Top Money Transfer Apps for your International Payments.
Are you searching for an easy and quick way to transfer money abroad? Thanks to rapid tech innovations, there are a number of apps (listed below) that allow you to transfer funds internationally. Now you can send money overseas with a few taps on your smartphone. And, you'll enjoy the low commissions compared to traditional money transfer channels. These options can be great for immigrants, migrant workers, or even undocumented individuals in the US.
Today, money transfer companies are creating apps to guarantee almost instant overseas payments. Most of them are free to download. But the truth is that with so many alternative apps available, it's difficult to make the right choice.
Which app will cover all your needs, and which is the easiest to use? Below are reviews of the top money transfer smartphone applications for your international payments to help you shortlist your options.
The TransferWise App
TransferWise began in 2011 by offering low-cost international wire transfers with advantageous exchange rates. However, today, through its Borderless Account, it provides users with an alternative to traditional bank transfers. It handles the most currencies among online banks and has the best customer service support available on the market. But, TransferWise doesn't include budgeting or expenses tracking tools, it charges a minimum fee, and you can't make microdeposits.
Although opening and maintaining an account with TransferWise is free of charge, you'll incur costs when withdrawing money from an ATM (less than $3), when you transfer (between $0.50 and $3) or when you exchange currency (between 0.35 and 2%).
As one of the top money transfer apps available, TransferWise simplifies international transactions and shows you how much you save on each transfer through a price comparison tool. It's available in the US, the UK, Europe and Australia and suitable for download on Smartwatches, Android and iPhones. Also, it's compatible with SWIFT and Apple Pay. And, for convenience, you can repeat prior transfers and maintain all your transfer receipts in a centralized form.
World Remit
WorldRemit is a safe and user-friendly money transfer app which serves over 140 countries. And because speed is the name of the game, this iOS and Android-compatible app sends money as quickly as a text message.
Transfers are processed within minutes and can be received as cash pick-up, bank deposits, or air-tie top-ups. Once you've made the transfer, the app sends a confirmation SMS or email to both you and the receiver. Also, the technology which WorldRemit uses guarantees the highest level of safety and protection of private details.
WorldRemit doesn't apply a flat fee rate on transfers. The fees are a sliding scale. It depends on the amount which you transfer and the destination where you're sending the money. And, considering that your first transfer is free of charge, why not give WorldRemit a try?
Western Union for sending money overseas
Many migrant and foreign workers have used Western Union offices to transfer money overseas to friends or family. They also have an app for iPhones and Android as well which will help simply the process.
One of the major advantages of it is it allows the customer to pay their bills as well. As thousands of US and international companies use Western Union to facilitate payments. Another advantage is that the financial services company allows transfers to over 200 countries. However a con of this app is the cost; Western Union generally costs more due to exchange rate issues as well as fees involved.
Revolut
Revolut is a digital banking app which aims to guarantee seamless global transfer solutions. Once you install the app, you can request a contactless card which you can block or unblock at the touch of a button. The app is user-friendly and features your accounts, payments, a pay friends option, analytics, and manage your cards. In the Accounts section, you can view your account balance and transactions history as well as establish monthly budgets. In the Payments section, you can make transfers in up to 24 currencies. You'll pay a fixed 0.5% rate for any amount over $6,500 per month.
Through the Pay,friends feature, you can easily set up a split bill for a group expense. The Analytics section will show your spending behavior by type of merchant, country, and transaction. The Manage Your Cards feature will allow you to block or unblock your Revolut card for security reasons or set a monthly expenses budget and activate extra security.
But, Revolut also allows you to buy and sell cryptocurrencies and view market movements in the app. While these can be risky investments, especially for lower income families, they can be an option for building wealth.
OFX
OFX, previously known as Ozforex, NZForex, UKForex, ClearFX or Tranzfers, is an online currency trading company which offers service and pricing which are usually only available to institutional clients. The low fees and great exchange rates save users time and money compared to traditional bank transfers. The company is continuously developing new and intuitive solutions such as the OFX app to offer its customers a streamlined experience. You can check real-time exchange rates or compare historical rates. Also, you can set alerts for various rate levels and track your transfers.
The app serves Europe, the UK, Australia, Canada, and the United States, and it's available for both iOS and Android platforms. And the transfer limit stands at around $147.
Venmo is free to use
Venmo is a personal money transfer app which allows you to make transfers to your friends and family members either using money which you have in the digital wallet or by linking to your debit card or bank account. It is a leading application for youth as well as immigrants. Also, you can move funds into your bank account from Venmo. By simply using an email or phone number, you can make free transfers across multiple payment channels. However, there's a 3% fee incurred on credit card payments.
Venmo guarantees high-security levels and uses encryption to protect your sensitive details. Also, high-end security software monitors your account's activity to prevent any unauthorized transfers.
Other options to transfer money internationally
The list above are the leading apps that people use. However there are other tools used to transfer money overseas. These companies all have websites and/or smartphone apps. They include Paypal, Remit2India, Ria Money Transfers, Skrill, and others. Most of them focus on transferring money from the US to different countries, such as the UK, India, Brazil, or others.
Final Thoughts on applications for transferring money internationally
Online international payments are on the rise. According to Statista's outlook, the transaction value of online cross-border payments is in the billions of dollars with an expected yearly growth rate of over 10%. And, the number of users making international money transfers through digital tools is expected to increase to hundreds of millions worldwide over the next few years.
The applications are great for immigrants and foreign workers to send money back home to their family. Or anyone can use them. So, if you want to join the millions of users enjoying the benefits of digital international payments, download one of the top money transfer apps available today such as TransferWise, World Remit, Revolut, OFX or Venmo.
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