-one app that is similar to Cash App. It offers a multi-featured platform that allows you to send and receive money internationally, but also hold and manage multiple currencies. Additionally, you can invest in stocks and cryptocurrencies, borrow loans and even get a debit card that you can spend when travelling overseas.
Pros
- Lower fees for smaller transactions compared to Wise – Currency Converter
- Over 160 countries, 40 currencies
- Mutil-featured – Investment, loans, currency exchange etc
- Free international money transfer between Revolut accounts if in the same currency
- Over 130+ cryptocurrencies
Cons
- Higher fees on larger transactions
- Limited features for the standard plan
Choosing the Right Alternative: A Comparison Table
3. Venmo
Venmo is a P2P (Peer-to-Peer) payment and personal finance app owned by Paypal since 2013. The main feature of Venmo is the social aspect which allows you to effortlessly split your dinner bills with your family and friends Apart from that, it is also a social network that provides you the choice to share your transactions and interact with your family and friends.
Pros
- User-friendly
- Sociality – Easily split bills between friends and families
- Free to send money between friends
- No fee for transferring crypto
Cons
- Privacy issues (Payments public by default)
- 3% fee for sending money using a linked credit card.
- No international payment
- Only available in the U.S.
4. Apple Pay
You’re probably already familiar with Apple Pay. Apple Pay is a convenient contactless payment method developed by Apple for its users. It allows users to link their debit or credit cards and make purchases online and in-store using their Apple devices.
Pros
- Only for Apple devices
- Apple cash – free to send and receive money to friends (U.S only)
- Cash back if you use an Apple card with Apple Pay (U.S only)
- Secure transactions
- Free
Cons
- Apple Cash and cashback with Apple card only available in the U.S
5. Google Pay
If you don’t use Apple devices or are not located in the U.S., Google Pay is another good option. Google Pay is mainly for Android users but is also available on Apple devices (selected countries).
Pros
- Free money transfer (Singapore and India)
- International money transfer (Singapore and India)
- Easy to set up and use
- Secure Transactions
- “Find My Device” features – erase device if phone lost
Con
- P2P payment features are only available in selected countries
Google Pay is no longer available in the U.S.: Google Wallet – doesn’t support peer-to-peer payments and has no cashback feature
FAQ
What If They Are Not Available In My Country?
You should use whatever is available to you. Some P2P payment apps that may be available to you are only Beem (Australia), WeChat Pay(China), and Interac e-Transfer(Canada).
Which One Is the Best For You?
You can use the following to guide your decision:
- Supported features: What Do You Prioritise?
- International transfer – Wise or Revolut
- Stocks and Investment – Revolut
- Sending money to friends – Venmo
- Fees: Compare the fees, and conversion rates and make sure there are no hidden fees
- Security: What Security Features Does The App Offer? E.g. – two-factor authentication, encryption
- User Interface And Ease of Use: Is the app intuitive and easy to navigate? More features are not always a good thing.
