How Do I Use Money Transfer Apps When International?

New fintech businesses are popping with internet-only services that deliver straight to local bank accounts throughout the world, while old money transfer providers are transferring their operations online. However, with so many options and new features, it’s critical to do your homework and select the best international money transfer app for you.

Some applications are exclusively available to residents of specific countries, while others can deliver your money to you faster but for a fee. If you require cash, some may let you drop it off or get it in cash. And a select handful may provide you with the speed, pricing, and convenience you require all in one package.

1. Wise

Wise is a money transfer service that allows you to send money straight to Indian bank accounts from 59 different countries.

The true mid-market exchange rate is applied for each transaction.

There is a single, low-cost, and well-defined fee.

There are no maximums or minimums for transfers.

With over 5 million subscribers, Wise is one of the most popular platforms for sending money to India. It has an award-winning app that lets you send money to friends, family, and companies while you’re on the road. Wise may not always be the cheapest option on the market for your specific transfer, but its price comparison feature will notify you right away.

Also Enjoy: Top 10 Reasons Why TransferWise (WISE) Australia Taking Over the Country’s Money Transfer Market

2. Paypal

PayPal, one of the first online worldwide e-wallets, allows you to send money immediately to friends and family who also have an account.

You may utilize PayPal’s wallet to request money, collect money, and conduct online transactions. You’ll need a PayPal account to send and receive money, and cash cannot be sent directly to a bank account.

Pricing and fees might be confusing and misleading.

To send or receive money, you’ll need a PayPal account, regardless of whether you’re sending or receiving it. Other transfer fees include a fixed currency fee for transmitting money, a financing fee, and a transaction fee2. When it comes to sending money quickly, PayPal’s wallet system may appear to be a time-consuming and pricey process.

3. Remit2India

Remit2India has specialized in money transfer services for NRIs for the past 16 years. You may send money directly to bank accounts in India with no hidden fees and a set of the indicative exchange rate.

Eligible residents include those from the United States, the United Kingdom, Ireland, Canada, and Australia.

There are no transfer fees for payments over USD 999 or when using your bank account.

The least amount that may be sent is USD 50.

If you are not in a rush, Remit2India is a good alternative for sending significant sums to India. Without incurring a transfer charge, you may send up to $50,000 through ACH and up to $200,000 via wire transfer, both of which can take 2 or more days. They also charge a fee for Instant Transfers of up to 200,000 INR. You can pick between two distinct currency rates offered by Remit2India: one is a guaranteed exchange rate at the time of your payment, and the other is an indicative exchange rate that is the rate at the time your transaction is converted to rupees.

4. InstaReM

InstaReM is a contemporary money transfer service that conducts transactions using the genuine mid-market exchange rate. Instead of a fixed price, they charge a percentage of your transfer amount as a fee.

Money may be sent from Australia, Singapore, Hong Kong, Malaysia, Eurozone countries, the United Kingdom, India, and the United States.

Exchange rates with no margin

InstaReM, like Wise, offers upfront pricing on all of its transfers. As a result, on every transaction, you get the genuine mid-market exchange rate as well as an upfront transfer charge. The majority of transactions are completed within 1-2 days. In all countries, you may send money to InstaReM through Electronic Funds Transfer (EFT), Bank Transfers, or Wire Transfers.

POLI (in Australia), Debit Card (in the EU), FPX (in Malaysia), and ACH Pull or Bank Transfer are additional options (in the USA). Depending on the originating nation, InstaReM has different minimums and maximums you can send.

5. Remitly

Remitly is well-known for providing quick, simple, and low-cost transfers to bank accounts.

Remitly allows you to send money from 16 different countries, including the United States, Germany, the United Kingdom, and Australia.

For the first several transfers, they offer an attractive promotional foreign exchange rate, but after that, they establish their rate.

Remitly Economy and Express are two alternative ways to send money.

Remitly is an online-only remittance service provider with over 130 banks throughout India and a significant countrywide reach. With either option6, there are no transfer fees if you send more than USD 1,000. Remitly also establishes its exchange rate, which is lower than the mid-market rate, which is the rate utilized by banks.

With repeated transfers, this modest difference might quickly build up. With their one-time cost, Remitly remains a viable alternative for sending money internationally, especially for quantities bigger than USD 1,000.

Must Read: The Best Money Transfer App for International Travel

6. Moneygram

MoneyGram is well-known in the money transfer industry, particularly for its cash pick-up service, but its costs can be high if you pay with a credit or debit card.

MoneyGram is the world’s second-largest money transfer company.

Your receiver has the option of picking up cash from an agent or having the funds put straight into their Indian bank account.

Different transaction fees apply based on the amount being sent and the payment type used.

