8 min read 08.07.2021 36
The Best Money Transfer Apps 2021
If you have regularly sent money to family and relatives home and abroad you might have heard of or used money transfer apps services. If you haven’t you are missing out on low fees, competitive exchange rates and many more! In this AskWallet blog post, we tell you everything you need to know about money transfers apps .
8 min read 08.07.2021 36
Traditional banks were slow in adopting the internet and gave room for a new industry namely the fintech industry. Many users from across the world now use some form of online banking. Whether it is an official banking app or just a money transfer app. The fintech industry has made money transfer easier, faster and more transparent. Before these apps, you would have to physically go to a bank and wait in line before you could send money to someone living in the same country as you.
With the advent of money transfer apps, that long process has been reduced into a couple of short steps. Without you having to leave the comfort of your home. Whether you are a student living abroad and have to receive pocket money from your parents or making an international payment, money transfer apps have cemented themselves as a fast and cost effective way to send funds across borders. Say goodbye to the stress of slow wire transfers and use money transfer apps for a painless and straightforward experience.
The industry has grown exponentially in recent years and the market is flooded with a lot of financial service apps promising you the world. With ads you can’t escape from facebook, instagram, youtube or when you’re just browsing the net. The fintech industry is one that is very lucrative and is in the forefront of financial innovations.
However, it might be difficult for you as a consumer to sieve through the huge number of money transfer apps to find the right one for you. Do not fret, as we understand how it feels to be overwhelmed by choice. For this reason we have created this guide on the best money transfer apps.
What Are Money Transfer Apps ?
Money transfer apps are mobile apps developed for the sole purpose of allowing users to send and receive funds through them. Whether you are out with a friend and need to split the bill or shopping at your favorite online store, these apps can be used. Some money transfer apps even let you withdraw cash via a virtual or plastic card.
These Money transfer apps make transferring funds easy, fast and accessible regardless of where you are or what time of the day it is. It's also important to add that these apps give you a level of control over your funds that isn't available in the traditional banking system.
The apps are able to provide their users the level of control owing to their security, convenience and transparency. Millions of people from all over the world have welcome and embraced money transfer apps. They have become an integral part of our daily lives and we don't even know how we lived without them before.
Gone are the days when we had to send large amounts of cash by wire transfer or even cashing a check. As stated earlier, traditional banking was slow to integrate to the digital world and that neglect led to the birth of the fintech industry.
These apps let users transfer money anywhere in the world with a few taps on their mobile devices. However, the market is saturated with money transfer apps - some are great, some are good and there are some bad apples.
Best Android Money Transfer Apps
4.40 AskWallet Rating
FairFX is a currency exchange and global money transfer service provider with over a decade of business expertise. The company provides a one-of-a-kind combination of products and three primary services: international money transfer, cash transfer, and travel cards. The exchange rates are quite competitive, particularly when moving significant sums of money. Customers may be limited by the £100 minimum amount and reduced rates when transferring little sums.
You can easily find the money transfer app in the Google Play Store. REgistration and verification at FairFX is very straightforward, simple and quick. You will be making money transfers in no time.
- FairFX has expanded its service offerings beyond international transfers to include travel cash and travel cards.
- Online services that are simple and easy to use: Customers do not have difficulty navigating the FairFX platform.
- Responsive Customer Support: When making significant transactions, having someone to speak with provides comfort about the provider's dependability.
- Preloaded cards: Customers can preload their cards and use them in the same way as they would a debit card. Most international money transfer companies do not offer this convenience.
- Minimum Transfer Limit: The smallest amount you may transfer using FairFX is £100. Customers who transfer little sums to their family on a regular basis may need to search elsewhere.
- Rates for lower quantities are less competitive.
Best International Money Transfer Apps
3.80/5 AskWallet Rating
Azimo is a quick and convenient online money transfer service. It is backed by a modern website and easily built mobile applications, allowing its clients to ship to over 200 countries worldwide. Its transactions are fast and inexpensive, particularly when transferring money to South Africa, Nigeria, and other African nations.
The money transfer service charges variable or flat fees for transfers. The transfer payment method, payout method, and nations involved are the primary factors of how much you will pay. Typically, the charge ranges between £1 and £10.
- There is no minimum amount to transfer with Azimo; you may transfer as little as $1. There is no upper limit to the amount you can send.
- High coverage- A broad sending and disbursing network that serves more than 200 nations and territories.
- Low fees and favorable rates- The fixed cost and variable pricing models favor both big and small-amount remitters.
- Simple and engaging platform- Sending money should not take hours as long as you have all of the necessary information and cash to send.
- Multilingual support- The website supports eight languages: Russian, English, Polish, Italian, French, Romanian, Portuguese, and Spanish. As a result, it may be used by a wide spectrum of clients.
- Delayed refunds – The refund procedure may take a couple of days to appear in your account in case of a payment failure or cancelation due to duplications.
- No support by phone - Online help via e-mail is provided from Monday to Friday, 9 a.m. to 6 p.m. UK time. This limited service is delayed, with no phone backup, and leads to the piling up cases.
