Money Transfer apps have made the whole process of sending and receiving money a lot easier then it used to be. You don’t have to go to a bank or do any paperwork. It’s instant and hassle-free. You can quickly open the app and complete the transfer in minutes. But it comes with a security risk too that is why it’s important to choose the right app. The one that will protect your data and transactions and also work frictionlessly. Therefore, check out our picks for the top 10 Best Money Transfer Apps In India (2020).
There are quite a few money transfer apps available in India. Although most Indian banks have their app, these only work for mostly for accounts in that bank. It is more convenient to use an app that works for all bank account instead of using multiple apps. Some of these apps require you to create UPI ID to transfer money from your bank account to another. It is a quick and simple method but the receiver must have a UPI ID too. But there are other options too. You can directly transfer money using the bank account number. It is faster and easier than net banking too. Continue reading to find all the options you can explore.
List of Top 10 Money transfer Apps in India
1. Google Pay (Tez)
Google Pay (Tez) is a simple and fast money transfer app by Google. The quick and easy to use features make it one of the best money transfer apps. With Google Pay, you can send and receive money directly in your bank account. It also has shortcuts on the screen for an instant mobile and DTH recharge or other bill payments. And repeat these payments with just one click. It allows you to scan the QR code to find the recipient’s account. The receiver doesn’t need to an account on Google pay. The app ensures security with an app lock and UPI pin before every transaction.
Paytm is one of the most popular money transfer apps in India. The app requires you to link your bank account and create a UPI ID to send or receive money. You can send it with the receiver’s phone number or scan the QR code. Paytm doesn’t charge for these transfers between bank accounts. Paytm also has a wallet feature that you can use to pay bills, book tickets, and more. You can view your transaction history too. Apart from that, Paytm always asks for UPI pin for security. Paytm is secured the 2nd position in our ranking because of its simple UI, and secure transfer of money. These two features make the Paytm one of the best money transfer app in India.
3. Amazon pay
Amazon is essentially a Shopping app but now Amazon introduces their own payment app which comes with Amazone trust and security. Amazone pay combines with lots of features and has a very simple UI that makes it one of the best app to transfer money. It allows you to transfer money to bank account using Amazon Pay UPI. And these transactions are secured by amazon login password and UPI pin. You can also scan QR to initiate the transfer. The recipient doesn’t need the Amazon app. The app can also be used as a third party wallet on various platforms to make payments. The app also has quick recharge and bill payment options like electricity, water, or gas bill.
PhonePe app enables you to transfer money using BHIM UPI. You can instantly send money directly from your bank account by linking it to Phonepe. It allows you to send or request money from your contacts. You can also check your bank account balance and manage multiple bank accounts. PhonePe also requires Pin before every transaction. Hence, it is both quick and safe. It is an all in one app where you can directly pay your bills, order food or book ticket.
PhonePe currently introduces the mini-apps like dominos, BookMyShow, etc in their platform so you can also use these mini-apps with the PhonePe trust. The parent company of PhonePe is Flipkart, so you can trust this money transfer app and install it on your phone to make payment securely. PhonePe also has a very simple UI and comes with Flipkart security which makes this app in the list of best money transfer app in India.
Mobikwik is one of the best money transfer apps in India if we are talking about security. Mobikwik lets you transfer money from your bank account to another bank account or wallet. You can also transfer money from your Mobikwik wallet to the Bank account. The app has many quick payment options as you can quickly pay your electricity bill, insurance, and gas bill. There are prepaid and postpaid mobile recharge options. Mobikwik also allows you to buy insurance directly from the app. It also has an Expense Manger. So, you can track your expenses and get its summary daily, weekly, or monthly through SMS.
So if want a secure app that comes with bank security then Freecharge is the best app to transfer money in India. It comes with an axis bank security. Axis bank is the parent company of Freecharge. It lets you recharge your mobile and pay electricity, DTH, landline, Broadband, and gas bill. Additionally, it allows you to send and receive money in your bank account. You can set up your Freecharge UPI ID with any bank account and transfer money. You can send money using UPI ID or recipient’s bank account and IFSC code. The UPI payment can only be done using the QR code. Freecharge lets you track your transaction history and has a Help Centre feature if you have any inquiries about those transactions.
7. PayPal India
PayPal is the most trusted and secure app to make international as well as domestic payments. PayPal is the most used app in the World to transfer the money. So if you want an app that can handle your international transaction as well then PayPal is the best app to transfer money in India as well. It allows you to link your credit card or debit card to your account. You can not only transfer money but pay for online shopping. It provides 24/7 transaction monitoring and encryption for security. You can also manage your attractions and view history through PayPal. The app has other features that can make transfer easier. Like you can simply request the amount of money for the transfer. And it also saves and creates shortcuts of your recent payments so, you can use them again quickly. The con of this app might be the first time setup. The first time setup requires lots of documents to create an account on PayPal.
8. Airtel Thanks
Airtel Thanks is mainly a lifestyle app by Airtel that focuses on bill payments and mobile recharges. But it lets you create UPI ID for money transfer. This all-in-one lets you use the created UPI ID for other payments too. You can transfer money to anyone or pay bills or buy insurance. It also keeps a track of your transactions to help in management. You can view your transaction history with a passcode. The transactions are also secured by a pin.
9. Ola money
Ola Money is a wallet payment app that also allows you to send money. You can transfer money to another Ola account with a name or number. And they can withdraw this money back to the bank account. The app lets you use the wallet money for payments, send money, and withdraw your money. There are several quick payment options available like recharges, electricity bill, gas bill. The Ola Money app payments can acceptable at multiple sites like IRCTC, Cafe Coffee Day, eBay, and more.
UtlraCash money transfer app allows you to transfer money to any bank account. It just requires the account number. Unlike regular bank transfer process, no IFSC code or other additional information is needed. And the transaction is comparatively faster too. You can either your bank account or Debit card. You also get an option to save the account number for faster future transactions. UltraCash also supports BHIM UPI for transfer between bank account and Credit card payments. You can also use BHIM UPI for other bill payments and mobile recharge. To ensure security, data transfer encryption is based on a payment grade encryption algorithm.