The most effective money transfer applications enable you to quickly send cash to friends and family, as well as pay for items or services using your smartphone or mobile device.
Banks were slow to join the internet, leaving a slew of third-party providers to create solutions that made moving money from one person to another simple and painless. Even though banks have made money transfers online easier, sending money across borders is still challenging without the aid of a third-party money transfer service.
This is where money transfer applications truly shine, growing in the same way as personal finance applications have. Transferring money across the world using various currencies in a simple, straightforward, and hassle-free manner is one of the most appealing features of these applications. There’s usually a fee associated with this sort of transfer, so double-check the charges, but the finest services generally provide cheap rates that are well worth the hassle.
- How Money Transfer Applications Work
- Factors To Consider When Choosing The Best Apps To Send Money Internationally
- Benefits Of Using A Money Transfer App
- Is It Safe To Use Money Transfer Applications
- The 10 Best Apps To Send Money Internationally
- Comparison Table Among The Best International Money Transfer Apps
- How Long Does It Take To Send Money With An App
- How Much Do Money Transfer Applications Cost
- Bottom Line
How Money Transfer Applications Work
Money transfer applications let you send money easily and quickly. Some applications store your money, while others move it from one bank to another. On the other hand, some money transfer applications are tailored to the demands of consumers.
Factors To Consider When Choosing The Best Apps To Send Money Internationally
- Number of Transfers: It’s also critical to think about how much money you expect to transfer at a time. Many applications have limits on the amount of money that may be sent at once, while others have restrictions on the totals that may be distributed in weekly, monthly, and other similar limits. Other third-party service providers will charge a fee for every amount of money you move, making them undesirable for moving large amounts of cash.
- Transfer speed: If you want immediate money transfers, be sure to calculate the typical time it takes these apps to move cash from one location to another. Transactional speeds fluctuate from application to app, and you should be confident that your money arrives on time.
- Geographical location: Not all applications are accessible to everyone. Many appealing money transfer alternatives are restricted by geographic location and nationality. While deciding which one to choose, be sure you select ones that are appropriate for your area of residence.
- Convenience: Convenience is an important factor to consider. Make sure you’re utilizing a service that is simple to use, has an easy-to-navigate layout, and allows you to move money quickly. Check the app store to see if there are any negative reviews about the app and whether it has any bugs or if current users enjoy using it.
- Customer support: When you have difficulties making a payment or cannot track one, having excellent customer service can make all the difference. If you’d rather talk to someone over the phone, make sure you pick a firm that has someone in person available at convenient hours. If you’re more likely to send an email, make sure your service provider has simple-to-find email addresses and online service request forms.
Benefits Of Using A Money Transfer App
- Money Transfer Apps Are Safe and Secure: Your money is valuable, and it’s only natural to be concerned about how it will reach its intended destination. When you send money across borders, you may become even more anxious about whether the transaction will succeed. Apps not only assist you in avoiding the pain of in-person paperwork, but they also prioritize security. To begin with, they are governed by strict industry norms.
- They’re Simple for Your Friends and Family: The most popular money remittance software, such as Remitly, allow you to send funds to a worldwide network of banks and pickup locations. There will probably be no difference for your loved ones when you switch to an app.
- You Can Save Money by Using Apps: Read about the costs of the applications in your country to discover out more. The app charges may be lower than those offered by physical locations. Aside from costs, obtaining the greatest exchange rates is a good way to save money. One company may charge less fees, but if the exchange rate isn’t as advantageous, you will probably spend more.
- You Can Save Time by Using Apps: A money transfer application allows you to send money from the comfort of your own home. Simply sign in, complete your transaction, and take a seat. You can accomplish anything faster with an app, from paying your bills to providing regular support for family members.
- Apps are available in a variety of places: You’re limited to places in your region if you use a physical transfer. Locating a money transfer location might be tough if you live in a rural area or are moving into new surroundings. Instead, you may simply create an account online using a money transfer app.
Is It Safe To Use Money Transfer Applications
Many money apps are considered more secure than cash since they necessitate the creation of an account with a username and two-factor authentication to authenticate your identity.
Furthermore, sending money using a money app is more secure than writing a check since it does not reveal your bank routing number and account number to the individual receiving it. You may entrust a money transfer app to anyone who has access to your user ID or email address/phone number. Digital payments, unlike cash, are not susceptible to loss.
The one disadvantage of digital currency apps is that sending money to anyone with a bank account may be simple, but it can also be very easy to send cash to the unintended person if you are not cautious. Email or text verification, unique profile pictures and user IDs, QR code scanning, and other technologies can all be used to guarantee that the right person receives your payment.
The 10 Best Apps To Send Money Internationally
1. PayPal
PayPal’s money transfer services set it apart from the competition. You may send and receive money for free using a bank account, PayPal balance, or Amex Send account. Also, you can use PayPal’s Instant Transfer service at a fee and get your money right away.
If you send money to the wrong person, you may select that contact and request a refund by tapping their name. If the individual doesn’t react, select “disputes” from the blue pencil icon and talk to PayPal.
- Transfer speed: 1 business day and for instant transfer, a fee of 1% is charged.
- Maximum transfer amount: $10,000
2. WorldRemit
Because of its wide selection of sending options like mobile money, bank transfer, cash pick-up, and airtime top-up it earned a place in our top category. Most prepaid, debit, and credit cards issued by Mastercard or Visa are accepted by WorldRemit.
WorldRemit permits payment via Apple Pay, Klarna, POLi, Trustly, and a variety of other methods. It does not accept Google Pay. If you send money to the wrong person, WorldRemit may be able to cancel the mobile money or bank transfer transaction.
- Transfer speed: Transfer is instant.