MoneyGram is an online and offline money transfer service that has been reported to be rather speedy when compared to other service providers. If the money is paid through a bank account, it can take anything from 3 hours to 3-4 days for the receiver to get it, depending on how they want it.

They charge a fee that varies based on whether you pay with a credit/debit card or an online bank account, and whether it’s a direct deposit or cash pick-up.

7. World Remit

WorldRemit is a popular app for sending money to India that has received positive reviews on Apple’s AppStore and Google Play.

Allows you to receive money from over 50 nations. Receive funds via bank transfers or mobile top-ups. 90% of bank payments to India arrive in less than 10 minutes, and airtime is transferred to Indian mobile phones nearly instantly9.

You may send money straight to a company or individual bank account, as well as add mobile credit to prepaid phones, using WorldRemit. A transfer fee is applied to the sender, which is visible upfront, as well as a WorldRemit-set exchange rate. Make sure to compare the amount you could be losing to the currency rate you see on Reuters or Google to figure out how much the transfer truly costs.

8. Ria Money Transfer

Ria has been in the money transfer industry since the late 1980s, and it has a major advantage when it comes to cash pickups, with 377,000 outlets worldwide10.

You may transfer money online and pick it up in cash at a Ria agent location, or deposit it immediately into the bank account of your receiver.

In the United States, the maximum transfer limit is $2,999 per day/$7,999 over 30 days; in the United Kingdom, the maximum transfer restriction is £4,999 over 30 days..

Only inhabitants of the United States, the United Kingdom, Spain, and Australia are eligible.

Ria Money Transfer is free to sign up for, and your receiver does not need to have an account to receive money in their account or pick up cash. Ria may not charge transaction fees in some situations, but it will still take a cut by marking up the exchange rate.

9. OFX

OFX allows you to deposit money directly into the bank accounts of recipients, and it’s especially useful for transfers of more than AUD 10,000.

Sets its currency rate and charges a fee for transactions under 10,000 Australian dollars.

Approximately 80% of all major currency transfers are processed within 24 hours following payment receipt at OFX12.

Residents of Australia, the United States, Canada, Hong Kong, New Zealand, Singapore, and the United Kingdom are eligible.

You may send money to any bank account using OFX. The minimum transfer value is $250 AUD13, so if you need to send something smaller, you’ll need to find another way.

OFX waives the transfer cost if you send more than AUD 10,000, making it an appealing choice for moving money.

10. Xoom

This PayPal-owned firm accepts international payments from Europe, the United Kingdom, and the United States, albeit using a debit or credit card may be more expensive.

direct bank account deposit is possible.

When transferring USD 1,000 or more and paying using your bank account, there are no transfer fees.

Xoom provides worldwide payments that are quick and secure, and are sent straight into bank accounts. You may transfer bank deposits to HDFC, Axis Bank, Yes Bank, and Punjab National Bank in minutes (PNB). Payments made with a bank account are less expensive, but paying with a debit or credit card incurs a significant cost. If you’re conducting transactions worth less than USD 1,000, you might wish to consider low-cost, transparent exchange-rate choices.

11. Azimo

Although this Eurozone money transfer service is only available online, it is unlikely to be the cheapest.

Only nations in the Eurozone, the United Kingdom, Denmark, Norway, Sweden, and Switzerland are eligible.

It is ideal for cash transfers because it has over 200,000 pick-up locations worldwide and a one-hour delivery time to India.

You may either pay money straight to your recipient’s bank account or arrange for Azimo to pick up the money. To receive the funds, your receiver will not be charged any fees or be required to register. Azimo may appear to be a fantastic money transfer partner due to its features and appealing sign-up incentives, but you should be cautious.

12. Transfast

Transfast is a wholly online and mobile money transfer service that allows people of the United States and Canada to send money while maintaining minimal transfer limitations.

Value+ and Fastrack are two exchange rate and speed alternatives for transmitting money.

Money can be deposited into a bank account or picked up in cash.

The maximum amount you may send with Transfast is $2,950 per transaction and USD 10,000 in 30 days.

Transfast Fastrack delivers the money to you in less than 24 hours, but at a higher exchange rate and a cost that starts at $4.99. When paying via bank account rather than debit or credit, the Value+ option takes 3-5 business days but eliminates the transfer cost.

For transactions of USD 10,000 or more, the transfer charge is waived, but you’ve reached the limit on how much you may send in 30 days.

13. TransferGo

TransferGo, like many other contemporary money transfer companies, utilizes a local account that you fund and then uses its accounts to send money to the recipient’s nation. This allows for quick transactions.

Only inhabitants of the United Kingdom and the Eurozone are eligible.

There is no maximum transaction limit in place.

Sending money to India might be a convenient and low-cost choice, however, the real charges may be more than you believe.

