Did you know that if you tried to wire transfer domestically, the bank would charge you somewhere between $15 and $35? And for international wire transfers, the cost surges up to $35 to $50 (Business Insider). And yes, you do have the option to transfer from bank to bank, but that will take 1 to 3 business days. So what is the solution? Do you pay these substantial fees, or do you pay with your time? For the average consumer and small business owners, time consumption and fees can become really frustrating. Seeing these surges and time consumption, it is only fair to look for a substitute. And the good news is, we have a few alternatives!
In this blog, we shall go through all the ways to send money without overly relying on your bank or paying hefty fees.
Top Apps and Services for Quick Transfers
We have divided the money transfer methods into four parts to help you understand the processes as well as be able to choose which one is the best for you.
There are 3 ways to send money as quickly as you want, i.e., real-time and bank-integrated payments, peer-to-peer (P2P) apps and digital wallets, and international and specialized transfers.
We will go through each one of them and try to understand how they work and how they differ from each other.
1. Real-Time and Bank-Integrated Payments
Real-time payments or RTPs are modern electronic systems that allow you to send money between bank accounts instantaneously. This immediacy and finality of payment, along with the ability to carry rich data like invoice details, have made RTP a transformative tool for improving cash flow, efficiency, and transparency for individuals and businesses alike.
So if you want the security of traditional banking services, but also want to send money as fast as you can. Well, RTP, or Real-Time Payment Network, is exactly what you need. These systems enable you to send money instantly, around the clock, on your current bank platform.
Unlike traditional transferring, which uses a process called ‘batch processing’ to transfer your money, these new systems initiate, settle, and clear your money transfer in a matter of seconds.
To make these instantaneous payments, RTP uses two infrastructures, i.e., the FedNow Service and the Clearing House RTP Network.
- FedNow Services: It is one of the most used payment systems in the US because of its quick money transferring process that is available at any time of the week. Support for a variety of payment use cases, such as account-to-account transfers, bill payments, payroll, prepaid card funding, and government payments, making it great for businesses. It also comes with security features such as encryption, fraud mitigation tools, and customizable transaction limits. Recently, the limit was changed from $500,000 to $1 million to allow for higher-value business payments.
- The Clearing House RTP Network: It is one of the most important networks for large-scale business-to-business (B2B) transactions, due to its transaction limit, which is set at $1 million. Clearing House RTP network is an open network that operates for 24 hours, allowing you quick money transfers no matter where you are. It comes with innovative features such as Request for Payment (RfP), tokenization, and document exchange to make your transaction smoother and more secure.
- Zelle: Zelle is a major example of a bank-integrated payment system. It is a separate network that is deeply embedded in mobile apps of over 2,200 US banking institutions (Zelle Official Statement). This system gives you one of the easiest ways to send money to someone without leaving the banking app on your mobile phone.
Now that you know what RTP and bank-integrated systems are, let’s try to understand what P2P apps are, which ones are the best, and how they are different from RTP systems and networks.
2. Peer-to-Peer Apps and Digital Wallets
Peer-to-peer apps are platforms created for direct transactions between two people. Now, they have become one of the ways to send money. Digital wallets and P2P apps changed the entire financial interactive system. With the birth of PayPal in 1998, the way we send and receive money changed forever.
In the mid-21st century, digital wallets and P2P apps have become the default method to send and receive money, to split bills, to buy groceries, and to send quick gifts. As of 2025, approximately 2.6 billion users worldwide actively use peer-to-peer (P2P) payment apps (CoinLaw). According to eMarketer, 81% of consumers in the United States used a P2P payment app at least once in 2023.
So, which are the most used P2P apps and digital wallets? Let’s take a look at them, shall we?
- Venmo: When we talk about the P2P market in the US, we cannot ignore Venmo. Venmo is nothing less than a giant in the P2P hemisphere. It has over 97.1 million users as of Q2 2025 (Statistics by Electroiq). It is especially popular among Gen Z and Millennials, who sum up to 87% of its user base (CoinLaw).