- Verification delays- Sometimes verifications are delayed, particularly when the documentation is not clear or if some additional sources need to be checked.
4.57/5 AskWallet Rating
WoldRemit is a cross-border money transfer business that specializes in transfers overseas, among other things. E-money services enable customers to send money to over 150 countries while also allowing you to trace the transfer from your account to the destination. The service offers transfers for cash pickups, e-wallets, bank accounts, and more!
However, if you are seeking a service to make huge transactions, WorldRemit may not be the ideal solution. Other alternatives can be found in our list of money transfer services.
- Quick Registration: Registration at WorldRemit is an easy and straightforward process. From signing up to sending funds could take you only a few minutes.
- Multiple Payment Options: Having several payment options at your beck and call is very useful. WorldRemit lets its users send and receive funds via credit or debit cards, e-wallets, prepaid cards, bank accounts, and more!
- Responsive customer support: the payment service understands the importance of friendly and responsive customer support and has provided several ways to contact support. You can reach support via live chat, telephone and email. WorldRemit's website also features a comprehensive FAQ section.
- Quick Transfers: Most of the transfers made with WorldRemit will be delivered almost instantly and should reflect in the recipient's account immediately. However, bank transfers and cash pickups might take between 1-2 business days.
- Available in Many countries and Lets users send money in 90+ currencies.
- Transfer limits: With WoldRemit, there is a limit on the amount of money you can send per transfer. However, this is heavily dependent on the payment option you have chosen. So, keep an eye out for the transfer limit, as it may vary based on the recipient's country as well.
- Varying Fees: Fees at WorldRemit also depend on the sender and recipients respective countries. However, they are usually about $3.99 for most countries. However, keep in mind that it might differ depending on the country combination.
4.40/5 AskWallet Rating
XE is a well-known foreign exchange provider that offers a wide range of foreign exchange instruments. XE can assist you transfer payments to 170 countries in 65+ currencies, in addition to its concentration on UK companies and people. The brand does not charge transfer fees and instead derives its profit from exchange rates. This means you may transfer big sums of money without incurring any costs.
However, two often mentioned disadvantages of the organization are that bank transfers are the sole payment option and card payments are not permitted. These obstacles frequently keep potential clients who are seeking alternative payment options.
- Customers of XE may send money to over 170 countries in over 65 currencies.
- XE prices are among the most competitive in the market, with little margins off the mid-market rate.
- XE does not charge you any fees regardless of the amount you transfer. The only expenses you may incur are those associated with the payment method and receiving bank landing fees.
- Live currency conversion widgets that are interactive and clear. Other suppliers utilize XE's live rate widgets to reference mid-market rates.
- Payout alternatives are limited - XE only accepts bank deposits and does not allow cash collection.
- Transfer payment methods are limited – You may only pay for your transfer online or via a telephone-guided bank transfer. Card payments are not accepted by XE.
Best European Money Transfer Services
4.00/5 AskWallet Rating
Paypal is a digital payment service that was launched 23 years ago and has dominated the finance market ever since. The payment service is now available in over 200 countries and continues to grow. Paypal is a jack of all trades; it may be used for peer-to-peer transfers, commercial transactions, and online shopping. You may also link your bank card to Paypal and use it to make in-store purchases and withdraw cash from ATMs. More than 25 currencies are supported by the payment service, which is ideal for firms wishing to accept payments from abroad.
- PayPal is highly user friendly and simple to use. PayPal is incredibly straightforward and easy to use, whether you are purchasing an item online or setting up PayPal as a payment option for your business.
- Safe — PayPal also has an encryption function that ensures the highest level of protection for your data.
- It is free to send money to friends and relatives. If you've ever had to send money to a family member who is at university or overseas, you'll know that many companies will charge you for the transfer. However, PayPal does not charge to transfer money as a gift, especially to a friend or family member.
- PayPal is not available in several countries, which limits the company's ability to expand into such nations.
- PayPal has a history of restricting people's accounts for obscure reasons.
- Scams are a possibility. The issue in this case is caused by the scammers that utilize this service.
4.40/5 AskWallet Rating
WorldFirst is a London-based worldwide money transfer and payments company that offers personal and commercial clients the ability to trade in over 180 currencies. Its pricing is upfront, with exchange rates tiering based on transaction amount. When comparing 27 currencies, WorldFirst is 85 percent less expensive than banks.
While the favorable exchange rates and global coverage are appealing, WorldFirst has a minimum transfer limit of $1000 for personal accounts, which excludes clients who want to make smaller, more frequent transactions.
- Personal transfers are free, whereas commercial transactions cost between $10 and $30. Exchange rates are charged in three categories based on the amount being transacted: 0.50 percent, 0.25 percent, and 0.15 percent.
- WorldFirst accepts over 180 currencies. This can be a big benefit when transmitting to regions with less traded, foreign currencies.