- Maximum transfer amount: $9,000
3. Cash App
Cash App has low transaction fees since it enables users to transfer money via the mobile application for free. The simplicity of the Cash App, lack of fees, and ease of use distinguish it from the competition.
Cash App also has features that are not found in other money transfer applications, such as the ability to invest, obtain “cash boosts,” and buy and sell bitcoin. However, sending a payment to the incorrect individual does not ensure that it will be returned quickly. The only option is to request the cash and trust that person’s honesty to have your money returned.
- Transfer speed: Takes 1 to 3 working days.
- Maximum transfer amount: $250
4. Venmo
With a focus on simplicity, quick and easy money transfers as well as a potential “parking place” for your money Venmo is an ideal service. You may send, spend, or transfer money from your Venmo account to your bank account.
Because Venmo encrypts data, you can rest assured that your personal information is safe and secure. You may improve the security of your Venmo account by enabling a PIN or multi-factor authentication.
You can ask for a refund on the money you inadvertently sent by mistake. If you don’t get a response or need assistance submitting a charge request, you can reach out to Venmo’s customer service. There are no recovery guarantees available with Venmo.
- Transfer speed: Transfer is instant.
- Maximum transfer amount: $299.99
5. Zelle
Zelle is the only money transfer app that provides a simple bank-to-bank process. Also, Zelle may transmit funds to other users through the user-friendly mobile app. Users can communicate with one another via phone numbers or email addresses to request or send money. To receive or send money, recipients must possess a Zelle account. Zelle establishes contact by texting or emailing you a payment link.
Because you can’t cancel payment through Zelle if the recipient already has a Zelle account, you should be confident in and familiar with the people you send payments to. However, you may cancel a payment if the receiver hasn’t joined Zelle.
- Transfer speed: Transfer is instant.
- Maximum transfer amount: $1,000
6. Wise
If you’re always monitoring currency exchange markets, one of the most important features of this app is that you may store different currencies in its digital wallet. Local account numbers are also generated by Wise, allowing you to conduct local transactions with ten different currencies.
Wise allows for cross-border payments to almost any bank, with the exception of cash pickup and utility bill payments.
- Transfer speed: 1 to 2 business days.
- Maximum transfer amount: $50,000 on a personal account and $250,000 on a business account.
7. XE Money Transfer
XE Money Transfer app allows you to get a better exchange rate than the bank and makes tracking several exchange rates simple. It also has low transaction fees and minimum transfer amounts.
- Transfer speed: 1 to 4 business days.
- Maximum transfer amount: $500,000
8. Remitly
Remitly lets you send money to mobile wallets and bank accounts, which are often less expensive than sending money to banks. It also includes cash delivery and cash pickup, depending on the recipient country’s accessibility. The payment platform includes a large number of financial institutions and supports a variety of mobile wallets.
- Transfer speed: 3 to 5 business days
- Maximum transfer amount: Up to $10,000
9. OFX
OFX’s mobile application allows you to send $1,000 or more money transfers to different countries around the world. You may also utilize the application to create an OFX account, check current and historic currency rates, track your transactions, and set alert rates. Transactions are not charged, but OFX takes a small fee on currency exchange rates.
- Transfer speed: 1 to 2 business days.
- Maximum transfer amount: No maximum
10. MoneyGram
MoneyGram is a well-known money transfer firm that has been operating for decades. Due to its size and scope, it’s possible to send money almost anyplace, although costs are determined by where the cash is being sent.
On average, exchange rates will have an impact on costs; however, MoneyGram does have a loyalty program that gives you a discount on future transactions. The sheer number of MoneyGram outlets all over the world is another benefit, which is frequently appealing to many recipients of cash transfers.
- Transfer speed: Transfer is instant.
- Maximum transfer amount: $10,000
Comparison Table Among The Best International Money Transfer Apps
| App | Best For | Minimum Transfer | Fees | Transfer Speed |
|---|---|---|---|---|
| PayPal | Flexible payments | $1 | Medium | 1 business day or instant after a 1% fee |
| WorldRemit | International transfers | It is determined by the country that you are sending from and the payment method utilized to make the money transfer. | Medium | Instant |
| Cash App | Budding investors | No minimum transfer amount | Low | 1 to 3 business days |
| Venmo | Shared bills | No minimum transfer amount | Instant | |
| Zelle | Bank to bank transfers | $1 | Low | Instant |
| Wise | Sending amounts under $7,500 | No minimum amount | Low | 1 to 2 business days |
| XE Money Transfer | Secure international money transfer | No minimum amount | Medium | 1 to 4 business days |
| Remitly | Sending money internationally | $1 | Medium | 3 to 5 business days |
| OFX | Transfer of large amounts of cash | $1 | Low | 1 to 2 days |
| MoneyGram | Same day delivery | $1 | Low | Instant |
How Long Does It Take To Send Money With An App
There’s no telling how long it will take. Some transactions are completed immediately, while others might take several days. Keep your requirements and schedule in mind as you pick the best mobile money application.
How Much Do Money Transfer Applications Cost
The most effective money transfer applications are completely free to download, although the costs vary based on the way you use them. You will find that most services provide free bank transfers at a typical speed of 1 – 3 business days, however, they charge costs if you want to pay with a credit card or expedite the transfer to your bank account.
Economy or standard delivery may be selected over a more expensive express delivery, depending on the country’s bank costs and exchange rates. Before concluding that every money transfer is free, be sure to double-check the costs.
Bottom Line
Your objectives and preferences will ultimately influence your selection of the finest money transfer application. If you need your app to include more features (such as investing in bitcoin), go with Cash App. It provides them. However, PayPal is a reliable money transfer provider with a wide range of payment choices and an excellent track record of success to back it up. PayPal’s ease of use, superior security features, and valuable business tools give it an edge over other platforms.
