Best international money transfer apps of 2022
Find out the best international money transfer apps in 2022. Know what to consider for sending money internationally.
A few decades ago, if you had to give USD 10 to someone, you had to meet them physically and hand over the money. With technology’s inculcation, money transfer has become a breeze.
Someone staying in the States can now transfer money to his relatives in India within minutes.
Cash is still the king, but the advent of many Fintech apps has made it easier for you to send money virtually. It has more to do with banking facilities being slow or unable to gather enough traction when online transactions were booming. Today, banks have become far more capable, but international transactions with them are still a not-so-great experience.
It, inadvertently, means that people prefer using third-party apps for the same purpose. These vendors have excelled in international transfers and ensured that the entire process is seamless for their customers.
Such developments are beneficial for migrant workers. With 93% of them having no control over the money once they send, it led to friction between the parties involved. So the rise of third-party Fintech apps has been a boon for all those looking for improvement in money transfer services.
Nine low-cost apps for money transfer
Xare is unlike most other applications that you come across for money transfer. It allows users to help others in times of need by sharing a Xare card. The card owners can set an upper limit on daily and monthly usage. They can also decide the expiry date of the perk.
Also, users get an innovative security system that safeguards all their credentials. Xare saves data centrally and uses the best tech to ensure your money and details remain safe. Once you issue a Xare card to anyone, they can use it across thousands of stores across the world with utmost ease.
When PayPal started, everyone laughed at what it aimed to achieve. Today, it has spread its business across all the corners of the world. The trust that it has built over the years has made it easier for ex-pats and other individuals to use it with ease.
PayPal supports most banks across countries, and it has become one of the most dominant players in the money transfer landscape. Its fee varies from one country to another, and transferring money via its app takes a few seconds. Its strong encryption ensures that your money reaches the receiver safely.
3. Western Union
We talk of money transfer, and the first name that comes to our minds is that of the Western Union. Its application is no slouch either and offers some commendable shortcuts for ex-pats.
Western Union adds a host of options for transferring funds within seconds. You also get to track your money in real-time. All you need is your MTN, and you get details about the processing, collection, and completion of your transaction.
A service similar to Western Union, MoneyGram is one of the world’s prominent fund transfer organizations. It spreads across 200 countries and offers global support to ex-pats and other users. It offers impeccable service, but its charges can be higher than the other apps we have listed here.
Venmo is a subsidiary of PayPal but functions differently. The money transfer app is primarily for transferring money to friends. Users get the facility to link their debit cards or bank account to the app and split bills conveniently.
Venmo has an inbuilt social aspect that lets you share e-commerce purchases and other similar transactions. You will have to bear a 3% fee if you transfer money via credit cards, but debit card transactions are free.
As the name suggests, WorldRemit offers ex-pats the freedom to send money to over 150 countries. It also claims that it can send money as quickly as you send a text message to your contacts. Another excellent feature of this application is that it enables the receiver to choose the payment mode, i.e., they can opt for cash pickup, bank deposit, airtime top-up, or mobile credit.
WorldRemit promises the highest level of security thanks to its industry-leading technology and a plethora of licenses. With its proven mechanism, it ensures that the receiver receives the money within minutes of the transaction. It also sends a completion notification to both parties.
Started by two Estonian fintech innovators, TransferWise has gained a lot of traction for international transfer in the last few years. It is available in over 59 countries and has offices across 14 different locations.
TransferWise also has a wallet that lets you store over 50 currencies and convert them at your convenience. It has no hidden fees and states that it saves users up to £3 million every day.
Azimo is a one-of-a-type money transfer app. It is specially built for international transactions and allows senders to keep a real-time tab on their sent money. It has also added destination-specific instructions to ensure that money transfer is a breeze.
Azimo charges a reasonable fee for money transfer and offers over 200,000 pickup points globally for added convenience.
9. Cash App
Developed by Square, Cash App is a mobile credit card processor application for peer-to-peer payments. It allows you to send and request money from anyone using the application. It also offers a wallet that enables users to send funds from a linked account without holding funds. The year 2018 saw it adding Bitcoin support, giving it an edge over the competition.
The Cash App allows a maximum transfer of USD 7500 and charges a fee for transferring money via a credit card. It also offers a very intuitive interface, making the overall process seamless.
Banking has lost its sheen. It is especially true when you consider the inability to handle international transactions, even after spending heavily on infrastructure. Choosing a third-party app like Xare is possibly the best option for ex-pats and others to transfer money across countries and continents conveniently.