Many people want to transfer money to other people. Whether it is just a few dollars to a friend with whom you split a bill at a restaurant or giving your child, who is in university in a foreign country, their monthly dormitory fees.
Regrettably, sending money can get quickly expensive—specifically when it comes to transferring money in foreign currencies.
Fortunately, online apps for money transfer have opened up new opportunities for sending money at a relatively reduced cost.
Money transfer apps: Why use them?
International money transfer is also known as peer-to-peer payments, this enables you to send money almost instantly from one place to another.
This implies that the next time a friend and you choose to divide your bar tab, you don’t have to stress about counting the cash, bringing out your checkbook, or having an uncomfortable “I’ll pay next time” discussion.
Now, you can just take out your phone and send them money over an app. Based on the app you use, such transfers either charge you a minimal fee or charge you nothing.
Best online apps to transfer money into foreign countries
There are several transfer apps out there that anyone can utilize, here are some of the best apps for international money transfer.
For anyone who wants to send money to friends, family, or organizations globally, TransferWise is the best way to transfer money internationally.
They have a more limited inventory of countries than other apps on this list and an imperceptibly longer time of transfer—up to 1 to 3 days. Nevertheless, the fees of transactions are the least correlated to banks—at presently at 0.7 percent—and their rates of currency conversion are assured for an excess of 29 hours.
Their unique benefit over other apps like OFX (to be discussed later) is the lack of a limit on money transfers, enabling you to send smaller amounts of funds if required.
Many people are already familiar with PayPal since it has been around for a long time, longer than most other apps to transfer money in foreign countries. Since it has been around for a long time, it has a wide network of nations that you can transfer money to and it is safe.
However, you get this secure experience for a fee. For credit or debit transfers inside the US, this app takes a cut of 2.9 percent off the transaction along with charging a 30 percent fee.
If you are to send money internationally, besides the 2.9 percent, Europe or Canada is 2.99 USD, while other countries are charged 4.99 USD.
The standard fee differs from one country to another. PayPal is an amazing choice for transferring to more remote places that you may not be able to otherwise access.
OFX is among the best app for money transfer for payout massive amounts internationally. They have a massive inventory of countries and besides this, they also have other helpful tools.
The exchange rate is for currency conversion is in real-time enables you to lock-in the most approving exchange rates conceivable on the transfer date.
The app has no limit on the number of foreign transfers you can do but they have the least transfer amount of 1000 USD, so this app is best used for bigger international money transfers. Their charges differ but usually, they take a boundary of under 2 percent on rates of currency exchange.
4. Square’s Cash App
If you are on the search for an easy and quick app that covers dividing apartment or restaurant utilities or bills, then look no further than this app.
There are no fees for the transaction if you are doing peer-to-peer transfers. Also, you can send money to people who do not have an account on Cash.
You can also create a web page that is easily accessible and allows people to send money to you for free. Out of all the apps for money transfer, this is among the easiest and uncomplicated apps for money transfer.
Like the app discussed above, Venmo was created for peer-to-peer payments. Venmo has obtained popularity among apps that transfer cash not simply for its availability and cost-less transfers but also due to the app’s unique social aspect.
The app enables you to link to your phone contacts and Facebook so you can send money to people inside your social network.
It also enables you to comment or like other people’s transactions. If you don’t want anyone to know about your transaction, Venmo has many customizable features for privacy. While Venmo for most transfers is free, it is critical to remark that there is a fee for credit card transfers.
Zelle is one of the cheapest ways to send money for peer-to-peer payments.
Nevertheless, you and others you transfer to must have a bank account in one of the banks Zelle is tied to. This kind of makes the app a little bit restrictive.
It furthermore can have a more passive processing time for transactions than other similar apps for peer-to-peer payments. If the person receiving money doesn’t have an account on Zelle, the transaction will close to three business days to finish processing.
WorldRemit is most efficiently used for sending smaller amounts of funds to anyone around the world.
With its massive inventory of participating countries, reduced fees, and diverse ways where receivers can access their funds, it is easy to note the app’s appeal.
They don’t have a limit on minimum transfers, making them the best fit for foreign transfers between friends and family. However, what makes this app stand out truly is the quick transaction bounce. Global transfers for cash are processed immediately.
Even though it is simple and does not contain the extra features most other global apps have, it might be appealing to people who like uncomplicated apps.
It is getting easier and easier to transfer money to foreign countries. And with these online money transfer apps, you can do it too with minimum fees and the least fuss over calculating conversion rates yourself.
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Manan Ghadawala is the founder of 21Twelve Interactive which is one of the best mobile app development company in India and the USA. He is an idealistic leader with a lively management style and thrives raising the company’s growth with his talents. He is an astounding business professional with astonishing knowledge and applies artful tactics to reach those imaginary skies for his clients. His company is also recognized by the Top Mobile App Development Companies. Follow him on Twitter | Facebook | LinkedIn