- WorldFirst understands business dynamics, particularly those involving currency rate fluctuations. WorldFirst provides spot contracts for one-time transfers, forward contracts to lock in rates for future transfers, and recurring payment alternatives to allow organizations and people to interact at any time.
- Customer service is responsive by phone and live chat.
- Higher Transfer Minimums — For frequent customers who transfer little sums to their family, the $1,000 minimum for personal accounts is extremely high.
- Transfer Payout Options are Limited — You may only transfer to bank accounts. There are no choices for picking up cash, airtime, or mobile transfers.
Are Money Transfer Apps Safe?
One of the questions that our experts here at AskWallet get asked the most is about the safety of a money transfer app. When dealing with financial information, security is of the utmost importance. No one would want to put their hard-earned money in an unsafe place, “would they now?”
So to answer the question “Are money transfer apps safe ?” Well the answer is simple. The best money transfer apps are safe and have pulled out all the stops to protect their user’s data. The companies behind the best money transfer apps have several security measures integrated with their apps to make sure that users' data is leaked or stolen. However, the companies cannot protect you from what it doesn’t know about like scams asking you to double your money in a matter of minutes, If you just hand over your account details. Once a transaction like that is made, there is no way to return your funds.
That is why it is very critical you choose only safe money transfer apps and be vigilant when making transactions online. Is there anything that you can do that will keep you even more safe when using money transfer apps? Well the answer is yes, there are a couple of things that you could start doing immediately to improve the protection of your transfers:
- Opt for the security features offered by most of the money transfer apps. Whether it's biometrics to open your account or two-factor verification when making transactions.
- When making a transfer, always double check to make sure the recipient's details are accurate. As a mistake in the details could send the funds to the wrong person. So keep an eye on that.
- If you are transferring money to an unknown person or business make sure you ensure the credibility of the aid person or business before making a transfer. There are many scams targeting users of money transfer apps as some of these payment systems are not connected to any accounts. Therefore, the identity of the scammers can stay hidden.
Research is very important when choosing a money transfer app and linking your bank account information if you have one. It could be a headache to find the right one for you. So, we will tell you what to look out for when choosing a money transfer app. For people who would just like to select from a list of already vetted money transfer apps can choose one from our website.
How to Choose the Best Money Transfer App For Your Needs?
Just by going to the app store of your respective devices and typing money transfer apps will give you thousands of results. Choosing from such a long list is not an easy decision, except if it's your job. That's where our experts here at AskWallet come in, we have reviewed a number of money transfer apps and you can check them out.
So what are the factors you need to consider when choosing a money transfer app?
You might be thinking what location has to do with money transfer apps. Well, some money transfer apps are available only in particular countries or regions. When choosing a money transfer app, it is critical that you ensure that the apps support your country of residency. Also, check if the app you have chosen has support for the currencies you will be sending or receiving.
You can also check if there are any limitations or restrictions in the countries you intend to receive or send money.
The speed at which your money is delivered completely varies from money transfer app to money transfer app. Some apps will have your funds delivered in a matter of minutes, hours or in 1-2 business days. So, you will have to check the services out before you choose the one that is right for you. Depending on how fast you need your funds delivered.
Transfer fees are the main factor that could make or break a money transfer app. Traditionally, people have always paid huge transfer fees when transferring money internationally. However, with money transfer apps, transfer fees are lower than in your local bank. Some have a fixed transfer rate and others charge a more exorbitant fee.
There is a golden middle when it comes to choosing a money transfer app and it is choosing one that has the lowest fees and has a reasonable exchange rate.
Many money transfer apps have some sort of limit on the sum of money that you are allowed to transfer/ Some apps will have a daily limit, weekly limit or monthly limits, other apps might have a combination of weekly and monthly limits. SO, if you’re looking to make large transactions you should be on the lookout for transfer limits. Apart from limits, another thing to consider is minimal transfer amounts. Most money transfer apps have a minimum amount you can send at once. Some have very low minimum transfer amounts than others so choose according to the type of transfer you will be making.
Because the market is flooded with money transfer applications, you need to exercise caution while selecting a reputable one. Money transfer applications made by banks, financial organizations, or well-known organizations may be relied on without reservation. Even if their setup or transfer procedure is a little cumbersome, they are preferable than money transfer applications from unknown developers. Furthermore, applications from reliable sources offer superior customer service.
How Does Payment Transfer Apps Work?
One of the biggest reasons why money transfer services have become so popular is their simplicity. The best thing about money transfer apps is they are super simple to use.The procedures are simple: download an app from the app store, add your bank or card information, and you're good to go!
Most of the time, in order to give money to someone via an app, they must also have it loaded. However, certain applications, especially for international transactions, allow recipients to accept money in cash. You may either store the money in a bank account or as app cash, which you can use to make transactions and purchases.
Many applications provide connected discounts or cashback for using their app balance, which is a significant benefit of online money transfer applications. The leading money transfer applications feature the most user-friendly interfaces. They are simple to use and may help even inexperienced users complete a transaction effectively.