You may send money to a bank account immediately using TransferGo. To receive money straight into their bank account, your receiver does not require a TransferGo account.

The amount of time it takes to receive the money is determined by the delivery time selected by the sender. The longest delivery procedure is free, but the speedier payments include a predetermined delivery price plus a portion of the currency conversion rate.

Enjoy: Electronic Money Transfer Apps Are Trending in 2022

14. Skrill

Skrill is a digital wallet network headquartered in London that assists individuals and businesses with e-commerce, money transfers, cryptocurrencies, gaming, and betting.

Allows you to transfer money from your Skrill wallet to a bank account directly

You may make payments to your Skrill wallet without revealing your personal financial details.

Costs such as currency conversion, transfer, and processing can quickly add up.

Skrill is a large marketplace and platform that allows you to send money straight from your Skrill digital wallet to a bank account. Receiving money into your bank account or signing up are both free. However, transferring money from your Skrill wallet to your bank incurs a 5.50 EUR (or currency equivalent) transaction fee.

In addition, Skrill charges a 3.99 percent fee for currency exchanges. Skrill may not be the quickest or cheapest choice, so keep that in mind while making your selection and see if any other, more pure money-transfer solutions are preferable for you.

15. EcoPayz

ecoPayz is a free online platform with an e-wallet that allows you to send money to anyone else who has an ecoPayz wallet.

To get started, you’ll need to fund your ecoPayz wallet.

Accounts are allocated levels, with higher tiers providing more perks.

You will be charged when you withdraw money from your ecoPayz wallet.

Even though ecoPayz advertises rapid money transfers, both you and your recipient must first register for the service and create an ecoPayz wallet. Following that, transfers between wallets are immediate, with a 1.50 percent money transfer fee beginning at the Silver level.

EcoPayz fees can be reduced as you progress through the levels. You must withdraw the monies to your bank account if you do not plan to spend them on the ecoPayz platform. This usually takes at least three days, and you’ll be charged between 5.90 and 10.00 EUR for the withdrawal, depending on your bank and international transfer fees.

What factors should you think about while selecting an international money transfer app?

All of the many features and ways for sending and receiving money might get daunting after a while. That’s why we’ve compiled a list of the most crucial aspects to consider when choosing the right app for you. The way and why you move money will be dictated by your transaction demands, so try to figure out what’s most essential to you. It might be the speed of the transfer, the cost, the ease of use, the location, or the customer service.

The total cost of a transfer

Have you ever felt that you sent a certain amount to India, but the recipient received far less? That’s how much-hidden fees cost. These costs are smuggled into transfers mostly through the exchange rate, but they can also be influenced by the card you use or the method of withdrawal. So make sure you read your money transfer provider’s tiny print or locate a money transfer service that discloses all costs upfront. It can protect you from unpleasant surprises.

Transfer speed

The speed with which you need to transmit the money will frequently influence the option you select and the costs you will pay. In times of need, especially for individuals who are away from home, the ability to transfer money quickly becomes even more important. Some outdated money transfer systems might take days to reach your recipient’s account. However, newer businesses, such as Wise and TransferGo, employ local accounts and sophisticated technology to speed up transactions.

Geographic location

Regrettably, not all apps are accessible in every location. Many appealing money transfer services are constrained by the locations and countries in which they are offered. So, while you’re researching which one to choose, make sure you pick the ones that are suited for your home.

Convenience

Convenience can sometimes be overlooked in the pursuit of a good rate and a low price. Isn’t the whole goal of executing a transfer online to make it as simple as possible? So choose a provider that is simple to use, has a consistent UI, and allows you to transfer money quickly. Check the app store reviews to verify sure the app is free of problems and that current customers like how it operates.

Customer support

Last but not least, there’s customer service. When you’re having problems making a payment or can’t monitor a transaction, good customer service may make all the difference. If you need to speak with someone on the phone, choose a provider that provides a live person on the phone at hours that are convenient for you. Alternatively, if you want to send an email, be sure your supplier provides easy-to-reach email addresses or online service request forms.

More on Money: Understanding the Top 5 International Money Transfer Laws

Bottom line

Money transfer applications, commonly known as peer-to-peer (P2P) apps, allow you to send money rapidly and securely from one person to another. They allow you to link your credit card or bank account to a digital wallet, making payments easier. You can perform electronic transactions and payments with only a few taps on a mobile device.

The top money transfer applications have good reviews in app stores, enable app users to send money safely, and have no hidden costs. They also meet consumer-specific requirements, such as foreign payments, social media possibilities, virtual wallets, and so on.

It is, nevertheless, still a developing market. Choosing the ideal app for you, whether you’re a fan of the wearable trend or your phone is still your go-to device, may be difficult. So, who should you put your faith in?

Dave Peterson
Dave Peterson
Be a little better today than yesterday.

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