- Cash App: Cash App is a major competitor to Venmo. According to Backlinko, it had over 57 million users as of Q1 2025. While classified as a P2P app, Cash App has done a great job at differentiating itself from its competitors. Besides P2P transactions, you can also use it for direct deposit, crypto exchange, and stock market trading, as well as an online debit card.
- PayPal: PayPal is the global leader in the P2P market and the parent company of the Venmo app. PayPal is not just a P2P app but also a digital wallet. It is majorly used in the eCommerce sector and business-related transactions. Its digital wallet allows users to make transactions with millions of online and in-person merchants without refilling their card details again and again.
- Apple Pay: Now that we are talking about digital wallets, let’s talk about the most influential one of them, Apple Pay. It is the leader of the digital hemisphere, with over 92% of digital wallet transactions done via Apple Pay (Capital One Research). It uses NFC technology to make contactless transactions online by tokenizing your card details. It is one of the safest and fastest ways to send money in 2025.
So this is all you need to know about P2P apps and digital wallets. But what to do when you want to send money abroad? While PayPal and Apple Pay might work, what to do when they don’t?
Don’t worry, to solve this very problem, we have the International and Specialized Transfers systems. Let’s talk about them.
3. International and Specialized Transfers
International and specialized transfers refer to tools and platforms used specifically to make international transactions and payments without much paperwork or to handle unique assets such as cryptocurrencies.
So how is it different from domestic transactions? Well, international monetary transactions come with added layers of complexities, which include currency exchange, cross-country banking regulations, and cross-border security.
As of 2025, there are 3 companies that are dominating the International Specialized Transfers. Here’s their breakdown.
- Wise: Formerly known as TransferWise, this transaction app is dominating the international transaction market. In March of 2025, Wise, in its FY25 annual results, reported that it has over 145 million users all across the world, making it the biggest international and specialized transfers platform.
One of the biggest selling points for Wise is its mid-market exchange rate and upfront fee that helps you avoid any hidden charges applied by traditional banks. It allows both bank-to-bank transfer and multi-currency accounts for its users to manage over 40 currencies.
- Remitly: As the name might suggest, these services are specialized in consumer-to-consumer remittances. It is mostly used to send money to friends and families who live in developing countries. They offer multiple delivery methods, including bank deposits, cash pickup at a vast network of agent locations, and mobile wallet payouts.
They are highly competitive on fees and exchange rates, often providing faster delivery times than traditional wire transfers. It is accessible in 170+ countries and can help you convert 100+ currencies. And this makes it one of the best ways to send money internationally.
- Western Union: Did you know it was Western Union that started cashless transactions, back in 1871? Yes, it is true; Western Union sent out the first wireless money transaction, through telegraph, in 1871 (Western Union). This legacy player has adapted to modern times very well. It is one of the most popular platforms for transferring money internationally.
In Q1 of 2025, the company processed over 70 million transactions, showing 3% growth from last year (Business Wire). Their network of 600,000 agents makes them one of the top choices for people who need to send and pick up money all across the globe.
Conclusion:
The days of being constrained by costly wire transfers and slow ACH payments are behind us. As we’ve explored, the financial world of 2025 is rich with a variety of innovative platforms that prioritize speed, transparency, and consumer empowerment.
From the near-instantaneous power of real-time payment networks like FedNow and The Clearing House to the social convenience of P2P apps like Venmo and the global reach of international services like Wise, you no longer have to choose between paying hefty fees and waiting for days.
These modern ways to send money represent a fundamental shift in how we manage our finances. The growth statistics, from the surge in FedNow’s transaction volume to the widespread adoption of P2P apps, are clear proof of this. By understanding these new ways to send money, you can make more informed decisions, reclaim your time, and keep your hard-earned money where it belongs. So, what will your go-to method be for your next money transfer?
