Dwolla
Setup:
Signing up for and using Dwolla is quick, but you’ll need to tie it to your bank account to fully leverage its abilities. This can take 3 to 5 business days, depending upon your bank. But, if your bank supports instant transactions, you won’t have the typical transfer lag.
Pros:
Dwolla charges only $0.25 per transaction, no matter how much money is being transferred.
A highly-secure mobile app is available for Android and iOS.
Instant transfers to and from your bank account, if your bank is part of the participating network.
Dwolla is integrating with merchants, allowing you to pay directly from your account.
Instant feature will “loan” you up to $500, charging a $5 fee only if you don’t pay it back before your statement is over.
Cons:
This could be a pro, depending on how you see it. Dwolla has no debit card function. It’s intended to be used as an extension of your existing bank account.
Smaller base of users means that you’re not as likely to find a Dwolla customer for exchanging funds.